bustabit – The original crash game

[janggernaut]

Well... either way, it is very irresponsible to gamble with that amount of money. You would have been better off just depositing that amount of money into a Bank and just buying bitcoins with your interest and gambling with that. Sites like Freebitco.in give 4%+ interest per year that are paid out daily ... and some Banks or investment options can give you more.

So, if he deposited the proceeds of the 400 bitcoins into one of these options.. he would have received almost $250 000 interest p/a and about $25 000 per month to gamble with, without touching his 400 bitcoins. (People might say that is risky too, but I would rather gamble with the other people's (Bank) money than my own.)   

Those are his money, and he has choose to gambling it instead investing those money. I also think no one would ever deposited more than $9 million on freebitco.in or other investment site (no offense) no matter how big or small the return he will earn.

I think he should be know from the start if he gamble his money, he could lose all his money just like it happened few days ago

[1713908010]

1713908010

[Kakmakr]

He was up as much as 600+ one point and he ended up with about 300 in loss as well, we could say 1000 lost to round it up (more like about 940 from what I saw last). That is around 15 million dollars lost in gambling. Now I know you are going to say he was rich and all, I know you are going to say he has a lot more of that and he could afford to lose and so forth which I am fine with, yes he may actually have a lot more money aside and this wasn't maybe 10% of his money, he could be a total whale with hundreds of millions of dollars worth of money aside richer than many people we consider rich.

You are wrong. He was up almost 400 bitcoins as profit, and then he lose more than 600 bitcoins, that's why his stats is negative -297 bitcoins as you can see ny post above and Rhavar as well (His total losses was $9.2million)

Well... either way, it is very irresponsible to gamble with that amount of money. You would have been better off just depositing that amount of money into a Bank and just buying bitcoins with your interest and gambling with that. Sites like Freebitco.in give 4%+ interest per year that are paid out daily ... and some Banks or investment options can give you more.

So, if he deposited the proceeds of the 400 bitcoins into one of these options.. he would have received almost $250 000 interest p/a and about $25 000 per month to gamble with, without touching his 400 bitcoins. (People might say that is risky too, but I would rather gamble with the other people's (Bank) money than my own.)   

[xxjumperxx]

Well... either way, it is very irresponsible to gamble with that amount of money. You would have been better off just depositing that amount of money into a Bank and just buying bitcoins with your interest and gambling with that. Sites like Freebitco.in give 4%+ interest per year that are paid out daily ... and some Banks or investment options can give you more.

So, if he deposited the proceeds of the 400 bitcoins into one of these options.. he would have received almost $250 000 interest p/a and about $25 000 per month to gamble with, without touching his 400 bitcoins. (People might say that is risky too, but I would rather gamble with the other people's (Bank) money than my own.)   

Thats why its called gambling and not investing.  
Why do you think there is place called vegas, well because people like to gamble. They like to dream to win big money and its for entertainment.
Investing is a different topic and not even remotely comparable to Gambling.

So, if he deposited the proceeds of the 400 bitcoins into one of these options.. he would have received almost $250 000 interest p/a and about $25 000 per month to gamble with, without touching his 400 bitcoins. (People might say that is risky too, but I would rather gamble with the other people's (Bank) money than my own.)   Wink

At that point it wouldnt be the Banks money, it would still be your money youre gambling...

[Yogee]

.....
Thats why its called gambling and not investing.  
Why do you think there is place called vegas, well because people like to gamble. They like to dream to win big money and its for entertainment.
Investing is a different topic and not even remotely comparable to Gambling.

On point.

It fascinates me when casual gamblers or the so called "small fish" criticizes the gambling habits and strategies of these high rollers then recommends what they should or shouldn't do.

.....

This is not related to the topic but I can't help but notice this

How?

[xxjumperxx]

This is not related to the topic but I can't help but notice this

How?

Kakmakr deleted his post and reposted.
I quoted his post also and had to delete my post because it would have been a double post where he deleted his.

So I deleted mine also, and quoted his new post.
I dont know why he deleted it, because it had the exact same content. 

[Naida_BR]

Well anyone playing with those huge amounts should understand how much money he is putting at stake!
I think he was getting too comfortable for his own good.
He was getting lucky and lucky and just winning small shares by betting big. Obv chance would catch up with him and as we all saw, it did.

He will back with a different username, Im pretty sure.

