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Author Topic: FreeBitco.in - Win a Lamborghini Huracan LP 580-2!!  (Read 310976 times)
Kakmakr
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March 12, 2018, 07:22:18 AM
 #5441

When is Freebitco.in going to go over to SegWit? Last I checked they still used the old Legacy Bitcoin addresses. A lot of exchanges and wallet providers already went over to SegWit and I see most of the signature campaigns are also asking people to provide SegWit adresses.

If you decide to implement it, what format will you be using? Hope I did not miss any anouncements about this. ^smile^
Yeah, it would be interesting to hear, do they have plans to implement SegWit in near future or no. Maybe SegWit would allow them to reduce or completely remove fee for weekly auto withdrawals.


Segwit probably be implemented on new version or on re-branded freebitcoin domain/site. btw @wetsuit any update on re-branding? if you need a tester to get feedbacks etc, count me in. Cheesy
I don't think that they will need for testers because there will be no new features added. Only domain name will be changed and new currencies will be added on faucet, hi-lo game and lottery, all other things will remain same.

I am more worried about the format that they would be implementing, because there is some backward compatibility issues between Legacy addressees and some SegWit formats. I think the standard is slowly moving towards the Bech32 format now.

The cost saving for a site with millions of users is significant, but the impact on the Blockchain is more important. We recently saw what impact sites like Coinbase has, when they do not implement batching and when they refuse to implement technologies like SegWit.

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March 12, 2018, 07:32:35 AM
 #5442

I am more worried about the format that they would be implementing, because there is some backward compatibility issues between Legacy addressees and some SegWit formats. I think the standard is slowly moving towards the Bech32 format now.

The cost saving for a site with millions of users is significant, but the impact on the Blockchain is more important. We recently saw what impact sites like Coinbase has, when they do not implement batching and when they refuse to implement technologies like SegWit.

They have partially implemented Segwit already. All withdrawals are being paid with Segwit transactions. Hopefully, it will not be too long before they start using Segwit deposit addresses as well.

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March 12, 2018, 10:01:05 AM
 #5443

I am more worried about the format that they would be implementing, because there is some backward compatibility issues between Legacy addressees and some SegWit formats. I think the standard is slowly moving towards the Bech32 format now.

The cost saving for a site with millions of users is significant, but the impact on the Blockchain is more important. We recently saw what impact sites like Coinbase has, when they do not implement batching and when they refuse to implement technologies like SegWit.

They have partially implemented Segwit already. All withdrawals are being paid with Segwit transactions. Hopefully, it will not be too long before they start using Segwit deposit addresses as well.


Seeing your post I immediately tried to withdraw to my bech32 address. Since I have more than 55k sats on the site I can do it any time manually, and also right now the fee for "slow" (6-24 Hours) withdrawal  is only 0.00000080 BTC compared to 0.00003000 BTC for auto.  But unfortunately the operation failed. I got this message: "Invalid withdrawal address". So, I think bech32 segwit addresses are not supported yet.

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March 12, 2018, 10:09:39 AM
 #5444

Seeing your post I immediately tried to withdraw to my bech32 address. Since I have more than 55k sats on the site I can do it any time manually, and also right now the fee for "slow" (6-24 Hours) withdrawal  is only 0.00000080 BTC compared to 0.00003000 BTC for auto.  But unfortunately the operation failed. I got this message: "Invalid withdrawal address". So, I think bech32 segwit addresses are not supported yet.

That's not what I meant. Have a look at the withdrawals on the stats page and they all come from address 329koRvovTyNnd4ADrpR2uJHzXxfvKxta5

Then if you look at the transactions you can see the input scripts are Segwit.

https://btc.com/b989ed96b870b5b8ef0bcc509a33792786a67abc6d2832fa4cffad71e669fff5

Updating the software to accept Bech32 addresses is different. I was just pointing out that they seem to have at least started the process of switching over.

freebitcoin.TO WIN A  LAMBORGHINI!..

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March 12, 2018, 08:24:47 PM
 #5445

I like FreeBitco.in Grin some news about Bitcoin Diamond and Bitcoin Private distribution? Thanks for info!
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March 13, 2018, 05:41:03 AM
 #5446

I am more worried about the format that they would be implementing, because there is some backward compatibility issues between Legacy addressees and some SegWit formats. I think the standard is slowly moving towards the Bech32 format now.

