Topic: bustabit – The original crash game - page 117. (Read 61394 times)

That seems unlikely. Bustabit's house edge is 1%. You won't find many land based casinos offering games with an edge that low. Slots for instance typically have between 4% and 6% house edge.


You're ignoring an important fact: 99% of the bets a casino takes are tiny, and don't really contribute to the bottom line. A very small percentage of the bets are huge, and it is those that determine whether the house ends the year in profit or not. Look at the huge day that Bustabit had a few days ago. That whale could have easily ended up moving the site's profit up or down by 1000 BTC in a day. That's likely more significant than the rest of the year's play combined.


Bustabit is somewhat risky. They are risking up to 1.5 times the recommended maximum according to standard bankroll management theory. That increases the risk of ruin a the hands of a lucky whale. That's not to say that the investment can't "work" - just that you could end up with a big loss which never recovers. If you lose 90% of your investment when someone goes on a lucky run, then other investors come in to refill the bankroll, your share of the bankroll is a tenth of how it started and even if the whale loses his profits back to the house, you mostly don't recover your losses due to the effect of dilution. It's even possible the winning whale himself invests his winnings, diluting your bankroll share.


Maybe return them; they're broken. Mine have increased over 1000% in the last year:

Thank you for the reply. I understand now. The variance would only really effect a short term investment. A long term one should recover and you should on average gain the house edge. If bustabit was not making money it would shut down s9 if you deposit for a year I see no reason to worry because I know bustabit is raking it in so if I lose so does bustabit. The only risk I can see is risking bustabit running. I'm not saying bustabit will, it would be ridiculous to do such a thing but that is the only risk I can think of. I mean if a casino does not turn a profit in a year something is very wrong. Land based casinos have even less of a house edge and they can afford huge buildings and staff. I'm thinking your money would double in a year. I can't see a casino doing worse then that. How else would they be so rich? I want to look for an investment that works. Offline I have invested fiat into a company that has been around for 70 years and it gets 11% per year. It's basically without risk. Meaning something has to go really wrong for you to lose money. I mean if I can make 25% a year with crypto but a safe investment where someone can't run with my money then I would love to. Because right now my Bitcoin are doing nothing. I do trade yes, but with tiny amounts at a time dispersed widely over many coins. But it would be nice to earn some interest on the Bitcoin I do not currently have invested in coins. Another option for me is mining. I need to look at all my options here.

Good reply and answer as always you very helpful thank you for your time.

The record-breaking wager volume and huge bets made on bustabit over the past week show that there is a demand for higher bet and profit limits. The only way bustabit can safely meet that demand is by increasing the size of its bankroll.

In an effort to encourage investments in the bankroll, I have made the following changes:

Suspended the commission investors are charged on wagers
bustabit usually charges investors 0.25 % on all wagers. I am temporarily suspending this commission until further notice. Not only should this make investing more attractive, it also allows the max profit and bet limit to be safely raised to 1 % of the bankroll. The maximum profit per game remains unchanged at 1.5 % of the bankroll.

Decreased the dilution fee to 1 %
Previously new investors paid 10 % of their investment to the existing investors in order to compensate them for being diluted. Unlike bustadice, bustabit did not have an introductory period in which investors could join without paying the dilution fee. Because of that I think a lot of potential investors were deterred from investing, which is now holding bustabit back.

For that reason I have lowered the dilution fee to 1 %. Once bustabit's bankroll is more established, the dilution fee will be raised again, benefitting everyone that has invested by then.

Obviously, this alone would be very unfair to the investors that have already paid the fee at 10 %. To compensate them, I have refunded all investors that have paid more in dilution fees than they have gained the difference in fee rate out of pocket.

Decreased the maximum leverage to 2:1
Besides protecting investors against dilution, the dilution fee also has the important function of disincentivizing increasing one's leverage when no high rollers are playing and decreasing it when they are.

At only 1 %, the dilution fee might no longer be effective for this purpose. To compensate, the maximum allowed leverage has been reduced to 2:1. In other words, your offsite investment may only be as large as your onsite investment going forward.

Existing investments that might already be using more leverage than that are not affected until they are modified.

The major disadvantage of offering offsite investments is that it basically forces everyone
to use offsite once a certain percentage of users use a high leverage. Otherwise your
investment gets diluted and you literally have no real chance to participate in the profits
generated by the site.

In my experience the phenomenon that I described above happened at every single
dice site that offered or is still offering offsite investments.

Due to the advantages it still is a great feature, but this is the major disadvantage
of offering offsite investments in my opinion.

Let's say you have 10 BTC that you think is a good idea to invest in bustabit, you could just deposit it all and let bustabit manage it. But the alternative is you could deposit some of it (say 5 BTC) and then tell bustabit "btw i have 5 BTC offsite that I want to risk" and bustabit will increase your exposure (and the site's bankroll, and thus max-profit) by the "offsite" 5 btc.

