bustabit – The original crash game

[leomedina]

Hey! As Daniel has already mentioned, I will be overseeing bustabit's operations moving forward.

So, what's changing? In short, not much! I already have several improvements in mind and while Daniel has set the bar high, my goal is to largely continue operating bustabit as he has. However, as a result of the ownership change, it became necessary to generate a new hash chain, which you can find in bustabit's new provably fair seeding event.

I also took advantage of the opportunity and integrated ActuallyFair.com's Vx into our game result generation algorithm. This multi-party provably fair setup not only helps us have a more secure system, but also benefits players and investors. In addition, Actually Fair maintains transaction records of our games and verifies all games on behalf of our players.

We will continue to honor Bitcoin deposits to existing deposit addresses until June 1, 2024. After this date, they will become obsolete. Therefore, we ask that you stop depositing to your old deposit addresses by this date.

[VTC]

I've reached an agreement with Leo Medina to sell bustabit and bustadice. While most of you know him as the operator of MoneyPot, he's worked with me as part of our developer team behind the scenes for several years.

Here's what's happening:
Next Monday (February 26) at 15:00 UTC bustabit will go offline during its regular maintenance window and Leo will step in to take over. Because of the complicated nature of the transfer we expect the downtime to last longer than usual, up to a few hours. We will keep this thread updated with our progress.

What happens to bankroll investments?
I have reached out to all bankroll investors via email and asked those that do not want to remain invested in the bankroll to divest. Investors that I haven't been able to get in touch with by next week will be divested prior to the handover. It goes without saying that all users including investors are free to withdraw all their money at any time.

Hey Daniel,

Thanks for running the site the way you did!  Do you have a new project in mind or just plan to chill?

Also, double check if all emails to investors were correctly sent out, some accounts might have not got it. (Can DM me for more info)

[devans]

Thank you for the kind words, everyone 😊

Hey Daniel,

Thanks for running the site the way you did!  Do you have a new project in mind or just plan to chill?

Also, double check if all emails to investors were correctly sent out, some accounts might have not got it. (Can DM me for more info)

Assuming your bankroll stake was worth at least 1,000 bits (the minimum investment is 10,000 bits) an email should have went out to you at the same time I made the announcement. If you either DM your user name or your email address I'll double-check and get back to you via email.

Regarding my plans, for now I'm just going to take it easy for a while, but who knows what the future holds.

[Timetwister]

I don't get this sale. The business is valued based on returns, but returns will be much lower without Devans. Why would investors trust someone they don't know? Less bankroll will mean less money being wagered.

Devans is making something like 1.5 BTC A DAY as of now. He must be worth a lot by now, and probably has "enough", but I don't understand how this is better than delegating his Bustabit work as probably he had to sell the business for a very low multiple. He could pay someone $10,000 a day for running this and still make a killing.

[devans]

While it's true that the business is extraordinarily profitable, the financial aspect is secondary to me at this point. For me the sale is primarily about the responsibility that comes with owning bustabit and bustadice and the time commitment they require.

I could certainly save some time by hiring more staff, but some tasks cannot be delegated. For instance, I don't believe it's possible to reasonably give someone else full access to the database or game servers given how easy it would be for them to cheat bankroll investors without anyone ever knowing. So at a minimum I would continue to always be on call 24/7, involved in every server upgrade etc. That's not to mention that (IMHO) bustabit's success is at least in part due to me, its owner, being so accessible to players. I'm convinced bustabit would lose some of its appeal if it stopped being a "mom and pop" casino.

But even if somehow I could delegate everything and not have to spend any of my time at all, as the owner I would ultimately still consider myself responsible for players' and bankroll investors' money. That's not a burden I want to bear indefinitely. Of course I could have simply shut the casinos down, but that serves neither players, nor bankroll investors, nor myself well. Handing the reigns to Leo is the best thing I could do.

Some skepticism is natural, of course, but I remember that when I launched bustadice and later acquired bustabit I was virtually unknown and many people felt similarly about me. I like to think that I ended up doing alright and proving their concerns to be unfounded.

[Timetwister]

While it's true that the business is extraordinarily profitable, the financial aspect is secondary to me at this point. For me the sale is primarily about the responsibility that comes with owning bustabit and bustadice and the time commitment they require.

I could certainly save some time by hiring more staff, but some tasks cannot be delegated. For instance, I don't believe it's possible to reasonably give someone else full access to the database or game servers given how easy it would be for them to cheat bankroll investors without anyone ever knowing. So at a minimum I would continue to always be on call 24/7, involved in every server upgrade etc. That's not to mention that (IMHO) bustabit's success is at least in part due to me, its owner, being so accessible to players. I'm convinced bustabit would lose some of its appeal if it stopped being a "mom and pop" casino.

