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I think a Dogecoin promotion could be a good idea. It seems like people are playing less with that coin, and now it's cheaper (in BTC).
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The intended purpose of the offsite system is primarily for investors to decrease their counterparty risk by holding part of their investment themselves. It was never intended as a roundabout way for investors to increase their risk beyond what is safe according to the Kelly criterion.
But as bustabit's bankroll continues to grow, I believe the offsite system is increasingly being (ab)used to do just that. At over 6,300 BTC, bustabit's bankroll is only rarely fully utilized, so investors' desire to gain a larger stake in it by leveraging is understandable. However, it is arguably unfair towards other investors and is also not in bustabit's best interest, which ideally wants a stable and highly utilized bankroll.
In the past I've already reduced the maximum leverage for new offsite investments a number of times to discourage overleveraging and today I am disabling the ability to make new offsite investments entirely. Existing offsite investments are unaffected. Investors with offsite investments can still add to or remove from their onsite bankroll without being forced to divest their offsite portion. It is also possible to lower your offsite investment without fully removing it.
Well done! I hated having to overleverage so I wouldn't be diluted by those with 2 times as much offsite as onsite bankroll. Under this new system what I'd suggest is increasing the maximum possible loss per round (loss for investors, prize for players) to 2 times Kelly criterion. Very rarely players go for max profit, so it's still a very conservative approach and it could encourage some more big bets (or martingale style strategies that would be able to bet more times before hitting max profit), while still being profitable for investors (positive bankroll expected growth). |
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For the record, I trust both RHavar and devans and I don't think they would ever cheat.
Now, hypothetically speaking, I think the odds of a malicious player have been dramatically understated. RHavar makes it sound like it's some crazy thing for both systems to be independently compromised, or for collusion to happen, but it's simply not. RHavar and devans have known each other for many years, and have in fact made deals between each other of over 500 BTC. They are effectively the same person in this scenario. Collusion is not a possibility, it should be a presumption. If investors distrust Ryan OR Daniel, they should not invest! Trusting one is not enough, because they could easily collude. (Once again, this is just an observation. I would invest in bustadice because I trust them both.)
I saw Hunter's bets live and I was amazed. He turned 0.005 BTC into 35 BTC. That's just fucking insane. I've had some crazy runs, but nothing as crazy or lucky as that.
It would be extremely stupid for Devans to steal money from investors. This business is very profitable for him. Not only because of the comission he gets for running it, but he's probably a big investor there, so he also profits that way. And annual returns are very high. |
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Are the casino owners those two biggest investors?
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"You can win the Jackpot if your dice bet meets ALL of the following criteria:
Your dice roll is 7.777 or 77.777
Your dice roll is a winning roll
Your bet amount and profit are at least 0.000001 BTC, 0.001 DASH, 100 DOGE, 0.001 ETH, 0.0001 XMR, 0.00001 BCH, 0.001 LTC, 0.1 PPC, 0.01 STRAT, 0.01 GAS, 0.001 ETC or 1000 PlayMoney
The last two digits of your Dice BetID are 77"
When was this changed from 0.0000005 to 0.000001 minimum bet? I wonder how many 50 satoshis bets I'd been doing on autobet that couldn't hit the jackpot...
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2 questions:
what's the point of on site VS off site
if you want to invest 3 BTC, why would you put 3 BTC in the on site VS 1 BTC in the on site and 2 BTC in the off site? you qre going to hqve the exact same earnings, with more risk, is there anything else different?
result of this: all the big/smart guys leverage max, if there is 1000 BTC in the on site, there is 2000 offsite and with the investment above you own .1%
if offsite didnt exist you would still own .1%. It complicates stuff but dont see any benefit. Except that the actual dilute fee becomes 6 instead of 2% (because everyone pretends to invest 3 times as much and pays 2% fee on 200% non-existing btc).
who is that 2 (or 6 however you see it) % fee going? distributed according to investors' onsite or total (on/off)site investment?
i like the site, but a lot of things are never mentioned clearly and that makes it kinda suspicious to me.