The benefit of using the offsite, is that you fully retain control of it (you literally never even send it to the site). But the downside is you also risk getting "margin called" (basically if ever a max-win would result in your onsite being negative, you get margin-called and the site forcable sets your offsite to 0). And then if you don't put more money in the bankroll you can potentially miss out on any recovery.

There's pro's and cons to both approaches. I would err on the side of using offsite if you plan on checking in on your investment on a dailyish basis. But if you want to leave it and come back 3 months later, I'd definitely just forget about the whole offsite thing.

Min investment amount is 0.01 BTC i believe. Be warned though, there's really a ridiculous amount of variance. A couple days ago, I watched an ~800 btc swing in profits. I would treat it as a bet with good odds, more than a traditional investment.

Please explain the investment option better. What does "investors can secure some of their funds" what does that mean? How is an off-site website going to keep out funds in our control? How much funds are in our control? As far as I understand our funds are in your control since we deposit it into your wallet. What is the minimum investment amount?

Just-Dice uses UTC, so that's how the old 1.5 million BTC would have been counted.

Cool

What time zone do you use to calculate the daily wager volume?

Fun fact: last Tuesday my site recorded 25,160 BTC wagered on bustabit.. that is the highest wagered I ever recorded on my site for any site. It is just before Betking's 24,711 BTC wagered back in 2015 (and with exchange rate it's a massive $215M vs $6M in 2015.) All in 1 chart (blue spike = betking, brown spike = primedice, last purple spike is bustabit):



I believe the highest daily BTC wager ever was an insane 1,553,357 BTC on Just-Dice at 29 Sep 2013. However, with an exchange rate of $127, that's $197M. So in dollar-terms Bustabit, with $215M, actually had more wagered last Tuesday than that day on Just-Dice (and therefor most likely most wagered ever on any bitcoin gambling site in dollar value.)

Congrats

I'm selling my account which has 172.5 btc of dilution fee credit (you can invest up to 172.5 without paying the 10% dilution fee).

We can use a trusted 3rd party for the exchange.

If anyone is looking to invest a significant amount into the bankroll, contact me: [email protected]

It's now up a net of 50 BTC. I think that makes for like an 850 BTC swing. New record?

Site just dropped another 500 btc. It dropped over 700 at one point (over 35% of the bankroll)!

Awesomeness! 

Thanks! 

Yes!

I have ported Shiba to v2 and submitted a pull request to its maintainer, so it shouldn't be much longer until Shiba returns.

I dont know if this has been asked before, but will we be getting Shiba back?

I miss Shiba!

Oh very cool! Didn't know stats were (yet) exposed. 

My site tracks the stats again since a few days: https://dicesites.com/bustabit Wagered is indeed massive, 8135 BTC on just last Friday. Note: profit on my site is not yet in sync with on-site profit (not sure why, probably need to do some commission recalculation.)

Bustabit is a site with ~4 years of history and a huge player base. I think without a doubt it is the bitcoin casino with the most volume, at the moment. Allowing bets bigger than 1 BTC was very frequently requested by the whales, and now it has been done for the first time -- there is a lot of action. So honestly there's no surprise there's been huge swings. I saw dozens of rounds that had more than 20 BTC in play.

I mean, when I ran the site there was at least one month with swings significantly over 400 bitcoin. As an investor, I would brace for swings much bigger than that now as the volume and bet sizes right now seems to be dwarfing what we previously had


I'd honestly be extremely cautious about using offsite unless you're prepared to watch your investment a lot, and top up your investment as needed. There's nothing really safe about investing in a casino bankroll (that's why the casino offers it: it pays you in in EV to eat the variance) so using offsite for anything other than lower your counter-party risk is something I'd strongly advise against.


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There were some excellent simulations created by another investor (which was sent to me privately, so I'm not sure if I can share). But there's really a non-negligible chance that you can easily lose the majority of your investment due to the swings. If you can afford that risk, it's a pretty good deal (imo) as there is some great expected bankroll growth and expected profit prospects. But it's certainly not a charity, the entire reason that the site is willing to give up 75% of it's expected profit is because it can't (or doesn't want to) take that risk itself.

How has a site that is only 1 week old lost 35% and allow for people to get margin called at 2+ leverage when you preach safe bankroll measures?

Not quite sure, but there's been some pretty insane volume and variance happening. I think the site profit swung between -350 and 0 and back to -80 in a day. (or something like that?). Would be nice to see some public stats appearing and that, as I think BaB has been doing like >4000 BTC a day for the last few days

I did notice that my stake % in the bankroll did jump a little, so I'm guessing that at least someone got margin-called.