bustabit – The original crash game

[suchmoon]

I think it was 2013 or 2014, and there was this dude BBmmBB

Oooohhh this brings back some crazy memories... It must have been 2014 or later, I remember him and I registered in 2014. That nutcase had a thing for dooglus too as I remember. But he could barely put together a one-line post. This flashpan wall-of-text seems different.

Edit - found the BB guy: https://bitcointalk.org/index.php?action=profile;u=375258;sa=showPosts

[RHavar]

Edit - found the BB guy: https://bitcointalk.org/index.php?action=profile;u=375258;sa=showPosts

Ah, that brings back memories. At least I feel like time has proven I'm not Ryan Moolah, considering that since then he has reportedly been jailed

A vicious sex fiend who emotionally controlled three women before raping them has been jailed for 11 years.

and I assume they don't get internet access there

[RealMalatesta]

Edit - found the BB guy: https://bitcointalk.org/index.php?action=profile;u=375258;sa=showPosts

Ah, that brings back memories. At least I feel like time has proven I'm not Ryan Moolah, considering that since then he has reportedly been jailed

The funniest bit was the fact that you felt attacked because "my productivity must be so low that I was capable of managing dozen casinos" lol, as if you are not bothered by the fact that he thinks you are a scammer because you know you are not a scammer and there is no person on earth could prove that you are a scammer so you are not bothered by that at all, but the fact that someone assumed you could actually run so many casinos means that you were working very little on each of them made you a bit upset about this lol, that is funny.

We all know dude is just a weird one, there are ones like that out there constantly, remember game-protect? Dude literally spent hours every single day attacking on casinos for years, that seemed as bad as it gets and one would need zero life in order to be able to do that, but we are over that too thankfully, this will pass too.

[micky123]

Atleast 1 thing for sure you must know is, Ryan , Daniel, Dooglus aren't alt or same person

I think it was 2013 or 2014, and there was this dude BBmmBB (aka owlman or something) and was rather obsessed about proving that virtually all the bitcoin casino owners were the same person. Guy always ended up getting to me, I spent hours arguing with his incoherent accusations in the chat and forums ... and made me feel a little unappreciated that my productivity is apparently so low that someone thinks I must be running half a dozen sites with all different alts ><

haha, the good old days, i remember this retard, screaming all over the Gambling sub-topic. Poor doogs tried to explain to him as nice as possible, but i guess he was just a retard and always high on drugs.

[GamblingSiteFinder]

Just a heads up to all bankroll investors that Bustabit's commission rate has changed:

The commission rate is calculated by converting the bankroll to special drawing rights (XDR), then dividing the result by 55,000,000 XDR. The reference exchange rates for Bitcoin and special drawing rights are updated every 24 hours and are made available at /bankroll_stats.csv.

[DarkStar_]

Just a heads up to all bankroll investors that Bustabit's commission rate has changed:

The commission rate is calculated by converting the bankroll to special drawing rights (XDR), then dividing the result by 55,000,000 XDR. The reference exchange rates for Bitcoin and special drawing rights are updated every 24 hours and are made available at /bankroll_stats.csv.

Looks like the commission rate is 79.1% right now:


I wonder how quickly it'll drop, or if a lot of investors will just keep holding waiting for other investors to divest.

[micky123]

Just a heads up to all bankroll investors that Bustabit's commission rate has changed:

The commission rate is calculated by converting the bankroll to special drawing rights (XDR), then dividing the result by 55,000,000 XDR. The reference exchange rates for Bitcoin and special drawing rights are updated every 24 hours and are made available at /bankroll_stats.csv.

Looks like the commission rate is 79.1% right now:


I wonder how quickly it'll drop, or if a lot of investors will just keep holding waiting for other investors to divest.

I am playing the waiting game, although my investment isn't very significant.

[justdimin]

I am playing the waiting game, although my investment isn't very significant.

I think most "smart" people will do that, if we do wait a lot we are not going to make any decent profit for a long period of time but in the end we are going to end up in profit eventually, it is not going to be in a day but we are going to profit more than other people if we wait.

Think about it this way, this system was built because investors wasn't making enough money because there was 3x more than needed money all around, who cares about what is going to happen with 100% situation because that is not what we are waiting, if that 3x drops to what is actually needed for us then we should be capable of waiting as much as we can, sure some people will have to leave for us to reach there but I believe we are going to reach there eventually and that is what will make us work amazingly as well, I think that is basically us telling others "I am not leaving, you leave!" to make more profit later.

[malevolent]

I wouldn't expect any significant divestment until the changes come into effect or right until before then. Currently we'd need to see a divestment of about 1,400 BTC after the change to bring the commission rate back down to 50%. More will be required eventually if Bitcoin's price remains at this level or continues to increase, but since the calculation uses a 360-day moving average that will happen gradually.

