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RE: Charity - Helping Degenerate Gamblers Calculated the Probability
I'm a bit late to the story.. So I'm entirely sure what is going on... Seems like a low probability high consequence event... It happens, sometimes chance, sometimes by indicative of manipulation. Hard to say without proper data.
It seems to me that bets and leverage should have been limited to what was mathematically safer. If many bets are small.. Then large bets are likely to result in potentially serious losses for the house. Especially if the actual volume of bets is small in comparison...
Hey bengy!
I beleive this has been caused by investors using extremely high leverage on their bankroll offerings.
As investors in the bankroll we've collectively moved down to 1x leverage, which caps the max roll profit to a sane amount, which in turn has the site profit percentage starting to converge back towards the +1% it should be. :)
Thanks for the explanation... it's something that I hadn't followed, so it is appears to be a curious model at first blush.
No worries..!
Most of the 10 million bets are for less than a millionth of a Steem each. But there are a couple dozen that are for 100+ steem each.
Amd yes, you are right, the max bet is way too high given the amount of activity and the amount invested. However the site is still being worked on too much to attrac bigger gamblers and investors.
The unique thing is the house is open for investment which means anyone can be an investor and choose their leverage, they allow bets down to 8 decimal and up to whatever the leverage allows (100x can risk it all at once)...and the developer/owner is a known witness.
Very interesting concept, but can get out of control
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