bustabit.com -- The Social Gambling Game

Quote from: RHavar on September 30, 2017, 03:38:36 AM

Quote from: Josepht on September 30, 2017, 03:15:43 AM

Why exactely are you wanting to built in the investment feature? Is the current bankroll not large enough to sustain large bets? Have there been requests for making a higher max bet (I don't know if it exists, but I can imagine so).

I guess it comes down to a few things: Offering bigger bets will definitely be nice, it's pretty commonly requested by whales. The current max-bet is 1 bitcoin, which is pretty small compared to some other sites. But even so, largely because of the low amount of games per day (and everyone playing them at the same time) there's a *lot* of variance: (e.g. I think today I made ~50 BTC, and yesterday lost about the same) you can can see here: https://dicesites.com/bustabit

It'll also help in that investors will have to pay 25% of the expected value, regardless of how the site performs -- so that will also lower my variance considerably.

But probably the biggest reason, is I hope that the invest system makes bustabit itself a more interesting/popular/vibrant community. Giving people the option to share in bustabit's success (even if they only invest $50) I think has the potential to cause the the site significantly. I'm also expecting that I will be the vast-majority investor (I have a huge advantage over other investors: I have no counter-party risk) -- so even if it only achieves a modest increase in the site volume -- I think it'll be a net plus.

And finally, it gives me a lot more personal economic freedom. Pretty much >99% of my personal net-worth is tied up in bitcoin. One big reason I've been reluctant to diversify is that I really do need a bit stack of bitcoin for the bankroll (e.g. around this time last year, I lost >400 BTC bitcoin to a very unlucky month). If there's enough investor interest to the point the bankroll is bigger than it needs to be (e.g. players are no longer constrained by the bet limits), I'll feel a lot freer to start taking my own money out.

I can understand that, no one should honestly have their entire net in 1 thing, even bitcoin.

What I can't understand is why you don't simply continue to operate the site as is, and then just turn some of your own bitcoin into fiat (or whatever you choose).

You aren't saying that if you don't keep all of your profit from bustabit in bitcoin, that the entire site would cease to exist are you?

It's no secret that you've amassed a fortune over the past few years, one that would put some second string NBA players to shame, heck you probably put the first stringers to shame as well.

How is collecting pittances from the guys who already provide you with that wealth going to help de-risk you? Or is this about more profit with less risk, rather than less profit and less risk?

Thanks.