The payout is very little, and it is decreasing, where will it arrive? 1 satoshi  What do you expect,when the price of bitcoin raises the faucet will keep on decreasing and if everything sails smoothly it might arrive to one satoshi  The 4% interest isn't worth it, even Bitfinex lending provide more than this and I trust bitfinex more than freebitco.in.
People seem to have forgotten about the 30% haircut they had to take when Bitfinex got hacked for like 130 million. Do you think that freebitco.in will return all the coins if their hard wallet is hacked.  There are risk involved if you are trading in an unregulated market. Unlike Bitfinex we never keep more than 5% of the total coins in a hot wallet. The procedure we use for storing our coins is explained at https://freebitco.in/?op=home&tab=earn_btc. How do you store bitcoins securely?We use a combination of hot wallets, hardware wallets ( Trezor) and BIP38 encrypted paper wallets to store bitcoins. At no time do we keep more than 5% of our total bitcoins in the hot wallet which is used for making payouts. The hardware wallet is used as a "warm" wallet and bitcoins are transferred from it to the hot wallet as required. Our paper wallets serve as our "cold" storage with the wallets generated on an air-gapped computer running Tails OS. Our hardware and paper wallets are also secured against physical theft as the hardware wallet requires a pin code and encryption password to access and the private keys in the paper wallet are encrypted which means that the coins in the wallet cannot be accessed without having both the private key and the encryption password. We also keep physical copies of the cold storage wallets at multiple locations. |
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The 4% interest isn't worth it, even Bitfinex lending provide more than this and I trust bitfinex more than freebitco.in.
People seem to have forgotten about the 30% haircut they had to take when Bitfinex got hacked for like 130 million. |
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Recently I have started asking users who win $20 and $200 at FreeBitco.in to start posting about their wins in the forum for a small reward in addition to their prize. To keep the place clean, I'll be asking them to post it in this thread. Since FreeBitco.in has a lot more users than this forum, these posts might be from newbies but I have also asked them to post their winning seeds and a screenshot of their win to get the reward. Hopefully we get a lot more people posting about their wins now!
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Hi i just wanted to thank you first of all to you and your site for introducing me to something like bitcoin and helping me earn that little bitcoin. But i just saw that you introduced a yearly interest plan. I wanted to know are you actually planning to give us interest or is this one of your way to collect all investment and disappear. If not then what will you exactly do with our investment i really want to know.
If you read this thread few pages then you will get your answer. They have already clearly mentioned that whether are going to invest your money. They are going put your money in mining and it is very high risky business so you should think twice to invest money. Even though your not directly investing on mining but it is a risky business to consider. Mining !!!. I think that is the worst business to adopt as no matter what in order to get profit you need the latest technology. And even if they are put our money in mining then i don't get it how are sure that it will earn them a profit and how the rate of 4% fixed as mining rewards keep fluctuating. I guess this may be a trend in 2017 have a old site with reputation, start an offer and scam all the people Mining is such an unprofitable business that companies have invested hundreds of millions of dollars into it just because they like to lose money. There is a big difference between mining on a personal scale and an industrial scale, the former is unprofitable while the latter definitely isn't. What is the guaranty that you will surely make a profit from your business? I don't see that you got a prior experience in this field. Why people need to risk their money just for 4% of profit for an annual. How do you guaranty that you will not close the site in case of your mining business goes wrong? I'm not saying you will cheat people but need a clarifications for these questions. We have a well rounded business and most of the income comes from our MULTIPLY BTC game. Only a part of the investments is invested in mining and we have access to sub-5 cent power which gives us a big advantage. Look for username wetsuit at https://slushpool.com/stats/hall-of-fame/ and you can see we have been adding more than 1.5 petahashes of miners every month. I have personally spent over $1.5 million in expanding the mining business and in no way do I need user investments to fund it, I plan to go ahead with expanding it regardless. The investment is just an option to increase user loyalty and also give newbies a chance to grow their faucet income passively. I hate to break it to you, but there is no way to get a "safe" return of more than 4% a year. Just a little something to prove that I don't really "need" the investments: http://www.coinig.com/?adr=12Q18uwjHJo13UCws46xKyyeuZomZwdywB&msg=Bitcoin+address+owned+by+bitcointalk+user+wetsuit&sig=G0MOX5pavwdw260GHWeOfiL14on8%2FwF6A8gcFTxyPCxbBJMzT5aN%2Fya%2BFLAhwE9y1f6HitkmqOeDaLWdYZZpCt0%3D |
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hi is there the possibility to change the address? maybe can be added in the future? for now the website let you register with your address, but if i want to change it i need to make another account? it doesn't sound right to me
You cna change it in the PROFILE page under CHANGE BTC ADDRESS. |
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Hi i just wanted to thank you first of all to you and your site for introducing me to something like bitcoin and helping me earn that little bitcoin. But i just saw that you introduced a yearly interest plan. I wanted to know are you actually planning to give us interest or is this one of your way to collect all investment and disappear. If not then what will you exactly do with our investment i really want to know.
