Auction of MoneyPot.com the bitcoin gambling wallet

[RHavar]

Does Moneypot show where the commission on investors go to? or is it just hidden and is sent to your own (MP OWNER) account?

No, they're just wiped from the liabilities. As a simple example: if someone deposits 1 BTC with cold addresses, my assets go up by 1 BTC but I only increase my liability to them by 0.99 BTC. Same logic applies to all types of commissions. (Although, everything is double-entry, so can easily be queried to audit)

I'm sort of interested as an investor, and how goes the legal activities and licenses and such?

I'm far from qualified to give legal advice. You'll need to speak with a lawyer who knows the laws of where you live.

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[ComboChris]

I'm far from qualified to give legal advice. You'll need to speak with a lawyer who knows the laws of where you live.

From my experience, there is no qualified advice when it comes to bitcoin. I actually worked on a unique gambling site for 6 months and ended up not being able to release it.
There is simply no way to launch a bitcoin dice site that's able to compete and is legal. The problem isn't even license fees(150k+/year if you want to be able to offer your service in the whole world).
It's the simple fact that you will have to collect personal data from people who sign up and when you compare that to simply putting in a name on PD there is no way that members of the bitcoin community will come play at such a site.
Also a Costa Rican company provides absolutely no protection according to the several lawyers i have talked to.(Only got this information after i had already made one l0l)

Anyways, sad to see you sell the site. Couldn't think of many people in the bitcoin (gambling) community who are so passionate and have so innovative ideas and projects.
The amount of work and thought you put into your sites made me trust you even when i hadn't seen you on bitcointalk.
This could be the last good bitcoin gambling investing opportunity gone if the wrong person buys it. I do trust that you will choose the right person though.

[ComboChris]

I'm far from qualified to give legal advice. You'll need to speak with a lawyer who knows the laws of where you live.

From my experience, there is no qualified advice when it comes to bitcoin. Hardly any country has proper laws or percedents.
I actually worked on a unique gambling site for 6 months and ended up not being able to release it. There is simply no way to launch a bitcoin dice site that's able to compete and is legal. The problem isn't even license fees(150k+/yearfor 2 different licenses if you want to be able to legally offer your service in the whole world except the US and Australia).
It's the simple fact that you will have to collect personal data from people who sign up and when you compare that to simply putting in a name on PD there is no way that members of the bitcoin community will come play at such a site.
Also a Costa Rican company provides absolutely no protection according to the several lawyers i have talked to.(Only got this information after i had already made one l0l)

Anyways, sad to see you sell the site. Couldn't think of many people in the bitcoin (gambling) community who are so passionate and have so innovative ideas and projects.
The amount of work and thought you put into your sites made me trust you even when i hadn't seen you on bitcointalk.
This could be the last good bitcoin gambling investing opportunity gone if the wrong person buys it. I do trust that you will choose the right person though.

[ComboChris]

Sorry, I tried to edit my post but accidently quoted it twice lol. Did bitcointalk remove the ability to edit posts or is it only like this for this specific thread?

[mexxer-2]

Sorry, I tried to edit my post but accidently quoted it twice lol. Did bitcointalk remove the ability to edit posts or is it only like this for this specific thread?

You can't either delete or edit posts in Auction board for obvious reasons.
@OP sorry for going off-topic

[Decoded]

I'm not really that smart when it comes to websites, but if I purchase this, does it come with the domain name?
Do I have to host the servers myself?
If you provide the servers, what's the total hosting fee?
What's the current income per day for you guys?
Was there ever a day where you lost bitcoin?
What's your net profit/loss so far?

[RHavar]

I'm not really that smart when it comes to websites, but if I purchase this, does it come with the domain name?

Yes, absolutely

Do I have to host the servers myself?
If you provide the servers, what's the total hosting fee?

Yes, the new owner would have to host it themselves. (I will help them set it up though)

What's the current income per day for you guys?
Was there ever a day where you lost bitcoin?
What's your net profit/loss so far?

There's no way the site can take a loss on its commission (e.g. the 1% from cold deposits, or a tax on investor profits). But probably the most sensible thing is for the owner to invest in the bankroll themselves (considering it has no counterparty risk), which can absolutely lose large amounts of money due to a lucky whale.

[ranlo]

I'm not really that smart when it comes to websites, but if I purchase this, does it come with the domain name?

Yes, absolutely

Do I have to host the servers myself?
If you provide the servers, what's the total hosting fee?

Yes, the new owner would have to host it themselves. (I will help them set it up though)

What's the current income per day for you guys?
Was there ever a day where you lost bitcoin?
What's your net profit/loss so far?

There's no way the site can take a loss on its commission (e.g. the 1% from cold deposits, or a tax on investor profits). But probably the most sensible thing is for the owner to invest in the bankroll themselves (considering it has no counterparty risk), which can absolutely lose large amounts of money due to a lucky whale.

I want to point out that if he's asking the basic questions like that, he's probably not a good fit. @Decoded -- it's up to the owner to secure things. Your job to ensure all updates are done to the site/server, ensure as new exploits/vulnerabilities are discovered (including your own pen-testing) that they're fixed before people are able to take advantage of them, etc. If you're not well-versed in Internet, server, and web development application security, you absolutely do not want to be handling other peoples' funds, much less your own.

