bustadice – Next Generation Dice

[BTCevo]

i love the bustadice site alot.


only problem is you started the site at the wrong time. website opened right when btc fees started to get hiigher and stay high


your site would be doing x10 better if it wasnt for the btc fees now



would it be hard to have 2-3 coins to play with there?


who knows how long the high btc fees will remain. but until it stops, bustadice isnt getting the attention it should

Due to the current price, I do not think that they have a problem with a fee, price increase of course fee will. Why people can't accept that fee have related to the price and it is really correspond to each other. So if you or other people want a low fee then you accept that bitcoin price will stay at very low?

For now bustadice is getting many attention since there are big whale that turn out to hit their max profit so I think it just as same as bustabit, stay low but always have many wagered

[MinerHQ]

Due to the current price, I do not think that they have a problem with a fee, price increase of course fee will. Why people can't accept that fee have related to the price and it is really correspond to each other. So if you or other people want a low fee then you accept that bitcoin price will stay at very low?

I didn't understand what you're trying to say above because people who buy bitcoins now for them the fees are super high to send bitcoins unless you purchased your bitcoins long back then what you said may be applicable. But for the people who are buying now for gambling purpose, it won't make sense to pay such a high fee particularly if someone planning to gamble with around a couple of hundred dollars.

If you say fee should go along with the price then nowadays to send $20 BTC miners asking over $50 fee. Can you explain how this fee is linked to with the bitcoin price?

[Wind_FURY]

Hi Bustadice. I heard that you have Segwit enabled for your wallets, which is good for your users. I am interested in how much do you pay in fees when your users withdraw their coins for your site? Is it cheaper with Segwit enabled?

Segwit readiness, making transaction fees lower when depositing and withdrawing from your site might be a good marketing tool. Plus it also encourages others to use Segwit. You not only help yourself, but also the whole Bitcoin community as well.

bustadice is a very nice gambling house. and they are always updating the system in order to give comfort to its users to stay comfortable doing gambling in bustadice. I think it's a good thing to do bustadice

But how much are the fees when you withdraw from the site? How much cheaper are they compared to other sites that do not have Segwit enabled?

I would like to see solid proof that Segwit is making withdrawals cheaper for users. Thanks.

[devans]

Hi Bustadice. I heard that you have Segwit enabled for your wallets, which is good for your users. I am interested in how much do you pay in fees when your users withdraw their coins for your site? Is it cheaper with Segwit enabled?

Segwit readiness, making transaction fees lower when depositing and withdrawing from your site might be a good marketing tool. Plus it also encourages others to use Segwit. You not only help yourself, but also the whole Bitcoin community as well.

We process withdrawals at cost, so the fee we charge is dynamic just like transaction fees are. Right now, for example, the fee for an instant withdrawal is 717.24 bits and 141.78 bits for a batched withdrawal. To account for the marginal cost of consolidating an additional deposit, a fee is also charged for each deposit (currently 59.80 bits).

Because spending from a SegWit address takes up less block space than spending from a legacy address, a lower fee is required. We pass those savings on to the user, so SegWit does indeed lower the cost of withdrawing from bustadice.

Spending to a SegWit address is not cheaper than sending to a legacy address, though, so SegWit doesn't actually lower the cost of depositing.

[xYakult]

Sorry if this question has been already asked by someone but why is there a deposit fee? This is the first site that have deposit fee AFAIK. I'd like to know the answer in simple terms please

[TheQuin]

Sorry if this question has been already asked by someone but why is there a deposit fee? This is the first site that have deposit fee AFAIK. I'd like to know the answer in simple terms please

When you deposit you receive an individual deposit address, that deposit along with all the others, then needs to be swept into a central wallet to be stored. That needs another transaction fee to be paid. It can be argued that charging a deposit fee is a fairer way to spread the cost than just charging extra on withdrawals to cover these sweeping fee costs as many other sites do. So this way, for example, someone who makes five small deposits will pay five times as much as someone you deposits the same amount in one transaction and someone who withdraws often isn't paying for it.

As for other sites not in the gambling space localbitcoins starting doing the same a while back.

[vintages]

i love the bustadice site alot.


only problem is you started the site at the wrong time. website opened right when btc fees started to get hiigher and stay high


your site would be doing x10 better if it wasnt for the btc fees now



would it be hard to have 2-3 coins to play with there?


who knows how long the high btc fees will remain. but until it stops, bustadice isnt getting the attention it should

Yeah, I agree with you. The time when bustadice was created  was  about the time when  BTC price and transaction fee is increasing, but not withstanding, I believe  Bustadice can stand the test of time. Because the site is Segwit prepared  which helps in better and cheaper transaction. The only problem that may be encountered is if users whom are withdrawing from Bustadice knows and make use of Segwit   for better transaction because not every players makes use of Segwit or even know it exits.

