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MPOE-PR
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 21, 2013, 10:55:58 AM |
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Stick with the original, accept no substitutes?
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001sonkit
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 21, 2013, 08:16:12 PM |
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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) PONZIInvestor beware... ![Roll Eyes](https://bitcointalk.org/Smileys/default/rolleyes.gif) You got it right actually! First to finish reading the message and press the divest button to withdrawl, you will be the winner ![Smiley](https://bitcointalk.org/Smileys/default/smiley.gif) Who doesn't like meme anyway ![](https://ip.bitcointalk.org/?u=https%3A%2F%2Fi.imgur.com%2FTONmixU.jpg&t=665&c=EaPdbLJpTFi2Ig)
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GEMINI ACCOUNT REVIEW - Source of Funds Request
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Bitcoin Scammer
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 12:25:45 AM |
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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.
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DON'T GET SCAMMED, CHECK FIRST = Bitcoinscammers.com
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Kouye
Sr. Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 336
Merit: 250
Cuddling, censored, unicorn-shaped troll.
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 12:30:31 AM |
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I hope casinobit.net runs away with all the coins. And that you quit investing into such immoral "businesses".
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[OVER] RIDDLES 2nd edition --- this was claimed. Look out for 3rd edition! I won't ever ask for a loan nor offer any escrow service. If I do, please consider my account as hacked.
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xkeyscore89
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 04:41:28 AM |
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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
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favdesu
Legendary
Offline
Activity: 1764
Merit: 1000
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 08:11:26 AM |
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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.
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g83 (OP)
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 08:27:18 AM |
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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
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xkeyscore89
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 12:13:52 PM |
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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.
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Hfleer
Sr. Member
![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif) ![*](https://bitcointalk.org/Themes/custom1/images/star.gif)
Offline
Activity: 448
Merit: 250
Changing avatars is currently not possible.
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 12:37:24 PM |
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This site was so horrible at some point I though they were just trolling us.
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██████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████████
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Jgguy
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 02:45:05 PM |
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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.
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01BTC10
VIP
Hero Member
Offline
Activity: 756
Merit: 503
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 04:59:43 PM |
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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 FAKEThis 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.
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xkeyscore89
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 07:35:55 PM |
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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 FAKEI resent the fact that you think I would make something like this up, although I'll simply chalk it up to frustration with casinobit.
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g83 (OP)
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 07:45:23 PM |
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Sry u must have been lucky or casinobit tries to escape of scam accusations by paying out small amounts
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xkeyscore89
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 22, 2013, 08:01:19 PM |
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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?
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CasinoBit
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 24, 2013, 12:26:06 PM |
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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.
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KingOfSports
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 24, 2013, 12:47:23 PM |
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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.
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01BTC10
VIP
Hero Member
Offline
Activity: 756
Merit: 503
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 24, 2013, 12:59:01 PM |
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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.
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hobbymd
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 24, 2013, 06:44:54 PM |
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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!!! ![Undecided](https://bitcointalk.org/Smileys/default/undecided.gif)
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eroxors
Legendary
Offline
Activity: 924
Merit: 1000
Think. Positive. Thoughts.
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![](https://bitcointalk.org/Themes/custom1/images/post/xx.gif) |
August 26, 2013, 05:13:27 PM |
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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.
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