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Ryan and I are proud to announce bustadice, a new take on classic dice.
The game is simple: For each bet the outcome is randomly chosen between 1x and 1,000,000x. It's up to you to guess a target that you think the outcome will exceed. If the bet's outcome falls short of your guess, you lose your wager. But if you guessed correctly, your wager is multiplied by your guess!
If you've played bustabit before then you'll feel right at home at bustadice, but seasoned dice players will appreciate bustadice for its simplicity and higher limits as well.
Highlights
Bitcoin gambling has come a long way, with provable fairness towards players becoming the norm. Unfortunately investors still don't have the same kind of guarantees.
They risk casinos getting hacked or operators disappearing with their investments over night. But even at best, if neither of that happens, investors can never be certain that they aren't being undetectably cheated by someone with knowledge of future rolls. There is simply no way to know whether that incredibly lucky highroller was a legitimate player or a malicious casino operator merely pretending to be one.
Similar to how JustDice pioneered provably fair dice games, we hope that bustadice will considerably improve the situation for investors and set the standard for casino investing.
Enhanced provable fairness
bustadice builds upon conventional provably fair systems to provide additional guarantees to players, investors and the casino itself:
For players: If a dispute over fairness arises with a legacy casino, it's largely their word against yours. In bustadice, on the other hand, all bets are committed to an independent audit server in real-time and can be reviewed and verified by Ryan if need be.
For investors: Neither I nor Ryan can undetectably cheat by predicting future rolls. Assuming you trust the two not to collude, investing becomes provably fair.
In addition, the casino itself gains increased confidence that all wins are legitimate–even if the game server were to be compromised.
The way we do achieve is by introducing a third party: The auditor (Ryan). Final roll results are computed with input from all three parties: The player, the game server and the auditor. When a server seed is revealed, both the player and the auditor can verify its bets.
For a simplified high-level overview of how it works, take a look at our FAQ. Or jump right into the technical details by taking a look at our open-source verifier and reference code.
Offsite investing
In many leveraging systems you are forced to pick a leverage from only a few options and stick with it. This means that you are nearly always risking either too much or too little. bustadice keeps track of your offsite investment and automatically adjusts your leverage to ensure that you are always exposed to the optimal amount of risk.
Protection against dilution
To compensate existing investors for diluting the bankroll, 1 % of every investment is distributed among all investors (including the new investor).
Multisignature cold storage
The majority of users' funds is securely held in 2-of-3 cold storage with keys split between Daniel of bustabit, Ryan and a neutral third party.
This wallet can only be accessed with the approval of at least two keyholders and ensures that users' deposits can be safely returned to them if something were to happen to one of the keyholders.
The game is simple: For each bet the outcome is randomly chosen between 1x and 1,000,000x. It's up to you to guess a target that you think the outcome will exceed. If the bet's outcome falls short of your guess, you lose your wager. But if you guessed correctly, your wager is multiplied by your guess!
If you've played bustabit before then you'll feel right at home at bustadice, but seasoned dice players will appreciate bustadice for its simplicity and higher limits as well.
Highlights
- High limits, constrained only by the bankroll (currently Ƀ 30 max profit)
- Instant deposits available
- Native, sandboxed scripting support for custom strategies and bots
- Highly optimised wallet system for best-in-class privacy and low withdrawal fees
- Bankroll investing, including fully Kelly-compliant offsite investing
- Advanced provably fair system designed to protect not only the players, but also investors
- Existing investors receive compensation from new investors when the bankroll is diluted
Bitcoin gambling has come a long way, with provable fairness towards players becoming the norm. Unfortunately investors still don't have the same kind of guarantees.
They risk casinos getting hacked or operators disappearing with their investments over night. But even at best, if neither of that happens, investors can never be certain that they aren't being undetectably cheated by someone with knowledge of future rolls. There is simply no way to know whether that incredibly lucky highroller was a legitimate player or a malicious casino operator merely pretending to be one.
Similar to how JustDice pioneered provably fair dice games, we hope that bustadice will considerably improve the situation for investors and set the standard for casino investing.