[Wind_FURY]

Hi Bustadice. I heard that you have Segwit enabled for your wallets, which is good for your users. I am interested in how much do you pay in fees when your users withdraw their coins for your site? Is it cheaper with Segwit enabled?

Segwit readiness, making transaction fees lower when depositing and withdrawing from your site might be a good marketing tool. Plus it also encourages others to use Segwit. You not only help yourself, but also the whole Bitcoin community as well.

We process withdrawals at cost, so the fee we charge is dynamic just like transaction fees are. Right now, for example, the fee for an instant withdrawal is 717.24 bits and 141.78 bits for a batched withdrawal. To account for the marginal cost of consolidating an additional deposit, a fee is also charged for each deposit (currently 59.80 bits).

Because spending from a SegWit address takes up less block space than spending from a legacy address, a lower fee is required. We pass those savings on to the user, so SegWit does indeed lower the cost of withdrawing from bustadice.

Spending to a SegWit address is not cheaper than sending to a legacy address, though, so SegWit doesn't actually lower the cost of depositing.

May I ask how much lower the fees are when users withdraw using Bustadice's Segwit enabled address compared to a legacy address, if you have used it in the past.

Because from the feedback I had from Yolodice, they were saying that the "savings" they are having by using Segwit is only 30% and ethan_nx expressed this as "close to nothing".

Would you say the reduction in fees from using Segwit is close to nothing?

I am not saying ethan_nx is wrong or biased towards other solutions like accepting Bitcoin Cash, but I want to know each casino's experience.

[RHavar]

May I ask how much lower the fees are when users withdraw using Bustadice's Segwit enabled address compared to a legacy address, if you have used it in the past.

Because from the feedback I had from Yolodice, they were saying that the "savings" they are having by using Segwit is only 30% and ethan_nx expressed this as "close to nothing".

Would you say the reduction in fees from using Segwit is close to nothing?

I am not saying ethan_nx is wrong or biased towards other solutions like accepting Bitcoin Cash, but I want to know each casino's experience.

That's a good question, I should let Daniel reply but I'll give it a shot since I'm online and like technical questions

Let's take an "stable" withdrawal, where I mean it doesn't consolidate or expand the site's unspent set. In a pre-segwit world that's going to be ~226 bytes. In a (wrapped) segwit world, it'll only be ~178 "virtual" bytes (it's in reality actually a bit bigger, but some of it has a 75% discount).

Which means the cost savings work out to ~20% for a withdrawal.


However, in reality casinos process a lot more deposits than withdrawals (say in the order of 2:1) which means casinos need to consolidate their unspent, either implicitly (letting coin selection grab it) or explicitly (doing it when it's cheap). Now lets say in a (wrapped) segwit world, we'll need ~10000 virtual bytes to consolidate 100 inputs, vs ~15000 with wrapped segwit (so a saving of about ~33%).


So basically your costs of sending money goes down ~20%, and consolidating ~33%. Poorly optimized services will consolidate at peak rates, so that 33% saving is going to be huge. More optimized ones (and with more float) will consolidate at more off peak times, making the saving not that significant in absolute terms.

So if I had to estimate, I'd say you can instantly save 25-30% by using wrapped segwit. Not earth-shattering, but pretty nice. Bustadice really goes a step further with queued withdrawals, input and output selection, and stuff like that. So they're going to save a lot more compared to a typical site but there's some pretty hard core stuff that, that would put it out of reach for most places (including large exchanges  ).

[Wind_FURY]

Thanks for the detailed reply. But what if everyone in the network started using Segwit? Do you believe that would be enough in slashing the unconfirmed transactions down under 10,000?

I am not sure if this is correct but The Hackernoon had a blog that said Segwit blocks would theoretically have 8000 transactions per block. I believe that's enough to keep the mempool in a manageable size over time, including the fact that there are "bad actors" spamming the network.

[TheQuin]

Thanks for the detailed reply. But what if everyone in the network started using Segwit? Do you believe that would be enough in slashing the unconfirmed transactions down under 10,000?

A Segwit transaction is weighted ~30-40% less than a non-Segwit transaction dependant on the number of inputs. So if every transaction was a Segwit one then ~30-40% more transactions would be processed. The unpredictable part is demand, how many transactions are sent. That is really limited by the cost, as it gets more expensive more people choose not to send transactions, use another coin or just not do it. So my theory is that the market has found the level of transaction fee people are prepared to pay and Segwit adoption will result in more transactions but not lower fees.

[Samarkand]

... So my theory is that the market has found the level of transaction fee people are prepared to pay and Segwit adoption will result in more transactions but not lower fees.