It is also a fact that if you play huge amounts you are going to get a big return at some point.
Users usually see the returns and they do not care about the amount that someone might have lost till he get this big return. In the end, the profit that you get is less than the money that you have bet till you get it.

[bunglor]

Well anyone playing with those huge amounts should understand how much money he is putting at stake!
I think he was getting too comfortable for his own good.
He was getting lucky and lucky and just winning small shares by betting big. Obv chance would catch up with him and as we all saw, it did.

He will back with a different username, Im pretty sure.

that's what i'm thinking as well i don't think he will let that Bitcoins go away i think he will be coming back using different alias.

[xxjumperxx]

-snip-

that's what i'm thinking as well i don't think he will let that Bitcoins go away i think he will be coming back using different alias.

And thats how casinos become rich.
Gamblers that chase their losses

[ZZ8ZZ]

.....
Thats why its called gambling and not investing.  
Why do you think there is place called vegas, well because people like to gamble. They like to dream to win big money and its for entertainment.
Investing is a different topic and not even remotely comparable to Gambling.

On point.

It fascinates me when casual gamblers or the so called "small fish" criticizes the gambling habits and strategies of these high rollers then recommends what they should or shouldn't do.

Yep, it's the whale's money after all and they decide best what to do with them. I also find it kinda funny that people get mad at the "small fish" in the chat who start giving advice whenever a whale is betting. It's all human psychology and happens everywhere both in the online and offline world. Doesn't matter if it's an "advice" or "critique" or whatever, these "small fish" will always follow the whale until he's relevant. And since WangTang_v2's loss is still a hot topic, here is a video of his graph before he deleted the account: https://www.youtube.com/watch?v=1Ac-0_CrHGI

[SquallLeonhart]

We can't even try to understand how much he lost could mean to him. I understand that people try to make a calculation, like lets say if you own 100 million dollars and lost 10 million dollars that would be like you having 1000 dollars and losing 100 dollars. However I think it is not like that at all. When you have 1000 dollars and lose 100 dollars, you could simply go to work and save that money back up, 100 dollars is good enough to earn from salary and put aside if you can manage your financial situation, you can actually do that every week/month depending on how much you make. 10 million is not like that at all, you can't just earn 10 million dollars in salary, it would actually take years to recover it from safe investments as well, this is just at a whole another level that we can't even start to comprehend how much he lost. I hope he is doing better than many would because this is really a very upsetting situation for anyone in the world.

I agree that there is really nothing that we could ever compare it to, I mean losing 10 million dollars is not something many people could even understand in feeling, it is something unthinkable for billions of people around the world.

However we also have to realize that he didn't technically lost 10 million dollars, dude lost about 300 bitcoins, rest was from profit and I understand that if he took it out that money would have been his but if we are looking at only the loss, it is 300 bitcoins which is still around 4.5 million dollars or so, still nothing shy of being a huge whale in order to lose that much money. I would say he probably made some good investments that would recoup that eventually, even whatever amount of bitcoin he has could probably gain that much when bitcoin price goes up.

[JollyGood]

Regardless of investments and possible way to try to recoup the losses I think losing that amount of money (whether in Bitcoin or $4.5 million cash) is a huge blow to anybody. It must have a negative effect on the psyche. I think very few people would bet over $4 million at online casinos using a payment card or even by cash at the table at a top casino so why would someone bet it online using Bitcoin?

That in itself raises moral and ethical questions about whether online casinos should implement a stronger policy to cap user bets in order to try to suppress what might deemed as out-of-control or irregular betting which might be looked upon as addiction - some may agree and others may differ but casinos and online gambling sites do have responsibilities to their users.

We can't even try to understand how much he lost could mean to him. I understand that people try to make a calculation, like lets say if you own 100 million dollars and lost 10 million dollars that would be like you having 1000 dollars and losing 100 dollars. However I think it is not like that at all. When you have 1000 dollars and lose 100 dollars, you could simply go to work and save that money back up, 100 dollars is good enough to earn from salary and put aside if you can manage your financial situation, you can actually do that every week/month depending on how much you make. 10 million is not like that at all, you can't just earn 10 million dollars in salary, it would actually take years to recover it from safe investments as well, this is just at a whole another level that we can't even start to comprehend how much he lost. I hope he is doing better than many would because this is really a very upsetting situation for anyone in the world.

I agree that there is really nothing that we could ever compare it to, I mean losing 10 million dollars is not something many people could even understand in feeling, it is something unthinkable for billions of people around the world.

