In an unfortunate turn of events, @magicdice suddenly shut their shop today and ran away with all liquid funds in their wallet.
@investingpennies and @themarkymark first broke this news today. Although their operations were quite shady and several red flags were present but exit scam wasn't quite expected by me. I could see that their intentions weren't fair and business practices were questionable but I felt that they just want to claim unfair share of profits from the operations. But I was wrong. They actually ran away with all the funds!
How did people lose in it?
Players lost all their MAGIC tokens that used to earn 40% share of platform profits. All unclaimed profits and future profits are gone now. Many have delegated their SP in lieu of MAGIC tokens but those tokens are no where now. Many players wagered and borne losses as they were earning MAGIC tokens in proportion to their wagering amount. So they consider these losses as an investment for earning future dividends.
Aside that Marky reports:
For the last few weeks, they stopped paying dividends to a few of the larger players who stopped playing a while ago.
The MAGIC tokens were not tradeable yet. So all these tokens were merely ledger entries.
Why did they scammed!
Magic Dice was the first gambling dapp on Steem blockchain and was hugely successful with thousands of players and hundreds of thousands of STEEM wagered on a daily basis. It was earning profits almost daily.
So the question remains, why would they exit such a successful business?
Apparently, it looks like all these wagering volume and profit reports were fake and manipulated. They were running some bots through their own alt accounts to create artificial volume to lure others and pocketing most of the MAGIC tokens and dividends in the process.
They were either not satisfied with whatever little profit they were making or their cost of running these operations was too high. But it doesn't appear to me like that.
If they were incurring unexpectedly high losses, they could have reduced the maximum winning limit per bet or discontinued one of the over and under-rolling tool. There were several tools at their disposal for cost reduction and seeking additional funding. They can also raise additional funds through diluting their 60% share the way Steem Bet is doing.
Apparently, it wasn't the case. They just wanted huge money at one go. They weren't happy with the golden goose laying only one gold egg daily. So they killed the golden goose and ran away with it!
Careful! They can strike back!
It appears to me that they are confident that they can pull up these type of businesses again easily. Now they have all the codes and experience. They just need to change the front-end design and start the business with a new name and scam for some more!
People are saying that the person behind Magic Dice was the one who ran dMania earlier viz. @zombee. So yes, he can keep scamming for easy money under new garb every time.
That's why I like @epicdice
We need to be careful when we choose a dapp. I don't know why almost all of the gambling sites seems to be run by anonymous teams. There is no practice of writing an About Us or Our Team page on gambling sites. Although blockchain gambling dapps are quite transparent in their coding and some are even open-sourced. But teams behind them like to remain anonymous.
However, some gambling dapps on EOS have acquired legitimate gambling / casino licenses but most teams' and companies' credentials are difficult to verify. So in a way, this scam is good if it can bring some change in bringing transparency for the teams behind gambling dapps.
To my knowledge, @epicdice don't claim to have any government gambling license or is regulated. But it's the most transparent, fair and issue-less platform. The team is very responsive and within reach if you have any issue or suggestions. They issued SE tradeable tokens from the day 1. So you need not lock your money in tokens indefinitely. Dividend pool, house-edge, team holding everything is transparent and verifiable.
Even the rolled dice number is provably random and unpredictable by anyone. This is the first dice game using only the random Steem transaction ID from every bet as the source of input for random number generation between 1 to 100. Since a unique transaction ID is generated for every Steem transaction, no one is able to predict the next transaction ID before the block is processed. Unlike other gambling dapps, no client or server seed is involved. So fairness can be easily proved.
Aside that @epicdice updates its dividend pool in real time. Opening bankroll and current account balance can be checked on Steem blockchain in their wallet. So profit earned is also verifiable. Dividend calculation and distribution is also automatically done every day through smart contract. No manual claiming is required. Same is applicable for referral commission and leaderboard rewards. Hence there is no scope for cheating in daily operations.
The platform do have some issues as it allows for smaller bet size (upto maximum 100 STEEM winning amount per bet) and don't have roll-over option on its interface but that can be understood as it's very new platform. Only about 3% of its 8 billion EPS tokens are in circulation at the moment. So in my opinion, it has tremendous scope at this stage.
I'm active on this platform for about a month now and I'm the largest token holder after the team. This I'm disclosing to let you know that I'm not affiliated to their team but I'm heavily invested in it.
Want some free tokens and STEEM?
