Hello Everyone. I wanted to give you all an update on what's going on for BurstCasino.
I have been debating this high and low on the proper course of action. As you all may have noticed, the casino has been offline for a couple of days now. This is for several reasons. One of the reasons as I have stated is the communication issued between servers, and the other is with the maximum bet limit.
The casino has experienced exponential growth and with the promotional videos that Adam puts out compounds that further, and here lies the problem. The Casino started off in 2016 with 25 million burst coins in the bank, many players have become Burst millionaires during the process. Recently we have many more millionaires, and that has drained the bank reserve to the point that we now are operating with 2 million Burst in the wallet.
Not to mention also the max win per dice roll being set at 1,000,000 burst, while our competitors opened shop with a fraction of that payout and grew over time to have an average of one million players and a max win per roll of the equivalent of 2.6 million BURST (5.0btc) we elaborate on these numbers later in this announcement.
My worst fear was having to close down the casino, and that is something I do not want or would like to do. It is an integral part of the Burst Community and it's my baby, one that I believe can grow a lot more and give a lot more than the amazing 100M+ already paid to asset holders and bring more millionaire players. The only other solution that I was able to come up was to approach Focus and ask him what he thinks of the situation. Focus took the time to do some numbers crunching for me and came with this plan:
Ok so if you take the combined numbers between BurstGames and BurstCasino Assets the total of dividends paid out was 100,731,293.36 Burst. Correct that is over 100 million Burst. So to all initial investors that bought in at 100 Burst per share, your investment has already ROIed, and you now hold those assets as well. I know some will chime in and say that they bought their assets at a much higher price, but what need to be mentioned is that those assets were not bought directly from Zeus, they were bought from a 3rd party, so you no longer are engaged directly with Zeus in a business transaction and the only obligation he has is to pay out dividends on those assets.
Having said that. To guarantee future growth and sustainability of the casino, and to protect the asset holders, the following plan has been churned out:
There will be a new Casino asset issued. That will ensure maximum growth and current asset owners best value and interests. The details of which are as follows:
10 Million Assets Total
All current holders receive 4 to 1 leaving 6 million assets remaining.
Assets will be released 2 million at a time. At 50 Burst per share for the first release, 2nd and 3rd releases will be determined by the market strength and most probably will be higher. The shares that isn't sold right away is to stay in the asset issuer wallet less 500K shares locked away and assigned for casino development.
Another factor that was off was the maximum bet. Having a look at our respectable competitors such as Bitsler who has a maximum payout of 5 BTC which equates to 2.6 Million Burst. They can afford to do this because they have a million players ensuring a massive bankroll. We, on the other hand, have a little over 6000 players and had a 1 million max winning per dice roll which was terribly off in the ratios, we should have been setting maximum in the area of 100,000 Burst per roll to equate to our number of players. As the number of players at BurstCasino and the bank increase the max win per roll will be increased, until we will cap out at the same or slightly more than our competitors being at 5.0btc or 2.6 million burst at the time of writing this.
Details on Asset Management
So per each release of 2 million assets. Proceed distribution will be as follows:
50% Bankroll
43% Escrow with Focus and Zeus each having to sign off on the escrow to safeguard the asset holders.
5% Liquidity on books at 50 for those investors looking to sell out their shares
2% BurstNation Dev Team
One major requirement that Focus has required is that he wants me to have Lexicon Audit my code, a big move for me as no-one has ever seen the source. He wants Lex to double and triple check the math functions, the seed generation process and the randomness of the rolls to make sure that nothing can be exploited.
This will happen in the next days, but as of Sunday, I won't be able to connect for a week, or very very little, I know it's unfortunate that it had to happen at this time, but this absence was coming since January and I can't postpone it. This does give time to Lexicon to do a thorough audit of the casino's code In the meantime.
Thank you, everyone, for your understanding and the big support you have always given me and to this project.