Moneypot: Powered by Monster Byte

[JackpotRacer]

All other users that have an available balance are being paid out as explained previously.  All announcements made recently remain the same.

Would you be willing to clear up why this user (with +100 btc) has not been paid out? When this drama happened last year, I believe the official reasoning was that in exchange for not withdrawing until the end of the year he would be given some fixed return ().

I won't speculate as to why you made him sign an NDA, but a little bit of transparency would go a long way.


I strongly believe everyone here (including me, and I'm sure maidenvoyage) wants MoneyPot to succeed (and not to mention, it's the only way everyone is made whole). But you are operating in a business and industry that is almost completely defined by trust.

When I ran bustabit, in my time I presided over some pretty epic failures (not the least which included getting hacked). In each instance I was radically transparent about what happened, how the failures occurred and what I did to fix them. To the best of my knowledge, there was no lasting damage as people are very understanding that mistakes can occur but they understandably want certain assures.

So I really think unless you can be clear, straight forward and honest with people -- it is quite literally impossible for your business to survive.

in short MP should be TRANSPARENT for all sides. sadly they are not and never were Transparent.

regarding the NDA IMO it is a very bad sign and it stinks that MP owners are asking an Investor to sign a NDA.

yes everyone incl me would be glad if MP idea would be handled by the right people and a success

[moneypot]

All posters are asked to not speculate on the situation.  It is being handled by the appropriate sources and we will give an update when available to do so.  Posts that speculate will be deleted.

[DarkDays]

The following statement is an assertion of fact and in no way, shape, or form should be considered speculation:

If a company solicits investments, and then does not pay an investor or investors when they divest, that is very bad. 

[Quickseller]

I can only speculate what the truth is in regards to MP, and if they are solvent. However I believe this whole fiasco regarding MP, starting from when Ryan owned it is evidence that the business model to run a casino with a community funded bankroll is not a sustainable business model. 

There are simply too many competing interests for this model to succeed. The added competing interests of the app owners only amplified this issue.

[RHavar]

However I believe this whole fiasco regarding MP, starting from when Ryan owned it is evidence that the business model to run a casino with a community funded bankroll is not a sustainable business model. 

I very much disagree. I'm sure there's better examples, but the one I am familiar with is bustadice.com which launched ~4 months ago with a community funded bankroll. Players have had access to a pretty cool gambling game, investors have done ok (up 62.9 BTC) and bustadice itself has made 19.98 BTC in commissions. When you consider the expenses (other than Daniels time and energy) are very minimal -- it really is a very sustainable business. Even if you assume there's going to be no player growth, it'll still probably end up clearing 500k USD/year in profits.

It might not be mega-money, but it certainly a sustainable business model.

 

There are simply too many competing interests for this model to succeed. The added competing interests of the app owners only amplified this issue.

Again, I'm going to disagree. Gambling is a huge industry, and it's such a scalable business. An extra player is pretty much pure profit. I will say having competing interest of app owners definitely makes it more challenging and stressing to manage and it's easy to feel like you have too many masters to serve. But I believe at it's core MoneyPot has a fundamentally strong business model.

[JackpotRacer]

However I believe this whole fiasco regarding MP, starting from when Ryan owned it is evidence that the business model to run a casino with a community funded bankroll is not a sustainable business model. 

I very much disagree. I'm sure there's better examples, but the one I am familiar with is bustadice.com which launched ~4 months ago with a community funded bankroll. Players have had access to a pretty cool gambling game, investors have done ok (up 62.9 BTC) and bustadice itself has made 19.98 BTC in commissions. When you consider the expenses (other than Daniels time and energy) are very minimal -- it really is a very sustainable business. Even if you assume there's going to be no player growth, it'll still probably end up clearing 500k USD/year in profits.

It might not be mega-money, but it certainly a sustainable business model.

 

There are simply too many competing interests for this model to succeed. The added competing interests of the app owners only amplified this issue.

Again, I'm going to disagree. Gambling is a huge industry, and it's such a scalable business. An extra player is pretty much pure profit. I will say having competing interest of app owners definitely makes it more challenging and stressing to manage and it's easy to feel like you have too many masters to serve. But I believe at it's core MoneyPot has a fundamentally strong business model.

I will say it again and again

Moneypot business model/idea is one of the best ever but sadly it was and is in the wrong hands (ownership)

[BetKing.io]

Maidenvoyage was looking to withdraw ~109 Bitcoin from Moneypot to buy into the BetKing ICO back in June/July 2017.

Moneypot didn't let him withdraw and forced him to remain invested in Moneypot with the promise that if Moneypot didn't earn enough profit from player losses to pay back Maidenvoyage the full amount he lost (31 btc?) since investing in Moneypot that they would pay this amount from their own pocket.