But even if somehow I could delegate everything and not have to spend any of my time at all, as the owner I would ultimately still consider myself responsible for players' and bankroll investors' money. That's not a burden I want to bear indefinitely. Of course I could have simply shut the casinos down, but that serves neither players, nor bankroll investors, nor myself well. Handing the reigns to Leo is the best thing I could do.

Some skepticism is natural, of course, but I remember that when I launched bustadice and later acquired bustabit I was virtually unknown and many people felt similarly about me. I like to think that I ended up doing alright and proving their concerns to be unfounded.

That's what I imagined, you have enough money and don't want to keep running it, so you sell it. I guess the valuation was quite low as profits are expected to drop, at least short term.

I don't have anything against Leo, I just don't know him, I was fine letting my investment grow over time because you ran this very well, I didn't just blindly trust you either from the beginning. How big was the bankroll in USD when you bought Bustabit?

[devans]

A little under 1,700 BTC or $20m at the time were invested into bustabit's bankroll on the first day.

[JollyGood]

Really?

Devans is making something like 1.5 BTC A DAY as of now.

[Timetwister]

Really?

Devans is making something like 1.5 BTC A DAY as of now.

You can estimate it from the casino's data: https://stats.bustabit.com/v2/bankroll_stats.csv

Now it's less as there have been some divestments, 1.5 BTC was at around 87% fee.

I wonder how much bankroll will be left, I'm debating whether to leave anything.

[TheUltraElite]

I wonder how much bankroll will be left, I'm debating whether to leave anything.

You are speculating that after the change of hands, the previous investors might pull out? There are drops in the bankroll happening already but I see the bright side of this, individual investors stake increases and their possibility of higher wins increase proportionately as the other investors cash out. Hence I am sticking with my same plan and not touching my investment at all.

Just want to point out that I made 4% gains from my 2months investment on Moneypot - had to cash out after their declared their shut down and Leo moving to BAB and BAD now. I have faith in Leo along with Daniel and Ryan, so I am at ease.

[Timetwister]

I wonder how much bankroll will be left, I'm debating whether to leave anything.

You are speculating that after the change of hands, the previous investors might pull out? There are drops in the bankroll happening already but I see the bright side of this, individual investors stake increases and their possibility of higher wins increase proportionately as the other investors cash out. Hence I am sticking with my same plan and not touching my investment at all.

Just want to point out that I made 4% gains from my 2months investment on Moneypot - had to cash out after their declared their shut down and Leo moving to BAB and BAD now. I have faith in Leo along with Daniel and Ryan, so I am at ease.

Sure, that's the good thing about staying, but I don't know Leo at all.

[JollyGood]

I did not look at the data, I am going by your figures and was surprised at the 1.5 BTC you mentioned. If you are right, he was making over 500 BTC per year and that is simply unbelievable. Well done to Daniel of course if those are a fair reflection of BTC he is making. I had no idea the profitability for the owner would have been that much.

Really?

Devans is making something like 1.5 BTC A DAY as of now.

You can estimate it from the casino's data: https://stats.bustabit.com/v2/bankroll_stats.csv

Now it's less as there have been some divestments, 1.5 BTC was at around 87% fee.

I wonder how much bankroll will be left, I'm debating whether to leave anything.

[Timetwister]

I did not look at the data, I am going by your figures and was surprised at the 1.5 BTC you mentioned. If you are right, he was making over 500 BTC per year and that is simply unbelievable. Well done to Daniel of course if those are a fair reflection of BTC he is making. I had no idea the profitability for the owner would have been that much.

Really?

Devans is making something like 1.5 BTC A DAY as of now.

You can estimate it from the casino's data: https://stats.bustabit.com/v2/bankroll_stats.csv

Now it's less as there have been some divestments, 1.5 BTC was at around 87% fee.

I wonder how much bankroll will be left, I'm debating whether to leave anything.

I just checked again and it's still at around 1.5 BTC a day. Really impressive, it's sad that he decided to sell this business.

[JollyGood]

Those are impressive figures indeed. Without doubt devans does not need to disclose all the details behind his decision (nobody should have to) for the sale but he certainly would have had good reason. The financial package must have been far too good to turn down and the timing must have been perfect.

I wish the new buyer success with his newly purchased business and also commend devans for running the business with an excellent reputation (including paying out once when the site was hacked).

