Primedice hit for $1m+ by hacker

http://www.casinosmash.com/news/hacker-exploits-1-million-from-a-bitcoin-casino-operator-2728.htm

Pretty crazy and I wish they had more details on how he did it but I'm sure no one who knows would ever say that

 

Was only a matter of time.

 

Well, at least you know they're legit. I remember hufflepuff being so much in the green when I used their site briefly. Surprising how the 1% house edge enabled them to pay out over $1million.

 

They have a daily turnover of approximately 12 million 720k Bit coins / 24 hrs ,
that is 3 billion 269 million $ / 24 hours.

So basically with that 1% edge they are making a profit of 32,690,400$ / 24 hours

what is 1million $???

 

Source?

 

Old news, I remember when that happened. It was like 6 months ago. The dude found out how to match his seeds on two accounts, so when he bet 0 on one account, he would know the exact outcome on the other account.

 

Did you just make that up? =|

 

I'm pretty sure because every time I'm on primedice and you look at the placed bets page people rarely bet near 1 BTC and it happens like once every few minutes. Millions of BTC a day? Yeah right.

 

LOL!

Just go to www.primedice.com and see how much is wagered in the last 24 hours.

Yep I did, based on real calculations

 

Wow, that is crazy. I wonder how much of a dent that left on that casino.

 

Your math is wrong. Edit, well your math is right, but your source numbers are wrong.

Their total btc won in the last 24 hours is currently at 2232. So just for giggles that means about 4464 btc has been wagered (just keeping it simple with a 50/50 scale). 1% of that is 44.64 btc or about 11k USD a day which is still pretty ballin. It would take about only about 90 days to re-gross losses.

 

Dude, I am not sure how to explain this, but in short, your LOGIC is wrong.

If you understand the 1% edge concept you will realize that sometimes it takes a month or two maybe more to return the balance of 99% to customers and 1% to primedice, not 24 hours !

So when you look at the amount of Bitcoin won in the last 24 hours, you might have an equation that falls faaaar from the tree of the 1% formula.

I am not good at explaining things and I possibly did not explain that well, but you need to look at this again cause you are wrong my friend.

the total BTC won is equivelant to primedice's client's total net wager! which means if there is 1000 btc won in the last 1 hour,there might have been 1 million worth of btc bets keeping the wins and losses balanced but only 1000 btc are won so far.

do you understand what am trying to explain?!

I worked in a bank so am not just acting wise and throwing comments

 

This is what I'm thinking as well. There is no way in hell they profit 32m a day. What company you know makes 32m a day, but is worth $45,000? Lol..

 

The most I've ever seen wagered was 4 bitcoins. Where was I when he was doing $8000 a second???

 

Are you aware of how big primedice is?? primedice was 45,000$ not anymore.....

 

http://www.worthofweb.com/website-value/Primedice.com/

 

This is not the companies value dude

Input:
We use public traffic and authority ranking systems to start with our calculations.
We use Alexa Rank to estimate traffic figures; visitors, pageviews.
We use PageRank (*) to estimate the authority of website.

Revenue of a website:
We use our traffic estimation to calculate “potential” advertising revenue of a website. We know that every website is unique. Some sells stuff online which is impossible for us to know how much they make. Some does not use advertising or any other type of revenue source, so our figures will show only potential of that website. We “assume” that website is using ads and affiliate programs to make money.

They estimate according to traffic... primedice is a BETTING website.. Every visitor has made a money transaction!!

guys people are gambling there... you dont see how much bets are made daily and how fast.. every 1 sec there is at least 1 bet ...32 million $ is not a big number small companies like Rotana in UAE make that a day

here is something local

http://www.sythe.org/digital-curren...opular-bitcoin-gambling-website-free-btc.html

just check the screenshots of 1 of thousands of clients, how many bets they have made.

 

Only a matter of time, like he said. That's really unfortunate though, primedice is awesome.

 

That's just the number of bets they took in the past 24 hours, it's not measured in bitcoins. Any size bet will add 1 to that tally.

As of Mar 24, 2015, the site had 900k bitcoin wagered in total. (http://themerkle.com/reviews/primedice-dicing-done-right/) At 1% house edge, that's 9k btc profit and the 4k btc that this one hacker won would obviously be a substantial portion of that

 

That makes sense and seems to be true