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Author Topic: bustadice – Next Generation Dice  (Read 10908 times)
devans
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bustabit & bustadice


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September 30, 2017, 01:17:33 PM
 #1

Ryan and I are proud to announce bustadice, a new take on classic dice.

The game is simple: For each bet the outcome is randomly chosen between 1x and 1,000,000x. It's up to you to guess a target that you think the outcome will exceed. If the bet's outcome falls short of your guess, you lose your wager. But if you guessed correctly, your wager is multiplied by your guess!

If you've played bustabit before then you'll feel right at home at bustadice, but seasoned dice players will appreciate bustadice for its simplicity and higher limits as well.


Highlights
  • High limits, constrained only by the bankroll (currently Ƀ 30 max profit)
  • Instant deposits available
  • Native, sandboxed scripting support for custom strategies and bots
  • Highly optimised wallet system for best-in-class privacy and low withdrawal fees
  • Bankroll investing, including fully Kelly-compliant offsite investing
  • Advanced provably fair system designed to protect not only the players, but also investors
  • Existing investors receive compensation from new investors when the bankroll is diluted



Bitcoin gambling has come a long way, with provable fairness towards players becoming the norm. Unfortunately investors still don't have the same kind of guarantees.

They risk casinos getting hacked or operators disappearing with their investments over night. But even at best, if neither of that happens, investors can never be certain that they aren't being undetectably cheated by someone with knowledge of future rolls. There is simply no way to know whether that incredibly lucky highroller was a legitimate player or a malicious casino operator merely pretending to be one.

Similar to how JustDice pioneered provably fair dice games, we hope that bustadice will considerably improve the situation for investors and set the standard for casino investing.

Enhanced provable fairness
bustadice builds upon conventional provably fair systems to provide additional guarantees to players, investors and the casino itself:

For players: If a dispute over fairness arises with a legacy casino, it's largely their word against yours. In bustadice, on the other hand, all bets are committed to an independent audit server in real-time and can be reviewed and verified by Ryan if need be.

For investors: Neither I nor Ryan can undetectably cheat by predicting future rolls. Assuming you trust the two not to collude, investing becomes provably fair.

In addition, the casino itself gains increased confidence that all wins are legitimate–even if the game server were to be compromised.

The way we do achieve is by introducing a third party: The auditor (Ryan). Final roll results are computed with input from all three parties: The player, the game server and the auditor. When a server seed is revealed, both the player and the auditor can verify its bets.

For a simplified high-level overview of how it works, take a look at our FAQ. Or jump right into the technical details by taking a look at our open-source verifier and reference code.

Offsite investing
In many leveraging systems you are forced to pick a leverage from only a few options and stick with it. This means that you are nearly always risking either too much or too little. bustadice keeps track of your offsite investment and automatically adjusts your leverage to ensure that you are always exposed to the optimal amount of risk.

Protection against dilution
To compensate existing investors for diluting the bankroll, 1 % of every investment is distributed among all investors (including the new investor).

Multisignature cold storage
The majority of users' funds is securely held in 2-of-3 cold storage with keys split between Daniel of bustabit, Ryan and a neutral third party.

This wallet can only be accessed with the approval of at least two keyholders and ensures that users' deposits can be safely returned to them if something were to happen to one of the keyholders.

bustabit – The original crash game
bustadice – Fast-paced bustabit-like dice with no bet limit and Ƀ 20+ max profit
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RHavar
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September 30, 2017, 02:28:28 PM
 #2

Congratulations on the launch!

I'm obviously pretty biased (as a partial owner), but I am really excited about this site and it's future. I know dicesites are a dime-a-dozen, but I think bustadice goes a few steps beyond. Things I think are really special:

*  Insane coin-selection optimizations, for both privacy and fees. We'll need real data to know exactly how well it works, but in something like 50-85% of the time (in simulations) it can avoid creating change (which is both expensive and extensively to cluster bitcoin transactions).   And users will enjoy *by far* the lowest fees of any bitcoin service. This alone was 3 months of solid work.


* An advanced "offsite" investor system, that allows investors to not just leverage but say exactly how much they want to invest without having to risk it all to a counter-party. Most investment schemes don't even offer leverage, but when they do they tend to use something like multipliers (e.g. 5x) which means when you lose, you're under utilizing your money and when you're up you're over-leveraging. The offsite system keeps it perfect all the time.


 * A really powerful provably fair system, that gives investors (and everyone) significantly improved guarantees. I tried to create a high level technical overview of how it works: https://gist.github.com/RHavar/285c295f7906e03369cd66580a1b5f45
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September 30, 2017, 02:34:03 PM
 #3

sounds very nice. good luck

please be so kind and explain ELI5 the following

Protection against dilution
To compensate existing investors for diluting the bankroll, 10 % of every investment is distributed among all investors (including the new investor). This dilution fee is waived during the prerelease period over the next three days.


does this mean that in case I invest 10 BTC
10% = 1 BTC will be split to all existing Investors? now I have only 9 BTC invested? actually I lost already 1 BTC

thx


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September 30, 2017, 02:38:25 PM
 #4

does this mean that in case I invest 10 BTC
10% = 1 BTC will be split to all existing Investors? now I have only 9 BTC invested? actually I lost already 1 BTC

Pretty much[1]. But in exchange when people invest after you, you get their dilution fee. So all in all it should more or less balance out.

One of the main goals of the dilution fee is to provide stability to the bankroll, because it supports pretty extreme leveraging -- you don't want investors who leverage hard (to dominate the % ownership) and then divest as soon as a whale or big player comes (and actually needs that extra amount).

The other nice side effect is as you get diluted over time (assuming there are more and more bankrollers), you at least get compensated for your increasingly diminishing stake. In sites without a dilution fee, as an investor you often don't want new investors -- because you know they'll just dilute you



[1] It's actually a little different to prevent abuse. If you want to invest 10 BTC, what happens if first 10% (1 BTC) is deducted and then you invest the remainder (9 BTC). And then after that, the 1 BTC is given to all investors (which includes your 9 BTC). So the fee is actually always a little less than 10% as you're always getting a little back.  The reason it's done that way, is to avoid people fragmenting their investments into tiny pieces to save on fees
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September 30, 2017, 02:44:50 PM
 #5

does this mean that in case I invest 10 BTC
10% = 1 BTC will be split to all existing Investors? now I have only 9 BTC invested? actually I lost already 1 BTC

Pretty much[1]. But in exchange when people invest after you, you get their dilution fee. So all in all it should more or less balance out.

One of the main goals of the dilution fee is to provide stability to the bankroll, because it supports pretty extreme leveraging -- you don't want investors who leverage hard (to dominate the % ownership) and then divest as soon as a whale or big player comes (and actually needs that extra amount).

The other nice side effect is as you get diluted over time (assuming there are more and more bankrollers), you at least get compensated for your increasingly diminishing stake. In sites without a dilution fee, as an investor you often don't want new investors -- because you know they'll just dilute you



[1] It's actually a little different to prevent abuse. If you want to invest 10 BTC, what happens if first 10% (1 BTC) is deducted and then you invest the remainder (9 BTC). And then after that, the 1 BTC is given to all investors (which includes your 9 BTC). So the fee is actually always a little less than 10% as you're always getting a little back.  The reason it's done that way, is to avoid people fragmenting their investments into tiny pieces to save on fees

in case I missed it how is this 10% distributed? I mean how much will get each existing Investor form the 1 BTC if we stay with my example? according to his Investment? or any other way?

if I understood you right this 10% bonus for all existing investors is like an early bird bonus

anyway another great idea form you or/and Daniel

good luck

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September 30, 2017, 02:47:34 PM
 #6

in case I missed it how is this 10% distributed? I mean how much will get each existing Investor form the 1 BTC if we stay with my example? according to his Investment? or any other way?

Yeah, it's distributed exactly according to your investment. E.g. if you owned 10% of the bankroll at that time, you'd get 10% of someone else's dilution fee. (But then they'd be diluting you, so you'd later own less of the bankroll but own more money)
keyrun
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September 30, 2017, 03:06:25 PM
 #7

Another project from Ryan. Hope it would be success as always.
There's a typo in the announcement, "imput"" gives a rather negative sense there.

devans
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September 30, 2017, 03:13:02 PM
 #8

Another project from Ryan. Hope it would be success as always.
There's a typo in the announcement, "imput"" gives a rather negative sense there.

Thank you, I've corrected the mistake.

bustabit – The original crash game
bustadice – Fast-paced bustabit-like dice with no bet limit and Ƀ 20+ max profit
dicedicedice
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September 30, 2017, 07:22:31 PM
 #9

Tried to invest, but completely stuck on the entering Onsite and Offsite values. May you show some examples?
Whatever I put into these fields, I get "That would cause you to become overleveraged."

Thank you
Mike Mayor
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September 30, 2017, 07:31:29 PM
 #10

It looks nice. I like the 10% dilution idea. It makes sense. I guess this will be a very profitable site much like bustabit so it might be a good idea to invest in ? Since bustabit has no investment options. There many good casinos out there and they all competing. I guess this will force casinos offer more features and better incentives then the next casino. This is only a good thing. AmThe website is nice and easy to read. Good job.


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HiDevin
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September 30, 2017, 07:48:41 PM
 #11

can't wait man, I remember your last gambling site edit: ( flinch.io )
and it was pretty nice, but I hope this one would go good as well Grin

If you want to become rich, just stop being poor duh.
warden
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September 30, 2017, 08:05:02 PM
 #12

just visited your website it looks good. by the way since this is a gambling website do u guys happen to have any affiliate program ?

devans
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bustabit & bustadice


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September 30, 2017, 10:17:14 PM
 #13

Tried to invest, but completely stuck on the entering Onsite and Offsite values. May you show some examples?
Whatever I put into these fields, I get "That would cause you to become overleveraged."

Thank you

Leverage up to 50:1 is supported. For example, if you deposit 1 BTC and invest it onsite, you can invest up to 49 BTC offsite.

It is not possible to make a divestment that would cause you to exceed that leverage. In other words, any adjustment you make to your investments must ensure that your offsite investment is at most 49x your onsite investment. If you try to divest more than that you'll receive the error message you saw.

I've updated the error message to be a bit clearer. Let me know if anything's still unclear or if you have any other questions Smiley

bustabit – The original crash game
bustadice – Fast-paced bustabit-like dice with no bet limit and Ƀ 20+ max profit
dicedicedice
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September 30, 2017, 10:34:55 PM
 #14

Thanks for the explanation! I've tried and it worked for me. Necessary to add, that this message was appearing probably because my balance was not confirmed at the moment I've tried to invest. It would be better to show some clear message stating this case.
chris200x9
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September 30, 2017, 11:10:23 PM
 #15

Site design looks nice and interested to invest some money here but one thing wants to ask.

"Usually there is a fee of 10 % on investments to protect existing investors against dilution, but this fee is waived until betting begins."

This means that if I invest now and dilute anyone in future there won't be 10% dilution fee for me?
devans
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September 30, 2017, 11:26:12 PM
 #16

Site design looks nice and interested to invest some money here but one thing wants to ask.

"Usually there is a fee of 10 % on investments to protect existing investors against dilution, but this fee is waived until betting begins."

This means that if I invest now and dilute anyone in future there won't be 10% dilution fee for me?


In the future, investors will have to pay 10 % of their investment to all existing investors. That doesn't apply to any investment you make during the prerelease period over the next few days.

If you decide to invest more in the future (after the prerelease period), the fee will apply to that investment regardless of whether or not you invest now.

bustabit – The original crash game
bustadice – Fast-paced bustabit-like dice with no bet limit and Ƀ 20+ max profit
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September 30, 2017, 11:37:49 PM
 #17

Congratulations on the launch!

I'm obviously pretty biased (as a partial owner), but I am really excited about this site and it's future.

So, if I see everything correctly, you are both (partial) owner of bustabit and bustadice? Or is bustadice just the site that 'evolved' from bustabit?

Anyways, good to know that you're involved here as well. That gives me enough trust to invest here  Grin

Another question: what is the model that should make profit behind this? Is there a commission on profits for the investors?

Where to gamble with your BTC?  Visit my     thread        or        website
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September 30, 2017, 11:54:50 PM
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So, if I see everything correctly, you are both (partial) owner of bustabit and bustadice? Or is bustadice just the site that 'evolved' from bustabit?

I am the exclusive owner of bustabit, and a partial owner of bustadice. Bustadice is it's own project separate from bustabit. I would describe it as "a bustabit inspired dice site".

Daniel is the guy who will be running it on a day-to-day basis (and in fact, for security I do not and will never have access to the servers). I helped a bit with the development, and going forward my primary role is just running the "seed server" and auditing the game results and co-signed of the cold-storage.

Quote
Another question: what is the model that should make profit behind this? Is there a commission on profits for the investors?

The site charges investors 25% of the house edge on each bet (regardless if win's or not). Other than that, everything goes directly to the bankroll (and thus investors).
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October 01, 2017, 12:32:06 AM
 #19

Site design looks nice and interested to invest some money here but one thing wants to ask.

"Usually there is a fee of 10 % on investments to protect existing investors against dilution, but this fee is waived until betting begins."

This means that if I invest now and dilute anyone in future there won't be 10% dilution fee for me?


In the future, investors will have to pay 10 % of their investment to all existing investors. That doesn't apply to any investment you make during the prerelease period over the next few days.

If you decide to invest more in the future (after the prerelease period), the fee will apply to that investment regardless of whether or not you invest now.

Thanks for the quick reply. I will consider investing some money in this site.

Another thing I notice is I can't change the password which I can remember for this site right? It always generates a new password which I can't memorise. If I can remember then it is good because any way you guys already providing 2fa function to protect accounts.
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October 01, 2017, 01:47:14 AM
 #20

its good to see the new generation dice game. really excited to play it, also thinking to invest some. good luck with the team

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