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[Kakmakr]

Exactly my point. It feels like a common "Bait n Switch" business model, where you attract people with the promise of FREE money and when you hooked them into your service, then you switch to a business model based on profit. You even removed the "Donate to Charity" feature that was implemented at one stage.

It always was a for profit business.

The donate to charity option was removed because Save the Children stopped accepting donations in Bitcoin.¹

It is sad to see this, because Freebitco.in has always been the site that helped to grow adoption and also spearheaded "newbies" entry into Bitcoin.

I am not badmouthing the site at all, I am merely making an observation based on my long-term association with this site, from it's early beginnings.  

I hope with the new launch that we would see something that would be focussed on what this site was initially based on, which is "Helping" the millions of people that needs a jump start into their Crypto currency journey.

We're not removing the faucet so we hope we will continue to introduce many new people to Bitcoin.

The rebrand may help to end the confusion that many people have about us being a charity. The free money has always been there to bring in new customers some of which will deposit and play.


THIS

The goal of the website, as many companies out there, is to make profit. I think faucet will remain to attract new players, but they'll always be encouraged to play MULTIPLY BTC game. Freebitcoin can't give money without earning some somewhere.

Edit:

[1] It appears that Save the Children have started accepted Bitcoin donations again. Unfortunately, it was a very underused facility so it is unlikely we will bring it back.
 

Oh please. Stop with that... You either want to give to charity or you do not want to give to charity. The feature would not have taken up a lot of space and the way that you placed it on the forum, did not encourage people to use it. If you really supported the idea, then you would have enabled a popup or a message on the landing page for this feature.

The money was coming from the Freebitco.in community and you just provided a platform to channel some money to that charity. <Agreed, you did give a once off donation at the beginning to kick off the process and that is commendable> I think it was removed, because you wanted that money to go to the gambling, when the Ad income was removed. 

It is still sad to see where this is going now. 

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[TheQuin]

Why does the percentage towards the next level bonus go down when you use the hourly free spin?  Also, what causes the bonus added to every win to drop?

Thanks to jackg & Thirdspace for correctly answering your questions.

I know you answered me sometimes here but are you among owners of freebitco? Or just support here?
Btw you may don't know but in old good days, even banks were promoting your website, this means you have trust in people.
You really pay low compared to old times but somehow no one considers the fact that bitcoin's price is high, more than 10x high. Low house edge would be better but I understand, being faucet and dice at the same time with 1% house edge is very unprofitable for website, however others can't understand it.
Wish you success, would love to see new and strong freebitco like it was some years ago.

I'm just support, wetsuit is the owner. Thanks for your kind words.

Oh please. Stop with that... You either want to give to charity or you do not want to give to charity.

At the time Save the Children removed the Bitcoin donation it was not possible for us to continue accepting donations we couldn't pass on.
So few of our customers used the facility that we see no point on reinstating it now they are accepting Bitcoin donations again. There is nothing to stop you or any other customer donating to them directly if you feel that strongly about it.

[Kakmakr]

Why does the percentage towards the next level bonus go down when you use the hourly free spin?  Also, what causes the bonus added to every win to drop?

Thanks to jackg & Thirdspace for correctly answering your questions.

I know you answered me sometimes here but are you among owners of freebitco? Or just support here?
Btw you may don't know but in old good days, even banks were promoting your website, this means you have trust in people.
You really pay low compared to old times but somehow no one considers the fact that bitcoin's price is high, more than 10x high. Low house edge would be better but I understand, being faucet and dice at the same time with 1% house edge is very unprofitable for website, however others can't understand it.
Wish you success, would love to see new and strong freebitco like it was some years ago.

I'm just support, wetsuit is the owner. Thanks for your kind words.

Oh please. Stop with that... You either want to give to charity or you do not want to give to charity.

At the time Save the Children removed the Bitcoin donation it was not possible for us to continue accepting donations we couldn't pass on.
So few of our customers used the facility that we see no point on reinstating it now they are accepting Bitcoin donations again. There is nothing to stop you or any other customer donating to them directly if you feel that strongly about it.

So it never crossed their minds to consider another charity that did accept bitcoins or to ask people if they had suggestions for another charity? This site have the potential to do a lot of good and to stand out from the rest of the sites that are offering a similar service.

Unfortunately you cannot face the fire for decisions that are made by "management", so I will not direct my frustration with this decision, towards you.

I think it is a bad decision to abandon the "FREE" concept, linked to this site. The foundation of this site was built on that concept and one of the reasons why it succeed this long.  

Edit : Donating via this site was a One-Stop solution. It just made it easier for people who did not know about this.

[jackg]

Why does the percentage towards the next level bonus go down when you use the hourly free spin?  Also, what causes the bonus added to every win to drop?

