bustabit – The original crash game

[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.

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[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.

[CODE200]

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

This probably a second thought for @devans since he's already said that the burden of responsibility of managing Bustabit is going to be shaky in his hands currently. I do agree though that it's a good decision, if I'm in the same position and I have already a pretty good profit out of my business and someone offers me something that's really difficult to refuse and in exchange I would be relinquishing the management of a profitable business but I can afford to be on vacation in a year in any tropical country of my choosing? I'd definitely be taking that offer.

[Babquestion]

A few questions.


1. House edge will remain the same at 1%?

2. Is there any plans in the future to change any betting functionality such as max profit or max bet?

3. Will there be any plans in the future for KYC nonsense?

4. You mentioned the addition of a third party auditor, is that not redundant if the player can follow the hash chain and see crash results locally for themselves? What is the purpose of that addition?

[devans]

Just a quick update: Everything is going to plan with no unexpected problems. However, parts of the migration are taking longer than anticipated. We expect to bring bustabit back online first in the next few hours. Due to its database's size bustadice will likely need closer to 12 hours from now. Leo or I will update this thread again once we can provide a better estimate.

[devans]

1. House edge will remain the same at 1%?

2. Is there any plans in the future to change any betting functionality such as max profit or max bet?

3. Will there be any plans in the future for KYC nonsense?

4. You mentioned the addition of a third party auditor, is that not redundant if the player can follow the hash chain and see crash results locally for themselves? What is the purpose of that addition?

I can't speak for Leo, but I can answer some of these: The house edge and the game rules including how the max profit is calculated will remain unchanged. As before, players can verify the fairness of the game themselves without needing to trust the casino or ActuallyFair, so in that sense it is indeed redundant (in a positive sense). However, adding a third party mainly provides two advantages:

• ActuallyFair can verify games on behalf of players, sounding the alarm if anything doesn't check out and backing up the player in case of a dispute.
• Even with knowledge of the seed it is no longer possible to predict future rolls. This mitigates the risk of database server compromises, malicious hosting providers, rogue employees etc. for the casino.

The downsides are that the system is more complex and therefore more difficult to explain, especially to less-technical players, and that an outage at ActuallyFair could interrupt betting.

[husseinhere]

4. You mentioned the addition of a third party auditor, is that not redundant if the player can follow the hash chain and see crash results locally for themselves? What is the purpose of that addition?

I'll be acting as the third party, so perhaps I can speak to this.  What devans wrote above is a great answer.  But to add a bit more context, the main benefit of a third party auditor is actually for bustadice. On Bustadice ActuallyFair will be able to provide a significant amount of guarantees, this is because ActuallyFair is given and records all the bet information before the outcome is provided to bustadice. However in bustabit this is not possible because players are able to cashout after bustabit knows the crash point.

So more practically ActuallyFair was used to provide a lot of value to Bustadice, and it sort of just makes sense to use the same system for both even though the benefits to Bustabit are more minor.

[JollyGood]

As it has a proven track record it is unlikely for any issue to arise on the Bustabit server therefore third-party associates would most probably be where to look. If any outage were to happen at ActuallyFair (correct me if I am wrong) it would bring a cloud of uncertainty to all rounds that have finished on Bustabit until the connection was re-established.

The downsides are that the system is more complex and therefore more difficult to explain, especially to less-technical players, and that an outage at ActuallyFair could interrupt betting.

[husseinhere]

As it has a proven track record it is unlikely for any issue to arise on the Bustabit server therefore third-party associates would most probably be where to look. If any outage were to happen at ActuallyFair (correct me if I am wrong) it would bring a cloud of uncertainty to all rounds that have finished on Bustabit until the connection was re-established.

Before bustabit accepts any bets to a round, it connects to ActuallyFair and collects the piece of information it needs to calculate a game result (the bust point). Only then does the round open for bets.  So should ActuallyFair not be available, bustabit would be paused until it's able to connect.  If it was done in a different way (e.g. Bustabit could start without ActuallyFair) it would open the possibility of cheating (i.e. bustabit pretends it couldn't connect to ActuallyFair because it didn't like the roll outcome).

All that said, ActuallyFair has been specifically designed to be highly available. Customers are provisioned with their own dedicated instance, which is firewalled so only the customer can connect to it (i.e. making it immune to DDoS attacks and the like) , and it has automatic fallback in a different physical location. So I hope to not have to eat my words, but availability should be very, very good.

[leomedina]

Good news! both bustabit and bustadice are back online. Thanks for hanging in there. Let the fun begin! (while we continue monitoring things).

[Timetwister]

It's a good start for Bustabit players under the new owner.

Leo, do you plan to change anything, like any marketing campaigns to increase the wagered amount?

I'm surprised so much bankroll stayed, maybe Leo himself was a big investor.

[devans]

Now that bustabit is using Leo's hashchain I can publish the seed of mine: The hash of the chain's final game #10,000,000 would have been c7229ce894a08e1d382c14e8c3c02bb06bc3b11dac3b370de6909bdfad09f9f6. In case anyone is curious, the median multiplier across the entire chain is 1.97x. The median across the part that wasn't played (game #8,535,717 and up) is also 1.97x.

[darkheroo]

Now that bustabit is using Leo's hashchain I can publish the seed of mine: The hash of the chain's final game #10,000,000 would have been c7229ce894a08e1d382c14e8c3c02bb06bc3b11dac3b370de6909bdfad09f9f6. In case anyone is curious, the median multiplier across the entire chain is 1.97x. The median across the part that wasn't played (game #8,535,717 and up) is also 1.97x.

I actually was waiting for this. The golden hash! It's pretty crazy to think that anyone who could get access to this hash literally would have access to hundreds of millions of dollars.

Thanks for revealing the final hash, I was wondering if you'd do it. Very nice. You've been so amazing so far Daniel, thanks for everything.

[JollyGood]

Good news! both bustabit and bustadice are back online. Thanks for hanging in there. Let the fun begin! (while we continue monitoring things).

Congratulations on the successful transfer. Wishing you success in your endeavours.

I'm surprised so much bankroll stayed, maybe Leo himself was a big investor.

I am also surprised the numbers did not drop on par with the previous days when divestment seemed to be on the minds of investors because the sale was announced. The bankroll is just below 700 BTC therefore well above the 400 BTC I anticipated would be left when the transaction to transfer was going to be completed.