However we also have to realize that he didn't technically lost 10 million dollars, dude lost about 300 bitcoins, rest was from profit and I understand that if he took it out that money would have been his but if we are looking at only the loss, it is 300 bitcoins which is still around 4.5 million dollars or so, still nothing shy of being a huge whale in order to lose that much money. I would say he probably made some good investments that would recoup that eventually, even whatever amount of bitcoin he has could probably gain that much when bitcoin price goes up.

[Dalmar]

-snip-

that's what i'm thinking as well i don't think he will let that Bitcoins go away i think he will be coming back using different alias.

And thats how casinos become rich.
Gamblers that chase their losses

Chasing losses is the  beginning of the end, imagine restarting the same old loss circle several times during month
Wish there was no revenge feeling on our body cells or to temporarily froze the emotions on gambling...

[arwin100]

-snip-

that's what i'm thinking as well i don't think he will let that Bitcoins go away i think he will be coming back using different alias.

And thats how casinos become rich.
Gamblers that chase their losses

Chasing losses is the  beginning of the end, imagine restarting the same old loss circle several times during month
Wish there was no revenge feeling on our body cells or to temporarily froze the emotions on gambling...

It's really wrong to do that but we can't avoid it sometimes and it's surely strike us for so many times that's why we need to learn from it although it's hard since the adrenaline rush is different when we are playing but still we can practice ourself to avoid  stress out and enjoy the game, maybe for this we can satisfy ourselves and avoid to chase those losses.

[xxjumperxx]

Chasing losses is the  beginning of the end, imagine restarting the same old loss circle several times during month
Wish there was no revenge feeling on our body cells or to temporarily froze the emotions on gambling...

I catch myself chassing losses all the time, not so much in BAB. -> it has always failed!
But much more during Sportsbetting. I have gotten better and that has had a positive effect on my BR

[Emitdama]

.....
Thats why its called gambling and not investing.  
Why do you think there is place called vegas, well because people like to gamble. They like to dream to win big money and its for entertainment.
Investing is a different topic and not even remotely comparable to Gambling.

On point.

It fascinates me when casual gamblers or the so called "small fish" criticizes the gambling habits and strategies of these high rollers then recommends what they should or shouldn't do.

Yep, it's the whale's money after all and they decide best what to do with them. I also find it kinda funny that people get mad at the "small fish" in the chat who start giving advice whenever a whale is betting. It's all human psychology and happens everywhere both in the online and offline world. Doesn't matter if it's an "advice" or "critique" or whatever, these "small fish" will always follow the whale until he's relevant. And since WangTang_v2's loss is still a hot topic, here is a video of his graph before he deleted the account: https://www.youtube.com/watch?v=1Ac-0_CrHGI

I doubt that "small fish" giving advice could be anything bad, there are tons of people who are interested in finances and actually do very well with what they but unfortunately they do not have a decent income so they can't save much and that is why they can't do much for themselves and stay as a small fish but the reality is that they are actually good at what they are doing with the small amount they have.

Not all whales are smart about money neither, wang is a great example of this by losing hundreds of bitcoins in few minutes only, does that sound like something we can say "well it is his money, he can do whatever he wants" , well doing whatever he wants made him lose hundreds of coins which is a sure fire way to say he shouldn't have done whatever he wanted.

[Yogee]

.....
And since WangTang_v2's loss is still a hot topic, here is a video of his graph before he deleted the account: https://www.youtube.com/watch?v=1Ac-0_CrHGI

Damn! That's all I can say.

......
I doubt that "small fish" giving advice could be anything bad, there are tons of people who are interested in finances and actually do very well with what they but unfortunately they do not have a decent income so they can't save much and that is why they can't do much for themselves and stay as a small fish but the reality is that they are actually good at what they are doing with the small amount they have.

There's a reason why small fish remain small. Talking is one thing, putting money where your mouth is another. You see a lot of these financial advisors in the field of investments but how many of them are actually applying what they say? They talk about growing money from small investments but they can't do it themselves [particularly true with the bolded part].

Not all whales are smart about money neither, wang is a great example of this by losing hundreds of bitcoins in few minutes only, does that sound like something we can say "well it is his money, he can do whatever he wants" , well doing whatever he wants made him lose hundreds of coins which is a sure fire way to say he shouldn't have done whatever he wanted.

Hehe. Really fascinating.

