Bitdice.me is changing its old debt-based investment program into a token-based Initial Coin Offering (ICO) fundraiser. It’s scheduled to open on 15 August 2017, close on 15 September, and sell no more than 100,000,000 CSNO tokens. More so, old investors will receive special offers on trading stocks for trade-able and transferable tokens. The offer amounts to a 5% discount for converting old bankroll investments into the upcoming CSNO tokens.
Basically, the new ICO system allows the investors to become ‘the house’ of one or more games. By adding funds to a game’s bankroll, the investor ‘bonds’ itself to the total bankroll of the game and makes profits from other people’s losses.
The mathematical formula for investors is the following:
[(INVESTOR_MARGIN/100) * INVESTMENT]/ MAX_PROFIT = INVESTORS SHARE
So for example, if an investor adds 10 BTC to an existing bankroll of 90 BTC in a game, the total bankroll will have 100 BTC. The investor’s share amounts to 10% holdings of the bankroll.
The maximum profit margin on a single bet is capped at 1% of the total bankroll. In our case, the maximum profit a single bet would be of 1 BTC (1% of 100 BTC), which can be either won or lost, depending on the outcome of the player’s bet.
Let’s suppose a player enters our game and places a bet of 1 BTC loses it. The total bankroll of 100 BTC comes up to 101 BTC and the investor wins 1% of 101 BTC, which is 1.01 BTC. On the other hand, if the player wins the bet, the investor loses 10% off his initial investment, meaning 1 BTC.
Subsequently, a 30% commission is applied on the potential 1% profits, meaning that in our case, the casino pockets 0.003 BTC from our profit of 0.01 BTC. Therefore, we get a net profit of 0.007 BTC on every won bet. Also worth mentioning, the system allows the investors to increase the multiplying leverage of their finances which in turn, increases both the risk and profit margins.
All in all, the newly implemented Initial Coin Offering (ICO) crowdfunding strategy seeks to increase improve the casino from all points of view. It has been advertised that the 30% profits are going towards company growth and expansion on other markets which will hopefully increase the current 50% Return on Investment (ROI). More precisely, the 30% cut to the casino is geared towards the following:
- JackPot (1%): the JackPot is progressively increased with every bet made on the platform. The player has to roll a 77.7777 to score. However, to win 90% of the JackPot, the player has to bet more than 0.01 BTC, otherwise, he’ll only win a fraction of the JackPot.
- LossBack and BetBack programs (15%): the first one gives the losing player a percent of the amount they lost, and the second one credits the player a bonus amount of their waged bet.
- Platform development and investment (4%): this sum is dedicated towards the betterment of the platform. Meaning covering existing costs and improving games, customer service, cryptocurrency manipulation, market exposure etc.
- Company profits (10%): these funds are destined to be privately owned, but they’re not excluded from reinvestment, as declared by BitDice.me.
As of this day, the casino’s user base of 20,000 players has made 2 300 BTC in profits (5 500 500 $) from 230,000 BTC wagered. Since the sky’s the limit, the company has set several objectives for next year. Some of these goals include the creation of new games such as Roulette, Poker, Plinko, Slots, and Baccarat, as well as making some of them live. Other objectives regard implementing secured Ethereum/IOTA R&D Smart Contracts, expand into sports betting, organize regular token raffles, create cross-platform apps, socialize betting events for more human interactions etc.
The company is hoping of raising $10 million by mid-September in order to reach all of their goals by the end of 2018. Regardless of whether the fundraiser goal is reached or not, the number of tokens to be sold is fixed at 100,000,000 tokens, but their value isn’t. The monetary value of each token depends on how much the ICO fundraiser manages to absorb.
This is the formula that will calculate the token value at the cut-off time in the future (UTC 00:00 of September 15, 2017):
CSNO token price = USD Income from ICO / 100,000,000 tokens
These tokens will also be available for trading on secondary markets after ICO ends. Tokens can be bought with BTC, ETH, LTC, and DOGE crypto currencies. Although the platform uses advanced security protocols such as email authorization, 2-factor authentication, IP whitelisting, and address lock, it’s advised you keep your tokens on a private Ethereum (ETH) wallet which is capable of supporting ERC223 compliant tokens.
So, if you believe in the saying “the house never loses”, then keep your eyes peeled for ICO registrations starting on August the 15th, 2017. Investing into an equity-building casino bond system such as BitDice’s ICO may soon prove incredibly profitable, as heavily suggested by the recent trends in this flourishing decentralized virtual industry.