I recently got introduce to Banano and instantly got hooked. For those that don't know, allow me to let the Banano team to introduce themselves:
BANANO is a feeless, instant, rich in potassium cryptocurrency powered by DAG technology disrupting the meme economy. It’s a fork of Nano with more memes and lower PoW requirement. BANANO was born on April 1, 2018 and is distributed entirely for free since then through many different faucets, games and other events.
To get started, I downloaded and set up one of the Banano Mobile wallets, Kalium, which is gorgeous and intuitive to use.
Next, I interacted with the amazing Banano community. For those that remember and were around, Banano reminds me of the early days of Dogecoin. Banano's are tipped to newbies across multiple forms.
The community is also rich in community developed projects. One of those being, Bananobet.
What is BananoBet?!
BananoBet is a "Hash Dice Roll" game with a provably fair system to ensure that the numbers are truly randomly generated. Take a look for yourself! Armed with this provably fair knowledge I wanted to take the game for a roll. Bananobet allows you to adjust your probability of win % and the game adjusts the odds for you accordingly. The "house" has a 1% edge per the site.
A simple little experiment I wanted to run was see if I could adjust the Odds and Bet based Kelly Criterion recommendations.
Kelly Criterion
Kelly Criterion is a formula that gamblers can use to calculate an edge. You add in your bank roll, your odds, and the payout and Kelly Criterion will send back how much of your account you should use to bet.
As you can see, using a Kelly Criterion Calculator the odds are against you as the 1% house edge means over the long run you will lose. This is not to say that you wont have lucky streaks or that you CANT win. It's just on a long enough timeline, your bankroll will get eaten up.
Results
I decided to try a modified approach to see the results, I followed the advice of never betting more that 5% per bet. This method is to help you recover from inevitable losses.
Next, being cautious, I set the probability to 86.22% which resulted in a 1.15 payout. Then I rolled, and rolled, and rolled.
The results were not good. My account got destroyed. The odds and payout structure are such that repetitive small bets will never recover from losses compared to the gains.
After giving up and realizing my experiment had failed, I learned that the withdrawal minimum is 10 Bananos, which I just lost 5 of.
Since the Coins were essentially "lost" stuck on the platform, I decided to take 50% bets to try and double my money out or lose it all.
Well somehow I was lucky enough to get my stack back, and at 10.09 Bananos, I took my coins and left.
In summary, BananoBet is a fun game to try and if you're interested, give it a whirl via my BananoBet referral link, but much like the infamous quote from War Games:
