bustadice – Next Generation Dice

[bad_ip]

Really nice site!  I played a little bit with the faucet yesterday and today.  Clean design, fast to load and smooth to navigate.  It's obviously a bit different than traditional dice sites and I like it.

I think you should add a basic auto-betting interface though.  Yes I realize the script editor can do that and more but I think it's good to let non-programmers auto-bet through an interface.

Overall it's nice to see something different with solid reputations backing it.

[TheQuin]

It's a good-looking dice site, I had a quick play from the faucet. I couldn't find any information on what restrictions there are on it but I noticed the amount decreased every time. Also is there any way to hide the chat? I find that can be distracting.

[RHavar]

It's a good-looking dice site, I had a quick play from the faucet. I couldn't find any information on what restrictions there are on it but I noticed the amount decreased every time.

As I understand it, it's intentionally designed to be somewhat of a black box and depends on things like your ip address. The high-level purpose of the faucet is really just to give people a pain-free way of trying out the game and mechanics, to know if they want to gamble for real 

[devans]

It's a good-looking dice site, I had a quick play from the faucet. I couldn't find any information on what restrictions there are on it but I noticed the amount decreased every time. Also is there any way to hide the chat? I find that can be distracting.

At the moment there is no way to hide the chat on large screens. Resizing the window to less than 900px wide will make the chat toggleable, but that's obviously not a great solution.

A number of players have already asked for this feature, so it might make it into a future version.

[veleten]

its a nice site to play at,great from the get go
slightly complicated for a newbie and requires reading the faq and time to get acquainted with the controls
I have a couple of suggestions to increase the quality of life for gamblers:
1.introduce a max bet button-it is annoying to type in the figures when you want to bet all in
2.same goes for the bet multipliers-maybe have some most comon multipliers as separate buttons? (2x,1.5x,10x  min and max etc.)
3.autobet is so complicated that only chosen few familiar with bustabit,for example,will be using it and bother to create scripts,yolodice can serve as a bad example here:
sometimes too many options is not the best option
4.faucet seems to be decreasing with each and every claim,there is no level system or any ranks just yet,but maybe thats work in progress
5.no affiliate

all in all it looks and feels great and you should try it out!instant results,no annoying graphics if you do not want it
investment option if you want to bet against the gamblers and admin in chat so far so good

[michkima]

Wow investors are down by 5 BTC, that's a lot to see especially on a relatively new gambling sites. Usually gambling sites even struggle to find gamblers. Luck guy who won that 5 BTC, I just hope that the game is not rigged or that the user who won did not have some sort of exploit to win that amount. Anyway, I look forward to this site as it is some new and looks fun.

[BayAreaCoins]

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.

I like this.

[BayAreaCoins]

Was going to invest this evening, but no fucking with paying 10% on whatever I choose to leverage.

If I deposit Ƀ 0.36308284 and max leverage... I'd pay .3 in fees right off the bat!

lol errrr

I'd rather kill myself than pay something like that.  Just saying.

[D ltr]

Was going to invest this evening, but no fucking with paying 10% on whatever I choose to leverage.

If I deposit Ƀ 0.36308284 and max leverage... I'd pay .3 in fees right off the bat!

lol errrr

I'd rather kill myself than pay something like that.  Just saying.

i think you will pay 0.036 for investing fee

the website is good but it will be good if you add a leaderboard like bustabit did it too

[devans]

Was going to invest this evening, but no fucking with paying 10% on whatever I choose to leverage.

If I deposit Ƀ 0.36308284 and max leverage... I'd pay .3 in fees right off the bat!

lol errrr

I'd rather kill myself than pay something like that.  Just saying.

By depositing Ƀ 0.36308284 and investing it at maximum leverage you are participating in the bankroll as if you had contributed roughly Ƀ 3.07 to the bankroll. Since your share of the profits is based on your entire investment, the dilution fee is also charged on that amount, not just on the part you deposit.

Anything else would be unfair to the investors that choose to use less leverage and deposit more of their investment, after all.

[TheQuin]

By depositing Ƀ 0.36308284 and investing it at maximum leverage you are participating in the bankroll as if you had contributed roughly Ƀ 3.07 to the bankroll. Since your share of the profits is based on your entire investment, the dilution fee is also charged on that amount, not just on the part you deposit.

Anything else would be unfair to the investors that choose to use less leverage and deposit more of their investment, after all.

Can anyone explain to me how the leverage works? Where does the extra coin come from, is it borrowed from somewhere? If it is borrowed do you have to pay interest on the loan?

