Bitcoin Forum

I thought I would also announce this in the appropriate sections as well as in our official thread in the "Gambling" section, you can check it out in my signature.

Invest early enough and you will get a great return on investment without taking any of the risks of lending to new members, managing collateral or buying into some shady securities.

What is the maximum win for players?
What is the house edge? (assuming 2.70% because it's single-0 roulette)
What happens if the wallet holding the BTC is hacked? Can we expect to be reimbursed by you?
Is your investment figured in to the total?

Soooo... you want us to invest, but give no information on how to invest?? Just an update on your online casino's workings??

Found it on the site! Thanks!

Currently 2*36=72BTC
2.7% standard roulette house edge, no European half-back rules apply.
No, the account key is only accessible through your IP, the chances of the account getting "hacked" are about as big as someone bruteforcing your private key.
Yes, the bankroll is then used to allow for bigger bets.

CasinoBit, please explain to me in detail how the investment works. Let's say, I invest 0.10 BTC today. What will my return be in 24 hours, 1 week, 1 month, 1 year? How, exactly is it calculated? I need to see numbers please. The short explanation on the website is vague.

Say you invest 0.1BTC when there is a total of 0.9BTC invested, you now own 10% of the bankroll. If a whale comes along and loses 10BTC, you now own 1.1BTC (10% of the total 11BTC) so you will be able to "Move" the funds to your main account and withdraw from there, you will always profit in the long run despite any momentary negative balances because of our house edge.

The results are also provably fair so there is no possibility of us making it seems as if someone is constantly winning.

This is not what I asked. I asked what you would do if the CasinoBit website itself was compromised.

However, this raises an even bigger issue. Based on this explanation, if an investor has a dynamic IP address or switches ISP's they lose their investment? You might want to rethink this system and just use accounts with passwords and 2FA like Just-dice.com. I wouldn't want access to my investment/balances to be dictated by my ISP ;)

You can always contact the support in this case, point is that the account is always accessible from just 1 IP and it is likely to remain so.

If the website is compromised (which is highly unlikely since we follow the highest standards of security) then you lose your investment, it obviously DOES have risks like any other investments out there so people need to be adults about this.

Thanks for the explanation! Much better understanding now!

Thank you for your explanation. I just wanted to make sure we understood all possible risks. I can't assume things like this, because some sites like CoinLenders promise to reimburse from the personal funds of the admin in case investments are lost.

Regarding your strategy with the IP addresses and contacting support, it does sound quite secure but I think you should look into user accounts with 2FA in the future so that support is not overwhelmed by the complaints of users with dynamic IP's (this problem is only going to get worse (http://en.wikipedia.org/wiki/IPv4_address_exhaustion#Transition_mechanisms)).

I won't be investing, but good luck! :)

Fuck it, i'll throw 0.10 BTC at it for a day and see if I get any returns. I'll report back here!

Fixed that for you.
Total invested BTC looked like a low estimate, or at least I hope for you.
Or do I really hope ? Hmmm... Maybe not.

Currently the total invested is at ~17BTC, so you can buy most of the bankroll for pretty cheap.

Thanks!


You are an early investor so chances are you're going to more than double your funds.

If I double my funds, does that still accrue for house investment?

You need to "Move" the investment to your account when you have made a good profit.

Why? Why not leave it in the investment account to continue growing? Here in lies the question. If I make a profit, does the 'initial investment'+'profit'='accrued investment amount' OR will I only make profit from the 'initial investment'???

You can leave it invested as well and it will grow further, if a whale comes along and wins 50BTC you will be put into a negative balance, you will be able to wait out the negative balance and withdraw when it is positive again.

So, if the balance goes negative, I will still have my % of stake?

% of the negative stake.

The site doesn't seem very active... 'Current/Next' hasn't shown a game since I've pulled the site up. Is there another way to see a transparency to who/when/how much for plays/players? A main records book for the public? Just like coinroll.it has.

"History" at the top right, sometimes it's active sometimes it's not but I see someone has won a huge bet in the last 24 hours.