[examplens]

Is it possible to see somewhere profit Statistics from MoneyPot games owners?
I have some excellent gamble domains, and for some time now thinking about on starting this job. certainly interests me and the future of the MoneyPot.com service, changing the owner is not guaranteed successful future work.
thanks, and I apologize if I went to off-topic

[RHavar]

Is it possible to see somewhere profit Statistics from MoneyPot games owners?
I have some excellent gamble domains, and for some time now thinking about on starting this job. certainly interests me and the future of the MoneyPot.com service, changing the owner is not guaranteed successful future work.
thanks, and I apologize if I went to off-topic

NLNico made a nice comparison table: https://dicesites.com/moneypot

[forzendiablo]

i took off all my money from MP for now.. sadly ;(

[ndnh]

Its sad to see that you decided to auction the site.. I don't see anyone else capable enough to do what you did for the site, the investors and the devs.. But then again, real life is more important, and for that i salute you for it..

What happens if no one bids after the deadline? And incase someone bids and he/she got no competition, will he automatically win? Bidding 50btc is easy for big competitors of moneypot, Its gonna be sad to see some competitor site bidding for the site and winning, and just for the sake of abandoning it.. Every big business will do anything just to remove a competitor, even if it means spending and buying it..

Also what will happen to the current apps that are currently hosted or powered by moneypot if the new owner decides to just drop the project after buying it.

Again, its sad to see the site up on auction, And i salute you for what you did and have done for the bitcoin community. I wish you all the best in life.

Regards,
Uni

I doubt someone would buy it and just trash the site. And since he's looking for reputable people, he would hopefully choose someone that wants to really boost the site up even more and promote it more heavily.

unibtc's is certainly a valid point. There are always cases where a company buys out its competitor and then closes it down. Also, it is possible that he may not be able to manage it as well as Ryan does. SatoshiDice last year (it is going okay at the moment) is a good example to consider.

But, yeah, considering the number of competitors here, I don't think it someone would actually intent to do it. Moreover, Ryan could easily decline the offer if he doesn't find it in the general interest to proceed with the sale.

I'm far from qualified to give legal advice. You'll need to speak with a lawyer who knows the laws of where you live.

From my experience, there is no qualified advice when it comes to bitcoin. I actually worked on a unique gambling site for 6 months and ended up not being able to release it.
There is simply no way to launch a bitcoin dice site that's able to compete and is legal. The problem isn't even license fees(150k+/year if you want to be able to offer your service in the whole world).
It's the simple fact that you will have to collect personal data from people who sign up and when you compare that to simply putting in a name on PD there is no way that members of the bitcoin community will come play at such a site.
Also a Costa Rican company provides absolutely no protection according to the several lawyers i have talked to.(Only got this information after i had already made one l0l)

Anyways, sad to see you sell the site. Couldn't think of many people in the bitcoin (gambling) community who are so passionate and have so innovative ideas and projects.
The amount of work and thought you put into your sites made me trust you even when i hadn't seen you on bitcointalk.
This could be the last good bitcoin gambling investing opportunity gone if the wrong person buys it. I do trust that you will choose the right person though.

Yup.

i took off all my money from MP for now.. sadly ;(

You don't really have to. Ryan is still the owner and is in control of Moneypot and its bankroll. He would announce once there is an ownership change or something worth the notice.
Well, it is up to you to decide what to do with your money.

[ca333]

@Ryan: Will you consider a lower starting bid or is 50BTC the absolute minimum you are willing to sell the platform for?

@readers: anybody interested in splitting/partnership?

[RHavar]

@Ryan: Will you consider a lower starting bid or is 50BTC the absolute minimum you are willing to sell the platform for?

Sure, I'd be willing to read over it and take it into consideration. My goal with the auction is to find the person/people I would think most motivated and suitable to run the site, not necessarily the highest bidder. However, I do have have multiple offers above the starting bid already =)

[dwyer17]

What will this auction mean for people that are using the INVEST option on MoneyPot?

[ranlo]

What will this auction mean for people that are using the INVEST option on MoneyPot?

Ryan will keep ALL invested funds in his possession. He will run a clone of the site (essentially) where users can easily withdraw their funds as they are ready. You can then reinvest in the new platform if desired.

[Gibb]

What will this auction mean for people that are using the INVEST option on MoneyPot?

Ryan will keep ALL invested funds in his possession. He will run a clone of the site (essentially) where users can easily withdraw their funds as they are ready. You can then reinvest in the new platform if desired.

If that's true then nobody will buy it, lol.

[David19]

Hi Ryan,

This doesn't seem like a standard auction that i would be willing to bid on. Since you are choosing which bids to reject it doesn't come off as an action. I think this belongs more as a normal Sales Thread. Anyway that being said if you ever were to convert this into a proper auction i would be happy to place my bid.


- David19.

[RHavar]

Hi Ryan,

This doesn't seem like a standard auction that i would be willing to bid on. Since you are choosing which bids to reject it doesn't come off as an action. I think this belongs more as a normal Sales Thread. Anyway that being said if you ever were to convert this into a proper auction i would be happy to place my bid.


- David19.

You're right that it's an unconventional auction, but I believe it's more of an auction than a sale as there is no fixed price.

As for why I have and will reject bids, MP has tremendous potential to be used for a huge scam, and that's something I would do anything to avoid. Because of the investor system, all a (rich) scammer would have to do is start creating shill whale accounts on the site, and start losing hundreds of bitcoins to investors. To reassure everyone it's real, you'd just have to show solvency and even though this would be a paper-loss, the reality is that a lot more investor money would come in, then go out because of it. Then after it stops growing (or you run out of paper money), the scammer would just shut down the site and keep investors money.

And that's not purely theoretical, I've been contacted already by two people who I believe had bad intentions (and can be traced back to a previous bitcoin scam) one offering a significant more than the highest bidder.

So if you're interested in the site, I'd encourage you to place a bid. If you're buying the site with good intentions, I can't imagine myself knocking back the bid. And the site is strongly looking like it'll sell one-way or another, and at something I would consider a very attractive price =)

[ComboChris]

31. of november is obviously a mistake. Does the auction terminate tonight or tomorrow night?