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RE: Magic Dice Just Exit Scammed Us
Man I feel sorry for you. I wasn't a lot into Magic Dice I just played that for fun a very long time ago. I made some money I lost some money so the only thing I did was regularly take out my dividends.
That being said you have a nice point. The person's behind these Dapps should never be anonymous just so that they can be held accountable if anything goes sideways.
What I don't get is why the hell did they Exited? They were making some nice money and I don't think nothing was going out of their own pocket.
Well, the whole ecosystem of Magicdice was really dark. Nobody really wants to gamble (especially somewhere where there is house edge). But if you convince people that they earn dividends by playing, they simply start to consider themselves investors - most people intentionally lost money here in exchange for dividends. And only 40% of profits were used to payout these people, thus 60% remained to the owners. The volume was artificially pumped up, although not many people were interested in playing the dice itself.
You can see here that a lot of money was taken to Binance already in the beginning of the year. Their profit was really good and quite stable. I do not really know why they exit scammed right now. They had the opportunity to continue with it even further and collect more money. If they did not end the site and they were taking the 60% of profits, it would probably not be considered moral to do that, but their profits would be somehow legitimate, or not? People were tricked to "invest", but they claimed that only 40% are going to dividends, so... who knows. I wanted to describe the ecosystem in the post, but I was caught by surprise by the exit scam. I hope the identity of the people behind Magicdice will be eventually revealed and I am quite optimistic with it right now.
I wish that I had noticed this activity earlier. I went nuts recently building up tokens.