If they didn't have 31 BTC then it was obvious that a site with no traffic would not generate enough profit to pay that back or that you could pay out of your own pocket with the huge increase in Bitcoin price from July to December.

It's now February and Moneypot didn't make enough profit to pay back Maidenvoyage and they haven't paid out of their own pocket either.

Since July Moneypot tried to do an ICO, presumabley this was the plan to raise the funds to pay back Maidenvoyage by December, but it failed to raise the amount needed and was cancelled.

Then there was the merge with MonsterByte that again, I assumed would pay Maidenvoyage his losses with the funds they raised in their own ICO but that doesn't seem to be the case and it looks like MonsterByte might not even own or want to work with MoneyPot now.

I can't see how Moneypot can ever recoup 140 Bitcoin to pay back Maidenvoyage, certainly not by some debt token for a site with no traffic.

I think that Moneypot should send all Bitcoin they own to an address and sign a message proving they own the funds.
If they don't want to make the address public for whatever reason I, Ryan or dooglus can verify the signature and at least Maidenvoyage can get an idea of the maximum he might be able to recoup based on the reserves Moneypot has.

[maidenvoyage]

Maidenvoyage was looking to withdraw ~109 Bitcoin from Moneypot to buy into the BetKing ICO back in June/July 2017.

Moneypot didn't let him withdraw and forced him to remain invested in Moneypot with the promise that if Moneypot didn't earn enough profit from player losses to pay back Maidenvoyage the full amount he lost (31 btc?) since investing in Moneypot that they would pay this amount from their own pocket.

If they didn't have 31 BTC then it was obvious that a site with no traffic would not generate enough profit to pay that back or that you could pay out of your own pocket with the huge increase in Bitcoin price from July to December.

It's now February and Moneypot didn't make enough profit to pay back Maidenvoyage and they haven't paid out of their own pocket either.

Since July Moneypot tried to do an ICO, presumabley this was the plan to raise the funds to pay back Maidenvoyage by December, but it failed to raise the amount needed and was cancelled.

Then there was the merge with MonsterByte that again, I assumed would pay Maidenvoyage his losses with the funds they raised in their own ICO but that doesn't seem to be the case and it looks like MonsterByte might not even own or want to work with MoneyPot now.

I can't see how Moneypot can ever recoup 140 Bitcoin to pay back Maidenvoyage, certainly not by some debt token for a site with no traffic.

I think that Moneypot should send all Bitcoin they own to an address and sign a message proving they own the funds.
If they don't want to make the address public for whatever reason I, Ryan or dooglus can verify the signature and at least Maidenvoyage can get an idea of the maximum he might be able to recoup based on the reserves Moneypot has.

Everything correct and a solution here "in the forum" of any kind surely might be welcome and more effective. Until then I prosecute MP through the legal system for this colossal loss and embezzlement.

[JackpotRacer]

Maidenvoyage was looking to withdraw ~109 Bitcoin from Moneypot to buy into the BetKing ICO back in June/July 2017.

Moneypot didn't let him withdraw and forced him to remain invested in Moneypot with the promise that if Moneypot didn't earn enough profit from player losses to pay back Maidenvoyage the full amount he lost (31 btc?) since investing in Moneypot that they would pay this amount from their own pocket.

If they didn't have 31 BTC then it was obvious that a site with no traffic would not generate enough profit to pay that back or that you could pay out of your own pocket with the huge increase in Bitcoin price from July to December.

It's now February and Moneypot didn't make enough profit to pay back Maidenvoyage and they haven't paid out of their own pocket either.

Since July Moneypot tried to do an ICO, presumabley this was the plan to raise the funds to pay back Maidenvoyage by December, but it failed to raise the amount needed and was cancelled.

Then there was the merge with MonsterByte that again, I assumed would pay Maidenvoyage his losses with the funds they raised in their own ICO but that doesn't seem to be the case and it looks like MonsterByte might not even own or want to work with MoneyPot now.

I can't see how Moneypot can ever recoup 140 Bitcoin to pay back Maidenvoyage, certainly not by some debt token for a site with no traffic.

I think that Moneypot should send all Bitcoin they own to an address and sign a message proving they own the funds.
If they don't want to make the address public for whatever reason I, Ryan or dooglus can verify the signature and at least Maidenvoyage can get an idea of the maximum he might be able to recoup based on the reserves Moneypot has.

Everything correct and a solution here "in the forum" of any kind surely might be welcome and more effective. Until then I prosecute MP through the legal system for this colossal loss and embezzlement.

thx also to you for confirming and taking full action

CHAPEAUX!

[CrazyCraig]

ATTENTION APP OWNERS

You are invited to try out the new app portal at: portal.moneypot.com

The new app portal provides app owners with app administration, app specific analytics, documentation and more.