I just checked again and it's still at around 1.5 BTC a day. Really impressive, it's sad that he decided to sell this business.

[shield132]

I did not look at the data, I am going by your figures and was surprised at the 1.5 BTC you mentioned. If you are right, he was making over 500 BTC per year and that is simply unbelievable. Well done to Daniel of course if those are a fair reflection of BTC he is making. I had no idea the profitability for the owner would have been that much.

It's even more impressive that there are some players on bustabit with as high net profit as 468 Bitcoin, 279 Bitcoin and etc. But there are also some with as low total loss as 1,278 Bitcoin, 726 Bitcoin...

To be fair, it's very sad to see bustabit being sold. It's impressive that website was generating 1.5 Bitcoin profit every day, it's just 77 477 USD per day at the moment. Imagine, you can buy a 100 sqm house in my country with that much money, imagine buying houses every day... As Daniel said, he should be in a point where money is secondary, it's just very sad for me to see another website from my childhood memories, that was looking the same for a decade, is changing hands and probably will become visually a completely new website. I know that will be done for better but I feel very nostalgic when I visit bustabit.

[xxjumperxx]

Bankroll reduced by by almost 900 Bitcoin. Wow

[Mahdirakib]

I just checked again and it's still at around 1.5 BTC a day. Really impressive, it's sad that he decided to sell this business.

I'm not sure how you are making the revenue calculation there, but is it the daily profit of Bustabit bankroll? Or is it the clean profit for Devans?

Bankroll reduced by by almost 900 Bitcoin. Wow

It was expected to happen. The bankroll was around 1,400 Bitcoin when I checked it yesterday. Leo have to work hard to regain the trust of Bustabit old investors.

[arallmuus]

I just checked again and it's still at around 1.5 BTC a day. Really impressive, it's sad that he decided to sell this business.

The offer is probably too high to even be turned down and with the bull run almost at the front door, its pretty much a good decision to sell it for all for btc then wait until the bull run comes knocking the market

Bankroll reduced by by almost 900 Bitcoin. Wow

Still a pretty huge amount If you ask me and Im kinda expecting that once everyone is divested, some people could still invested small portion back into the site which probably could be atleast 200-300 btc so that is way higher than the new MP's all time high bankroll I guess

[pascal257]

So leomedina's account is not even 12 months old and doesn't have any trust records.

Is anyone able to give some background about him? Especially regarding red flags?

Hey! As Daniel has already mentioned, I will be overseeing bustabit's operations moving forward.

So, what's changing? In short, not much! I already have several improvements in mind and while Daniel has set the bar high, my goal is to largely continue operating bustabit as he has. However, as a result of the ownership change, it became necessary to generate a new hash chain, which you can find in bustabit's new provably fair seeding event.

I also took advantage of the opportunity and integrated ActuallyFair.com's Vx into our game result generation algorithm. This multi-party provably fair setup not only helps us have a more secure system, but also benefits players and investors. In addition, Actually Fair maintains transaction records of our games and verifies all games on behalf of our players.

We will continue to honor Bitcoin deposits to existing deposit addresses until June 1, 2024. After this date, they will become obsolete. Therefore, we ask that you stop depositing to your old deposit addresses by this date.

[leomedina]

So leomedina's account is not even 12 months old and doesn't have any trust records.

Is anyone able to give some background about him? Especially regarding red flags?

Hey! As Daniel has already mentioned, I will be overseeing bustabit's operations moving forward.

So, what's changing? In short, not much! I already have several improvements in mind and while Daniel has set the bar high, my goal is to largely continue operating bustabit as he has. However, as a result of the ownership change, it became necessary to generate a new hash chain, which you can find in bustabit's new provably fair seeding event.

I also took advantage of the opportunity and integrated ActuallyFair.com's Vx into our game result generation algorithm. This multi-party provably fair setup not only helps us have a more secure system, but also benefits players and investors. In addition, Actually Fair maintains transaction records of our games and verifies all games on behalf of our players.

We will continue to honor Bitcoin deposits to existing deposit addresses until June 1, 2024. After this date, they will become obsolete. Therefore, we ask that you stop depositing to your old deposit addresses by this date.

Hey! I totally get the questions about trust. While my account might be new, I've been working with Daniel for several years on busta's software. Ran MoneyPot for ~7 months too.

My goal is to run a fair and honest casino, just like Daniel did. Trust takes time, but I'm here for the long haul 

Btw, feel free to hit me up anytime in the chat if you have any questions or just want to say hi.