SCAMMER TAG REQUEST - CASINOBIT.NET IS NOT PAYING OUT INVESTORS

[g83]

I want to request a Scammertag for user Casinobit


What happened::
I investet about 23 BTC in Casinobit.net and no withdraw is possible - several other users seem to be scammed by him with this kind of ponzi

Scammers Profile Link:
https://bitcointalk.org/index.php?action=profile;u=73276

Reference Link:
He promised to double BTC in a week in his thread https://bitcointalk.org/index.php?topic=272037

Another thread from Casinobit can be found here: https://bitcointalk.org/index.php?topic=171094.520

Amount Scammed: 22.68807876 BTC/$2.700.00

Payment Method: Bitcoins

Proof of Payment:
https://blockchain.info/address/1E9tuhxqCZEgnJ2nBtkD6da3XdJDgToaYt

Additional Notes: I advise you to not deal with this user until this dispute is resolved.

[1713419706]

1713419706

[1713419706]

1713419706

[1713419706]

1713419706

[1713419706]

1713419706

[1713419706]

1713419706

[MPOE-PR]

Stick with the original, accept no substitutes?

[001sonkit]

His promise in inverted size

So we have just opened the investment section in our casino and you can now invest with 0% fees meaning that if you buy a 100% of the casino you will actually receive all the profit it generates.

Currently there haven't been that many people investing so it's an opportunity I'm throwing out there before it's gone.
*results differ

If you guys got any questions I am always here.

And what people would like to know is why it is scam with a more solid claim. I hope my post can help

As there are no sign that CasinoBit owner is considering that he need to find the bug and fix his site, I am here to announce that this site is a scam.

As all of you have noticed, this site have a quite high return of investment with a very short period of time, whilst it have a very low amount of traffic and transaction. As the database of CasinoBit.net is kinda public, I have calculated the transaction sum in the past 24 hours, ~250BTC. Thus the raked amount is 7.42BTC (2.9% for European Roulette)

Meanwhile, I've contacted some investors of CasinoBit, just to confirm that not only I am getting some off the EV amount profit.
For example for vlee who have deposited 6BTC, he went up to 26BTC in one day while only 40BTC was won in since the day he started the investment

I can confirm that the data is completely incorrect. I just woke up, noticed that the site's winnings were only up 40BTC since yesterday and with my 5% investment that should result in 2BTC winnings. I went up from 6 to 26.

Tried to withdraw IMMEDIATELY. Site suddenly very unresponsive.

Another guy I have met on Just-dice, who have invested a similar amount also found surprised about the off the EV value he is getting and would like me to investigate with him. (I referred him about this CasinoBit investment thing)

A few hours ago this day, after getting the data and realized that CasinoBit is having a weird calculation. And I have been observing the invested amount quite often since the first day i deposited into CasinoBit. I've observed that the profit amount sometimes changes even there is no games sealed in the roulette table. As a consequence I have conducted an experiment with the mate i met in Just-Dice.

The following is the procedure to proof that CasinoBit is an HYIP scheme (aka. Ponzi)
First we've confirmed the balance in both of our invested account. In my account, there was 7.98BTC, and in my mate account, there was 30.4BTC, in which is 7.28% of the house at that moment.
The second step is divesting, I've divested my account fund and requested him to reload his invested page, now his balance is only about 29.82. From the calculation of 7.98*7.28%=0.58, we can now know that CasinoBit investment system's Invest and Divest action is directly related to the profit everyone is getting.

To conclude, we can see that CasinoBit's current alglorithm is including investment as a PROFIT, in another words. When some other people is investing, you will result in profit, vice versa for a divest, you will result in a loss

If you have doubts on my words and experiment, please consider find someone else who haven't divest and test this out. With the current situation, in which the invested amount is relative to the profit amount, we can now define this is an HYIP + Casino investment, a.k.a: Ponzi

And by the way

Promise of high yields + promise of no risk = (likely) PONZI

Investor beware...

You got it right actually!