I agree that we probably won´t see lower fees even if SegWit adoption increases
substantially. In a way this isn´t even a bad development, because the block reward
is going to become less and less relevant for the miners over time, which increases the importance
of the creation of a competitive fee market.

I would guess that transaction fees will be +50$ per transaction after the next block reward halving
in 2020. Small transactions will hopefully happen on 2nd layer solutions like the Lightning Network by then.

[RHavar]

Thanks for the detailed reply. But what if everyone in the network started using Segwit? Do you believe that would be enough in slashing the unconfirmed transactions down under 10,000?

I strongly doubt segwit will lead to lower fees, just a little more throughput. It's possible when a big service like coinbase switches, there will a bit of a shock resulting in temporary lower fees. But demand will quickly catch up

[Alalex]

Sorry I want to learn how to play I have some btc coin deposit in my bustadice account yesterday I tried to login into bustadice account, I found the password error in my bustadice account ...

 What way should I do so I Can go back to my bustadice account , I've tried to follow the help instructions several times, but I also can not login in my bustadice account.

For those who know how to please help ya gan. Now I can not add btc coins to my bustadice account because I am wrong password.

I will continue to try again following the instructions so that I can log back in to my bustadice account.

[devans]

Sorry I want to learn how to play I have some btc coin deposit in my bustadice account yesterday I tried to login into bustadice account, I found the password error in my bustadice account ...

 What way should I do so I Can go back to my bustadice account , I've tried to follow the help instructions several times, but I also can not login in my bustadice account.

For those who know how to please help ya gan. Now I can not add btc coins to my bustadice account because I am wrong password.

I will continue to try again following the instructions so that I can log back in to my bustadice account.

If you've previously set a recovery email address, you can request a password reset email here. The email you receive will contain a link to a page where you can select a new randomly generated password for your account.

In case you didn't set a recovery email address or need help with anything else, please send me a message using the support system and I'll do my best to help sort it out.

[mostkey]

Bustadice is really a good site I've tried playing it last night and I think this will going to be one of my favorite site and even if the price of bitcoin fluctuates bustadice was able to handle it since it has own token to use. I think its a good thing even there is a fee charged by bustadice when withdrawing mt coins still the value is fair enough.

withdrawal fees applied by bustadice we taste fair enough. because bustadice can provide a sense of comfort to  players. and so far the bustadice player has not objected to a withdrawal fee

[BTCevo]

Due to the current price, I do not think that they have a problem with a fee, price increase of course fee will. Why people can't accept that fee have related to the price and it is really correspond to each other. So if you or other people want a low fee then you accept that bitcoin price will stay at very low?

I didn't understand what you're trying to say above because people who buy bitcoins now for them the fees are super high to send bitcoins unless you purchased your bitcoins long back then what you said may be applicable. But for the people who are buying now for gambling purpose, it won't make sense to pay such a high fee particularly if someone planning to gamble with around a couple of hundred dollars.

If you say fee should go along with the price then nowadays to send $20 BTC miners asking over $50 fee. Can you explain how this fee is linked to with the bitcoin price?

And why you should only buy $20 instead of $200 or even $2,000 The fee will be the same right? And if you said the purpose of buying this is for gambling then they should have higher chance with higher bankroll so I do not understand many of them are trying to buy some small amount and pay higher fee and complaint about the huge fee

When you looked back on bitcoin price around $3000, how about this fee? Is it not the same as now? Or may be you guys do not even bother just because it is not even worth a penny. Low bitcoin price=low tx fee, high bitcoin price= high tx fee. I believe this is too simple

[jpcfan]

if you add any coins let me know and i'll play hours everyday.


I refuse to use btc for gambing until they get their shit together


Nov 5th 2017 the start of real high daily fees

BTC Dominance: 61.9%



Jan 7th 2018

BTC Dominance: 33.6%

[Wind_FURY]

Thanks for the detailed reply. But what if everyone in the network started using Segwit? Do you believe that would be enough in slashing the unconfirmed transactions down under 10,000?

I strongly doubt segwit will lead to lower fees, just a little more throughput. It's possible when a big service like coinbase switches, there will a bit of a shock resulting in temporary lower fees. But demand will quickly catch up

Ok, then do you believe Bitcoin Cash is on the right direction by making the blocks bigger or do you believe the best solution is now to make the transactions go to a 2nd layer or "off the chain" through the Lightning Network?

 

[RGBKey]

devans & RHavar,

What are your thoughts on implementing Lightning Network support? I've been using it on the testnet and although I'm not using a wallet interface yet (I'm interacting directly with lnd on top of roasbeef's btcd) I've already fallen in love with it. If you want to test an implementation of it on testnet or mainnet, I'd love to help, just reach out to me here or however else.