I have noticed that they were transferring huge amounts of Steem to @magicdice1 and then to Binance. I also planned to write something about the whole ecosystem (everyone was betting for dividends, that would not be sustainable and the volume of bets would decrease over time). Unfortunately, I was too lazy. I am quite surprised right now, I did not really think they would exit scam. They were taking (according to what they showed on the site) whole 60% of profits, so wouldn't their profits be somehow legitimate if they did not exit scam?
I also fell into it, lost some STEEMs in exchange for dividends, but I do not need them. Thank you for your article and I hope they will be punished for their actions.
Daily withdrawal limit on Binance for unverified users is set to 2 BTC so it is very probable that they traded here somewhat anonymously. 580k Steems over a time span of 5 months is not that much.
"I am quite surprised right now, I did not really think they would exit scam."
That is surprising after you stated yourself the fact that the business model of Magic Dice is unsustainable in the long term.
They probably lied with saying that they are taking 60% of the profits.
Based on your statement ("everyone was betting for dividends, that would not be sustainable and the volume of bets would decrease over time"), the Magic Dice exit scam is (was) not surprising, but expected.
I knew people would become less and less encouraged to bet for dividends over time. I was imagining only that the volume would go down, but definitely not that they would exit scam. I even noticed these large transactions to Binance, but I though there could be a rational explanation and exit scam did not even come up in my mind. I was afraid of Drugwars going exit scam, but definitely not Magicdice... As I said, I just thought the volume would go slowly down and that the daily leaderboard would still encourage some people to bet (although still less and less). I saw these red flags (not so long ago), I should have expected this.
By exit scamming, they definitely took more than 60%. It is also questionable how much dividends they owned and if they collaborated with @powerguy and his accounts - which were the biggest wagerrers on the site.
Absolutely agree about it being an unsustainable business model especially when a few bit bot owners were taking the vast majority of the rokens.
Kryptogamers seem to be addressing this by using tradable tokens on Steem engine and have said will buy tokens back. Not sure this is perfect but it's better I think.
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Bot or not you only take what you earn (and risk)
Of course, but bots play 24hr and I am sure are created not to lose more than the benefits in dividend payments then of course it's an ever decreasing circle so the 'risk' is almost non existent.
Posted using Partiko Android
https://discord.gg/U8T2gP this is the server to talk about the magicdice scam and look for solutions.
I flag trash (and morons). You have received a flag.
I flag trash (and morons). You have received a flag.