If you read this thread few pages then you will get your answer. They have already clearly mentioned that whether are going to invest your money. They are going put your money in mining and it is very high risky business so you should think twice to invest money. Even though your not directly investing on mining but it is a risky business to consider. Mining !!!. I think that is the worst business to adopt as no matter what in order to get profit you need the latest technology. And even if they are put our money in mining then i don't get it how are sure that it will earn them a profit and how the rate of 4% fixed as mining rewards keep fluctuating. I guess this may be a trend in 2017 have a old site with reputation, start an offer and scam all the people Mining is such an unprofitable business that companies have invested hundreds of millions of dollars into it just because they like to lose money. There is a big difference between mining on a personal scale and an industrial scale, the former is unprofitable while the latter definitely isn't. |
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They are going put your money in mining and it is very high risky business so you should think twice to invest money. Even though your not directly investing on mining but it is a risky business to consider.
There are few more reason why i consider their investment opportunity quite risky: 1. They haven't provided enough information on how they are protecting their user's bitcoin which are in their wallet. 2. They are offering fix 4% yearly profit which they may or may not make in longer run. 3. You can't use their wallet as web wallet, it doesn't seem to have enough security measures and you will not have full control over your bitcoin. However regarding trust, we can trust them because they are paying for many years. What kind of additional wallet security would you be interested in beyond 2FA? We store most coins in a mixture of trezor and paper wallets, I'll add that to the FAQ soon. |
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Apologies for the downtime, we had some issues with one of our database servers. Everything is back to normal now and all active bonuses were extended by 6 hours. On a separate note, I am extremely busy with a lot of stuff and so I do not have the time to give proper support and respond to users in the forum. So I have hired a community manager - Myfe ( https://bitcointalk.org/index.php?action=profile;u=966127) to make announcements and provide support in the forum. I will still be around but if you have any problems with the website or need help with something please direct those to him. I will still be managing everything from behind the scenes and will still be reading and posting occasionally here. |
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Apologies for the downtime, we had some issues with one of our database servers. Everything is back to normal now and all active bonuses were extended by 6 hours. On a separate note, I am extremely busy with a lot of stuff and so I do not have the time to give proper support and respond to users in the forum. So I have hired a community manager - Myfe ( https://bitcointalk.org/index.php?action=profile;u=966127) to make announcements and provide support in the forum. I will still be around but if you have any problems with the website or need help with something please direct those to him. I will still be managing everything from behind the scenes and will still be reading and posting occasionally here. |
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Wetsuit, can you offer some thoughts on how Freebitco.in will handle account balances in the event of a hard fork over to BU?
Thanks.