If the divestment isn't as high as anticipated, perhaps info about estimated ROI (of a given investment, ceteris paribus) could be added.

[tygeade]

I wouldn't expect any significant divestment until the changes come into effect or right until before then. Currently we'd need to see a divestment of about 1,400 BTC after the change to bring the commission rate back down to 50%. More will be required eventually if Bitcoin's price remains at this level or continues to increase, but since the calculation uses a 360-day moving average that will happen gradually.

If the divestment isn't as high as anticipated, perhaps info about estimated ROI (of a given investment, ceteris paribus) could be added.

There is no situation where it is not as high as anticipated, if that happens we are really screwed, like it would all go to devans as a punishment for investing too much and if people are fine with that only one that will gain from this would be devans, nobody would gain from this. Obviously people do not want to be the one to get out, if I am in this and if it will go back to what it was, I will profit from this, and why would I get out of something that I will profit?

Plus, the money that is taken out is the profit that I should be getting, so my money is still doing fine, not like I am paying to stay here, hence there is no loss neither, that is why I am not getting out, and others may not as well, but if not enough people do not get out, that is going to be hurting the situation a lot for all of us, that is why I think we have to get out eventually, one way or another.

[Timetwister]

I wouldn't expect any significant divestment until the changes come into effect or right until before then. Currently we'd need to see a divestment of about 1,400 BTC after the change to bring the commission rate back down to 50%. More will be required eventually if Bitcoin's price remains at this level or continues to increase, but since the calculation uses a 360-day moving average that will happen gradually.

If the divestment isn't as high as anticipated, perhaps info about estimated ROI (of a given investment, ceteris paribus) could be added.

There is no situation where it is not as high as anticipated, if that happens we are really screwed, like it would all go to devans as a punishment for investing too much and if people are fine with that only one that will gain from this would be devans, nobody would gain from this. Obviously people do not want to be the one to get out, if I am in this and if it will go back to what it was, I will profit from this, and why would I get out of something that I will profit?

Plus, the money that is taken out is the profit that I should be getting, so my money is still doing fine, not like I am paying to stay here, hence there is no loss neither, that is why I am not getting out, and others may not as well, but if not enough people do not get out, that is going to be hurting the situation a lot for all of us, that is why I think we have to get out eventually, one way or another.

What about opportunity costs? I don't get why people are still invested.

[RHavar]

What about opportunity costs? I don't get why people are still invested.

I'm not sure the opportunity costs are that high? I divested a fair chunk when the new commissions came in, but all that is just now sitting in my trezor making 0 returns. I literally don't even know what else to do with the bitcoin -- and if I did -- I can immediately divest from busta* for it.

For me at least, it just boils down to trying to guess the ROI (which is very hard if you try consider counterparty risk) and then apportioning my investment based on that (e.g. kelly my total investable networth).

So the way I figure it, it's still marginally profitable to stay in the bankroll, but if you have any suggestions of better uses of my bitcoin (while still being exposed to btc price), I'm all ears

[Lakai01]

So the way I figure it, it's still marginally profitable to stay in the bankroll, but if you have any suggestions of better uses of my bitcoin (while still being exposed to btc price), I'm all ears

I saw a tweet last week, someone doubles the BTC you send them and sends the BTC back. It works, someone said it in the comments!!! ... What could possibly go wrong? 

All kidding aside, all the investment options I know of require that you send the BTC to an exchange or similar service. At the current price of BTC, I would think twice about whether the few percent return is even worth it. The risk is quite high that the exchange is "hacked" or the BTC is stolen in some other way.

[devans]

More than 500 BTC net have been divested since the change came into effect, though admittedly that's less than I had expected. Whether that's because investors are "playing chicken" with each other or their demanded rate of return is lower than I assumed is hard to say. In any case, I have no doubt that the bankroll will eventually reach a saner size as commission rate continues to increase to match Bitcoin's price.

Regarding alternatives: I've seen some interest-bearing accounts for Bitcoin, but none that offer more than 3% per year. IMO that's way too low to justify the risks, though, especially the significant counterparty risk.

[Jungian]

More than 500 BTC net have been divested since the change came into effect, though admittedly that's less than I had expected. Whether that's because investors are "playing chicken" with each other or their demanded rate of return is lower than I assumed is hard to say. In any case, I have no doubt that the bankroll will eventually reach a saner size as commission rate continues to increase to match Bitcoin's price.

Regarding alternatives: I've seen some interest-bearing accounts for Bitcoin, but none that offer more than 3% per year. IMO that's way too low to justify the risks, though, especially the significant counterparty risk.

