18 Jul '13, 10am

SatoshiDice Sold for $12.4 Million #bitcoin

SatoshiDice is now one of the largest businesses in the Bitcoin economy, beaten out by the mining company ASICMiner , worth roughly $150 million, and perhaps Bitcoin merchant and exchange juggernauts such as BitPay, BitInstant and Coinbase, all of which have received millions of dollars in investment. The company’s success can be attributed to its simple interface: the site maintains a number of Bitcoin addresses, each representing a particular chance of winning, and users can simply send bitcoins to that address and immediately receive either the amount sent multiplied by a specific amount or a micro-payment to confirm that that particular bet lost. The most popular address, 1dice8EMZmqKvrGE4Qc9bUFf9PX3xaYDp, for example, has a 48% chance of returning double the amount sent. As a result of this simplicity, almost as soon as the site was first created it rose to become res...

Full article: http://bitcoinmagazine.com/satoshidice-sold-for-12-4-mill...

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