Topic: [HAVELOCK] CasinoBitco.in CBTC - page 20. (Read 149393 times)
I have to say the one thing that is concerning to me is that growth seems to be slowing down. Hoping football season brings some new players in
mr_e and AnoinL.L.C -> This is fair criticism, so hopefully my response doesn't get lost in translation - if it does, please don't hesitate to reach out to me personally and we can continue chatting.
The wheel itself, meaning it's fairness and randomness, was never broke - the defect revolved around users being able to bet more than 1% of the available bankroll. This surfaced in early May and (I agree) its something I wish we identified either before or shortly after the purchase in late February. To say it should come out of management's pockets is not the solution to this though, the equivalent would be for me to say "My team nailed the World Cup last month - that ~+15 BTC we took in should go directly to me and my guys". Goes without saying this is not how you run a business.. CBTC is a company - and unit holders share in the success and failures of the company, we are more than transparent with details and we strive to continue this level of transparency and be more successful.
Regarding the buyback / retained profits: Any further acquisition is literally the last on our minds. We clearly have learned a lot with the Peerbet acquisition (see above) and need to really finish upgrading CasinoBitco.in and cleaning up PeerBet before we even consider any other consolidation of the marketplace - but in a few months when we are in a good spot, I wouldn't want us to not take on more opportunities if the situation is ideal.
Before our next scheduled dividend (end of Q3), we will find a happy balance between unit buyback as well as the bolstering of the bankroll. Any decision will be properly communicated with all unit holders via the Havelock Update feature as well as our monthly reports. We just as frustrated with the low price as you are - but at the current price point it does seem like a great opportunity for us to start the buyback on the cheap.
All these defects are very concerning... I remember a few months ago where someone on Reddit had been arguing with you about a number of possible defects on the site and your complete denial that there were any. Now it is costing us a lot of money and it seems like they just keep popping up. As a programmer I would love to know how a wheel game - a glorified random number generator - could have such a large hole. I really hope this is the last of it.
I have to agree with mr_e on this.. A wheel game is incredibly simple, even with the invest feature. You could have one developed in a ~month from scratch, easy. Most likely 2-3 weeks. CBTC has been in possession of Peerdice/wheel etc for what, 4-5 months now? Thats absolutely ridiculous. The defect should go out of managements paycheck, not having a script checked over before entrusting it with tens of thousands of dollars... I can't even.
The share buybacks is good, however the funds being put towards the buyback are also being put towards bigger bankrolls / acquisitions and development? I think the acquisitions should slow down, as the sites currently being operated need to be fixed up first. Why not set aside ~20% of profit to development, and 30% to buybacks? Its very vague to say the least right now. Also, whats the current bankroll across all sites (Bankroll owned by CBTC that is)? Currently the "x" factor for CBTC is how much bankroll it has... The current share price is pretty pitiful. First time I have seen it under $.04 in value (currently at $.03), as well as dip below 5k satoshi. Buybacks can't happen soon enough
The wheel itself, meaning it's fairness and randomness, was never broke - the defect revolved around users being able to bet more than 1% of the available bankroll. This surfaced in early May and (I agree) its something I wish we identified either before or shortly after the purchase in late February. To say it should come out of management's pockets is not the solution to this though, the equivalent would be for me to say "My team nailed the World Cup last month - that ~+15 BTC we took in should go directly to me and my guys". Goes without saying this is not how you run a business.. CBTC is a company - and unit holders share in the success and failures of the company, we are more than transparent with details and we strive to continue this level of transparency and be more successful.
Regarding the buyback / retained profits: Any further acquisition is literally the last on our minds. We clearly have learned a lot with the Peerbet acquisition (see above) and need to really finish upgrading CasinoBitco.in and cleaning up PeerBet before we even consider any other consolidation of the marketplace - but in a few months when we are in a good spot, I wouldn't want us to not take on more opportunities if the situation is ideal.
Before our next scheduled dividend (end of Q3), we will find a happy balance between unit buyback as well as the bolstering of the bankroll. Any decision will be properly communicated with all unit holders via the Havelock Update feature as well as our monthly reports. We just as frustrated with the low price as you are - but at the current price point it does seem like a great opportunity for us to start the buyback on the cheap.
