bustabit.com -- The Social Gambling Game

[CarlesPuyol]

Great day for some rollers today.
Finnaly I aslo took home some coins from Ryan 

[Erza]

Is there any minimum for cashout??
And do we need to wait for a long time?? and also what if we tip people, does it cost 100 bits?

I guess you can directly check the site, it said everything well there so simply check the site before you posted in here

[Dennis7777]

Is there any minimum for cashout??
And do we need to wait for a long time?? and also what if we tip people, does it cost 100 bits?

Minimum cashout is 200 bits. The withdrawal is handled automatically and immediately as long as the hot wallet is not empty.
I don't think you can tip another user at the moment.

[birdcat90]

Ryan,,does all of moneypot game using same algorithm??

or its all depend of the site? because i want to know, what the chance to get 30 red streak on 2x payout between bustabit and another game..

[RHavar]

Ryan,,does all of moneypot game using same algorithm??

or its all depend of the site? because i want to know, what the chance to get 30 red streak on 2x payout between bustabit and another game..

No, they're all completely different. The chance of losing 30 in a row on bustabit would 1 in 1,683,362,473. While on a 1% house edge dice site might be 1,451,590,215. Although one thing to consider with bustabit, is even if you lose you are still eligible for bonuses. So the actual house edge on bustabit is about 0.5% when playing at 2x.  While on MP games, the house edge is configurable by the app developer.

[RHavar]

Pretty exciting day today at bustabit. Over 1000 BTC wagered, with both some really big winners and losers, and some good bonus hunting opportunities.

[Jungian]

Do you plan on adding investment to bustabit? Would be a nice inclusion to moneypot and probably drive a lot of action

[ranlo]

Do you plan on adding investment to bustabit? Would be a nice inclusion to moneypot and probably drive a lot of action

I asked this as well. He said there's nothing set yet, but that he'd like to do something in the future.

[FrozenOne]

Do you plan on adding investment to bustabit? Would be a nice inclusion to moneypot and probably drive a lot of action

Can't they invest in bustabit THROUGH moneypot? The app is designed to bankroll multiple sites including bustabit. Why would he want to set up individual investment just for bustabit which would likely decrease the usage of moneypot for bustabit which would decrease the total bankroll in moneypot which would not bode well for the app in my opinion. If anything, bustabit is helping to keep the bankroll or IS keeping the bankroll in moneypot alive.

[Jungian]

Do you plan on adding investment to bustabit? Would be a nice inclusion to moneypot and probably drive a lot of action

Can't they invest in bustabit THROUGH moneypot? The app is designed to bankroll multiple sites including bustabit. Why would he want to set up individual investment just for bustabit which would likely decrease the usage of moneypot for bustabit which would decrease the total bankroll in moneypot which would not bode well for the app in my opinion. If anything, bustabit is helping to keep the bankroll or IS keeping the bankroll in moneypot alive.

That's why I said "would be a nice inclusion to moneypot", because it isn't there.

https://www.moneypot.com/apps

[ranlo]

Do you plan on adding investment to bustabit? Would be a nice inclusion to moneypot and probably drive a lot of action

Can't they invest in bustabit THROUGH moneypot? The app is designed to bankroll multiple sites including bustabit. Why would he want to set up individual investment just for bustabit which would likely decrease the usage of moneypot for bustabit which would decrease the total bankroll in moneypot which would not bode well for the app in my opinion. If anything, bustabit is helping to keep the bankroll or IS keeping the bankroll in moneypot alive.

That's why I said "would be a nice inclusion to moneypot", because it isn't there.

https://www.moneypot.com/apps

He also made a comment a few days ago stating that MP and BAB are separate (he personally bankrolls BAB, not MP).

[Buziss]

Do you plan on adding investment to bustabit? Would be a nice inclusion to moneypot and probably drive a lot of action

Can't they invest in bustabit THROUGH moneypot? The app is designed to bankroll multiple sites including bustabit. Why would he want to set up individual investment just for bustabit which would likely decrease the usage of moneypot for bustabit which would decrease the total bankroll in moneypot which would not bode well for the app in my opinion. If anything, bustabit is helping to keep the bankroll or IS keeping the bankroll in moneypot alive.

That's why I said "would be a nice inclusion to moneypot", because it isn't there.

He probably won't do that, because the current max profit is high enough (I don't see any bet getting close to that) and more importantly he don't want to share the profit with other investors.

[ranlo]

Do you plan on adding investment to bustabit? Would be a nice inclusion to moneypot and probably drive a lot of action

Can't they invest in bustabit THROUGH moneypot? The app is designed to bankroll multiple sites including bustabit. Why would he want to set up individual investment just for bustabit which would likely decrease the usage of moneypot for bustabit which would decrease the total bankroll in moneypot which would not bode well for the app in my opinion. If anything, bustabit is helping to keep the bankroll or IS keeping the bankroll in moneypot alive.

That's why I said "would be a nice inclusion to moneypot", because it isn't there.

He probably won't do that, because the current max profit is high enough (I don't see any bet getting close to that) and more importantly he don't want to share the profit with other investors.

He already said he hopes to add an investment feature to the site, so I'm not sure where you're getting your information from. I wouldn't speak for him unless you know what he's already said, .

[arallmuus]

more importantly he don't want to share the profit with other investors.