[RHavar]

Wow investors are down by 5 BTC, that's a lot to see especially on a relatively new gambling sites. Usually gambling sites even struggle to find gamblers. Luck guy who won that 5 BTC, I just hope that the game is not rigged or that the user who won did not have some sort of exploit to win that amount. Anyway, I look forward to this site as it is some new and looks fun.

I'm actually extremely confident that the win was 100% legitimate. Thanks to the unique provably fair system, I can independently verify the games, and get the result:

Code:

Players realized profit: 5.49709343 BTC

Where realized refers to players that have revealed their server seed (if they don't, there's no way for me to verify the games). But users are required to reveal their server seeds to withdraw/tip or invest.

I've also run numerical simulations, and am extremely confident the house edge is between 1/101 and 1/99. [Edit: Just got a private message from blockage, who said he's analytically verified the house edge is exactly 1%]

So I think that gives us these possibilities:

a) The player has independently hacked both me and bustadice, and faked the wins
b) Daniel has hacked me, faked being a player and the wins
c) I have hacked Daniel, faked being a player and the wins
d) The wins are totally legitimate


I'm going to say a) and b) are pretty unlikely; especially considering I have 300+ bitcoin sitting on my computer that no one touched. I know I didn't do c) -- so I'm very confident that the wins are very legitimate  

[RHavar]

Can anyone explain to me how the leverage works? Where does the extra coin come from, is it borrowed from somewhere? If it is borrowed do you have to pay interest on the loan?

There's a lot of ways of thinking of it, some people like the borrowed analogy -- but I don't. I prefer a slightly more mathematical approach:

Normally you risk a max of 0.75% of what you physically deposit into the bankroll (the "onsite"). So if you deposit 1 bitcoin in the "onsite" the max-profit increases by 0.0075, and you get a portion of the profits and loses based on that.  But you can tell the site "I have a bunch more money offsite, and I want to risk based on that". So say you have 10 BTC in your cold storage, but don't feel like depositing it due to counter-party risk -- you simply enter it as an "offsite".

Now you are risking a max of 0.75% * (onsite + offsite). If that number ever exceeds your "onsite" it means you could potentially become negative balance onsite if someone won max profit -- so the site will "margin call" you. Which simply means setting your offsite to 0, and giving you dilution fee credits to reestablish your position

[TheQuin]

Now you are risking a max of 0.75% * (onsite + offsite). If that number ever exceeds your "onsite" it means you could potentially become negative balance onsite if someone won max profit -- so the site will "margin call" you. Which simply means setting your offsite to 0, and giving you dilution fee credits to reestablish your position

Thank you very much for your explanation. I'm a futures trader so I'm very familiar with the concept of margin calls, although brokers have automated risk management systems in place to prevent that ever becoming a reality I will experience.
So that just leaves the question of how you would enforce that margin call. Is the offsite held in an escrow or something?

[RHavar]

So that just leaves the question of how you would enforce that margin call. Is the offsite held in an escrow or something?

No, you just keep it in your own wallet (or cold storage, or what ever you want). Your "onsite" is the amount kept as as "collateral". And the second that it's possible for a max-profit win that would cause your onsite to be negative (and thus you have a debt to the site)  the site will instead margin call you  (simply set your "offsite" to 0, and give you some free credits to reestablish your position)

[TheQuin]

No, you just keep it in your own wallet (or cold storage, or what ever you want). Your "onsite" is the amount kept as as "collateral". And the second that it's possible for a max-profit win that would cause your onsite to be negative (and thus you have a debt to the site)  the site will instead margin call you  (simply set your "offsite" to 0, and give you some free credits to reestablish your position)

Ahhh, that's how you're doing the risk management. It makes sense now, thanks for taking time to explain. I've been puzzled how it works for a few days.

[devans]

bustadice will briefly be offline for server maintenance. The whole process shouldn't take longer than 30 minutes and I'll update this post when we're back online.

bustadice is back online.

[bad_ip]

Wow, must have had some big players in the past 24 hours, back to ~100% RTP from 112% and a 5BTC profit.

[devans]

Wow, must have had some big players in the past 24 hours, back to ~100% RTP from 112% and a 5BTC profit.

We did indeed! Overall, players have been lucky and are still slightly up even now.

[Josepht]

I have addressed this in the bustadice chat earlier, but it bugged me yesterday, so I decided to make a post about it here.

Yesterday I had something like 0.08 BTC in my account. It showed up as 0.08 BTC at the top of the page, which is fine, if it wouldn't be the case that the gambling is done in bits. It would be so much better if both amounts are in either BTC or bits, and not balance in BTC and gambling in bits.

Now I have to calculate every time I make a bet how much I'm wagering, which shouldn't be necessary. I would like to see this solved.