First to finish reading the message and press the divest button to withdrawl, you will be the winner
Who doesn't like meme anyway

[Bitcoin Scammer]

I added these guys to bitcoinscammers.com and it looks like there are a few pissed off investors. As for the actual site I never played but looks interesting.

[Kouye]

I hope casinobit.net runs away with all the coins.
And that you quit investing into such immoral "businesses".

[xkeyscore89]

I must've hit the "Withdraw" button a few hundred times at different intervals during the past few hours. Mostly to no avail, but finally in IE  (no progress bar function in FF and Chrome currently) after pressing "Withdraw" a significant amount of times, my computer beeped (the same beep that lets you know a deposit has entered the account), the page refreshed and I actually repeated the process again, and again got the beep and the page refresh. My balance had not changed yet. Decided to check out blockchain, and lo and behold, a new unconfirmed transaction for 0.7963 BTC, the last of my profit, had appeared. Double checked my balance, it had zeroed out.

I was very nervous all day today until this finally happened. I know people have much larger amounts out there in limbo. I hope you all get your withdrawals in a timely fashion. I finally got mine, only started trying to withdraw this afternoon.

https://blockchain.info/address/19shRMBphYdPoYUbDG6zwERg7N8iT4JNE8

[favdesu]

how unpredictable. especially when almost every post implied it's a ponzi/scam and yet some people still decided it's a good idea to invest.

[g83]

I must've hit the "Withdraw" button a few hundred times at different intervals during the past few hours. Mostly to no avail, but finally in IE  (no progress bar function in FF and Chrome currently) after pressing "Withdraw" a significant amount of times, my computer beeped (the same beep that lets you know a deposit has entered the account), the page refreshed and I actually repeated the process again, and again got the beep and the page refresh. My balance had not changed yet. Decided to check out blockchain, and lo and behold, a new unconfirmed transaction for 0.7963 BTC, the last of my profit, had appeared. Double checked my balance, it had zeroed out.

I was very nervous all day today until this finally happened. I know people have much larger amounts out there in limbo. I hope you all get your withdrawals in a timely fashion. I finally got mine, only started trying to withdraw this afternoon.

https://blockchain.info/address/19shRMBphYdPoYUbDG6zwERg7N8iT4JNE8

FAKE

[xkeyscore89]

Lol, it's a real transaction, I didn't make it up. I certainly wouldn't be making up a story in which I got my coins back if I did not when others did not. Doesn't really make much sense, I have no incentive to do that. I'm sorry for everyone else, I hope for the best but I think I just got lucky and was able to withdraw finally.

Plus, it was a pretty low amount so it must've slid through under the radar somehow. It took all day to make it happen.

[Hfleer]

This site was so horrible at some point I though they were just trolling us.

[Jgguy]

It's disappointing how this site was run.  Playing on a video feed of a live roulette table was a great idea that has been wasted.  Hopefully someone else can do it better.

[01BTC10]

I must've hit the "Withdraw" button a few hundred times at different intervals during the past few hours. Mostly to no avail, but finally in IE  (no progress bar function in FF and Chrome currently) after pressing "Withdraw" a significant amount of times, my computer beeped (the same beep that lets you know a deposit has entered the account), the page refreshed and I actually repeated the process again, and again got the beep and the page refresh. My balance had not changed yet. Decided to check out blockchain, and lo and behold, a new unconfirmed transaction for 0.7963 BTC, the last of my profit, had appeared. Double checked my balance, it had zeroed out.

I was very nervous all day today until this finally happened. I know people have much larger amounts out there in limbo. I hope you all get your withdrawals in a timely fashion. I finally got mine, only started trying to withdraw this afternoon.

https://blockchain.info/address/19shRMBphYdPoYUbDG6zwERg7N8iT4JNE8

FAKE

This transaction come from a known Casinobit hotwallet.

My guess is that the original owner sold the site to a scammer because it wasn't very popular or he screwed with the website code and paid more than the website profit during the first cash-out run.