Because the player is a good, consistent player - and at the time (and even today), I don't believe he knew he was taking advantage of a defect - he was just playing.
At the end of the day, we put ourselves in the player's shoes and imagined what it would feel like to hit essentially a jackpot - then not get paid out. The management collectively debated a few options and ultimately we decided it was in our best interests to do right by him and all our players - so we paid him out.
At the end of the day, we put ourselves in the player's shoes and imagined what it would feel like to hit essentially a jackpot - then not get paid out. The management collectively debated a few options and ultimately we decided it was in our best interests to do right by him and all our players - so we paid him out.
"Our biggest expense in July was a 19 BTC payment for a user which won over 30 BTC
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
All these defects are very concerning... I remember a few months ago where someone on Reddit had been arguing with you about a number of possible defects on the site and your complete denial that there were any. Now it is costing us a lot of money and it seems like they just keep popping up. As a programmer I would love to know how a wheel game - a glorified random number generator - could have such a large hole. I really hope this is the last of it.
I have to agree with mr_e on this.. A wheel game is incredibly simple, even with the invest feature. You could have one developed in a ~month from scratch, easy. Most likely 2-3 weeks. CBTC has been in possession of Peerdice/wheel etc for what, 4-5 months now? Thats absolutely ridiculous. The defect should go out of managements paycheck, not having a script checked over before entrusting it with tens of thousands of dollars... I can't even.
The share buybacks is good, however the funds being put towards the buyback are also being put towards bigger bankrolls / acquisitions and development? I think the acquisitions should slow down, as the sites currently being operated need to be fixed up first. Why not set aside ~20% of profit to development, and 30% to buybacks? Its very vague to say the least right now. Also, whats the current bankroll across all sites (Bankroll owned by CBTC that is)? Currently the "x" factor for CBTC is how much bankroll it has... The current share price is pretty pitiful. First time I have seen it under $.04 in value (currently at $.03), as well as dip below 5k satoshi. Buybacks can't happen soon enough
"Our biggest expense in July was a 19 BTC payment for a user which won over 30 BTC
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
The defect was not the players fault. If it was not payed out the reputation of the casino suffers. Paying that out was exactly the right move. It hurts in the short term but builds trust which is even more important in the long term.
I think Casinobitco is making the right decision to hold some dividends back to re-invest back into the business. I'm looking forward to seeing Peerbet 2.0 and a more streamlined integration between Casinobitco and Peerbet. Not sure you need to buy back units however this will benefit the investors who hold onto their units.
I'm encouraged that there seems to be a methodical approach to improving the site, even if there have been bugs you have been proactive to fix it, communicate with the community and move on... Well done.
I'm encouraged that there seems to be a methodical approach to improving the site, even if there have been bugs you have been proactive to fix it, communicate with the community and move on... Well done.
Because the player is a good, consistent player - and at the time (and even today), I don't believe he knew he was taking advantage of a defect - he was just playing.
At the end of the day, we put ourselves in the player's shoes and imagined what it would feel like to hit essentially a jackpot - then not get paid out. The management collectively debated a few options and ultimately we decided it was in our best interests to do right by him and all our players - so we paid him out.
At the end of the day, we put ourselves in the player's shoes and imagined what it would feel like to hit essentially a jackpot - then not get paid out. The management collectively debated a few options and ultimately we decided it was in our best interests to do right by him and all our players - so we paid him out.
"Our biggest expense in July was a 19 BTC payment for a user which won over 30 BTC
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
All these defects are very concerning... I remember a few months ago where someone on Reddit had been arguing with you about a number of possible defects on the site and your complete denial that there were any. Now it is costing us a lot of money and it seems like they just keep popping up. As a programmer I would love to know how a wheel game - a glorified random number generator - could have such a large hole. I really hope this is the last of it.
I have to agree with mr_e on this.. A wheel game is incredibly simple, even with the invest feature. You could have one developed in a ~month from scratch, easy. Most likely 2-3 weeks. CBTC has been in possession of Peerdice/wheel etc for what, 4-5 months now? Thats absolutely ridiculous. The defect should go out of managements paycheck, not having a script checked over before entrusting it with tens of thousands of dollars... I can't even.