[NotATether]

Regardless of investments and possible way to try to recoup the losses I think losing that amount of money (whether in Bitcoin or $4.5 million cash) is a huge blow to anybody. It must have a negative effect on the psyche. I think very few people would bet over $4 million at online casinos using a payment card or even by cash at the table at a top casino so why would someone bet it online using Bitcoin?

That in itself raises moral and ethical questions about whether online casinos should implement a stronger policy to cap user bets in order to try to suppress what might deemed as out-of-control or irregular betting which might be looked upon as addiction - some may agree and others may differ but casinos and online gambling sites do have responsibilities to their users.

Considering how most casinos have wagering limits per bet, usually 10BTC or such, I’m pretty surprised that Bustabit has no wagering limits of its own (based on what I read on the last few pages of this thread, as I never played there).

It’s actually risky for casinos to allow such high bets, because several of these bets made at the same time win large amounts of BTC and normal odds could bankrupt the casinos if they all win. Limits are put in place so whales can’t make huge bets like that for which the casino may not have enough liquidity for paying out and still have enough money to cover operating expenses of the rest of the bets for the day.

[JollyGood]

The risk is definitely there for online casinos and gambling websites if there is a massive win but it also has plenty of problems for gamblers too. With almost no checks and balances in place to cap the amounts being bet by individuals it does create moral and ethical issues as I mentioned in my previous post.

I wonder if devans would consider adding some of cap to amount any given user could bet within a certain period such as 24 hours or 7 days or calendar month and regardless of whether it is considered it would be valuable feedback to hear from devans about his views on placing caps on user bets in general.

Regardless of investments and possible way to try to recoup the losses I think losing that amount of money (whether in Bitcoin or $4.5 million cash) is a huge blow to anybody. It must have a negative effect on the psyche. I think very few people would bet over $4 million at online casinos using a payment card or even by cash at the table at a top casino so why would someone bet it online using Bitcoin?

That in itself raises moral and ethical questions about whether online casinos should implement a stronger policy to cap user bets in order to try to suppress what might deemed as out-of-control or irregular betting which might be looked upon as addiction - some may agree and others may differ but casinos and online gambling sites do have responsibilities to their users.

Considering how most casinos have wagering limits per bet, usually 10BTC or such, I’m pretty surprised that Bustabit has no wagering limits of its own (based on what I read on the last few pages of this thread, as I never played there).

It’s actually risky for casinos to allow such high bets, because several of these bets made at the same time win large amounts of BTC and normal odds could bankrupt the casinos if they all win. Limits are put in place so whales can’t make huge bets like that for which the casino may not have enough liquidity for paying out and still have enough money to cover operating expenses of the rest of the bets for the day.

[StackGambler]

In case other people are wondering, there are reports from 10+ users in my server that bustabit is down / not connecting

Edit: it's back up now

[StackGambler]

The risk is definitely there for online casinos and gambling websites if there is a massive win but it also has plenty of problems for gamblers too. With almost no checks and balances in place to cap the amounts being bet by individuals it does create moral and ethical issues as I mentioned in my previous post.

I wonder if devans would consider adding some of cap to amount any given user could bet within a certain period such as 24 hours or 7 days or calendar month and regardless of whether it is considered it would be valuable feedback to hear from devans about his views on placing caps on user bets in general.

Regardless of investments and possible way to try to recoup the losses I think losing that amount of money (whether in Bitcoin or $4.5 million cash) is a huge blow to anybody. It must have a negative effect on the psyche. I think very few people would bet over $4 million at online casinos using a payment card or even by cash at the table at a top casino so why would someone bet it online using Bitcoin?

That in itself raises moral and ethical questions about whether online casinos should implement a stronger policy to cap user bets in order to try to suppress what might deemed as out-of-control or irregular betting which might be looked upon as addiction - some may agree and others may differ but casinos and online gambling sites do have responsibilities to their users.

Considering how most casinos have wagering limits per bet, usually 10BTC or such, I’m pretty surprised that Bustabit has no wagering limits of its own (based on what I read on the last few pages of this thread, as I never played there).

It’s actually risky for casinos to allow such high bets, because several of these bets made at the same time win large amounts of BTC and normal odds could bankrupt the casinos if they all win. Limits are put in place so whales can’t make huge bets like that for which the casino may not have enough liquidity for paying out and still have enough money to cover operating expenses of the rest of the bets for the day.

Why on earth would a casino limit bets when its entire purpose is to maximize wagered volume?

Also, there is a check in place, it's called a round max profit which is Kelly compliant