[xkeyscore89]

I must've hit the "Withdraw" button a few hundred times at different intervals during the past few hours. Mostly to no avail, but finally in IE  (no progress bar function in FF and Chrome currently) after pressing "Withdraw" a significant amount of times, my computer beeped (the same beep that lets you know a deposit has entered the account), the page refreshed and I actually repeated the process again, and again got the beep and the page refresh. My balance had not changed yet. Decided to check out blockchain, and lo and behold, a new unconfirmed transaction for 0.7963 BTC, the last of my profit, had appeared. Double checked my balance, it had zeroed out.

I was very nervous all day today until this finally happened. I know people have much larger amounts out there in limbo. I hope you all get your withdrawals in a timely fashion. I finally got mine, only started trying to withdraw this afternoon.

https://blockchain.info/address/19shRMBphYdPoYUbDG6zwERg7N8iT4JNE8

FAKE

I resent the fact that you think I would make something like this up, although I'll simply chalk it up to frustration with casinobit.

[g83]

Sry u must have been lucky or casinobit tries to escape of scam accusations by paying out small amounts

[xkeyscore89]

Sry u must have been lucky or casinobit tries to escape of scam accusations by paying out small amounts

Apology accepted. I agree, I must've gotten very lucky. I genuinely feel for all those with BTC stuck in the site. How much do you have in it?

[CasinoBit]

Stick with the original, accept no substitutes?

Staying with the original and accepting no substitutes would mean you guys would run out of business since we've launched a full month before you.

As for everyone else in the thread, sorry for the frozen funds, we are working on it atm.

[KingOfSports]

There should be no reason for "frozen funds". You were sent funds and suppose to hold them. You either have them or you don't. Unless your system paid off too much you should have the BTC that was deposited, the players did not win against the house. Obviously this is not the case and you spent the BTC on something, why should you not be accused of scamming or at least stealing? You borrowed without asking by spending others' BTC.

[01BTC10]

There should be no reason for "frozen funds". You were sent funds and suppose to hold them. You either have them or you don't. Unless your system paid off too much you should have the BTC that was deposited, the players did not win against the house. Obviously this is not the case and you spent the BTC on something, why should you not be accused of scamming or at least stealing? You borrowed without asking by spending others' BTC.

This is obviously not the case. It's still better if investors get paid later than never. I will even consider leaving some large investment with him if he really pay back.

[hobbymd]

There should be no reason for "frozen funds". You were sent funds and suppose to hold them. You either have them or you don't. Unless your system paid off too much you should have the BTC that was deposited, the players did not win against the house. Obviously this is not the case and you spent the BTC on something, why should you not be accused of scamming or at least stealing? You borrowed without asking by spending others' BTC.

This is obviously not the case. It's still better if investors get paid later than never. I will even consider leaving some large investment with him if he really pay back.

+1

late is better than never!!!  

[eroxors]

Clearly there was an issue with the math using the investment feature. Actual site "profit" should be 2.7% of the total wagered, which would be 82.836BTC. The site is luckier now, making 130.54BTC (4.25%) since tracking started. However, variance should be accounted for and over the long run, that 4.25% will come down closer to 2.7%. Much of this profit was earned prior to investments.

Now, how is it that someone can invest and then withdrawal 50% more than they invested in only a few days? My guess? The potential variance was not accounted for so any house "wins" were considered "profit." OR, perhaps house "losses" were not deducted from the users bankroll? Too good to be true? Absolutely. I'm not certain why, but clearly the math was wrong and some users were able to exploit the miscalculation to take a significant amount of money from the other investors. If ~200BTC is owed to investors, the site will need nearly 8000BTC of action to expect to be able to cover that amount. IMHO, the "investment" feature needs to be removed immediately and resolved separately (potentially by proportionately paying out remaining investors with what's available or offering a cut of future profits.)

Questions to ask:
Was the investment money guaranteed?
Was the risk passed on to investors?
Is the site BR & investor BR separate?
Did risk include the possibility that a miscalculation could occur?
Is the site responsible for it's own exploitation by other "investors?"

Full disclosure: I provided a capital loan to the site, which was repaid in advance a couple months ago.