The cost saving for a site with millions of users is significant, but the impact on the Blockchain is more important. We recently saw what impact sites like Coinbase has, when they do not implement batching and when they refuse to implement technologies like SegWit.

They have partially implemented Segwit already. All withdrawals are being paid with Segwit transactions. Hopefully, it will not be too long before they start using Segwit deposit addresses as well.


Seeing your post I immediately tried to withdraw to my bech32 address. Since I have more than 55k sats on the site I can do it any time manually, and also right now the fee for "slow" (6-24 Hours) withdrawal  is only 0.00000080 BTC compared to 0.00003000 BTC for auto.  But unfortunately the operation failed. I got this message: "Invalid withdrawal address". So, I think bech32 segwit addresses are not supported yet.

Yes, I got the same response when I tried it. I was doing some testing for a strategy I wanted to implement, but the high transaction fees will cancel all the gain that I would have received from this. The strategy require frequent deposits and withdrawals from the site. < You get interest on your balance, without the risk of storing large amounts of coins for long periods on the site. >

We tell people not to store large amounts of coins on exchanges, but we should trust a faucet that we know very little about?  ^not^ 

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March 13, 2018, 06:07:39 AM
 #5447

Yes, I got the same response when I tried it. I was doing some testing for a strategy I wanted to implement, but the high transaction fees will cancel all the gain that I would have received from this. The strategy require frequent deposits and withdrawals from the site. < You get interest on your balance, without the risk of storing large amounts of coins for long periods on the site. >

We tell people not to store large amounts of coins on exchanges, but we should trust a faucet that we know very little about?  ^not^ 

They need to do 2 things to enable withdrawal to Bech32 addresses. First, upgrade their hot wallet to something capable of sending to Bech23 addresses and second recode the front end to be able to accept and verify Bech32 addresses (it need to be able to detect a typo in the address entered).

The interest paid is by way of compensation for taking the risk you talk about. They need long term deposits to form the bankroll. You can't run a gambling site without one. The reason that interest is paid at a random time each day is to stop people gaming the system and only depositing for short periods. I would imagine if you come up with a successful strategy to defeat that you will force them to change the rules.

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March 13, 2018, 08:04:12 AM
 #5448

[snip]
Yes, I got the same response when I tried it. I was doing some testing for a strategy I wanted to implement, but the high transaction fees will cancel all the gain that I would have received from this. The strategy require frequent deposits and withdrawals from the site. < You get interest on your balance, without the risk of storing large amounts of coins for long periods on the site. >

We tell people not to store large amounts of coins on exchanges, but we should trust a faucet that we know very little about?  ^not^ 

the withdrawal fees from the site is currently 40 satoshi for Slow withdrawals which will happen in less than 6 hours in my experience and the instant withdrawals which will be in next block only costs 598 satoshi. what is the high transaction fees you are talking about?

about the investment, like any other place there is always a risk so you have to come up with a risk/reward ratio that you are most comfortable with and do that. you obviously can never fully trust anyone but based on the long history of this site and the fact that they are actually mining I think it can be trusted a little at least!
I had up to 1BTC invested there at some point which I withdrew with only 40 satoshi fee Cheesy I still have some more and had different amounts there for profit for a long time now.

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March 13, 2018, 12:05:15 PM
 #5449

about the investment, like any other place there is always a risk so you have to come up with a risk/reward ratio that you are most comfortable with and do that. you obviously can never fully trust anyone but based on the long history of this site and the fact that they are actually mining I think it can be trusted a little at least!
I had up to 1BTC invested there at some point which I withdrew with only 40 satoshi fee Cheesy I still have some more and had different amounts there for profit for a long time now.

I BTC investment on the online wallet is a big risk at least for me and I never put such a high amount of risk just for 4% profit per annum but it still depends on the individual. Yes, the site is paying people for a quite long time but that doesn't give any guaranty for the future so I don't take such risks.
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March 13, 2018, 12:24:02 PM
 #5450

about the investment, like any other place there is always a risk so you have to come up with a risk/reward ratio that you are most comfortable with and do that. you obviously can never fully trust anyone but based on the long history of this site and the fact that they are actually mining I think it can be trusted a little at least!
I had up to 1BTC invested there at some point which I withdrew with only 40 satoshi fee Cheesy I still have some more and had different amounts there for profit for a long time now.

