The problem with the Magic Dice token distribution
Edit: This is a post where I fail to understand the weird world of gambling on dapps, I'll leave this post here for posterity. Its always good to look stupid sometimes!
@magicdice has recently released a token that can be earned while using their dice game. You can currently earn 200 magic tokens for every one steem you bet (they go into detail on their post here but that’s the gist of it).
The game uses a sliding scale between risk and payout. These 200 tokens aren’t linked to the risk function so it pays out the 200 tokens whether the game is a 5% chance to win or a 95% chance for you to win.
As such a for a few steem and a whole lot of clicking you can rake in the tokens pretty easily.
I’m not above this myself so have been accumulating a fair amount (I’m a sucker for following an incentive structure, and clicking).
A few clicks later
It’s kinda against the sprit of the thing though so I thought its best to let as many people know as possible. Otherwise someone with way more liquid steem than me is going to clean up here sooner or later, probably best if we all take advantage now and at least spread the tokens out as much as possible.
Also we want this dapp to do well, this is not the best way to start.
My advice to them would be to link the token to the multiplier. The higher the risk the more tokens earned. But thats just me... maybe this was their plan all along.
Actually, ignore me. All this means is that you can get around 20 000 of this magic token for around 4 steem. I suppose if you want this token then that's a good way to go about getting it.
Gambling however is inherently dumb in my books, so many better ways to spend your money (like books for instance).
Also this is a good video to watch on the topic of what that token is likely to be used for in the future. This makes a lot more sense to me now.
Its quite a known thing,there are videos on pootube also on it.. But theres no autoroll on this dapp which is very annoying lol
Posted using Partiko Android
Ha, yes I could see how that would be a help. Well that just goes to show my naivety in the world of gambling dapps.
We are all learning mate! Everything is new remember and its cost me alot to learn,trust me,its better to learn later and not loose 1000's of dollars lol
We still have a few years until we know how it will all pan out 😀
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