[eroxors]

Clearly there was an issue with the math using the investment feature. Actual site "profit" should be 2.7% of the total wagered, which would be 82.836BTC. The site is luckier now, making 130.54BTC (4.25%) since tracking started. However, variance should be accounted for and over the long run, that 4.25% will come down closer to 2.7%. Much of this profit was earned prior to investments.

Now, how is it that someone can invest and then withdrawal 50% more than they invested in only a few days? My guess? The potential variance was not accounted for so any house "wins" were considered "profit." OR, perhaps house "losses" were not deducted from the users bankroll? Too good to be true? Absolutely. I'm not certain why, but clearly the math was wrong and some users were able to exploit the miscalculation to take a significant amount of money from the other investors. If ~200BTC is owed to investors, the site will need nearly 8000BTC of action to expect to be able to cover that amount. IMHO, the "investment" feature needs to be removed immediately and resolved separately (potentially by proportionately paying out remaining investors with what's available or offering a cut of future profits.)

Questions to ask:
Was the investment money guaranteed?
Was the risk passed on to investors?
Is the site BR & investor BR separate?
Did risk include the possibility that a miscalculation could occur?
Is the site responsible for it's own exploitation by other "investors?"

Full disclosure: I provided a capital loan to the site, which was repaid in advance a couple months ago.

Just noticed this thread: https://bitcointalk.org/index.php?topic=272037 which answers some of the "terms" questions.

[001sonkit]

Casinobit is not a scam or a Ponzi.

Clearly there was an issue with the math using the investment feature. Actual site "profit" should be 2.7% of the total wagered, which would be 82.836BTC. The site is luckier now, making 130.54BTC (4.25%) since tracking started. However, variance should be accounted for and over the long run, that 4.25% will come down closer to 2.7%. Much of this profit was earned prior to investments.

Now, how is it that someone can invest and then withdrawal 50% more than they invested in only a few days? My guess? The potential variance was not accounted for so any house "wins" were considered "profit." OR, perhaps house "losses" were not deducted from the users bankroll? Too good to be true? Absolutely. I'm not certain why, but clearly the math was wrong and some users were able to exploit the miscalculation to take a significant amount of money from the other investors. If ~200BTC is owed to investors, the site will need nearly 8000BTC of action to expect to be able to cover that amount. IMHO, the "investment" feature needs to be removed immediately and resolved separately (potentially by proportionately paying out remaining investors with what's available or offering a cut of future profits.)

Questions to ask:
Was the investment money guaranteed?
Was the risk passed on to investors?
Is the site BR & investor BR separate?
Did risk include the possibility that a miscalculation could occur?
Is the site responsible for it's own exploitation by other "investors?"

Full disclosure: I provided a capital loan to the site, which was repaid in advance a couple months ago.

1.  Actual site "profit" should be EXPECTED TO BE 2.7% of the total wagered
2. see my scam accuse post or ask guys out there like vless or 01BTC10 why it is a ponzi, scan the whole thread at https://bitcointalk.org/index.php?topic=272037 and https://bitcointalk.org/index.php?topic=171094.0

Was the investment money guaranteed? No
Was the risk passed on to investors? Yes
Is the site BR & investor BR separate? There is no site BR, everything is on the invested amount
Did risk include the possibility that a miscalculation could occur? Yes
Is the site responsible for it's own exploitation by other "investors?" It is a function that how it works, designed to be by him. To rephrase, designed to be a system to run ponzi, as TradeFortress states, new investment is not profit for old investors, and Casinobit makes it be

[eroxors]

Casinobit is not a scam or a Ponzi.

Clearly there was an issue with the math using the investment feature. Actual site "profit" should be 2.7% of the total wagered, which would be 82.836BTC. The site is luckier now, making 130.54BTC (4.25%) since tracking started. However, variance should be accounted for and over the long run, that 4.25% will come down closer to 2.7%. Much of this profit was earned prior to investments.