I BTC investment on the online wallet is a big risk at least for me and I never put such a high amount of risk just for 4% profit per annum but it still depends on the individual. Yes, the site is paying people for a quite long time but that doesn't give any guaranty for the future so I don't take such risks.

that is true. and I didn't really intend to invest that much bitcoin there, it is just that I invested some bitcoin then I had some funds (my signature payments) that I wanted to consolidate and also I sold something and received the payment in the address there and long story short I had 1+ bitcoin there which I withdrew in less than a week.
I usually keep between 0.05 to 0.1BTC there but it sometimes grows bigger, then I make a withdrawal.

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March 13, 2018, 01:24:31 PM
 #5451

[snip]
Yes, I got the same response when I tried it. I was doing some testing for a strategy I wanted to implement, but the high transaction fees will cancel all the gain that I would have received from this. The strategy require frequent deposits and withdrawals from the site. < You get interest on your balance, without the risk of storing large amounts of coins for long periods on the site. >

We tell people not to store large amounts of coins on exchanges, but we should trust a faucet that we know very little about?  ^not^ 

the withdrawal fees from the site is currently 40 satoshi for Slow withdrawals which will happen in less than 6 hours in my experience and the instant withdrawals which will be in next block only costs 598 satoshi. what is the high transaction fees you are talking about?

about the investment, like any other place there is always a risk so you have to come up with a risk/reward ratio that you are most comfortable with and do that. you obviously can never fully trust anyone but based on the long history of this site and the fact that they are actually mining I think it can be trusted a little at least!
I had up to 1BTC invested there at some point which I withdrew with only 40 satoshi fee Cheesy I still have some more and had different amounts there for profit for a long time now.

What is the risk to have when you placing any amount on freebitco.in site? I believe it is not the same as pther investment which there is always up and down trend depends on gambler. They give us only interests which is I can say this is like a bank system. So if we store certain amount it gives the exactly 4.08% interest so i would think that to put 1 btc there. They give us pretty good amount in a month without doing anything

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March 13, 2018, 02:59:39 PM
 #5452

[snip]
Yes, I got the same response when I tried it. I was doing some testing for a strategy I wanted to implement, but the high transaction fees will cancel all the gain that I would have received from this. The strategy require frequent deposits and withdrawals from the site. < You get interest on your balance, without the risk of storing large amounts of coins for long periods on the site. >

We tell people not to store large amounts of coins on exchanges, but we should trust a faucet that we know very little about?  ^not^ 

the withdrawal fees from the site is currently 40 satoshi for Slow withdrawals which will happen in less than 6 hours in my experience and the instant withdrawals which will be in next block only costs 598 satoshi. what is the high transaction fees you are talking about?

about the investment, like any other place there is always a risk so you have to come up with a risk/reward ratio that you are most comfortable with and do that. you obviously can never fully trust anyone but based on the long history of this site and the fact that they are actually mining I think it can be trusted a little at least!
I had up to 1BTC invested there at some point which I withdrew with only 40 satoshi fee Cheesy I still have some more and had different amounts there for profit for a long time now.

What is the risk to have when you placing any amount on freebitco.in site? I believe it is not the same as pther investment which there is always up and down trend depends on gambler. They give us only interests which is I can say this is like a bank system. So if we store certain amount it gives the exactly 4.08% interest so i would think that to put 1 btc there. They give us pretty good amount in a month without doing anything

Have you ever heard someone saying/suggesting "dont store your btc too much on online wallet/exchange"? The risk is obviously something related to hacking, phishing, where once it is happened then you will not get your btc back. I think you have heard about great site getting hacked and the btc and all assets were stolen, haven't you?
You need to wait for a year to get exact 4.08% interest and anything may happen during the year. A great site with great security system can be hacked, so it wont be hard for the hacker to hack freebitcoin once they know that there are huge amount of btc invested.

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March 13, 2018, 04:32:32 PM
 #5453

Seeing your post I immediately tried to withdraw to my bech32 address. Since I have more than 55k sats on the site I can do it any time manually, and also right now the fee for "slow" (6-24 Hours) withdrawal  is only 0.00000080 BTC compared to 0.00003000 BTC for auto.  But unfortunately the operation failed. I got this message: "Invalid withdrawal address". So, I think bech32 segwit addresses are not supported yet.