The share buybacks is good, however the funds being put towards the buyback are also being put towards bigger bankrolls / acquisitions and development? I think the acquisitions should slow down, as the sites currently being operated need to be fixed up first. Why not set aside ~20% of profit to development, and 30% to buybacks? Its very vague to say the least right now. Also, whats the current bankroll across all sites (Bankroll owned by CBTC that is)? Currently the "x" factor for CBTC is how much bankroll it has... The current share price is pretty pitiful. First time I have seen it under $.04 in value (currently at $.03), as well as dip below 5k satoshi. Buybacks can't happen soon enough
Because the player is a good, consistent player - and at the time (and even today), I don't believe he knew he was taking advantage of a defect - he was just playing.
At the end of the day, we put ourselves in the player's shoes and imagined what it would feel like to hit essentially a jackpot - then not get paid out. The management collectively debated a few options and ultimately we decided it was in our best interests to do right by him and all our players - so we paid him out.
At the end of the day, we put ourselves in the player's shoes and imagined what it would feel like to hit essentially a jackpot - then not get paid out. The management collectively debated a few options and ultimately we decided it was in our best interests to do right by him and all our players - so we paid him out.
"Our biggest expense in July was a 19 BTC payment for a user which won over 30 BTC
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
All these defects are very concerning... I remember a few months ago where someone on Reddit had been arguing with you about a number of possible defects on the site and your complete denial that there were any. Now it is costing us a lot of money and it seems like they just keep popping up. As a programmer I would love to know how a wheel game - a glorified random number generator - could have such a large hole. I really hope this is the last of it.
This is a good and fair question!
We chose this route because the player is a good, consistent player - and at the time (and even today), I don't believe he knew he was taking advantage of a defect - he was just playing.
At the end of the day, we put ourselves in the player's shoes and imagined what it would feel like to hit essentially a jackpot - then not get paid out. The management collectively debated a few options and ultimately we decided it was in our best interests to do right by him and all our players - so we paid him out.
We chose this route because the player is a good, consistent player - and at the time (and even today), I don't believe he knew he was taking advantage of a defect - he was just playing.
At the end of the day, we put ourselves in the player's shoes and imagined what it would feel like to hit essentially a jackpot - then not get paid out. The management collectively debated a few options and ultimately we decided it was in our best interests to do right by him and all our players - so we paid him out.
"Our biggest expense in July was a 19 BTC payment for a user which won over 30 BTC
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
"Our biggest expense in July was a 19 BTC payment for a user which won over 30 BTC
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
playing the PeerBet Wheel with only one spin. As discussed at the time this occurred in May,
there was a defect in the PeerBet application which allowed users to roll and potentially win more
than 1% of the bankroll this defect was addressed shortly after this user won. Worth noting,
while this actually occurred in May; the user that won agreed to be paid out 11 BTC at the time of
the spin, and the remaining BTC to be paid in July"
Why are we paying out for a defect?
This is correct
I can't say that I agree with you holding back some of our dividends in order to buy back shares for yourself... I would rather have my divs so I can buy shares for myself. This doesn't seem right.
The bought back shares are destroyed, thereby increasing dividends for the remaining shares.
This makes sense when the shares are seen as undervalued
Hello Folks - July report is located here: https://www.havelockinvestments.com/reportdownload.php?id=114
There is a lot of good information on the month of July, as well as near-term product developments as we prep for the upcoming NFL Season.
Most important is our the new dividend policy so that we can help grow and groom our sites, as well as start a buy-back program for units on Havelock.
Full details are in the report; however, two points to sum it up below:
1 - 50% of the profit will be re-invested in the bankroll, unit buybacks, and capital budget necessary for faster development and future acquisitions.
2 - Dividends will be run quarterly, instead of monthly. With a year's experience now, this is a much safer way to operate this business, especially as the variance swings pretty large month to month. We will still be posting monthly reports and P&L statements on a monthly basis so unit holders can stay informed.
There is a lot of good information on the month of July, as well as near-term product developments as we prep for the upcoming NFL Season.
Most important is our the new dividend policy so that we can help grow and groom our sites, as well as start a buy-back program for units on Havelock.
Full details are in the report; however, two points to sum it up below:
1 - 50% of the profit will be re-invested in the bankroll, unit buybacks, and capital budget necessary for faster development and future acquisitions.