EDIT: It's b7ab1fd9-010e-11e3-a270-e840f2d1c9bf in game 19372 that bet on 17 and got 17, won 25.2BTC

Thanks! Your site seems to have big payouts much more often than other gambling sites. Most likely due to the link to a real table. That's really cool.

More like a whale using some form of system, if you look back at our history we didn't have big payouts this often (or big bets).

Hm, seems interesting. I really like your casino so I might invest a bit ;).

Thanks!

By the way everyone, the total sum bet is now larger than the total winnings so this is the time to invest. Hope no one will win big soon  ;)

I send 1.7 BTC, but it needs 25 confirms before I can invest it (4-5 hours ..)

Also, how do I log into the same account again? I tried entering the same withdrawal address in another browser and I got another deposit address and other account data. For now I bookmarked the unique link but this does not seem quite secure, can you explain? (I mean, there isn't even a password).

Finally, where on the site can I find my balance?

The balance should appear in the bottom left corner, the link is very secure, as secure as the private address of your bitcoin address as long as you keep it private but even if you send it to someone that person will not be able to access it.

If you have any concerns or problems you can always contact us.

If you prefer I can contact you directly. But can you explain how this is secure? If I give someone the bookmark he can access my account right?

The documentation on the site also seems contracting on withdrawing. I mean I entered a withdrawal address but it also says it will use the sending address for withdrawals. Which is it?

(Finally, advise users to save the bookmark, without the bookmark I would have had no idea how to access my account again ...)

Tried to win big by betting on 8 and 28, you earned 0.05BTC off me, so no worries there =P

Actually I have earned 0.0015BTC, out of which I only get a fraction but yes, thanks for playing, I have always thought of casinos as a thing of entertainment and not of "making money", I am thinking of letting players bet way, way less off-the-chain, like having a minimum of 0.0001BTC

Investments are now open again.

Why were they closed?

System improvements.

Why does the invest link only show a -1 now??

What link? Your account balance? It means your IP has changed, you can contact support to get assistance with that.

Why does it do this??? What if I wanted to log on from my home IP and then my cell phone carrier IP....

Anyway... I sent an email to support@casinobit.net and I will give feedback on the response time and helpfulness ^_^ Thanks guys. So far, so good.

Looking good. Support is ALREADY on it!!! Simple, easy, polite, and intelligent support response. Good things!

You know that the ip of a user change every 24h in some countries, for example Germany...
And some users (AOL users for example / users from university / companies ...) have the same IP...

It isn't just IP, it's combined with cookie info. If I use another browser on the same link I get an empty wallet.

Via PM I'm conversing with CasinoBit. The first time I tried to invest after moving the funds I couldn't do anything (either withdraw or reinvest) so he helped me and send me back my funds (including some profit). Then I resend the funds because I thought the function was fixed but in fact it wasn't. The money is still stuck at the site but I'm sure he'll help out again. Just posting here for transparency.

After this he blocked the invest functionality and more recently re-enabled it again. I'm sure I triggered some bugs :P (I'm a jinx). Good luck with the site :)

I'll keep you updated how this progresses.

you just need to activate some user login possibility like on just-dice to make sure anyone can login to his account

Update: I got my money out. Out of nowhere it suddenly worked. The system still seems a bit buggy but other than that I find this a very good idea to allow people to share your (positive EV) action.

I have done the withdraw for you, seems that we still need to address some issues with the system.

So to access your account you need all three of:

• same IP as the last time you accessed your account
• a cookie
• a private key

One of these you have no control over and one of these users often delete in normal circumstances.

I wonder how your account is even verified to be yours if one of these is missing or incorrect? Or does CasinoBit just trust you?

This was not well thought out at all. It has to be the most ridiculous security scheme in Bitcoin land :D ::)

Okay, thank you :)


It is withdrawn to the address you entered when you signed up.

You only need a private key + the same IP, if your IP is changed you contact us at support and we address the issue, the private key is generated with a proper source of entropy and is just as secure as the private key for your bitcoin address.

This is the most well thought out security scheme in Bitcoin land.

I am still having the investing issue. The support tech asked if it was pulling the correct page up for me on the same IP I signed up on, but it is not now. I would really like to invest but I have only been able to see the invest architecture once. 

Any update on when this will be fixed?