Enhanced provable fairness
bustadice builds upon conventional provably fair systems to provide additional guarantees to players, investors and the casino itself:
For players: If a dispute over fairness arises with a legacy casino, it's largely their word against yours. In bustadice, on the other hand, all bets are committed to an independent audit server in real-time and can be reviewed and verified by Ryan if need be.
For investors: Neither I nor Ryan can undetectably cheat by predicting future rolls. Assuming you trust the two not to collude, investing becomes provably fair.
In addition, the casino itself gains increased confidence that all wins are legitimate–even if the game server were to be compromised.
The way we do achieve is by introducing a third party: The auditor (Ryan). Final roll results are computed with input from all three parties: The player, the game server and the auditor. When a server seed is revealed, both the player and the auditor can verify its bets.
For a simplified high-level overview of how it works, take a look at our FAQ. Or jump right into the technical details by taking a look at our open-source verifier and reference code.
Offsite investing
In many leveraging systems you are forced to pick a leverage from only a few options and stick with it. This means that you are nearly always risking either too much or too little. bustadice keeps track of your offsite investment and automatically adjusts your leverage to ensure that you are always exposed to the optimal amount of risk.
Protection against dilution
To compensate existing investors for diluting the bankroll, 1 % of every investment is distributed among all investors (including the new investor).
Multisignature cold storage
The majority of users' funds is securely held in 2-of-3 cold storage with keys split between Daniel of bustabit, Ryan and a neutral third party.
This wallet can only be accessed with the approval of at least two keyholders and ensures that users' deposits can be safely returned to them if something were to happen to one of the keyholders.
Bustabit
Bustabit is one of the more original bitcoin betting sites you will come across in the online casino world. The domain isn’t quite an online casino, and it is more like a single game than anything else. Previously known as Moneypot, this challenging game has seen over 146 million bets placed, with over 420,000 bitcoins wagered, and has an maximum pay-out of 37.5 BTC. Betting limits in this game range from a low of 0.000001 BTC, up to 1BTC, and gameplay is only available in English, but is available to players based almost anywhere in the world. So, with the introduction out of the way, what can we tell you about the Bustabit game itself?There is only one game to play at Bustabit.com. Players are basically wagering against a pot of money, used by the “system”. The basic idea is that you make a bet, and watch as multipliers rise high. Players can cash out on multipliers at any time, but if they do not do so before the game crashes, they will lose their bet. At least, that is the most simplistic way to explain it. It certainly seems logical enough, but how can that be profitable for Bustabit?
Their social gambling game features a multiplier which moves very quickly, and it drops as well as rises. Special bonuses can be dished out to players surviving long enough in the game, and cashing out immediately before the crash, so many players choose to stay in – eventually losing as the game crashes before they withdraw. Bustabit had a little problem in the past with proving that they were not fixing the system, but now a fair play certificate has been announced, proving that the game is legit, and fair on all.Should the game crash at 0x, all bets will be refunded (there is only a 1% chance of this happening). It might seem simple, but this is actually a learning game, and there is a very complex formula behind it, so when you start playing it, if you are not careful and don’t do your homework, you can be behind rather quickly.It is important to remember that this is a very small-scale game, so multipliers won’t make you a millionaire. The pot is privately funded by the game’s creator, but as more players decide to try their luck on this game, the pot size should increase in the future (via larger multipliers).Bustabit only allows you to deposit using bitcoins. Generally speaking, one you have made a transaction to your Bustabit account, you should receive your in-game credits within 10 minutes. Players can withdraw bitcoins to any bitcoin address, and smaller transactions are processed instantly, whilst any larger ones could take up to 24 hours to be processed.There is a 100 bits free for any withdrawal, although that works out at just $0.05 in total. All withdrawals must be made in increments of 1 bit (100 satoshis), and must be worth at least 200 bits.There isn’t much in the way of customer support over at Bustabit. A very lengthy and extensive FAQ guide can tell you all you need to know about the game, but you won’t really be able to rely on any kind of customer services team to help you out. As we’ve said, this social gambling game is a one-man effort.Considering that this is a solo-project, one has to be immensely impressed with the design of Bustabit. It isn’t an online casino, and the only game you can play is the titular one; but, if you are in the mood for something wholly new, and totally original, then spending your bitcoins on Bustabit could be an ideal afternoon for you.
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