Magic dice is trouble!
Like plenty of steemians I've been playing with @magicdice for a little while and even though it's been really fun, I'm beginning to think I'm getting myself into trouble here, maybe just a little bit.
I'm not one to recommend anyone to gamble, and to be honest I've always been on principal against gambling, but the game is simple enough to grasp and boy it really tickles the mental cortex to win.
I will however say, that if you are going to play @magicdice to set aside some "I don't need it" money before you do, because as with Casinos, the house almost always wins and the odds will always be stacked against the player.
I won't bore anyone with the math, but it might be enough to say that unlike what your intuition tells you, the lower the risk, the higher the losses in the long term. That is because it takes one loss to wipe out all the gains.
One thing I do want to mention is that I'm happy to see a business model that does not use the reward pool, and one that is thriving as much as @magicdice is. I keep on thinking if there is a way to extrapolate the model and apply it to any other project and I'm finding myself stuck in the details but smiling at the idea of dividends to token holders.
Maybe it's too early to talk about all this, but two cups of coffee in and I'm already lost in thoughts.
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Magic dice is amazing, addictive and you can lose alot of money 😂
Gamble what you can afforde to lose.
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Magic dice does not bring any value on Steem, is only a copycat of what exist on Tron, Ethereum, EOS. Gambling suck an you are going to lose your SBD and Steem. ;)
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I agree
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what about the earned Magic tokens?
It is a false belief that your own the casino and people expect to receive something from that. It is not a new concept, a lot of crypto casinos, you have the possibility to invest in they bankroll. The goal of this is to have a cash flow to pay the winners but you can also lose everything and stay with a useless coin!
I have been betting some steem there, but I've been careful and I've left in the right time. As you say I have only been betting what I can afford to lose.
The other day I decided to 'give them' 0.162 Steem and set up the lowest probability bet, a 98 multiplier. I chose over 99 and the result was 100, I won around 15.8 Steem and I decided to retire, for that day.
Yesterday I bet 2 Steem and I lost the so I haven't been playing since. I've decided to avoid betting more than 1 or 0.500 Steem and not very often.
I agree that it can be dangerous for people that bet over 100 Steem. It is addictive and there better ways to I best our Steem, but it sure feels good to win.
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Those "Proveably Fair" dice games are how I earned my first Ether... when it was about $10 each. I saw about a twenty times gain, did some diversifying, then found Steem :)
As tricky as gambling can be, the masses love it. I owe my discovery of blockchain to my gambling addiction :D
I won 1 steem and lost 2 steems. When the singular became plural I stopped. I can't afford to lose anymore. Better luck to all gamblers out there!
lol man i was thinking the exact same things last night...while playing of course lol
i’m not much of a gambler but i’m fascinated with the potential of this to bring much more attention to steem.
but urgh. it’s a slippery slope if you aren’t mentally prepared for it.
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magicdice is flawed. checkout this @sezenke user. He rakes in at least 800 steem each day from there. You're not winning because you're playing like a normal user. lol. people are cheating.
Just be the house. The house always wins.
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It is trouble ! I won like 50 times on the safest % but then started doing adjustments and before you know it your broke ! Keep in mind you will be broke!
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The title seems a bit much; I clicked expecting something about a security hole and found a generic PSA about gambling, lol.
Still, yes, if you are going to gamble, it is good to have a plan and never risk more than you can afford to lose. A lot of people fail to make the connection that a casino is a business. You can't run a business on getting lucky. All casino games are "rigged" for the house; that is how there can be a house in the first place :P