Losing SO Much Money! Ethereum DICE Gambling

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What is Etheroll & DICE

Etheroll is a online dice game that lets players wager Ethereum. At its core Etheroll is a DAPP (Decentralized App) built on the ethereum blockchain. Etheroll is only half of the equation. There is an accompanying cryptocurrency called (DICE). In this post I will be going through all of the features of Etheroll and the DICE coin. Also, be sure to checkout my first D Tube video where I walk you through everything Etheroll.

Rules of Etheroll

Etheroll is a pretty simple game. It involves rolling a virtual 100 sided dice. The goal is to pick a number and have the computer roll a number less than your number. The coolest feature of this game is that you get to adjust your chances of winning! Essentially, the more risk you are willing to incure, the higher your payout will be if you win. If you want to play it safe put the "Chance of Win Slider" to a higher number. On the image below, this is playing close to the middle of the road. I put the wager to 1 Ethereum, and the win chance to 49%. To win this roll I would have to roll under 50 to win a profit of about 1.02 Ethereum.(I did not play this game! The 0.1 Ethereum is to rich for me!)

Some Huge Etheroll Loses

If you look at the "Latest Results" tab you can see the results of other players. I found some extra bad beats. People are doing some serious gambling on Etheroll.

The first loss the player wagered 9 Ethereum (about $9,000) with only having a an 18% chance of winning! I wish I could throw around that many Ethereum.

Etheroll Stats

Etheroll has been around for several months now. They have the historical stats at the top of their website. These numbers are pretty large but don't really tell us a historical winning percentages. The stats exclude amount of Ether Lost by players. However, doing some simple math can give us some figures that have meaning.

For every 1 Ethereum wagered players have won about 0.3 Ethereum. Not bad!

What are your odds of winning?

That is a simple answer. You set your odds with the "Win Chance Slider". This gives players the oppurtunity to play for their own given level of risk aversion.

How does Etheroll make money?

Eheroll has a 1% House Advantage. This is built into the game naturally. If you roll the same number as your "Roll Under Number" the house wins. Over time and a ton of rolls played the House(Etheroll) should win by 1%. However, players can play well and/or stop when they are on a big run.

Why I'm not playing Etheroll

Etheroll has a minimum bet of 0.1 Ethereum which at current market prices is over $100 dollars. I would play if it would have a 0.001 minimum bet. But, due to high Ethereum gas prices I am not sure if that would be possible or worth playing.

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What is DICE

Dice is a cryptocurrency that allows its holders to get a percentage of Etherolls profits in a dividend style payout. Holders can also be rewarded in the form of capital gains if they sell the DICE coin at a higher price than their purchasing price. As you can see, the DICE coin has solid economics behind it. However, I am not a buyer at the current levels because I feel it is currently overpriced. Another reason that I am not a buyer of the DICE coin is that I feel that the coin is not necessary for the Etheroll platform to work. Etheroll could just be a DAPP and call it a day. It feels like DICE is an add on just to say they have a coin. I would be more into this profit sharing model if you could play the dice game in multiple different crytocurrencies (not just ethereum). They could make it so players need to purchase DICE coins with their choosen currency inorder to roll the dice.

DICE's chart shows a pretty tight trading pattern over the last 4 months. It had a pump and dump in July where the price doubled to over $8. But, has remained in around the $2-4 range(until the recent market crash). This could indicate that they are doing the right things and there could be a hyper growth pump period(most likely just another pump & dump).

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