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Magicdice game over! by intellihandling

View this thread on: hive.blogpeakd.comecency.com
· @intellihandling · (edited)
$0.23
Magicdice game over!
![magiclast.png](https://cdn.steemitimages.com/DQmesZ9v8zY7fjvhxc1FHQ5ezLkvHBkYfjUCVvHPpAFykGW/magiclast.png)

Dear steem-bountiers

so after less than a month i made my post https://steemit.com/steemit/@intellihandling/where-to-invest-200-steem

today i loose in @magicdice my last steems as usual, so here i am without all those 200 Steem, but with:

163337.3 MAGIC
Rank: 692 and 2.72k futures in @drugwars
357 SP


What i have from it?

This is my question, maybe i am loosing something, but i do not feel any benefit after it, so i ask you my friends what i should expect from such choices, finally i mixed up my investments but it is still my doubt about @magicdice and @drugwars, my feel is they are abusing our fidelity and make money for themself, what do you think?

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vote details (96)
@amico ·
Per mia fortuna, ho perso tutte le mie prime 12 giocate con magicdice quindi ho deciso di smettere fin da subito.

Con drugwars sono uscito vincente,  essendomi solo registrato e non  avendoci mai giocato! 😜

Un caro abbraccio! 🤗

Posted using [Partiko Android](https://partiko.app/referral/amico)
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@blueeyes8960 ·
I have both MagicDice and DrugWars accounts.  They both looked reasonable in the beginning but as they keep changing the rules, in their favor, it has turned me off of both of them.  I bet very little and use the 94% probability and still get way too many rolls over 94.  So I'm sticking with Texas Hold'em.  At least the decisions are mine on how to play.  DrugWars is disappointing as well.  Luring everyone into creating accounts and building assets with the promise of payout in STEEM, then - yep - changing the rules.  I am in profit on my account because I haven't put any of my own money in it since the very beginning.  But it's a very small profit and the game changes with no instructions, so it's not even fun to play.
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@pifc ·
>So with Magic Dice they are just taking a little to much off the top. By doing so long term there is no way to win. You can get lucky short term, but over time they will get your money. I like https://kryptogamers.com/?ref=pifc better as their house edge is half of what Magic Dice is. This means if you place bets of 2,000 steem over time you will loose 20 less steem (excluding luck).
The other thing I have noticed is that they have way less devastating runs of bad rolls.
Then add in that they have Blackjack and Video Poker it makes it the best site out there right now.
(BTW, I do not gamble with @pifc account but send all referrals to this community account to help it grow on their referral commissions).

That is from my reply below. Since you mentioned Holdem (my game of choice) I thought I'd point out that Krypto Gamers.
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@brothermic ·
so you made more then 150% profit If I'm right? Interesting you post about this. I'm keeping an eye open for your next projects :)
properties (22)
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@intellihandling ·
Dear @brothermic, right now i spent 200 Steem, but we Will see the result, i Hope...

Posted using [Partiko Android](https://partiko.app/referral/intellihandling)
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@chireerocks ·
@intellihandling, Unfortunate to hear about your losses. Have a peaceful time ahead and stay blessed.
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@intellihandling ·
It was a loose too making power up with steem value right now...:((
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@chireerocks ·
Hope that soon you will gain more profitable opportunities. Enjoy your time ahead.
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@cloudblade ·
I have playing both of these games.
is it fair or no fair ? this is hard to say.
Because of luck is Hard to say,
We are possible to lose 50 times in a row,
also possible to win 10 times in a row.
But I think lose probability > win probability , greater than 2 !
I can only say,
Just only play a few times,
Don't be addicted,
Otherwise, we must be the loser.
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@ganastha ·
I never believed in the fairness in the play of magicdice , i also have lost much.
properties (22)
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@niel96 ·
It's very transparent and fair but the odds are against you. You don't understand how math works?
properties (22)
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@jacuzzi ·
lol. Oh Magic dice... Here is a poem I read last week that sorta speaks to this.  
---
Just Roll the Dice : by John lawless 
Come on, place bets and roll the dice, the gambler.
A near win is twice the size, the gambler.

They say what goes around comes around.
The wheel of fate rotates, rates rise, the gambler.

You feel tonight like lady luck is smiling
on you but it does not suffice the gambler.

You want it all! The gambling house, the dealer,
the weel of fortune and the dice. The gambler’s

schemes how to be a Master of the Gambling
for a long time ago entice you, gambler…

The Master of the Gambling shrugs his shoulders:
at last, he is as well a nice old gambler, 

who just has cracked the way to end this poem.
Welcome to a fool’s paradise, the gambler.

