Topic: 🌟🎲🌟 MoneyPot.com (Read 119082 times)

The thanks belong to Crazycraig, our lead dev. 

And we're back!

Currently have a hiccup in our database as we crossed a certain data threshold.

We are working on it to get it back up as quickly as possible.

He will be banned shortly.

The minimum house edge will be in effect either tonight or tomorrow.

It's really a thankless job.  I don't think many people will get how bad it really is and it is honestly why I get frazzled sometimes when you pick points to correct because you've been through some of it before.  

To everyone else, I do apologize for all of the constant drama in the thread, I just don't want people thinking the wrong way.

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Moneypot is doing everything in our power to create a proper balance for players, investors, app owners, and the owners.  

Moneypot is aiming to be much more than just a gaming wallet.  We want to show you rather than just talk.  

While we sometimes get a little bit backed up on deadlines, it does not mean we aren't doing anything.  We are putting in HARD work almost every day and I hope to show you with our actions soon.

@Rhavar

Yes, I admit sometimes I get ridiculous.  I will do a much better job of keeping my composure.  I am sorry.

It's hard because I've said it before and I'll say it again, I am absolutely tired of other sites coming in and try to put the site and our efforts down.  

There's been plenty of criticism before and it's mostly never been on the offensive.  But I feel other site owners should know better.  I don't see why any other major site owner should stir up trouble in another major site's thread.  Let them do their own thing.

If the real aim is to help, reach out and do it.  Don't try and make them look like fools in public.  I'm more than open to collaborating with other sites so that we can all work together and help each other out, but it's always bickering and jabs.

I respect all the other major site owners.  I have vouched for them several times even though they are competition.  It gets a little tiring when it's not mutual and we find public posts or people talking behind our backs in their chat rooms constantly.


@Alex

I apologize.  I do admit that it got way out of hand quickly on my end.  Please see above.

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All site owners should know how stressful this job is.  I feel ours is a bit more stressful because we deal with app owners, players, and investors.  We should have a better understanding of what the others are going through and yet the attacking comes mostly from the very people that are going through the same fight.  

I'd consider attacking as posting damaging bold statements that you haven't researched into.  I have made no mention of your site other than giving you an idea of scale of our bets.  

Other than that, I am trying to contact your public company.  Am I not correct that you are a public company in Costa Rica?

The following Costa Rican law has me wondering why you are failing to disclose the information we are requesting through the e-mail you have provided:

"The essence of the law is that Costa Rica corporations must disclose their shareholders and any beneficial owners.   The law creates a shareholder registry database which will be under the custody of the Central Bank of Costa Rica (BCCR).   All Costa Rica corporations and foreign corporations that have a registered subsidiary in Costa Rica must disclose and submit the names of the beneficial owners and shareholders of  those corporate entities."

edit; just to give a little bit of context as to why I'm upset -- you are clearly writing that we have little to no costs and perform little to no services, yet in reality I work full time on support and planning (currently unpaid), we have a paid high level developer, a paid high level graphics designer, and other paid freelance developers.  Moneypot's commission is 20% (which is lower than BitDice's 30%) and yet you try to insinuate that we do nothing and take everything and that we are lying about our setup.

If you're not trolling, you are stating on a public forum under your public company's image bold facts that you are writing and believe to be true.  We would like to challenge you on this.

We are not bragging or using any statistics to take a shot at you.   You claimed that our costs are almost non existent and we are explaining to you why.  

For business income, yes, wagering/volume is the most important factor, but we have explained (even in the post that you quoted) that our high number of bets is a big reason for our high costs.

I honestly believe and could make a great argument for why out of all the parties, Moneypot takes the most risk.  

It's probably best that you don't participate in discussions often.  I think it's quite foolish as the head of an official company to write damaging statements in public that you are not well informed of.

Since you are a public company with a legal team behind your site, can you please private message me your details so our legal team can get in contact with yours about what we may believe to be libel?  Thanks.

Maybe you don't realize the costs because you rarely crack 1/10th of our daily bets.  It costs a lot to process and store millions of bets a day.  We moved away from Amazon Web Services a long time ago as we don't feel it's secure.

That's a pretty bold statement.

Pretty low Alex imo.

You're going to try and take jabs on top too now eh?  There are plenty of investors that are satisfied and the things that they think could be done better we are working with to get done.

We also take the time to listen to them.  We know that mathematically it doesn't make a difference, but if it's a preference for them, we are going to hear them out.

The apps are like our referral system.  We (Moneypot) take less commission than you.  

We also have a bunch lined up for Moneypot.  Where are all your misguided comments even coming from?

In this case, the user would still be wagering .01 Bitcoin so that expected value is -0.0001 btc a bet.  It's a much better setup for investors and Moneypot than bets where several bitcoin are risked for an expected value bet of -0.0000000001.

@QS Yes, we are just having it so that the system will reject bets that attempt a multiplier higher than 9900x.  We won't be going through it app by app for this purpose.

@Kolloh Yes, The kelly multipliers will be 0.5x, 1x, 2x, 3x (we are still weighing opinions on whether or not to have higher multipliers involved)

@JackPotRacer We didn't have an exact stated time.  We are working hard, but the holidays are a tricky time to plan around.  We are doing what we can and will keep people notified on the matter.

@JackpotRacer Yes, Moneypot has a partial stake in WheelPot, but that does not mean that it gets some type of pass.  It too will need to have the system re-worked.  It is a minor app in the Moneypot space and just because it had a low house edge in the past does not mean that we encourage others to do the same.  SharpDice (my personal app)  was taken down because the house edge was too low.

We will soon be allowing users to choose their own kelly multiplier.

Investors have expressed a strong disinterest in backing bets where they risk several bitcoin to win 1 Bit and many other similar scenarios. 

Huge jackpot wins often lead to unwarranted speculation and panic.  Big wins also sometimes result in big investors pulling out which causes a domino effect of more investors pulling out.

Moneypot also accrues high expenses for processing and storing all the bets. 

In the end, it just doesn't make sense to allow for high multipliers.  It's much easier for many of the parties involved to just keep it simple.

Merry Christmas everyone.

Support will be a little slow today and tomorrow (as all of the Moneypot team is celebrating the holidays).  We apologize for that but will try to check in from time to time if there are any issues.

A lot of good points were brought up and I will address them after the holidays (or if I can sneak in some time).  @Fiscorcle, there will be optional kelly multipliers in the future

We won't bring the multiplier live until we have fully figured it out and give a thorough explanation of what it means.

New Rules are going live in the immediate future:

Maximum win 0.5% of bankroll (once commission is changed, will be closer to 1x kelly -- kelly options will be added at a later date)
Minimum house edge of 0.5% (bets below will be rejected by system).


New Measures:

Apps will be cleaned up in preparation for new app levels.  Seriously inactive and broken sites will be deleted.

In the new year, the investor credit plan and personal statistics will be available on each player's profile page.

Any usernames deemed to imitate an other account will be banned (for example: using an upper case ' i ' to act as a lower case ' l ' )

We are still working out all the details.  The thought right now is that the commission on profit will apply when investors divest but is subject to change.

I don't take your comments personally either.  It's all good.

There was quite a few investors that made money.  And for those investors that didn't, we have gone out of our way to make it so that they will, out of our own pockets.  I don't think your comment on 'not taking part in it' really applies anymore.

We are re-balancing things.

I think people vastly under estimate the costs that both app owners and Moneypot owners have to take on.

App Owners and Moneypot Owners both took a cut in the new changes that will take place.  It will be also be made that for the period of the announcement going backward, all the investors invested at that point will stand to have made bitcoin from their past investment.

I honestly don't know what else investors could ask for.  If Moneypot wasn't expanding our services and focusing on development all while committing ourselves to the people who are part of Moneypot, we would have already taken the bankroll private because it is a great position to be in.

With Moneypot, you get multiple sites that you are invested into with many more to come in the next year not to mention several new products that should lead to increased traffic and volume.

Moneypot Owners take on a great deal amount of risk that goes beyond just bitcoin and we end up with one of the lowest cuts in the industry.  I'd also argue that our costs are higher than most sites as well.

This is how we believe the math works out.  We asked Ryan to assist us with the math and he believes this is correct as well.

The commission of investor profit will work much like other sites where if there is no profit, no commission will be made at that time.

Like Ranlo stated before, this is a move with the long term in mind.  

We don't plan to go anywhere, and we want to show that we are fully committed to our product and believe in it.  It will be much more than just a gaming wallet.

While we didn't need to credit any investors, we wanted to.  There's no hiding the fact that the investor profit has dropped significantly over the last few months (it's started to rise again a bit in the last week).  Over the last year, there are a lot of things that we honestly could have done better and we are taking action now to try and re-balance things even if it means giving up a significant amount of bitcoin out of pocket to do so.  

We want to try and establish ourselves as a company that tries to do right by everyone, listen, observe, and adjust as necessary.  

We see the big picture and it is bright.  In our minds, this type of 'insurance policy' to make sure that we are able to easier reach where we want to be is more than worth it.