Topic: bustabit – The original crash game - page 5. (Read 61604 times)

I can't speak for Leo, but I can answer some of these: The house edge and the game rules including how the max profit is calculated will remain unchanged. As before, players can verify the fairness of the game themselves without needing to trust the casino or ActuallyFair, so in that sense it is indeed redundant (in a positive sense). However, adding a third party mainly provides two advantages:

• ActuallyFair can verify games on behalf of players, sounding the alarm if anything doesn't check out and backing up the player in case of a dispute.
• Even with knowledge of the seed it is no longer possible to predict future rolls. This mitigates the risk of database server compromises, malicious hosting providers, rogue employees etc. for the casino.

The downsides are that the system is more complex and therefore more difficult to explain, especially to less-technical players, and that an outage at ActuallyFair could interrupt betting.

Just a quick update: Everything is going to plan with no unexpected problems. However, parts of the migration are taking longer than anticipated. We expect to bring bustabit back online first in the next few hours. Due to its database's size bustadice will likely need closer to 12 hours from now. Leo or I will update this thread again once we can provide a better estimate.

A few questions.


1. House edge will remain the same at 1%?

2. Is there any plans in the future to change any betting functionality such as max profit or max bet?

3. Will there be any plans in the future for KYC nonsense?

4. You mentioned the addition of a third party auditor, is that not redundant if the player can follow the hash chain and see crash results locally for themselves? What is the purpose of that addition?

This probably a second thought for @devans since he's already said that the burden of responsibility of managing Bustabit is going to be shaky in his hands currently. I do agree though that it's a good decision, if I'm in the same position and I have already a pretty good profit out of my business and someone offers me something that's really difficult to refuse and in exchange I would be relinquishing the management of a profitable business but I can afford to be on vacation in a year in any tropical country of my choosing? I'd definitely be taking that offer.

Hey! I totally get the questions about trust. While my account might be new, I've been working with Daniel for several years on busta's software. Ran MoneyPot for ~7 months too.

My goal is to run a fair and honest casino, just like Daniel did. Trust takes time, but I'm here for the long haul 

Btw, feel free to hit me up anytime in the chat if you have any questions or just want to say hi.

So leomedina's account is not even 12 months old and doesn't have any trust records.

Is anyone able to give some background about him? Especially regarding red flags?

The offer is probably too high to even be turned down and with the bull run almost at the front door, its pretty much a good decision to sell it for all for btc then wait until the bull run comes knocking the market


Still a pretty huge amount If you ask me and Im kinda expecting that once everyone is divested, some people could still invested small portion back into the site which probably could be atleast 200-300 btc so that is way higher than the new MP's all time high bankroll I guess

I'm not sure how you are making the revenue calculation there, but is it the daily profit of Bustabit bankroll? Or is it the clean profit for Devans?

It was expected to happen. The bankroll was around 1,400 Bitcoin when I checked it yesterday. Leo have to work hard to regain the trust of Bustabit old investors.

Bankroll reduced by by almost 900 Bitcoin. Wow

It's even more impressive that there are some players on bustabit with as high net profit as 468 Bitcoin, 279 Bitcoin and etc. But there are also some with as low total loss as 1,278 Bitcoin, 726 Bitcoin...

To be fair, it's very sad to see bustabit being sold. It's impressive that website was generating 1.5 Bitcoin profit every day, it's just 77 477 USD per day at the moment. Imagine, you can buy a 100 sqm house in my country with that much money, imagine buying houses every day... As Daniel said, he should be in a point where money is secondary, it's just very sad for me to see another website from my childhood memories, that was looking the same for a decade, is changing hands and probably will become visually a completely new website. I know that will be done for better but I feel very nostalgic when I visit bustabit.

Those are impressive figures indeed. Without doubt devans does not need to disclose all the details behind his decision (nobody should have to) for the sale but he certainly would have had good reason. The financial package must have been far too good to turn down and the timing must have been perfect.

I wish the new buyer success with his newly purchased business and also commend devans for running the business with an excellent reputation (including paying out once when the site was hacked).

I just checked again and it's still at around 1.5 BTC a day. Really impressive, it's sad that he decided to sell this business.

I did not look at the data, I am going by your figures and was surprised at the 1.5 BTC you mentioned. If you are right, he was making over 500 BTC per year and that is simply unbelievable. Well done to Daniel of course if those are a fair reflection of BTC he is making. I had no idea the profitability for the owner would have been that much.

Sure, that's the good thing about staying, but I don't know Leo at all.

You are speculating that after the change of hands, the previous investors might pull out? There are drops in the bankroll happening already but I see the bright side of this, individual investors stake increases and their possibility of higher wins increase proportionately as the other investors cash out. Hence I am sticking with my same plan and not touching my investment at all.

Just want to point out that I made 4% gains from my 2months investment on Moneypot - had to cash out after their declared their shut down and Leo moving to BAB and BAD now. I have faith in Leo along with Daniel and Ryan, so I am at ease.

You can estimate it from the casino's data: https://stats.bustabit.com/v2/bankroll_stats.csv

Now it's less as there have been some divestments, 1.5 BTC was at around 87% fee.

I wonder how much bankroll will be left, I'm debating whether to leave anything.

Really?

A little under 1,700 BTC or $20m at the time were invested into bustabit's bankroll on the first day.

That's what I imagined, you have enough money and don't want to keep running it, so you sell it. I guess the valuation was quite low as profits are expected to drop, at least short term.

I don't have anything against Leo, I just don't know him, I was fine letting my investment grow over time because you ran this very well, I didn't just blindly trust you either from the beginning. How big was the bankroll in USD when you bought Bustabit?

While it's true that the business is extraordinarily profitable, the financial aspect is secondary to me at this point. For me the sale is primarily about the responsibility that comes with owning bustabit and bustadice and the time commitment they require.

I could certainly save some time by hiring more staff, but some tasks cannot be delegated. For instance, I don't believe it's possible to reasonably give someone else full access to the database or game servers given how easy it would be for them to cheat bankroll investors without anyone ever knowing. So at a minimum I would continue to always be on call 24/7, involved in every server upgrade etc. That's not to mention that (IMHO) bustabit's success is at least in part due to me, its owner, being so accessible to players. I'm convinced bustabit would lose some of its appeal if it stopped being a "mom and pop" casino.

But even if somehow I could delegate everything and not have to spend any of my time at all, as the owner I would ultimately still consider myself responsible for players' and bankroll investors' money. That's not a burden I want to bear indefinitely. Of course I could have simply shut the casinos down, but that serves neither players, nor bankroll investors, nor myself well. Handing the reigns to Leo is the best thing I could do.

Some skepticism is natural, of course, but I remember that when I launched bustadice and later acquired bustabit I was virtually unknown and many people felt similarly about me. I like to think that I ended up doing alright and proving their concerns to be unfounded.