One potential idea is to issue a tradable token to represent the bitcoins that you're planning on repaying to the investors. Something along the lines of what bitfinex did. That might make things a bit less stressful for you and investors, and give them option of selling their position on secondary markets for a discount if they need their money sooner.

I haven't planned on it, but I likely will be pretty close by at the time. If I can make it, I'll let you know. Would be good to meet other bitcoin casinos in person for sure.




I think it might be worth while to break down the finances in a lot more detail and let people assemble it in a way that makes sense to them. There's a lot of stuff missing from them that leaves investors shooting a little blind.

For instance: in your spreadsheet you show that in 2016 you have a net income of $123,251. But for reference, what would it be if you used more generally accepted accounting principles? (e.g. the using actual realized gambling revenue for revenue. And counted the equity you paid out at the ICO price as an expense).  From the financial statements it's not really apparent to me if this is a company that's making money and looking for additional capital to super-charge the growth ... or it's company hemorrhaging money and needs life support.

The full bustabit.com source code is sold for 2 BTC if that's your thing =)

(It's written in node.js and postgres, and the license would allow you to do anything but redistribute it)

Nice to see the ICO, it's a project I've been following for a while and have admired your persistence.

I see a few red flags which maybe you could help me clear up:

a) It seems like you've changed names since a few weeks ago when you were earlier asking for funding. Before it was "Tim Zoo" and "Luke Rose-Chambers" and now it's "Tim Walters" and "Luke Rose". I'm not sure what to think of this.


b) Your "actual revenue" figures seem to be adjusted to what they would've hopefully might have been if the new system was in place. This strikes me as rather dishonest as it can gives a very different picture. I completely understand that you're upgrading the system to something that you won't have risk, and that would absolutely justify optimistic projections. However, actual revenue should be actual revenue, not adjusted for what it would've been nice to have. Besides being misleading, the problem with trying to adjust revenue for what they might have been is the huge causation factor.

For instance: imagine you price the odds wrong that would allow a smart players take advantage of it while covering it somewhere else. You'll obviously have great volumes, and lose a lot of money. But it would be silly to think the same player would've played the same amount if the odds were priced more correctly.

I think it would be very useful to show what the actual revenue is, along with volumes and projections. This will make sure it's clear exactly what's going on.



c) What do you based your projections on? This sort of stuff kind of raises an eye-brow:
Actual Casino Revenue:
2014: 125k
2015: 109k
2016: 88k
---projections---
2017: 105k
2018: 364k
2019: 1.29M
2020: 2.05M
2021: 2.7M


d) Your expenses are extremely low (well done! I'm really impressed at how well you've kept a tight ship) but for things like last years salary expenses you have $25,853, but I see you have a CEO/director/advisors. I'm assuming that this is a fair bit below market wages, so how does this work? Is it because of their equity stake? Or a promise to be paid in the future? How do you see this changing?


e) I couldn't find any mention of the current assets/liabilities. It's not clear if the company is debt free or not, or what it's holding; which makes evaluating a fair value rather hard.


Sorry about so many negative points (there's a lot more positive ones, like the b2b strategy but I didn't really have questions about them).

Good luck with everything!
Ryan

Thank god for automation 

Ok! Bustabit's biggest ever giveaway has been completed!

For every 1 BTC you had on the site at  (midnight on June 26th (UTC/GMT)) you will be given 0.01141725 BTC totally free! It's in your account as "free bits collected"


If you didn't have bitcoins on the site at the time, you can manually claim yourself:

https://www.stellar.org/lumens/bitcoin-lumen-program/

Oh yeah, forgot about that until you mentioned it. I guess it's not close to a record (but still impressive)

I was just made aware of this: https://www.stellar.org/blog/bitcoin-claim-lumens-2/


So I've taken a snapshot of peoples balances at the time of that block (a few minutes ago). And once I can claim the lumens (~24 hours) I'll claim them on everyones behalf (for people that have money on bustabit) and then sell the lumens, and put them in your account as "Free bits". If you want me to not sell your lumens (and give them to you instead). Please let me know at bustabit.com/support using the account that holds a balance.

And if you want free bitcoin, there's nothing to do but wait. And I'll handle it all =)

Not sure if this beats @cowbay's record or not, but an impressive hit:

https://www.bustabit.com/game/4127861


2 bits to 104k bits  (0.1 BTC)!

I haven't tried your site, but I've read through how it works and am rather impressed by it all.