I don't like the onsite/offsite system much either, I'd prefer max possible winnings per round to be just Kelly*2. Anyway, if this system exists, I think it's sensible to use a lower leverage than 1:3, because that way, if a whale starts winning big, your bankroll expected growth may become negative. Kelly*2 would be 1:4/3 leverage if I remind correctly, way less than 1:3. That doesn't mean that it's the optimal leverage, as players are very rarely targetting the max profit and therefore casino earnings are way more stable than if players were going for the maximum prize all the time. Dilution fees go to investors, including yourself. They are distributed based on what percentage of the bankroll you own. |
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I finally got rid of all my CLAM. Investing in Just Dice has been by far my worst crypto investment. I estimate to have lost around 70% of what I initially invested (that's after the profits from investing in the bankroll and staking), and I had 5 figures of CLAM, so it wasn't a small investment at all for me.
Choosing that shit coin to run this casino was so stupid. It's surreal that even investors have lost so much money by investing in the casino. I wish it had never been reopened after you stopped using BTC.
And now they are worth 4 times the price for which I sold them, this is hilarious. I wonder what's going on with this shitcoin. Average wagered is even lower now. |
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I don't recommend gambling. I lost 3 BTC to this shit site, rigged af. PLEASE DON'T GAMBLE! EVEN NOT ON THIS RIGGED SITE TRASH.  Another gambler has fallen. Losing huge amount on a site then claiming it as rigged one which isn't surprising with these kind of attitude.Just move on buddy and stop playing gambling if you cant just accept that you lost.You should know on whats gambling in the very first place. Or a competitor spreading bullshit. |
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If you give people 5% on top of the win for every time it does make the game favorable for the gambler and not the house however if you make it only for one person and only one x20000 or whatever than its only favorable for the player on one time in maybe months, how many times has the game hit over 20 thousand before ?
I don't know where to check but I am pretty sure it is rare and not common which means house will always make money from all other bets and will continue to reap profits from anything under 20 thousand and only give the house edge to the gambler in one occasion they beat over 20 thousand. It is not really that risky for the house but the better bet I believe is putting something small aside for each lost bet to give it to jackpot winner that way it can increase the longer its not won and can be promoted the bigger it gets.
It doesn't matter if the casino wins most of the times, as hitting a x20000 is unlikely. What matters is expected value, and in this case it's positive for the player, and therefore negative for the casino. If a promotion like that was implemented I would go from investor to player. |
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The 20 000x and 50 000x are just a number, it can be any high number pre-determined by the casino. So if someone, with a minimum bet of say 1000 Sat hits the 20 000x without a bust, then it adds say 5% more to their winning total. This will encourage people to stay in longer to hit that added bonus percentage.  The Casino will still make a profit, because a lot of people will "bust" more now, because they hold out longer for that "bonus" and Bustabit still manage their house edge.  If you are giving 5% more than the regular prize (anything over the casino edge), playing becomes profitable for the players and a losing proposition for the casino. That's not a good system. |
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I mean somebody out there has to know who the guy is and can contact him for us or get someone he knows to contact him and then contact us I got a .01 btc reward of someone can get in touch with the owner or whoever it is and get my coins where I can withdraw
I have a 0.05 btc reward if someone can get my coins out. Contact me. Seems like it's hard to get an answer if you will just post here, OP is not active anymore although the site is still running. I've seen some red flags before, like withdrawals are not process based on usual processing time, and now this one, you have tried to contract their support? There's no support for months. |
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That makes me think that maybe a promotion in which whoever is the first to multiply per say 100000 gets a prize, could work well. It wouldn't just encourage people to play because of the extra prize (it could be some kind of jackpot that increases very slowly, say 0.01% of wagered), but then it would be good advertising as someone would had won a lot with a small bet. The prize would have to be proportional to how much you are betting, like at Crypto-Games.
The only problem I can imagine is that it may entice people to make lower bets than they would so that they can hit that jackpot before their bet is stopped because of reaching max profit.
Another idea would be the same but hitting some special multipliers, like say 7777.
This kind of promotions are in some way better than wagering ones because you are encouraged to keep playing all the time (in wagering competitions people may lose interest if they see they can't win, while this can be won by anyone at any round).
Although Bustabit is very popular, I think it's worth trying some different promotions with small prizes so that it can keep growing. Just because it's working well it doesn't mean it couldn't work even better. Don't be conformist, devans!