If you want to try EpicDice, I can give you some gift to use my referral. Here's what I can offer:
I'll give you minimum 1000 to max 10000 EPC (calculated at random) to all new users using my referral link. And for every 5000 STEEM/SBD wagered, I'll give you 10 STEEM out of my referral rewards.
Please note that, I may need to confirm exact wagered amount by you from EpicDice team and it may take some time to arrive at what I can offer as currently its interface doesn't provide me this data. For existing players, I'll offer 10 STEEM per 5000 wagered STEEM/SBD. But please note that my referral gets effective one day later.
Tagging all MagicDice delegators here
This is just to inform you that @magicdice is no more active on Steem and you are requested to undelegate your precious Steem Power to @magicdice. In case, you have already undelegated then please excuse this tag by me.
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@new-steemit
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@nathynyork
@tyzzzz
I can see some of you are still sending transfers to MagicDice with no result. Please stop doing that. In case you want to play dice with your STEEM / SBD, I can vouch for the new Epic Dice platform. Do try it with my referral link. I'm offering free EPC tokens and STEEM for wagering through my referral link:
My EpicDice referal link here
Epic dice is gonna be EPIC!!!!
- What do you think compelled Magic Dice to make an exit scam?
- Any opinion about Epic Dice?
Oh! Never knew they scammed and ran away. Thanks for sharing this update
Luckily I had undelegated my Steem Power few weeks back.
Will try EpicDice for sure.
Posted using Partiko Android
Glad you did that.
Welcome to @epicdice! Epicdice is probably offering twice the no. of EPC tokens of the SP you delegate (confirm it from their Steem account or Discord) and these tokens are trade-able on Steem Engine and exchanges like Freedomex.
Nice write up @xyzashu. Although, I was an early entrant of Magic dice, I never really played after the first three months. I took out my delegation now. Also, I think I earned more Steem than I gave. So no regrets. 😊 😊
Posted using Partiko Android
Lucky you!
Not sure where you got the list from, but I haven't delegated in at least a month. Figured there was probably some others that were in the same boat
I'm glad to hear that you're not currently delegating. Sorry for tagging you here!
I don't trust any site where the team refuses to identify themselves. It's one step below trusting a guy with a ski mask in a dark alley. Epicdice is up to no good either and I've stopped playing there since I've had issues with their randomness. And guess what, every day I don't play on their site makes me a winner!
But the site trust the players where they refuses to identify themselves, ironic eh? Read more of my response here.
Gambling Dapps don't have to trust the players and choose not to. Now players have one more reason not to trust anonymous gambling sites. I fail to see what's ironic about your comment. The irony was in trusting the house, not the players as the players were the ones who were ripped off.
Gambling dapps have every reason to trust the players. You aware that if you have the permission to interact with the house fund(which all the players do), you can launch an attack if you found any bugs on the system? Trust is always mutual.
Yes, you're very right that when team refuses to identify itself. it's a red flag in itself. I'm shocked to see that instead of giving any valid reason for the anonymity of promoters @blocksensei has chosen to defend their anonymity citing anonymity of its customers. If they really want to know about their customers, they can implement a scrutiny or KYC process when they signup a new customer. But it's not the case so this kind of argument is ridiculous! @blocksensei should also know that hackers and scammers don't necessarily need to signup or become a customer. Accounts may be hacked inspite of their doing a KYC of all their customers. Never saw such an absurd argument! Very unexpected of @blocksensei!
What I feel the reason about anonymity could be that they don't have proper legitimate licenses to operate these businesses. But having a proper license earns more trust. With more competition, bars for transparency will be raised to new levels. As of now, I find @epidice to be relatively more transparent and fair among Steem based gambling dapps. Hopefully, they may have applied for a gambling license too but that takes time (however, I'm just saying that. I don't have any clue).
@epicdice hasn't officially clarified in what capacity @blocksensei is affiliated to them. They say that @blocksensei or @fr3eze is looking after their customer service and apparently an employee of @epicdice. Strangely, people associated with the team are allowed to play on the platform and even post their referral links to earn EPC and dividends!
I respect your decision to quit playing on this platform. But did you find a better one on Steem? Do share.
@blocksensei admitted that epicdice operates in a gray area. I'm sure he also knows that in some jurisdictions it's black and white as oppose to gray. Requiring KYC would mean many Americans would not be allowed to use their site. It would also prevent any Muslim country, half of Asia, parts of Europe and a lot of others from legally being able to use it. Many places don't allow unlicensed online gambling even if it's in "cryptocurrency", "tokens", or magic pixie dust- especially for people under 18. You can easily launder money in casinos that don't require KYC and it ruins the legitimacy of cryptocurrencies.