THE CRAP SHOOT POETRY CONTEST Poetry Contest
John lawless 
---

The house will always win so just play for fun and know you will lose. :D
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@jason7282 ·
Heavy loss on Magic Dice. I slowed down a lot for the same thing that happened to you. Loosing twice in a row with a 94% win rate when betting big? Seems fishy. 

Posted using [Partiko iOS](https://partiko.app/referral/jason7282)
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@intellihandling · (edited)
Yes my friend, it is fishy!! And not only it, look at that:
![magicfuck.png](https://ipfs.busy.org/ipfs/QmPNMjHsese7h9mCg5Ymb3Roqrs4CQGmb63maWC5Ji2jjA)
properties (22)
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@niel96 ·
$0.57
It's not fishy because you know exactly what the odds are and since they use a blockchain there is no way to fraud. There is not a way to make a casino more transparent than this.

However, their whole business model is based on having an edge over players. If you play enough games you will lose eventually because the law of large numbers comes into play. For the same reason martingale strategy doesn't work. https://en.wikipedia.org/wiki/Martingale_(betting_system)

The only way to make consistent money with a casino is by being the casino. You can invest into the bankroll on moonsteem. It's practically guaranteed to make you money for the reason that the house has an edge.

On magicdice you can double your money with a 49% chance to win. That means you win 49% of the time and lose 51% of the time long term. Therefore you have a negative expected payout ratio when gambling. Since there is no skill involved in this game you can't overcome the house edge and will lose money over time.

The only casino games that are an exception to this are poker and other games where some type of skill is involved.
👍  
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vote details (1)
@jason7282 ·
If you lose a bet with a 94% win rate two times in a row is .36% which is very unlucky and unlikely. It's just math but I'm not a coder so Idk how it works. 
![Screen Shot 2019-04-29 at 9.59.49 PM.png](https://cdn.steemitimages.com/DQma91YcLahxJ32ne18XYMZTdSL9MQnPDxS3xhKr9iRUCqe/Screen%20Shot%202019-04-29%20at%209.59.49%20PM.png)
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@wikitextbot ·
<b>Martingale (betting system)</b>
A martingale is any of a class of betting strategies that originated from and were popular in 18th century France. The simplest of these strategies was designed for a game in which the gambler wins his stake if a coin comes up heads and loses it if the coin comes up tails.  The strategy had the gambler double his bet after every loss, so that the first win would recover all previous losses plus win a profit equal to the original stake.  The martingale strategy has been applied to roulette as well, as the probability of hitting either red or black is close to 50%.
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@lammbock ·
**About Magicdice:** The longer you play the more likely you will lose your Steem. It's gambling, so the bank always wins. I don't know wether "investing" in gambling has ever been a good strategy... 

**About Drugwars:** like many others said, it's like a ponzi scheme. The users will only get 80 % of the amount they pay in. In the beginning it did make sense to invest, but only to a certain point.

I think there would have been even better ways to invest your Steem than into gambling and ponzi schemes ;-)
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@loro68 ·
I got exactly the same, but for your friend @niel96 it is normal...:
![magicdice.png](https://cdn.steemitimages.com/DQmUYhaEYoe1HDMiEM8ubQQeT9UC4H1MtouZ5UWkujekFsZ/magicdice.png)
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@niel96 ·
I did of a lot of backtesting with different popular gambling strategies together with @stevekewe and most will fail eventually. Because you can't overcome the house edge. Why do you think it's strange that you lose money on these gambling games? They are made to let you lose money, that's how the owners make money. Even the low odds bets will happen eventually.

Posted using [Partiko Android](https://partiko.app/referral/niel96)
properties (22)
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@niel96 ·
You seem confused by the gamblers fallacy. https://en.m.wikipedia.org/wiki/Gambler%27s_fallacy
Winning and losing streaks are not evenly distributed because it's random. That's why these losing streaks can happen.

Posted using [Partiko Android](https://partiko.app/referral/niel96)
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@mcoinz79 ·
I believe they are both honest and genuine games. 

Posted using [Partiko iOS](https://partiko.app/referral/mcoinz79)
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@niel96 ·
Drugwars has the same economics of a ponzi scheme, it's not worth it as an investment.
Magicdice is just gambling, it's logic that you will lose all your money. Since the house has an edge over you. 