That's not what I meant. Have a look at the withdrawals on the stats page and they all come from address 329koRvovTyNnd4ADrpR2uJHzXxfvKxta5

Then if you look at the transactions you can see the input scripts are Segwit.

https://btc.com/b989ed96b870b5b8ef0bcc509a33792786a67abc6d2832fa4cffad71e669fff5

Updating the software to accept Bech32 addresses is different. I was just pointing out that they seem to have at least started the process of switching over.


Yes, I understand and I didn't mean to complain that they are still not supporting bech32 addresses. I mean how many gambling sites, exchanges or faucets support withdrawals to bech32 addresses? Almost none actually. So, if they were suppoting it they would be among the pioneers.

And of course kudos for FreeBitco.in that they have already started the process.

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March 13, 2018, 04:38:31 PM
 #5454

Yes, I understand and I didn't mean to complain that they are still not supporting bech32 addresses. I mean how many gambling sites, exchanges or faucets support withdrawals to bech32 addresses? Almost none actually. So, if they were suppoting it they would be among the pioneers.

And of course kudos for FreeBitco.in that they have already started the process.

The only one I have found so far is Crypto-Games.net, I'd love to hear if anyone else knows of any more.


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March 13, 2018, 07:09:12 PM
 #5455

[snip]
Yes, I got the same response when I tried it. I was doing some testing for a strategy I wanted to implement, but the high transaction fees will cancel all the gain that I would have received from this. The strategy require frequent deposits and withdrawals from the site. < You get interest on your balance, without the risk of storing large amounts of coins for long periods on the site. >

We tell people not to store large amounts of coins on exchanges, but we should trust a faucet that we know very little about?  ^not^ 

the withdrawal fees from the site is currently 40 satoshi for Slow withdrawals which will happen in less than 6 hours in my experience and the instant withdrawals which will be in next block only costs 598 satoshi. what is the high transaction fees you are talking about?

about the investment, like any other place there is always a risk so you have to come up with a risk/reward ratio that you are most comfortable with and do that. you obviously can never fully trust anyone but based on the long history of this site and the fact that they are actually mining I think it can be trusted a little at least!
I had up to 1BTC invested there at some point which I withdrew with only 40 satoshi fee Cheesy I still have some more and had different amounts there for profit for a long time now.

What is the risk to have when you placing any amount on freebitco.in site? I believe it is not the same as pther investment which there is always up and down trend depends on gambler. They give us only interests which is I can say this is like a bank system. So if we store certain amount it gives the exactly 4.08% interest so i would think that to put 1 btc there. They give us pretty good amount in a month without doing anything

Have you ever heard someone saying/suggesting "dont store your btc too much on online wallet/exchange"? The risk is obviously something related to hacking, phishing, where once it is happened then you will not get your btc back. I think you have heard about great site getting hacked and the btc and all assets were stolen, haven't you?
You need to wait for a year to get exact 4.08% interest and anything may happen during the year. A great site with great security system can be hacked, so it wont be hard for the hacker to hack freebitcoin once they know that there are huge amount of btc invested.

Yes, i know that for sure but i believe the investors would invest on this kind of site, usually the one that want to store their coin is some gambler too, so I would say, why dont the gambler gambling and earning together while they can still do that? And before that, I know you will complain about the house edge and it does not mean we can't win through huge house edge but we can't just play for so long. If we set some limit then it might possible we will get profit here

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March 13, 2018, 07:36:45 PM
 #5456

[snip]
Yes, I got the same response when I tried it. I was doing some testing for a strategy I wanted to implement, but the high transaction fees will cancel all the gain that I would have received from this. The strategy require frequent deposits and withdrawals from the site. < You get interest on your balance, without the risk of storing large amounts of coins for long periods on the site. >

We tell people not to store large amounts of coins on exchanges, but we should trust a faucet that we know very little about?  ^not^ 

the withdrawal fees from the site is currently 40 satoshi for Slow withdrawals which will happen in less than 6 hours in my experience and the instant withdrawals which will be in next block only costs 598 satoshi. what is the high transaction fees you are talking about?

about the investment, like any other place there is always a risk so you have to come up with a risk/reward ratio that you are most comfortable with and do that. you obviously can never fully trust anyone but based on the long history of this site and the fact that they are actually mining I think it can be trusted a little at least!
I had up to 1BTC invested there at some point which I withdrew with only 40 satoshi fee Cheesy I still have some more and had different amounts there for profit for a long time now.