2 - Dividends will be run quarterly, instead of monthly. With a year's experience now, this is a much safer way to operate this business, especially as the variance swings pretty large month to month. We will still be posting monthly reports and P&L statements on a monthly basis so unit holders can stay informed.
I can't say that I agree with you holding back some of our dividends in order to buy back shares for yourself... I would rather have my divs so I can buy shares for myself. This doesn't seem right.
The bought back shares are destroyed, thereby increasing dividends for the remaining shares.
This makes sense when the shares are seen as undervalued
Ah ok, that would make more sense. I thought I must be missing something. My apologies.
Hello Folks - July report is located here: https://www.havelockinvestments.com/reportdownload.php?id=114
There is a lot of good information on the month of July, as well as near-term product developments as we prep for the upcoming NFL Season.
Most important is our the new dividend policy so that we can help grow and groom our sites, as well as start a buy-back program for units on Havelock.
Full details are in the report; however, two points to sum it up below:
1 - 50% of the profit will be re-invested in the bankroll, unit buybacks, and capital budget necessary for faster development and future acquisitions.
2 - Dividends will be run quarterly, instead of monthly. With a year's experience now, this is a much safer way to operate this business, especially as the variance swings pretty large month to month. We will still be posting monthly reports and P&L statements on a monthly basis so unit holders can stay informed.
There is a lot of good information on the month of July, as well as near-term product developments as we prep for the upcoming NFL Season.
Most important is our the new dividend policy so that we can help grow and groom our sites, as well as start a buy-back program for units on Havelock.
Full details are in the report; however, two points to sum it up below:
1 - 50% of the profit will be re-invested in the bankroll, unit buybacks, and capital budget necessary for faster development and future acquisitions.
2 - Dividends will be run quarterly, instead of monthly. With a year's experience now, this is a much safer way to operate this business, especially as the variance swings pretty large month to month. We will still be posting monthly reports and P&L statements on a monthly basis so unit holders can stay informed.
I can't say that I agree with you holding back some of our dividends in order to buy back shares for yourself... I would rather have my divs so I can buy shares for myself. This doesn't seem right.
The bought back shares are destroyed, thereby increasing dividends for the remaining shares.
This makes sense when the shares are seen as undervalued
Hello Folks - July report is located here: https://www.havelockinvestments.com/reportdownload.php?id=114
There is a lot of good information on the month of July, as well as near-term product developments as we prep for the upcoming NFL Season.
Most important is our the new dividend policy so that we can help grow and groom our sites, as well as start a buy-back program for units on Havelock.
Full details are in the report; however, two points to sum it up below:
1 - 50% of the profit will be re-invested in the bankroll, unit buybacks, and capital budget necessary for faster development and future acquisitions.
2 - Dividends will be run quarterly, instead of monthly. With a year's experience now, this is a much safer way to operate this business, especially as the variance swings pretty large month to month. We will still be posting monthly reports and P&L statements on a monthly basis so unit holders can stay informed.
There is a lot of good information on the month of July, as well as near-term product developments as we prep for the upcoming NFL Season.
Most important is our the new dividend policy so that we can help grow and groom our sites, as well as start a buy-back program for units on Havelock.
Full details are in the report; however, two points to sum it up below:
1 - 50% of the profit will be re-invested in the bankroll, unit buybacks, and capital budget necessary for faster development and future acquisitions.
2 - Dividends will be run quarterly, instead of monthly. With a year's experience now, this is a much safer way to operate this business, especially as the variance swings pretty large month to month. We will still be posting monthly reports and P&L statements on a monthly basis so unit holders can stay informed.
I can't say that I agree with you holding back some of our dividends in order to buy back shares for yourself... I would rather have my own divs so I can buy shares for myself. That doesn't seem right.
Hello Folks - July report is located here: https://www.havelockinvestments.com/reportdownload.php?id=114
There is a lot of good information on the month of July, as well as near-term product developments as we prep for the upcoming NFL Season.
Most important is our the new dividend policy so that we can help grow and groom our sites, as well as start a buy-back program for units on Havelock.
Full details are in the report; however, two points to sum it up below:
1 - 50% of the profit will be re-invested in the bankroll, unit buybacks, and capital budget necessary for faster development and future acquisitions.
