Sunday, February 24, 2013

SatoshiDice Player Bets 0.02 BTC, Wins 1280 BTC

For the first time, someone bet on "less than 1" at SatoshiDice and won, turning 0.02 BTC ($0.60) into 1280 BTC ($38,000).

The odds of winning were 0.0015% or 66666:1 (haha, very funny guys).

You can see the transaction here.

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9 comments:

  1. I was wondering how many times that had paid out. First time only just now? Wow!

    Congrats to whomever won!

    Let's see, now where to report that on the income taxes. NOT!

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  2. That's ridiculously irrational and reduces the overall utility of bitcoin as an information system.

    ReplyDelete
  3. @Brett
    Hardly. Firstly, as to irrationality to betting, there's a decent chance the account is operated by SatoshiDice itself - it's a common theme in casinos to have 'house players' to stimulate trafic and have more winning records to show.

    Secondly, as an estimator of value, casinos have net positive utility, on average moving money away from irrational actors to more rational ones. I.e. the house always wins.

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    Replies
    1. apparently you know nothing about bitcoin.. or the way the satashi dice 'roll'.

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    2. He or she's not incorrect there. SatoshiDICE can, for a minor fee, simulate traffic. They can't mask house cheating, but they can give the illusion of popularity.

      Delete
  4. The odds against winning are 65535:1.

    The 0.0015% is rounded. The true odds are 1/65536 = 0.00152587890625%.

    ReplyDelete
    Replies
    1. Well that's far less entertaining. Thanks for the correction.

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    2. That depends on your pow. I always prefer powers of two. ;)

      Delete

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