The app portal is scoped directly to your app. If you are a member of two or more apps, you can switch easily  in the portal header.

Development is still on-going, but we invite you to try our early version and offer feedback. Screenshots.

portal.moneypot.com

V1 / PREVIOUS OWNERS

If you are interested in Migrating to the new MoneyPot with API V2, please contact me privately and I will re-enable your app and provide private 1x1 developer assistance.

There's lots of interesting stuff to come. Stay tuned!

[moneypot]

ATTENTION ALL MONEYPOT LEGACY USERS

All Moneypot Legacy users with an available balance are encouraged to initiate a cashout or transfer immediately from withdraw.moneypot.com

All cashouts requested have been processed and there are currently no pending withdrawals.  There are no balances remaining over 1 Bitcoin.

In 24 hours time, the server to withdraw.moneypot.com will be turned off.  After this date, all moneypot legacy users are encouraged to contact Support@Moneypot.com from their registered e-mail address to initiate a cashout following this format:


Username:
Registered E-mail Address:
Last Moneypot Bitcoin Address deposited to:
Last approximate log-in date:



Thank you for your cooperation and understanding.

[TwitchySeal]

Moneypot Inc. is aware of your claim that’s been filed. We believe we have an NDA in place on both sides and we are honouring that agreement in full. We will not publicly speak to any specifics, but will let the proper channels determine the final outcome.

We ask that you stop making wild speculations or false accusations in this public space.

Everything said by the official Moneypot account remains on track.  All other users that have an available balance are being paid out as explained previously.  All announcements made recently remain the same.

If you can't confirm or deny anything due to an NDA you should expect people to speculate. 
There can be no discussion without speculation.
Asking people to stop speculating is a huge red flag imo. 

[moneypot]

Moneypot Inc. is aware of your claim that’s been filed. We believe we have an NDA in place on both sides and we are honouring that agreement in full. We will not publicly speak to any specifics, but will let the proper channels determine the final outcome.

We ask that you stop making wild speculations or false accusations in this public space.

Everything said by the official Moneypot account remains on track.  All other users that have an available balance are being paid out as explained previously.  All announcements made recently remain the same.

If you can't confirm or deny anything due to an NDA you should expect people to speculate. 
There can be no discussion without speculation.
Asking people to stop speculating is a huge red flag imo. 

Please keep the topic on hand to encourage users to withdraw if they have an available balance.

[dooglus]

All Moneypot Legacy users with an available balance are encouraged to initiate a cashout or transfer immediately from withdraw.moneypot.com

In 24 hours time, the server to withdraw.moneypot.com will be turned off. 

I just tried this.

1) I logged in to the withdraw server, and saw my outstanding balance:



2) I clicked to "instantly" transfer my balance to the new MP. It told me my balance had been migrated:



3) I checked on the new MP and found that my balance was still empty:



So what's the deal? Is the transfer function broken, or just a bit slower than advertised?

I did see an option to withdraw on-chain but the fee is excessive. 500 bits for a transaction when the mempool is empty and transactions cost around 5 to 10 bits per output?

[moneypot]

Can you please try again? 

If you're still having difficulties, please let us know and we'll try to remedy the situation.   The transfer to NEW MP should be instantaneous when initiated.

[CrazyCraig]

So what's the deal? Is the transfer function broken, or just a bit slower than advertised?

I did see an option to withdraw on-chain but the fee is excessive. 500 bits for a transaction when the mempool is empty and transactions cost around 5 to 10 bits per output?

I just looked into this. Your balance still shows on the old platform. There has been a significant amount of successful migrations. I ask that you please try again as the queue service that executes it may have failed temporary. There was actually a migration 23 minutes ago, after which you would have tried.

Edit: I did not see your request even go through to the queue. Was there any errors in your browser console?

Id be more than happy to migrate this for you manually.

[dooglus]

Can you please try again? 

It worked when I tried it again.

[dooglus]

Edit: I did not see your request even go through to the queue. Was there any errors in your browser console?

I didn't think to look. I clicked the button 3 times before posting here, and all 3 times it popped up a message indicating that the migration had completed.

I guess the message must be generated client-side, and doesn't necessarily mean what it says.

I retried after moneypot's post here and it worked that time.

[moneypot]

Congratulations to user PickleRick for hitting a .5292 Bitcoin jackpot off of a 0.000015 btc bet on Bit-exo.com!

https://www.moneypot.com/bets/20933051

Congrats to PickleRick on hitting Jackpot 1 with a amount of 0.5292 BTC! Also congrats to Vuiltje on winning 0.0588 BTC for the biggest 24 hour wagered.

[BlockChainLottery]

Can support look at the withdrawals that are in_progress. Thanks you!