Magic Dice Just Exit Scammed Us
Magic Dice is Gone
Today I went to collect my dividend to find that magic-dice.com had been taken down. So I went to check Discord - gone as well.
Next I checked their Steem wallet and found that the last payout they made was 6 hours ago:
magicdice transfer 0.445 STEEM to gamblingman You have won 0.445 STEEM. Dice Roll: 64. Your prediction: over 56. MAGIC token reward: 2.5. Multiplier: 2.23. WinChance: 44%. {"betId":"5cf411116cc15e63fd817fbb","diceRoll":64,"refTransactionId":"018287ed746ea38d9f50c28c6ad2770daf992ac3","refBlockNumber":33453733,"serverSeedHash":"cf2d70a22cfcc27717dcb9fa7d7a15df2ebfc4edc0ed3bd6a3c289b21de6d799","isValid":true}
6 hours ago
All liquid steem sent to Binance
At 1:35PM, they sent about 45,000 Steem to Binance wiping their account:
The rest is still currently powering down.
According to @themarkymark from this post:
It's still early to tell, but it sure looks like he packed up and ran. As far as I can see, it looks like they made off with 531,584.860 Steem and 3295.2160 SBD.
I hope you were ahead...
So at this point, whatever you gained is what you gained and whatever you lost is what you lost. Sadly, I lost millions of tokens which amounted to a nice daily dividend payment which still had a week or two before it set me to break even.
Another day, another scam in this crazy world of crypto-currency. Moving forward, I would suggest to everyone that you avoid games/apps owned and controlled by anonymous entities at all cost.
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.
Just went to login and was greeted with a blank website and all of my tokens poof vanished!! At least I did not put much into this and I was pretty lucky and didn't lose any money just my Magic Tokens which I was hoping would a be a small passive income stream but that is now down the toilet lol. By the looks of the website currently it seems like they will still take your bet though but I doubt you will get it back! Have not tested this but I wouldn't try it! If they are actually taking bets still and not paying them out dam there greed knows no bounds. Everyone stay away from that site. Hopefully someone will be able to figure out who these people are but that is definitely a hard task.
Today I also went there to collect my dividents (I had approx 60k magic tokens) and found that I am being scammed.
Lesson learned. No spots from now on.
Posted using Partiko Android
One time I had 90+ steem. It took a few days to reach it from a few steem. And then I lost it. after that I was not playing much. Dividends were not huge but still nice.
For you you and all other serious players this is quite disastrous
LOL at the nerve of these people.
Some of these games/dapp are not trustworthy. Their aim is to come and dupe people with their hard earned currency and make way.
So unfortunate.
What do you mean you lost a million token Sir @nuthman
I'm sorry for your loss there Sir.
It really is not good to trust dapps created by unknown people.
I lost millions @cryptopie. It seems like a theme for me. Every day I keep wondering why I keep coming back.
I can't imagine you have lost millions Sir.
But you just delegated SP to them and it can be pulled back right?
Oh, what I was trying to say was that I lost millions of MAGIC tokens that were earning dividends every day.
I guess I did not really lose anything on magicdice...
lets hope magicdice stays longer and kryptogamers as well
Bummer for you and others who took a beating. Live and learn ...
Whether crypto or the stock market, there are always scams - difference is, that the stock market is heavily regulated. That doesn't make it immune, particularly not in penny stocks. I remember one scam that played right in my neighborhood where I lived in Canada: the Bre-X scandal, and, as in your case, the culprits pulled out all their money and investors were left holding the bag.
Yeah, this sort of thing keeps happening to me over and over again. Not sure if I have any business messing with crypto anymore.