bustabit – The original crash game

[devans]

Actually I don't invest in the bankroll at all. I also would have expected investors to divest a little by now. Using the same methodology I used earlier in the thread I reckon the expected annual returns are only around 6%, which doesn't seem that attractive given the risk.

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[JollyGood]

It is interesting you do not invest in the bankroll, that was a surprise. If investors have not divested could it be down to them being comfortable because of having a trust element in you and the way you run your business?

What would you say are the current percentage of players that are bankroll investors versus non-bankroll players? I have asked something similar in the past but with the current rate of estimated annual returns for investment (of just 6%) along with any risks involved when investors no longer hold their own keys. Not holding keys is clearly a risk even though Bustabit has an excellent reputation.

Actually I don't invest in the bankroll at all. I also would have expected investors to divest a little by now. Using the same methodology I used earlier in the thread I reckon the expected annual returns are only around 6%, which doesn't seem that attractive given the risk.

[devans]

I suspect it's either just inertia, lack of better investment opportunities or the hope that other investors might divest first. If the price stays at this level I can't imagine the bankroll remaining at this size, so I still expect some significant divestment in the next few weeks.

If you exclude small bankroll investments then there's not much overlap between players and investors at all. In other words, in general investors don't play and players don't invest.

[devans]

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.

[StackGambler]

Thank you for everything, Daniel.

You will be missed.

Welcome to the new bustabit.

[GamblingSiteFinder]

The end of an era. Thank you for everything, devans.

[Mahdirakib]

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.

Most of us weren't prepared to hear something like this. I'm wondering what is the primary reason of selling the trusted, reputable and well established platform where the house was continuously generating a good profit for the owners and investors! There will obviously some back gossip about this change of ownership, which may impact in the trust of Bustabit and Bustadice. Hopefully everything will work normally as it used to be. Leo has already gained the trust of a part of the gambling community with MoneyPot.

[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.

[darkheroo]

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.

Congratulations on the sale! Bustabit has been the gold standard in terms of trustworthiness, reliability, and security for the past 6 years, and redefined what it means to gamble on the internet in a safe, secure and provably fair way. Daniel is one of the most talented, smart and capable people in the Bitcoin space, and I have no doubt that he would only sell Bustabit to someone who he knows can take care of the ship just as well as him.

I look forward to see what Leo makes of Bustabit!

[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.