Well done =)

Probably the biggest issue for me, is actually just trying to manage the type of people faucets bring in. Faucets are a fantastic way for people to try the site without going through all the hassles (and costs) of depositing, so that's something I do want to bring back as soon as possible. But what I don't want to do is encourage people who are purely looking for handouts, as it tends to be just a net negative to the community/chat.

The new update (which I'm working hard on, I promise) actually has a sort of "reverse leveling faucet" based on your ip address, where the more it's used the less money it gives. That way it can satisfy it's purpose for trying out the site, but not really attractive for much more

Seems like a reasonable change. And yeah, I've tested building a forum with single-sign on and it doesn't look too hard so that's something I can launch after the v2 release (which is ~1-2 months away )

DJ HERPES seems to be prototyping his latest song about bustabit:  "runaway rape"  (NSFW, and song deletes after 24h)

It's not similar, it's identical. You literally copy and pasted the etheroll's contract without a single byte of change.


Not to mention, the contract isn't even provably fair. It doesn't even check the signature that random.org provides, (but only the TLS one provided by cloudflare). The contract also has no protections against skipping nonces. So there are literally three different parties who could undetectably cheat:
* random.org (return a value that would cause a player)
* cloudflare (change the result, and provide a valid tls signature)
* orcalize call random.org multiple times, and pick the result they like

Did etheroll give you permission to use their contract? I did a comparison, and it's byte-wise identical to etherolls (even the comments are exactly the same).

For reference, here's etheroll's: https://etherscan.io/address/0x8F3d6447a647Ecf3c185ecbB165D2e6C41FAd547#code

Yeah. He actually hit an all-time-high of around 199 BTC in profit, but then began a rather dramatic downfall.  

People who in general follow that "aggressively chase your losses" style of playing generally have pretty consistent charts. They make a lot of money for a long time, and then when things go bad, they go really bad. Game1 is a bit special, as he started with < 0.5 BTC or something though    So even though he's now currently at +23 BTC, overall that's still a decent return

The site was DiceBitco.in although I'm not sure it's accurate to say they were highly reputable. They were a pretty new site that got lucky due a ton of traffic from the just-dice shut down.


This is why I like provably fair systems that can be machine validated. For instance the MoneyPot provably fair system is ideal for that (although, I don't know of anyone who had yet made browser plugins that verify that stuff), but I suspect seuntjie's dicebot would do that (just guessing though, based on the fact he's a smart guy who seems into that sort of stuff).

Or another good example is bustabit.com's provably fair, you can also validate it in real time (e.g. a browser script you can run that alerts you if any of the games don't verify), as well as a bunch of 3rd party bots that are monitoring it

Glad to hear    Sorry to drag this back into the open, but I guess maybe there's an issue with your private messages.

So could you just to confirm, this was you guys who bought the copy? I'm really sorry about all the confusion, as I was under impression that the copy you are referring to was sold to a different person for a different project (as copies are sold explicitly to be non-distributable, as it wouldn't really be fair for me if people could just transfer/resell them at will). Anyway, assuming it's licensed would you like to be added to bustabit.com/license.txt  (that's completely up to you, I don't mind either way)?


Anyway, your site is really looking great. I'm a fan of the particle effect generation on the home page. It's a lot of fun to take the cursor off one side of the screen, and make it appear on the other -- and watch it "shoot" the particles like a nuclear missile  

Ah cool. Well in that case, everything is totally fine! The license does give you permission to use it for absolutely anything you want  

I guess you must've purchased it using an alias or something? As I do not recall the event. If you could PM me the email address you used, I am happy to confirm that the license was bought and add your domain to bustabit.com/license.txt if you want =)

I sell license for it for 2 bitcoin, but for people who don't want to (or can't) pay I offer the code completely free as (I like to hope) the code is useful for other people to see how a bitcoin casino is built and learn from it. The condition though for those people, is the AGPLv3 license which basically says that you must prominently link to the code/license and any changes must also be under the same license as well as pretty much everything that touches it (so generally the front-end/backend) along with instructions for anyone who wants to install/build their own. People are totally free to use it for commercial purpose, but any interfacing code must also be made available under the AGPLv3 too. (The AGPLv3 is basically the GPL license, but it closes some loopholes around not need to comply with the license if you're offering it as as service (e.g. Remote Network Interaction))

I know there's a few people who have expressed interests in building bustabit for ETH, so I think the adaptations made for ETC and stuff would be pretty appreciated. (And likewise those people would have to share any changes they make, so hopefully it's a bit of a win win for everyone)