Just Dice relaunched the same product with some altcoin we had never heard of.
Just Dice has halted deposits and bets, details here.
The business model
Just Dice is a truly innovative gambling website with an amazing business model that licensed or government currency operators simply could not compete with in the current legal framework. Just Dice provides provably fair gambling with a 1% house edge in which you can be the house and have players betting against you with the odds always in your favor! Anyone can anonymously invest money in a gambling operator and get their share of the profit with no friction or barriers to entry!
After you deposit bitcoins into Just Dice you have the option to invest all or part of your balance in the house bank. Just Dice takes 10% of the profit and distributes 90% to the investors in real time, every players losing bet makes your investment go up instantly!
Every players winning bet makes your investment go down but the odds are always in your favor and no one could ever send the house broke because the maximum profit per bet is 0.05% of the house bank.
Never has a feature that allows anybody in the world to put themselves at an advantageous position in a gambling operation been offered. That is normally reserved for those rich and politically connected enough to own a gambling operation or for the investor class with barriers to entry that preclude most of the world’s population.
On average your investment will increase 0.9% as often as the house bank is turned over. For example at the moment the house bank is ฿42,500 so every time that amount is wagered by users the site should make on average 1% profit with 0.9% of that going to investors.
The house bank turns over approximately every 14 days on average! I first invested in Just Dice 3 months ago and the investment I made has risen 22.5% since then. So far the site has paid out ฿18,000 to investors.
The risks are legal crackdowns, hackers or the site operators disappearing with the money. This is sincerely the best passive investment I have ever found.
See this page for full details, calculations and examples of the house bank investment model.
The difference bitcoin makes
Bitcoin allows Just Dice to be provably fair, all bets and results are publicly broadcast and you can even set your own seed value for the random number generator.
Bitcoin allows Just Dice to be censorship resistant as they do not need 3rd party payment processors who governments restrict.
Bitcoin allows for almost free and instant deposits and withdrawals of any amount 24/7.
Bitcoin allows users to be anonymous, to not have to give any information to the site operator which he could sell, have stolen or taken by a government. Being anonymous may also help avoid legal and tax implications.
Bitcoin allows the site’s operators to save so much money on banking, fraud, account verification and management that they can pass some of these savings back to the customer and offer a lower house edge than government currency gambling sites.
One further point of difference with Just Dice is that it has a social aspect as you can see everyone’s bets and there is a friendly community chat box. You will find the site owners Dooglus and Deb interacting with the community in the chat and at the BitcoinTalk Forum thread.
The game – dice
You stake any amount up to however much would win you the max profit. The max profit is 0.5% of the house bank which is a changing amount. At the time of writing the max profit was ฿212.
Pick any number between 0 and 100 then bet whether you will roll over or under that number by clicking roll high or roll low.
You will then roll a number between 0 and 100. If you lose you lose the stake, if you win you win the amount that the true probability of winning would give less the 1% house edge.
See this page for full details, calculations and examples of dice play.
I hope Just Dice will offer other bet types and payout structures like being able to bet you will roll either over X or under Y in one bet, betting you will roll in between X and Y, insurance and progressive jackpot payouts. There are also improvements that could be made to make the site even more social.
Is it legal?
Probably not, they did not ask for their mother’s permission either. The fact that openly providing a mathematically sound good investment opportunity to everyone is illegal shows that these laws screw over everyone who is not rich and politically connected enough to run a gambling operation or part of the investor class who can pass the barriers to entry.
It’s enough to make one consider whose interest the law makers really represent and whether something being illegal is reason enough alone not to do it.
Disclaimer: I receive nothing for this page or by referring users to Just Dice (no affiliate program).