What is the risk to have when you placing any amount on freebitco.in site? I believe it is not the same as pther investment which there is always up and down trend depends on gambler. They give us only interests which is I can say this is like a bank system. So if we store certain amount it gives the exactly 4.08% interest so i would think that to put 1 btc there. They give us pretty good amount in a month without doing anything

Have you ever heard someone saying/suggesting "dont store your btc too much on online wallet/exchange"? The risk is obviously something related to hacking, phishing, where once it is happened then you will not get your btc back. I think you have heard about great site getting hacked and the btc and all assets were stolen, haven't you?
You need to wait for a year to get exact 4.08% interest and anything may happen during the year. A great site with great security system can be hacked, so it wont be hard for the hacker to hack freebitcoin once they know that there are huge amount of btc invested.
All sites are prone to hacking even no matter how good their security is there would really be days on where it would be vulnerable to attacks which would result on losing money.Everything on internet is really prone to get hacked this is why we should really be keen on where we do place our investment and somehow you must ready on potential things to happen along the way.1 year time do really have many things to happen and cant be sure on whats ahead.



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March 13, 2018, 07:58:45 PM
 #5457

How the interest rates with falling bitcoin prices? in end, the amount gained might be in fractions.
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March 13, 2018, 08:06:09 PM
Last edit: March 14, 2018, 08:29:48 PM by Warfare
 #5458

How the interest rates with falling bitcoin prices? in end, the amount gained might be in fractions.

Still 4.08% annually.
The only thing that fluctuates with the price of Bitcoin is the free roll earnings.

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March 13, 2018, 10:52:26 PM
 #5459

All sites are prone to hacking even no matter how good their security is there would really be days on where it would be vulnerable to attacks which would result on losing money.Everything on internet is really prone to get hacked this is why we should really be keen on where we do place our investment and somehow you must ready on potential things to happen along the way.1 year time do really have many things to happen and cant be sure on whats ahead.

most sites handling mass people money tend to use cold storage wallet to keep significant amount securely
that's why freebitco.in stores most of the fund in cold and warm wallets, and only small portion in hot wallet
in this case they keep only 5% in hot wallet to accomodate daily payout requests
below is partial info about how they store their bitcoins

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. ... ---snip---

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March 14, 2018, 02:08:48 AM
 #5460

[snip]
Yes, I got the same response when I tried it. I was doing some testing for a strategy I wanted to implement, but the high transaction fees will cancel all the gain that I would have received from this. The strategy require frequent deposits and withdrawals from the site. < You get interest on your balance, without the risk of storing large amounts of coins for long periods on the site. >

We tell people not to store large amounts of coins on exchanges, but we should trust a faucet that we know very little about?  ^not^ 

the withdrawal fees from the site is currently 40 satoshi for Slow withdrawals which will happen in less than 6 hours in my experience and the instant withdrawals which will be in next block only costs 598 satoshi. what is the high transaction fees you are talking about?

about the investment, like any other place there is always a risk so you have to come up with a risk/reward ratio that you are most comfortable with and do that. you obviously can never fully trust anyone but based on the long history of this site and the fact that they are actually mining I think it can be trusted a little at least!
I had up to 1BTC invested there at some point which I withdrew with only 40 satoshi fee Cheesy I still have some more and had different amounts there for profit for a long time now.

What is the risk to have when you placing any amount on freebitco.in site? I believe it is not the same as pther investment which there is always up and down trend depends on gambler. They give us only interests which is I can say this is like a bank system. So if we store certain amount it gives the exactly 4.08% interest so i would think that to put 1 btc there. They give us pretty good amount in a month without doing anything

First time seeing someone to compare online wallets with banks. These sites can close anytime without any notice so I suggest people never store huge amounts in any of the online wallets. Yes, currently they are very trusted and paying everyone for a very long time but this will not give any assurance for the future. 4% in the crypto world is not that high so I don't take a risk to store my coins in any of the online wallets.
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