Topic: bustabit.com -- The Social Gambling Game (Read 294012 times)

Yup, in less than a week we should have a totally overhauled withdrawal system that gives users better choice and works far better in general =D

It is worth noting, that "licensed by bustabit" is not an endorsement, just a copy of source code was given. I strongly discourage people from investing because of any association with bustabit.

I've spent some more time reading into "UB" and unfortunately will not be able to support it.  According to the "whitepaper" it said:


So I made sure to shuffle around the wallet so that all unspent were active in the last 30 days.  However, reading the fine print (which isn't in the white paper) it says:


Which is total bullshit, and not something I realized before the fork. A normal bitcoin transaction uses a new address each time (for privacy point of views) and they created a totally arbitrary rule that says it can't be a totally new address (probably to intentionally limit the distribution).

However, there is a "phase 2" way of getting the UB. However the "phase 2" way requires doing a "send bitcoin to the same address" transaction and manually submitting the txid. However, this isn't possible to really do on my production wallet and is cost prohibitive.  (An at-peak consolidation right now would cost me an estimated 19534.55 USD in fees, for something that I have no assurances will even have any value).

So unfortunately, there's really no way I am able to offer support for this :/

Oh interesting, I didn't know that bit of history. They probably got a good deal on the domain. I wonder if the name "United Bitcoin" came after the domain (as it seems rather strange to use the word "united" when you're forking)

I was just now made aware of another bitcoin fork (yay!) called "United Bitcoin", at the sexy domain: https://www.ub.com/


I will be taking a snapshot of all users balances at fork time, and claiming for users so I can distribute to users  (conditional upon there being trezor support for it)


Edit: This will not be possible

Bustadice isn't "v2" of bustabit. It's more like "bustabit themed dice" but a totally independent site (and operated by Daniel, not me -- although I do have an ownership stake).


The actual v2 of bustabit is getting pretty close. Early next week I will be asking people to help test and find bugs (although if you want to get a head start, try dev.bustabit.com). Currently I'm working on a data-importer and then just need to do a lot of testing

I think somewhere on your end (ISP, country, network?) someone is DNS blocking bustabit

Weird, where are you located? There's some countries I believe that block bustabit on the DNS level, or could be some intermittent problem. But I don't believe there's been any widespread issue 

I guess there's a million ways to structure an ICO, so it's hard to answer that. But I think the "bet on the house" system is fairest for everyone. I'm not really doing anything crazy, so the only thing I need money for is the bankroll. So I think it makes sense to just do that directly, and give people the freedom to enter/exit at will. Also the investor system has a really neat way to lower your counter-party risk by leveraging. So you can say "I want to invest 50 BTC, but I'll only put 10 BTC on site" and it'll risk as if you had 50 BTC (e.g. put it to toward the max-profit) but you get automatically stopped out if you lose 10 BTC. I'm not sure I could possibly reproduce something like that with an ICO.

I guess it comes down to a few things: Offering bigger bets will definitely be nice, it's pretty commonly requested by whales. The current max-bet is 1 bitcoin, which is pretty small compared to some other sites. But even so, largely because of the low amount of games per day (and everyone playing them at the same time) there's a *lot* of variance: (e.g. I think today I made ~50 BTC, and yesterday lost about the same) you can can see here: https://dicesites.com/bustabit


It'll also help in that investors will have to pay 25% of the expected value, regardless of how the site performs -- so that will also lower my variance considerably.

But probably the biggest reason, is I hope that the invest system makes bustabit itself a more interesting/popular/vibrant community. Giving people the option to share in bustabit's success (even if they only invest $50) I think has the potential to cause the the site significantly. I'm also expecting that I will be the vast-majority investor (I have a huge advantage over other investors: I have no counter-party risk) -- so even if it only achieves a modest increase in the site volume -- I think it'll be a net plus.

And finally, it gives me a lot more personal economic freedom. Pretty much >99% of my personal net-worth is tied up in bitcoin. One big reason I've been reluctant to diversify is that I really do need a bit stack of bitcoin for the bankroll (e.g. around this time last year, I lost >400 BTC bitcoin to a very unlucky month). If there's enough investor interest to the point the bankroll is bigger than it needs to be (e.g. players are no longer constrained by the bet limits), I'll feel a lot freer to start taking my own money out.

If anyone can help me find issues with:

dev.bustabit.com

It would be greatly appreciated. Issues can be reported here: https://github.com/bustabit/issues/issues

Or via the dev.bustabit.com chat, or through the dev.bustabit.com support system.


--

(And remember, dev.bustabit.com uses it's own isolated database and testbitcoin instead of real bitcoin. The testnet withdrawal system is currently not functional either)

Yeah, that is coming with the v2 release (which you can play around with at dev.bustabit.com )

I had a look, but I can't notice anything. Here for instance is a manipulated game:
https://www.7mbtc.com/game/1229619

I suspect it's just randomized, or possibly human-controlled but I'm not sure.



Well, there is an infinite way of changing the house edge and I'd argue they are all fair as long as done honestly. You could even do something like "Every 2nd game is 0x" and that would be fair if you are open about it.

However 7mbtc.com publicly claims to have 0-1% house edge, and links to a verification script: ( https://jsfiddle.net/1L1uqcgv/6/embedded/result/  ) which generally works, but has anomalies which can only be explained by cheating. I have been able to reproduce vadoff's findings, there's definitely something dishonest going on.

I have received a credible scam accusation against 7mbtc.com, which is a korean licensed (they paid me 2 btc) version of bustabit. Thanks to the provably fair scheme, we can see they are manipulating about ~8% of the games.

More details will follow, but just a heads up for now to avoid this site while it's being worked out.

Yeah. I actually have all the pieces that could make a really kick-ass wallet service (at least if you care about fees and on-chain privacy). The main problem is just that I'm really constrained for time. I'm already pretty delayed for bustabitv2 (I really wanted it out 6 months ago), no small part because of side-tracking with stuff like integrating a constraint-solver for handling withdrawals in a privacy/fee maximizing way

But if after the bustabitv2 launch everything is going smooth, I might split out the code to make a special wallet service =)

You're wrong on a few points, (e.g. Costa Rica companies aren't tax free, among other taxes they need to for pay a 15% withholding tax on all money taken out of the company), but your post is more or less on the mark.

If players want to be sure the game is fair (as they should) they will need to verify the provably fair scheme, which offers some strong guarantees. This is far better than blindly trusting a regulator is able to completely supervise it (which is technically not feasible, and never happens).

Yay, all that paper work paid off. Bustabit's been approved and now has a full gambling license:

http://www.gaming-curacao.com/validation/ryan-holdings-limited/

I'm ready to process anyone's BCC withdrawal from the snapshot. Just use bustabit.com/support and either ask me for what your snapshot balance is, or give me a BITCOIN CASH withdrawal address (don't reuse a bitcoin address!). You must be logged into the account on bustabit.com/support for me to process

Users will have the option of withdrawing them (by giving me a bitcoin cash withdrawal address) or asking me to sell them, which I'll get the best price I can and put in their account.


Just cause I'm not in a rush to work with bitcoin cash until everything is operating smoothly. Last night there were no blocks for ~12 ? hours, and trezor support for BCC isn't quite ready (should be today though?) so I'm not really keen to waste time on it until everything works well.



Nope. Bustabit will be btc only

Ok! Snapshot has actually been taken!