You would have been better of just power up your steem and then sell your votes with minnowbooster or smartmarket.
properties (22)
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@intellihandling ·
$0.03
Dear @niel96, so if it is ponzi scheme, why steemit administration do not stop them to use our blockchain? Is it so real anarchy this fucking shit steemit?
👍  ,
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vote details (2)
@niel96 ·
It's a ponzi scheme because they have not really a way to generate revenue. Players pay for upgrades and then they use 80% of that money to payout users and 20% goes to the developers. So basically old users are payed out with money from new users. That's why the steem reward pool was declining all the time, nobody was putting in any more money. 

Drugwars was actually a very good idea but it went wrong in the execution of the game, they didn't think out everything properly. And they shouldn't have made these promises that you can earn steem which made some people invest a lot. They created the high expectations themselves...

There is not really much stopping them. They have enough steem to do a flag war if they wanted. Karma will also catch up with them eventually since nobody will trust them anymore in the future when they come with new projects. 

It's pretty much anarchy but that's where everybody asked for. It's one of the downsides of the decentralization. But it's not really different than most capitalism, steem is controlled by a minority who have a big stake. Which makes it more of a monarchy than anarchy, the elite is still in control.
properties (22)
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@pele23 ·
Drugwars is a Ponzi poured into a game... It is fun, as long as you don't invest big money into it... Keep it that way!
Magic Dice is a fair casino, but it still is a casino with an edge over the players. They will pay you out dividends for your Magic Dice Tokens, but it will take you a long time before you will have regained your 200 Steem you lost betting there... That is just the way it works!
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@pifc · (edited)
So with Magic Dice they are just taking a little to much off the top. By doing so long term there is no way to win. You can get lucky short term, but over time they will get your money. I like https://kryptogamers.com/?ref=pifc better as their house edge is half of what Magic Dice is. This means if you place bets of 2,000 steem over time you will loose 20 less steem (excluding luck). 

The other thing I have noticed is that they have way less devastating runs of bad rolls. 

Then add in that they have Blackjack and Video Poker it makes it the best site out there right now. 

(BTW, I do not gamble with @pifc account but send all referrals to this community account to help it grow on their referral commissions).

EDIT: They also allow for under 96 instead of 95 and I haven't run into the nonsense of 2 and 3 losses in a row when I do large bets for those rolls like on Magic Dice. 

___________

Now Drug Wars has gone to complete shit. They have taken something with great potential and destroyed all trust with the community by issuing a shit coin that nobody wants to purchase. Have sold 50% of these coins and holding the other 50% from the airdrop to see if just maybe they get lucky down the road and it goes up in value...but really doubt it.
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@resteembot ·
Resteemed by @resteembot! Good Luck!
Check @resteembot's [introduction post](https://steemit.com/resteembot/@resteembot/how-to-use-resteembot-updated-2017824t202525149z) or the other great posts I already resteemed.
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@sfcq240788 ·
I have to say my friend that after i spend time on @drugwars and @magic-dice im agree with you.
properties (22)
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@sipahikara ·
A system that was built to steal. I say don't play
properties (22)
authorsipahikara
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@steem-bounty ·
$0.04
Bounty added
@intellihandling has set 1.500 STEEM bounty on this post!
 ![logo_for-light-bg_1000.png](https://steemitimages.com/DQmdYbGNQCwrAsveg9Yv5YeRqCCzjCYhoavinDwYLqPN9mu/logo_for-light-bg_1000.png)   <br>


Bounties let you earn rewards without the need for Steem Power.  Go [here](https://steemit.com/steem-bounty/@rjoshicool/how-to-use-steem-bounty-one-of-the-most-popular-dapp-on-steem-blockchain) to learn how bounties work.

Earn the bounty by commenting what you think the bounty creator wants to know from you.

[Find more bounties here](https://steem-bounty.com/) and become a bounty hunter.

Happy Rewards Hunting!
👍  , , , , , , , , , , , ,
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vote details (13)
@steem-bounty ·
bounty payout
None has won the bounty reward!
👍  
properties (23)
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vote details (1)
@steem-plus ·
SteemPlus upvote
Hi, @intellihandling!

You just got a **0.09%** upvote from SteemPlus!
To get higher upvotes, earn more SteemPlus Points (SPP). On your Steemit wallet, check your SPP balance and click on "How to earn SPP?" to find out all the ways to earn.
If you're not using SteemPlus yet, please check our last posts in [here](https://steemit.com/@steem-plus) to see the many ways in which SteemPlus can improve your Steem experience on Steemit and Busy.
properties (22)
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