Spread your risk to other gambling DApps, there are a few of them out there. I wrote about some of the ones I've came across here https://steemit.com/gambling/@crypticat/expected-return-and-payout-from-gambling-with-steem
Posted using Partiko Android
The root cause of keeping anonymity is never for the bad cause, but due to the sensitive nature of business we are in. We can only reduce the risk of customers have to face by implementing several transparency components as you can only find in our site. Things will keep working on this way until the whole business is licensed (this is honestly out of my scope).
The true owner/owners is behind the account of @epicdice, although I was the one who created the account for them. Nobody has the active permission of the official account except for the owner. With that said, there is nothing wrong for me or @fr3eze or anyone else (moderators in near future) associated with the platform gambling in the platform. We gambling out of our own pocket as well as the EPC we've minted. There are zero "under-the-table" transactions going on and everyone is welcome to keeping an eye on the chain records.
Thanks for the heads up
Posted using Partiko Android
You're welcome!
I haven't been delegated for months but lost all I didn't claim and my tokens lovely sigh.
Posted using Partiko Android
It would not have happened in EpicDice as there is no need to manually claim bonus, it sends to your pocket automatically on daily basis. Sorry for your loss.
I broke above even so I can't complain.
Posted using Partiko Android
Sorry for your loss even though you broke even, you deserved better! But I liked your attitude of not complaining.
Been through too many rodeos so far. Can't get mad eat time it happens lol.
Posted using Partiko Android
Thanks for the invite but I'm done with all casino type dapps on all platforms.
Posted using Partiko Android
That's a good decision too! Not everyone derive fun from gambling.
I undelegated a long time ago. Didn't feel it was right and my hunch was right.
You're smart! Always trust your intuition.
Hi. I joined through the referral. :)
Posted using Partiko iOS
WOW, thank you!
I can't verify it yet but I see you wagered about 25 STEEM. Being the first to use my referral, I've sent you 10,000 EPC tokens as a gift for now:
Thanks dude!
Posted using Partiko iOS
Hey brother Ashu I am trying to join epicdice through your referral but
Every time happens this
No further process.
Can you help me
Posted using Partiko Android
Have you installed the Keychain browser extension and authorized @epicdice with your active key?
Is this authorized keychain?
Posted using Partiko Android
Install it from here:
https://chrome.google.com/webstore/detail/steem-keychain/lkcjlnjfpbikmcmbachjpdbijejflpcm?hl=en
Works with Chrome and Brave on a desktop. But you won't be able to use edpicdice from your mobile device as of now.
Is there any protection against this?
@themarkymark is trying to get them. Please get in his touch if you can and want to support him in this mission.
No problem, but I don't think I have ever delegated to magic dice
Great, if you didn't! You got lucky! :)
I made a couple thousand Steem in the week I played it. But I'm not currently delegating to it, so not sure why you tagged me. lol
A couple thousand Steem in a week!!! Seems, you're damn lucky at gambling!
Good to know, you ain't currently delegating to them. Please ignore the tag.
Congratulations @xyzashu! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPTo support your work, I also upvoted your post!
Vote for @Steemitboard as a witness to get one more award and increased upvotes!
!bookkeeping magicdice
Posted using Partiko Android
Hi @oivas!
magicdice
Received:
Spent:
Total:
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by xyzashu from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.
Hi my friend , im using you referal link
WOW, thanks buddy!
I'm sorry, I'm keeping quite busy these days, so couldn't act on your reply immediately. Also, it takes a little time to get my referral effective for old players. I'll soon contact @epicdice / @blocksensei to request the confirmation of your referral rewards to me.
Until then, keep playing. I'll transfer your gift soon!
You got a 57.64% upvote from @ocdb courtesy of @xyzashu! :)
@ocdb is a non-profit bidbot for whitelisted Steemians, current max bid is 40 SBD and the equivalent amount in STEEM.
Check our website https://thegoodwhales.io/ for the whitelist, queue and delegation info. Join our Discord channel for more information.
If you like what @ocd does, consider voting for ocd-witness through SteemConnect or on the Steemit Witnesses page. :)
!bookkeeping magicdice
Hi @tsnaks!
magicdice
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That's quite sad :(