2 - Dividends will be run quarterly, instead of monthly. With a year's experience now, this is a much safer way to operate this business, especially as the variance swings pretty large month to month. We will still be posting monthly reports and P&L statements on a monthly basis so unit holders can stay informed.
There is a lot of good information on the month of July, as well as near-term product developments as we prep for the upcoming NFL Season.
Most important is our the new dividend policy so that we can help grow and groom our sites, as well as start a buy-back program for units on Havelock.
Full details are in the report; however, two points to sum it up below:
1 - 50% of the profit will be re-invested in the bankroll, unit buybacks, and capital budget necessary for faster development and future acquisitions.
2 - Dividends will be run quarterly, instead of monthly. With a year's experience now, this is a much safer way to operate this business, especially as the variance swings pretty large month to month. We will still be posting monthly reports and P&L statements on a monthly basis so unit holders can stay informed.
This makes very good sense to me. Thanks for the update
Hello Folks - July report is located here: https://www.havelockinvestments.com/reportdownload.php?id=114
There is a lot of good information on the month of July, as well as near-term product developments as we prep for the upcoming NFL Season.
Most important is our the new dividend policy so that we can help grow and groom our sites, as well as start a buy-back program for units on Havelock.
Full details are in the report; however, two points to sum it up below:
1 - 50% of the profit will be re-invested in the bankroll, unit buybacks, and capital budget necessary for faster development and future acquisitions.
2 - Dividends will be run quarterly, instead of monthly. With a year's experience now, this is a much safer way to operate this business, especially as the variance swings pretty large month to month. We will still be posting monthly reports and P&L statements on a monthly basis so unit holders can stay informed.
There is a lot of good information on the month of July, as well as near-term product developments as we prep for the upcoming NFL Season.
Most important is our the new dividend policy so that we can help grow and groom our sites, as well as start a buy-back program for units on Havelock.
Full details are in the report; however, two points to sum it up below:
1 - 50% of the profit will be re-invested in the bankroll, unit buybacks, and capital budget necessary for faster development and future acquisitions.
2 - Dividends will be run quarterly, instead of monthly. With a year's experience now, this is a much safer way to operate this business, especially as the variance swings pretty large month to month. We will still be posting monthly reports and P&L statements on a monthly basis so unit holders can stay informed.
You guys ever consider updating your website to use bootstrap? At the very least your blog? Your website/blog looks like it was built in the 1990s. It needs a makeover to attract more customers.
They have stated that there is a plan to make the site over in Q4 I think.
You guys ever consider updating your website to use bootstrap? At the very least your blog? Your website/blog looks like it was built in the 1990s. It needs a makeover to attract more customers.
Hi all,
Please note, we had a few other issues to address, and will be delaying the report until tomorrow. We will announce a specific time as we get closer to completing it.
Thanks,
CasinoBitco.in
Please note, we had a few other issues to address, and will be delaying the report until tomorrow. We will announce a specific time as we get closer to completing it.
Thanks,
CasinoBitco.in
Waiting for the report.
Regarding insider trading - I'd like to make it clear that management and partners of CasinoBitco.in are 100% forbidden from selling any units on the open market within Havelock. (Havelock can confirm this if desired).
We put all the units on Havelock as a measure of further transparency to ensure the folks that are merely working in exchange for equity we're getting paid correctly, in-line with other unit holders of CBTC within Havelock.
We put all the units on Havelock as a measure of further transparency to ensure the folks that are merely working in exchange for equity we're getting paid correctly, in-line with other unit holders of CBTC within Havelock.
Btc goes up, stock goes down! Btc goes down, stock goes down! I'm fuckin' lost here, this is a good company but such a falling price usually points to insider knowledge... What are we missing?
Just FYI,
I wasn't insinuating that you guys were actively manipulating the market or attempting to rob your shareholders but... Havelock can be used completely anonymously and information flows, quite possibly outside of your employee circles. Those are still considered insiders and something not publicly available is pointing to a possible problem with this security.
http://en.wikipedia.org/wiki/Efficient-market_hypothesis
Cool looking forward to what is in the report and to see continuous improvement. The way this company has communicated with investors is a welcome change. Keep it up... 
Jump to: