Bitcoin Forum

As most of you know, I've been the owner/operator of bustabit for the last 3+ years. In that time it's grown to have become without a doubt the most wagered-at crypto gambling game (see: dicesites.com/bustabit).

It's been both a rewarding and stressing journey, but the time has come for it to end. I have sold the site to Daniel, who you likely know from bustadice.com to give me the time and energy to do some more meaningful things with my life (away from bitcoin gambling) =)

I'll still be around on the site to chat, and be an investor in v2.

We used the opportunity to launch v2 at the same time as the new ownership (hence generating a new hash chain, and deposit addresses), so things will probably be a bit rough for the first week or two, but I'm confident (almost) everyone will be happy.


I'll let Daniel create a thread for v2, but I'd encourage you to check it out. It's a bit rough, but a bunch of pretty cool features (like investing! and a crazy awesome deposit/withdrawal system)

So was this the reasoning for this new version two of the site and the delay in it's release?

The first site did make you a very rich man because of the increase in price of bitcoin from $4500 all the up to $19750 at one point.
And from what I understand reading on your chat when you were on it,
You never really withdrew from the site's wallet only once for a vacation early last year.
So just WoW! :o
You can retire now I guess. 8)

When I went to https://www.bustabit.com/ it told me:

> New management
>
> Starting with version 2, bustabit is managed and operated by Daniel from bustadice.
> Ryan continues to be an owner of bustabit but is no longer involved in its day-to-day operations.

So that's a little confusing.

All I can say is wow! I wish you luck with your future endeavors and hope that you come back to the gaming industry. You have definitely left your footprint.

Really shocking announcement but understandable point , good luck for everything boss.
Just a quick question: read in last part of OP that there is investing feature in V2 ; just had a quick look at the site but not sure hkw to.do it. May you, or someone eslelse, bplease point me where I could do it?

Thanks everyone!

@Pif You can "invest" by going to the "bankroll" tab, and adding money to the casinos bankroll. That way you own a part of the bankroll (which rises and falls according to how much people lose/make)

Our agreement wasn't finalized until shortly before release, so that part is outdated. I've updated the disclaimer to reflect the sale.

So I am presume you are Daniel that the announcement states who the site was sold too?
I got it all wrong then as I thought Ryan was no longer the owner of the site so this makes you manager of the site instead of owner, correct?
The only part which is clear to me thus far is Ryan still is investor of the site such as he said his title was for bustadice.
Alittle more than confusing about the new title owner of the site is.

Daniel is now the new owner and operator of bustabit. I have a long history with bustabit, and developed the majority of the code that is deployed now -- so I plan on at least hanging around and helping out (and have been made a chat moderator), as well I have joined as an investor  ;D

I guess it would also be interesting to know which of you has access to the server, who knows the root of the SHA chain, who holds the BTC, whether the wallet is multisig, etc.

Congrats Ryan! Always been very impressed with you and BB. I'm excited to see what you work on next :)

Daniel has exclusive access to the server, hash chain, hot wallet. For the cold wallet, we decided to just re-use the one we had already setup for bustadice, so the cold funds are already there.

Thanks, is there a diluiton fee just like the one in force at Bustadice? 

Yes, bustabit uses the same investment system as bustadice. The dilution fee on bustabit is also 10%.

I've been playing bustabit and bustadice and I really enjoy it. Good thing now migration of this two can be an option so that players will be more interested to join  this site also with this focus on one site will probably help the owners to maximize their profits and offer a much better gambling options. Congrats to the new owner and hoping for the best of bustabit and bustadice.

Visited just to see if it was any different from before.
And the colors are nice because they are not hard on the eyes (I know about the night mode on the old one) with the neutral tones now.
Good job on the new layout for the site! :)

Is there/was there a grace free period like there was on bustadice? Can't find any info about it on the site.

No, bustabit launched with the dilution fee in place.

In that case the dilution fee should be much more clear imo. Even if I go to the FAQ through the "Bankroll - Overview" modal, that info is 3 clicks away. It should just be shown on the "Change BR" page (like bustadice.) There might be people now "trying out" that invest feature, not realizing they are charged 10%.


Congrats on the sale and new site :)

Well. now the question is whether daniel can we believe if he manages bustabit? because sometimes there is little doubt if the owner turns.
especially with many investors who have entered,
can he manage it right?

Bustadice has been running so well and I think bustabit will be having a good run after management has been transferred I am confident that this will lead to a success so congrats to the new management and hoping that this will help bustadice and bustabit players to have a much interesting and rewarding gambling site here.

Still Bustabit and Bustadice will operate as two different entities or the are merging to continue with Bustabit v2?

Ryan, best of luck in your future endeavors. You are one of very few trustworthy people in bitcoinland, and I look forward to your next project (please bring back pevpot!).

Ugh. Don't remind me! :)

lol, that made me laugh tooo :D

congratulations ryan!

are you gonna tell the price?  i was thinkking maybe you can share %2-3 to your die hard users who has minus on graphs...

Not gonna happen


It is operating as two different website for now. I was expecting this as well, probably some sort of feature where player can transfer balance from bustadice to bustabit or vice versa. Some kind like tipping mechanism because joined login is probably not going to happen

We're gonna miss you, Ryan. I had a great time gambling at Bustabit back in 2016. I even invested BTC in your ICO back then. Too bad not enough funds was raised back then. Anyway, I forgot to say thanks for the bonuses you sent in spite of the failed ICO.

Bustabit was great during the lull moments when coins at Poloniex weren't doing anything.

Congratz! What's next?  :)

Thanks doog :)

congrats to the new management I hope this will lead to a more develop games for bustabit as well as taking into considerations those items that gamblers wants but not present in bustadice with that the two gambling sites can surely gets more players and to those who are not satisfied in one gambling site can try the other while not harming the income of the owners.

Bustabit had an ICO?

I wonder what the early investors got during those days and now that they moved on to version 2 of the site now and under new management.

I also heard they have an investment option as that bustadice put in place when they started the site.

Didnt you read it didnt raised enough fund? yes bustabit v2 now have investment option as well. Similar to bustadice , it has 10 % dilution fee to motivate people to stay longer with them. Site currently has 1700+ bitcoin and site's profit is at -99 btc. It is about the best time to put your money in before the variance swing to investor

That's not how variance works. Probability works on future events, not on events that have already happened. The probability of Busta losing another 99 BTC is the same as it was before it happened. Don't fall into that mental trap.

RHavar, it has been a absolute pleasure playing at your site and probably the highest adrenaline rush you can have online.

I use Bustabit as a use case example for Bitcoin, when I introduce new people to the technology. Some of them needs to see the practical application of the technology to see the bigger picture. <Missing the faucet feature for this>

I hope the NEW management will add some nice new features to revitalize the concept in V2. ^smile^

Hope you will bring us some more unique and innovative projects like Bustabit, very soon. Good luck with your new journey!



 

Yes you are correct but you need to realize that in the long run the casino always wins. Hence you can assume that if the site stays open long enough the profit will be at least at break even.

So in that scenario you are actually at an advantage to get in when it's at a negative rather than at a positive.

What feature can you expect from gambling site that support its technology? I think everyone will think the same thing here, whether it is trading or gambling site, the most important thing is onyly their blockchain, so if you want to show your friends things that support on gambling, then show them how blockchain really works on gambling site

I can't think about what feature that they really need to add because it seems perfect to me here for current bustabit, may be some new design and new UI will be good

So if a site has -99 bitcoin in site profit but the bankroll is over 1700 bitcoin then wouldn't that amount just be deducted from the bankroll to begin with? ???
And this would be the best time to invest in a site?
So the idealogy would be that the site would recover these losses eventually so is this the way of thinking to most?
Cause I would like to know if it is just me. :D

The idea that it's better to get in while the site is negative is a fallacy. The site has already lost the money. The chances it will gain or lose money now are more or less equal, minus the effects of the house edge. You are not "more likely" to make money while the site is in negative profit, and you are not "less likely" to lose money when the site has performed better than expected.

I'm going to disagree slightly. While the site certainly isn't more or less likely to make money, there is an extremely strong correlation with higher volumes.  When players win money, they tend to be pretty happy and willing to put churn that money pretty heavily. And as an investor, the bankroll turn over is the primary thing you really care about.

But yeah, I wouldn't really use it as a signal to invest on bustabit if for nothing other than the 10% dilution fee on bustabit means it's only a sensible long term investing option. So even if you expect higher than usual turn over in the next few days, it doesn't change much.

in short I would say it is just the law of the large numbers and every action to invest and divest according the current up or down situation is IMO gambling

I've put together a short overview of what's new in version 2 of bustabit in its new announcement thread (https://bitcointalk.org/index.php?topic=2897545.0). I'll post all news and future updates there as well.