Not true at all, I read this once on Bustabit's chatbox that he will be planning to put up investment feature in the future as the reasoning behind this would be that he rather wants to get little profit by risking a bit of his BTC rather than getting all of it by risking a whole lot BTC ( another person that read this could confirm this as well )

he personally bankrolls BAB, not MP

He got 100 BTC in Moneypot to help it serve the needs of the high roller but will take it out once Moneypot manage to get more investment from public

That's why I said "would be a nice inclusion to moneypot", because it isn't there.

https://www.moneypot.com/apps

It wont be possible for now. I've had conversation with Ryan before regarding this and bustabit is a non atomic game and the current moneypot's API will only serve for the atomic game ( 1 click - get - result game ). However he intended to make an API for non atomic game as well but there is no statement yet regarding if he will bring in bustabit to moneypot once the API is ready

[Buziss]

He already said he hopes to add an investment feature to the site, so I'm not sure where you're getting your information from. I wouldn't speak for him unless you know what he's already said, .

Not true at all, I read this once on Bustabit's chatbox that he will be planning to put up investment feature in the future as the reasoning behind this would be that he rather wants to get little profit by risking a bit of his BTC rather than getting all of it by risking a whole lot BTC ( another person that read this could confirm this as well )

I didn't know that. Thanks for your information.

I probably got the (wrong) impression that the current max profit is high enough from https://bitcointalk.org/index.php?topic=709185.msg11979078#msg11979078 that he is reducing the max profit.

[RHavar]

Just to clarify the investment situation. Currently I do privately bankroll it, and would be interested in taking investors in the future of some shape to increase the max-win and max-bet. I have unfortunately had to (multiple-times) turn back larger players interested in raising the limits, simply because the limits are too low. The reason I have in the past (and continue to) take money out of the bankroll on occasion is just to reduce the amount of money I have at risk and spend on expenses and what not.

As arallmuus said, the moneypot investment feature isn't very suitable for bustabit as bustabit is very non-atomic, and moneypot allows investors to invest and divest at all times (including other constraints) which make it difficult. It's worth noting at the moment, bustabit is 100% separate from MoneyPot with the only common thing a shared owner =)

[RHavar]

All this said, if I accept investment it will prefer to not use the "bankroll investment" system. I tried that on MoneyPot, however am not particularly satisfied with how it shares the various risks and rewards among investors and operator. One model that I'd prefer to try, is selling equity shares where money from the equity sale goes to fund the bankroll. If the company believes the shares are undervalued, it could use money from the bankroll to buy-back some of the shares and likewise if it needs to increase it's bankroll it could sell off more of itself.  And when money is to be taken out of the bankroll, it'll be through dividends on the share.

Probably the biggest thing stopping me, at the moment is just the lack of a robust secondary market for such shares. I haven't heard great things about havelock and crypostocks, and would like to avoid using some altcoin based approach. I read the OpenAssets specification, and it looks quite appealing but without a great secondary exchange it's a bit too difficult.

If anyone has any suggestions or experience, I'd be interested in hearing it.

[RHavar]

And we have blastoff!

[chriswen]

An equity share idea is a good idea. And this way you don't even need to take a cut, you just own all the shares.

One thing is that you need to make it transparent what one equity share is worth.

And actually one thing with equity shares is that you have the chance to lose money. It's actually a completely different business model. With something like Just-dice your money is completely liquid. It's like a savings account, you make profit when the casino wins. And you give a chunk of those profits to the bank.

But an equity is completely different. What you're buying takes into account future returns it's not just based on net value. While you're not taking a 10% cut you'll be selling the premium which could be high.

One thing I want clarification about is the difference you'll make in the company and you. Currently you have a 100% stake in the bankroll. When the company decides to sell shares will they be selling new shares or selling your shares? When the company buys shares, will dividends on those shares be going towards the companies NAV or will the be distributed to you?

EDIT: I think bittrex and poloniex support having coloured coins on their exchange.

[RHavar]

First of all, I'll just make it clear this is purely hypothetical. I haven't yet decided anything

An equity share idea is a good idea. And this way you don't even need to take a cut, you just own all the shares.

One thing is that you need to make it transparent what one equity share is worth.

Well, that is something the market would need to decide. But I would be totally transparent about networth, bankroll, etc

For instance, someone recently won almost 30 BTC which reduces our assets by that amount. But it's unclear how that would affect a share valuation (perhaps it's so fuzzy that it makes no impact, perhaps people panic sell, perhaps people buy as it's a sign of healthy activity).

And actually one thing with equity shares is that you have the chance to lose money. It's actually a completely different business model. With something like Just-dice your money is completely liquid. It's like a savings account, you make profit when the casino wins. And you give a chunk of those profits to the bank.

But an equity is completely different. What you're buying takes into account future returns it's not just based on net value. While you're not taking a 10% cut you'll be selling the premium which could be high.

Yes, that's a big difference. I would only be interested if there could be a robust secondary market, but a large amount of the value will be derived from expected future returns.

One thing I want clarification about is the difference you'll make in the company and you. Currently you have a 100% stake in the bankroll. When the company decides to sell shares will they be selling new shares or selling your shares? When the company buys shares, will dividends on those shares be going towards the companies NAV or will the be distributed to you?

I'm open to suggestions, but I was thinking that I would start off with 100% equity (what I currently have) and have the company start issuing shares, which it sells on the market. The money the company raises will get put into the bankroll, which will in-turn increase the casino limits. Then I could personally buy or sell, just like any other investor. If the company is holding shares at the time of dividends, the money would just go towards the NAV.

EDIT: I think bittrex and poloniex support having coloured coins on their exchange.

Ohh! I didn't know. I'll check that out now, that's great to hear

Edit: bittrex is out:

Note that we cannot list currencies where its primary purpose is to support gambling, illegal drug sales, or any other activity that is illegal in our jurisdiction.  We also cannot list currencies that would be construed as a security such as digital currencies that promise/market profits or represent shares of a company.