Ledn.io is 6%

BlockFi is 6% on your first 2.5 BTC

Celsius is 4.2% I think

[Webetcoins]

There is nothing we can do from this point forward, there is a "penalty" situation in place that makes people not earn money at all and I am sure people will leave because of that, maybe they will come back when it is lower but I do not think that we will see it any higher anymore, who would want to put money into a place that they pay money to get in, but make no money while there? It is like an expensive wallet that takes money from you while getting in.

This is why I think people will slowly take their money out, even if at the pace of old days, but people will not put money in, that is the crucial part. You guys all talk about how people should leave but you do not talk enough about how people do not get in, that is the most important part of this. I do not think that we will see anything that will change much quickly, but slowly we are going to get there.

[tygeade]

What about opportunity costs? I don't get why people are still invested.

I'm not sure the opportunity costs are that high? I divested a fair chunk when the new commissions came in, but all that is just now sitting in my trezor making 0 returns. I literally don't even know what else to do with the bitcoin -- and if I did -- I can immediately divest from busta* for it.

For me at least, it just boils down to trying to guess the ROI (which is very hard if you try consider counterparty risk) and then apportioning my investment based on that (e.g. kelly my total investable networth).

So the way I figure it, it's still marginally profitable to stay in the bankroll, but if you have any suggestions of better uses of my bitcoin (while still being exposed to btc price), I'm all ears

I can't speak on your behalf because you may like it or may not like it. However for general population I can tell you that these days there are staking that people can profit from. This could be staking as simple as proof of stake coins that you buy, which is not bitcoin but still higher level coins, and it could also be defi staking and LP as well. Those provide a great deal of return, in fact I am making over 120 dollars per day on my 10k investment in some coin right now, and the coin itself increased over 4x during that period as well.

This doesn't mean that it will go like this forever, it could change very quickly, but at least I am making a profit. So in altcoins, there are less risky or high risk stuff that you could make a good return from and some people divest for that. But even with that idea, I still do not divest from here, my money here will always stay, even if it doesn't bring me any profit, I just like it here way too much.

[SquallLeonhart]

More than 500 BTC net have been divested since the change came into effect, though admittedly that's less than I had expected. Whether that's because investors are "playing chicken" with each other or their demanded rate of return is lower than I assumed is hard to say. In any case, I have no doubt that the bankroll will eventually reach a saner size as commission rate continues to increase to match Bitcoin's price.

Regarding alternatives: I've seen some interest-bearing accounts for Bitcoin, but none that offer more than 3% per year. IMO that's way too low to justify the risks, though, especially the significant counterparty risk.

I know this is bitcoin investment here, but alternative doesn't have to be bitcoin neither. Even ETH regular staking is around 6% right now, and like jungian said there are few that gives similar for bitcoin as well. And if you go towards BNB, there are places that give 100%+ in the defi world, so there are many alternatives. The point here is that this place is more trustworthy, not because it is profitable. Sure this place made people a lot of money but there has been places in the defi world where people turned 16k into 1.6 million dollars, and there were places where everyone got scammed.

Bustabit is not and never was the most profitable place, we never came in here for the money, we came in here because we knew that even though it is a tiny profit, at least it is guaranteed, and for the long term I made a good profit and that is why I am not leaving, because I know that I will profit one way or another, there are many other places that can 10x my profit if I get in at the right time and if I am lucky, but I won't take that risk.

[JollyGood]

How much did you invest in the Bustabit bankroll?

I know this is bitcoin investment here, but alternative doesn't have to be bitcoin neither. Even ETH regular staking is around 6% right now, and like jungian said there are few that gives similar for bitcoin as well. And if you go towards BNB, there are places that give 100%+ in the defi world, so there are many alternatives. The point here is that this place is more trustworthy, not because it is profitable. Sure this place made people a lot of money but there has been places in the defi world where people turned 16k into 1.6 million dollars, and there were places where everyone got scammed.

Bustabit is not and never was the most profitable place, we never came in here for the money, we came in here because we knew that even though it is a tiny profit, at least it is guaranteed, and for the long term I made a good profit and that is why I am not leaving, because I know that I will profit one way or another, there are many other places that can 10x my profit if I get in at the right time and if I am lucky, but I won't take that risk.

[janggernaut]

Bustabit is not and never was the most profitable place, we never came in here for the money, we came in here because we knew that even though it is a tiny profit, at least it is guaranteed, and for the long term I made a good profit and that is why I am not leaving, because I know that I will profit one way or another, there are many other places that can 10x my profit if I get in at the right time and if I am lucky, but I won't take that risk.

I disagree. No matter what place you invested your money, the chance of losing is always there too. There is no guarantee you will ended up profit even though you have invested in bustabit or other site. Which place you can make profit 10x from your money? I don't think there is a place like that.