The thing is, this does not happen a lot and for this to be successful, people should hit that kind of jackpot on a regular basis to encourage other people into doing the same thing. I would much rather introduce a bunch of smaller jackpots for people who reached different multipliers. <Example : Extra 10% if you reach say 20 000x and 20% if you reach 50 000x etc.> They should also introduce a automatic tip bot that distributes 5% of the winnings to everyone that are online, when people hit jackpots like this. <active users, not idle> Jackpots are generally extremely unlikely to get and players still try to go for them, I don't see the issue. And you are talking about 20000 or 50000, which isn't that different (I even mentioned 7777 as another example, which would be hit once every a few days on average). About paying out X% over the regular prize, it would have to be an extra amount that still makes it profitable for the casino. Otherwise you encourage "pros" to come and play only in positive expected value scenarios, something that is bad for the casino (removing the previous bonus system made sense because of this). |
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That makes me think that maybe a promotion in which whoever is the first to multiply per say 100000 gets a prize, could work well. It wouldn't just encourage people to play because of the extra prize (it could be some kind of jackpot that increases very slowly, say 0.01% of wagered), but then it would be good advertising as someone would had won a lot with a small bet. The prize would have to be proportional to how much you are betting, like at Crypto-Games.
The only problem I can imagine is that it may entice people to make lower bets than they would so that they can hit that jackpot before their bet is stopped because of reaching max profit.
Another idea would be the same but hitting some special multipliers, like say 7777.
This kind of promotions are in some way better than wagering ones because you are encouraged to keep playing all the time (in wagering competitions people may lose interest if they see they can't win, while this can be won by anyone at any round).
Although Bustabit is very popular, I think it's worth trying some different promotions with small prizes so that it can keep growing. Just because it's working well it doesn't mean it couldn't work even better. Don't be conformist, devans!
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Indeed, congratulations to all the winners and kudos to all participants! I think we should run the competitions more often. The had more than a month break now, which was too long I think.
What do you think? How often would you like to see a competition at YD?
Always! |
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It would be nice that high level users didn't pay any divestment fees. Or at least had say 0.05 BTC free of divestment fees a month.
Anyway, volatility of BTC profits in this casino is so low that getting rid of divestment fees for everyone probably wouldn't change anything.
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Are prizes paid by investors or by the casino? |
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These signature campaign spammers are unbearable.
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I really like Timetwister's idea of a wagering contest, but I think it needs it to be done smartly. The simple "Who ever wagers most between X and Y wins Z" I think is not really effective, as it's only interesting to a tiny amount of whales -- and the smart strategy is to wait till the last moment before wagering. So it's kind of boring in terms of events.
So my proposal is this:
Every ~24 hours you calculate how much people have wagered since last time. For every 200 bit they wagered in that period, they are awarded 1 silver. And at the same time you also snapshot and publish how much silver every player has.
The person who has the most silver for 7 consecutive snapshots in a row wins. The winner is awarded 1 bit for every 1 silver the #2nd highest person has at the time of the final snapshot.
And the interesting part: You can freely transfer and trade your silver. So even if you know you're not going to be able win the wager contest, you can still be involved by selling your silver (or even speculate and market make etc.). I think the mechanics of "needing to be #1 for 7 days in a row" could create a pretty interesting "dollar auction" sort of mechanic.
That could be a good idea, although it seems more complicated to explain to players. Another option could be daily wagering contests, prizes would still be decent and people would have a reason to try to get a prize everyday (I think a top heavy structure would be optimal, as this kind of promotion would be targetting mostly big gamblers anyway). |
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Unfortunately the math is not quite as favorable. bustabit's EV is 0.25% of the wager volume, not 0.75%. So for a wager contest to pay for itself, the wager volume would have to increase by about 66% rather than ~13% during that time frame. That's not to say that a wager contest couldn't be a success, of course. Why 0.25%? The casino's edge is 1% while you charge 0.25% for running it, so 0.75%. I'm not asking you to pay for the prizes, but us investors. I bet other investors think it's worth trying it too, it's very likely to be profitable even in the same month the promotion is run (and add to that longer term benefits like creating new players and encouraging people to stay, as that kind of promotion could be run continously if it's succesful). |
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