5. All users who held a balance with us before the hard fork (when the snapshot was taken in point 2) will be able to withdraw an equivalent number of coins in the minority chain.Regardless of how I feel about the block-size debate, our priority will be maintaining the maximum possible value for our users. So if BU wins you will not be issuing credits for BU...only pausing transaction activity pre-fork and then depositors to continue with BTC. Correct? Sorry if it wasn't clear - but if BU wins, we will use BU as the primary coin and users will be able to withdraw an equivalent number of BTC to their wallets since that will become the minority chain. If BU forks with at least 75%, it will be very difficult for the BTC chain to survive and confirmation times will increase 4x and fees will go through the roof until the difficulty resets (which will also take 4x as long). In such a scenario, it would be very difficult to use BTC as our primary coin. However, if BU forks with around 50% then it is more likely than not that the BU chain will die out. We shall pause all deposits and withdrawals until there is a clear winner. If the BTC chain wins, then we will make that our primary coin and users will be able to withdraw an equivalent number of BU coins to their wallet. In all scenarios, if there is a fork users will get 2 coins for each coin that have deposited with us, so they will not be losing out in any way. We cannot however guarantee that their withdrawal transaction in the minority chain will ever confirm (although we will use the appropriate fee) because there will most likely be a rush of users trying to withdraw to exchanges to sell and fees and confirmation times will go through the roof. I hope this is clearer? Please let me know if this isn't. |
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wetsuit
is there any chance these 2 options to be implemented on the site for Hi-Lo game -
add an option for betting on ODD or EVEN number &
add an option for betting on BLACK or WHITE colour of the number - for this purpose it has to be done a colour scheme for all numbers between 0 and 10 000
This will be a huge advantage for any of your users, playing the Hi-Lo game, giving them maximum possible chance for making profit...
You mean like roulette? We actually have a roulette game in development at the moment. |
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Wetsuit, can you offer some thoughts on how Freebitco.in will handle account balances in the event of a hard fork over to BU?
Given that you're now encouraging people leave deposits with you and your'e paying interest, Freebitco.in should have a point of view on how they plan to handle accounts should this hard fork become reality.
Thanks.
I was meaning to make a detailed post about it but this is basically how we would handle it: 1. We will temporarily pause withdrawals and crediting of deposits 6 blocks before the block when the hard fork is supposed to happen. Although we would recommend users to stop sending deposits to us at this time until things have resolved, there is nothing we can actually do to stop them from doing so. 2. We will take a snapshot of all user balances at this point. 3. When things have been resolved and there is a clear winner, we shall resume withdrawals and credit all deposits that were made during the time when we had paused the crediting of deposits. 4. We will follow the longest chain. 5. All users who held a balance with us before the hard fork (when the snapshot was taken in point 2) will be able to withdraw an equivalent number of coins in the minority chain. Regardless of how I feel about the block-size debate, our priority will be maintaining the maximum possible value for our users. |
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Hey guys is it a good idea to mine on this pool if my miners are hosted in china?
You can get lots of disconnects due to the GFW and latency will be high. So, since I currently don't have a node in china for people to mine to - the answer is probably no. That may change soon. Please consider a node in China to mine to. I would switch from Slush over to you since you are the only pool whose stance on scaling I agree with 100%. |
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Hi @wetsuit!
Congratulations to running Bitcoin farm and super idea of annual earnings for users!
I tried to read this thread carefully, but I could not find one information:
Probably users will keep in wallets a lot of Bitcoin - Do you have plans to use these funds somehow?
It's in the FAQ in the EARN BTC page. |
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Wetsuit can you add a option to the multiplier for the auto bet to stop when the Jackpot is won? I want to make a screen capture of the winning numbers when it happens, but on Auto bet it runs past.  .... I do not want to screen capture the Roll History, because it does not have the same impact when you post that.  ... Could that be done? Sure, I have added it to the to-do list. |
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Please pm me your user id's for those users who have halved rewards. Also please mention how you are using the website in your message - mobile app or browser and version of the browser.
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