Now, how is it that someone can invest and then withdrawal 50% more than they invested in only a few days? My guess? The potential variance was not accounted for so any house "wins" were considered "profit." OR, perhaps house "losses" were not deducted from the users bankroll? Too good to be true? Absolutely. I'm not certain why, but clearly the math was wrong and some users were able to exploit the miscalculation to take a significant amount of money from the other investors. If ~200BTC is owed to investors, the site will need nearly 8000BTC of action to expect to be able to cover that amount. IMHO, the "investment" feature needs to be removed immediately and resolved separately (potentially by proportionately paying out remaining investors with what's available or offering a cut of future profits.)

Questions to ask:
Was the investment money guaranteed?
Was the risk passed on to investors?
Is the site BR & investor BR separate?
Did risk include the possibility that a miscalculation could occur?
Is the site responsible for it's own exploitation by other "investors?"

Full disclosure: I provided a capital loan to the site, which was repaid in advance a couple months ago.

1.  Actual site "profit" should be EXPECTED TO BE 2.7% of the total wagered
2. see my scam accuse post or ask guys out there like vless or 01BTC10 why it is a ponzi, scan the whole thread at https://bitcointalk.org/index.php?topic=272037 and https://bitcointalk.org/index.php?topic=171094.0

Was the investment money guaranteed? No
Was the risk passed on to investors? Yes
Is the site BR & investor BR separate? There is no site BR, everything is on the invested amount
Did risk include the possibility that a miscalculation could occur? Yes
Is the site responsible for it's own exploitation by other "investors?" It is a function that how it works, designed to be by him. To rephrase, designed to be a system to run ponzi, as TradeFortress states, new investment is not profit for old investors, and Casinobit makes it be

Thanks for this. I've read your post and I agree. When did you initially alert him to the issue? Are "actual" profits even put into the pool?

[001sonkit]

Situation
1: [guy 1 10 BTC ] ===> pool with 10BTC
2: [guy 1 10 BTC (+5BTC in profit vault) ] [guy 2 5BTC invested] =====> pool with 15BTC, and 5BTC fake coins
3: [guy 1 divest all (75% of house)]  [guy 2 5BTC (-75%)] =====> pool left with 0 BTC and 3.75 fake coins in the system

before all the incident  this is what happens, and after revealing the scam and most big investors are gone. he finally realized and change the code to new investments are not profit. But with the fake coins in the system , a few days more and it can't sustain. He perhaps is deciding to liquidate something but we havent hear news from him recently.

But from what i have experimented with the system, it is how it programmed to work this guys are like 3x or 5x ing their profit in jjust a week since the investment goes up with all this positive news. No matter was he intended to be, he was owning a ponzi scheme investment system and covering with the casino profit.


And as mentioned before, we have 2 cases with all his "debunking".

This would remain 2 solution:
1. He is smart enough to not even know how a ponzi scheme works
2. (As seen on Just-Dice user chat room)

[icecube]

The thread is titled "SCAMMER TAG REQUEST - CASINOBIT.NET IS NOT PAYING OUT INVESTORS"

Should also be titled "CASINOBIT.NET IS NOT PAYING OUT BETTORS"

[001sonkit]

The thread is titled "SCAMMER TAG REQUEST - CASINOBIT.NET IS NOT PAYING OUT INVESTORS"

Should also be titled "CASINOBIT.NET IS NOT PAYING OUT BETTERS"

Both Investors AND Bettors

[eroxors]

ATTN: Anyone who has not been paid out from won bets

Please PM me your e-mail address if you are interested in the identity and contact information of the admin.

Thanks.

[eroxors]

https://bitcointalk.org/index.php?topic=411750.0

[eroxors]

Also: https://bitcointalk.org/index.php?topic=422817.20

[eroxors]

Selling the casino: https://bitcointalk.org/index.php?topic=430447.0

[Malexo]

Now that's more suspicious.

I would say it isn't suspicious, just re-affirming.

[eroxors]

Now that's more suspicious.

I would say it isn't suspicious, just re-affirming.

It's probably a plan to "transfer" ownership to another identity of his.

[Bitcoin Scammer]

They are and have been in the process of moving domains. 301 redirecting all backlink juice to the new page but using a new name. For reasons I can only imagine..

[eroxors]

Here is another sock puppet: https://bitcointalk.org/index.php?topic=543237.0;topicseen