SatoshiDice scam, 500+ Bitcoins defrauded and disappeared!
UPDATE June 10, 2017
The for $12 million purchased satoshidice.com domain is in free fall on Alexa Global Rank: From rank 309,000 to 1,416,000 = -1,097,000 = 370% down within 2 months!!!
MegaDice scam moderators deleted my posts in their SatoshiDice scam thread in an attempt to hide their shady history!
New MegaDice thread on BitcoinTalk forum. MegaDice scam moderator claims it is a separate entity from SatoshiDice:
Megadice.com is a separate entity from Satoshidice.com
What is going on with the SatoshiDice scam?
1) Bitcoin hot wallet is almost always empty since December 2016.
2) Dice game investor account balances in the height of minimum around 200+ Bitcoins “magically” disappeared and were instantly withdrawn.
3) SatoshiDice scam server administrator is not able to check if gaming server was compromised, even though every second of what happened is (should be) recorded! The site has no 2 factor authentification, a very basic standard for Bitcoin exchanger and their server probably do not fulfil very basic security standards as well!
4) January 11, 2017, the account Underdog01253 was created, placed a 0.25 BTC ($250!) slot bet and won a x1215.92 multiplier to walk away with a whopping 303.73 BTC!
SatoshiDice scam investor account balances
5) The 303.73 BTC slot win was reduced from Satoshi Dice investor account balances, even though the “Bet on the House” terms and conditions clearly state that investors only invest in the Satoshi Dice game:
Bet on the House
You have the opportunity to be part of Satoshi Dice‘s bankroll. The bankroll is the total amount that players have placed to bet on the house and you are paid according to your percentage of the house’s bankroll.
Satoshi Dice uses a 1.9% house edge and backers get 50% of the house wins or losses. This means a 0.95% Expected Value (EV) that is shared by the backers (= investors).
Satoshi Dice keeps the maximum profit a player can make on a bet to 1.9% of the bankroll (employing the Kelly criterion). This means that if the house loses money to lucky players, the maximum allowed profit made on new bets will shrink.
Just to clarify: The website name is satoshidice.com and not Satoshi Dice. And this means that they speak only about their dice game and not the website offers in general (including Satoshi Slot).
- Satoshidice.com is operating under the gaming license 1668/JAZ, isssued by the Government of Curaçao
- Registered website(s): www.satoshidice.com
In addition, the Satoshi Slot house edge is 3,5%, but the terms and conditions do not mention anything! It is also not stated that backers will get 50% of the Satoshi Slot house wins or losses. And now please explain me how investors take part in something that is nowhere mentioned? It looks like Satoshi Slot was added 2016 and they did not update the investor terms and conditions.
This is clearly a criminal offense, as they have no right to reduce slot losses from dice investor account balances. The sad part for SatoshiDice scam victims is that your account would have been covered by our consumer protection service.
Do you play at SatoshiDice?
Despite from the shady stuff going on with the SatoshiDice scam, are you aware that you lose 0,9% more per bet like you do competitor casinos with only 1% house edge?
Brick and mortar casinos charges in average 2% (1,35 or 2,7) per bet, if you play Roulette. But they have to pay a ton of employees, rent/costs for building and usually a high tax. How the SatoshiDice scam thinks they can charge almost the same, with unlike lower operation costs, is beyond me!