Thanks to jackg & Thirdspace for correctly answering your questions.

I know you answered me sometimes here but are you among owners of freebitco? Or just support here?
Btw you may don't know but in old good days, even banks were promoting your website, this means you have trust in people.
You really pay low compared to old times but somehow no one considers the fact that bitcoin's price is high, more than 10x high. Low house edge would be better but I understand, being faucet and dice at the same time with 1% house edge is very unprofitable for website, however others can't understand it.
Wish you success, would love to see new and strong freebitco like it was some years ago.

I'm just support, wetsuit is the owner. Thanks for your kind words.

Oh please. Stop with that... You either want to give to charity or you do not want to give to charity.

At the time Save the Children removed the Bitcoin donation it was not possible for us to continue accepting donations we couldn't pass on.
So few of our customers used the facility that we see no point on reinstating it now they are accepting Bitcoin donations again. There is nothing to stop you or any other customer donating to them directly if you feel that strongly about it.

So it never crossed their minds to consider another charity that did accept bitcoins or to ask people if they had suggestions for another charity? This site have the potential to do a lot of good and to stand out from the rest of the sites that are offering a similar service.

Unfortunately you cannot face the fire for decisions that are made by "management", so I will not direct my frustration with this decision, towards you.

I think it is a bad decision to abandon the "FREE" concept, linked to this site. The foundation of this site was built on that concept and one of the reasons why it succeed this long. 

Edit : Donating via this site was a One-Stop solution. It just made it easier for people who did not know about this.

You're sort of gambling with people's lives though or something if you say "all my gambling profits today will be donated to x".

Just one option for a charity is a bad idea, and why can't you convert Bitcoin to Fiat and do a bank transfer?

The "free" concept is used to attract users and should be expanded on with the other parts of the site.

[TheQuin]

The "free" concept is used to attract users and should be expanded on with the other parts of the site.

It's not being abandoned, just when we rebrand it will no longer be in the name. That's about getting away from the perception that we are just a faucet.

[earnadoge]

The new contest is incredible, people are wagering soo many bitcoins, never thought people wager that much on this site.  I like the lottery too, maybe I'll win one day lol.

[LTU_btc]

It's not being abandoned, just when we rebrand it will no longer be in the name. That's about getting away from the perception that we are just a faucet.

By the way, any news about rebranding. I remember it was planned in July or something similar, but now I suspect that it will not happen this summer?
And I got email message about reward points bonus and I noticed this thing at the bottom of message
FreeBitco.in, 3rd Floor, J and C Building, PO Box 933, Road Town, Tortola, British Virgin Islands
So, this means that Freebitco.in now registered as official company?

[jackg]

It's not being abandoned, just when we rebrand it will no longer be in the name. That's about getting away from the perception that we are just a faucet.

By the way, any news about rebranding. I remember it was planned in July or something similar, but now I suspect that it will not happen this summer?
And I got email message about reward points bonus and I noticed this thing at the bottom of message
FreeBitco.in, 3rd Floor, J and C Building, PO Box 933, Road Town, Tortola, British Virgin Islands
So, this means that Freebitco.in now registered as official company?

Probably not. There are probably minimal laws and minimal enforcement there (however, they are sending out their location so maybe).

The British Virgin Islands are one of the places Britons use for legal tax evasion (probably what this site is doing also).

[broke_tradah]

So, this means that Freebitco.in now registered as official company?

Absolutely not,  it actually means the complete opposite of 'official' lol.  It simply means that this is not a legit company at all because it's attempting to say that it's doing business from an area that has next to no regulations for online gambling (and other industries).  It's also one of the Red Flags to tell if a gambling site is a scam or not as seen here:  https://www.gamblingsites.com/online-casino/blacklist

This site does NOT pay it's taxes (and neither should u if you win/gain anything from it), is not licensed or registered ANYWHERE, and could very well be shut down at any time (either forcefully by some law enforcement/govt agency or wetsuit just exit scamming) and along with it any BTC you've deposited.  Isnt that just cool  You should just send me your BTC instead.  It's safer that way because I wont use it to fund stupid liberal idealistic crap like a govt would do.

You know somethings fishy when a site's address is found in MULTIPLE places online and all of them appear to be.... should I say,  fishy?  LMFAO

http://cif-finance.com/contact/  (UK Address:  3rd Floor, J & C Building, PO Box933, Road Town, Tortola, British Virgin Islands) <--- Maybe this is what ol' wetsuit is doing with your BTC.

In otherwords,  this is basically just a fake address,  AKA Virtual Office.  Virtual Offices are used by all sorts of scams and they are located all over the planet.  There are some legit uses for a virtual office,  but running a gambling site isnt one of them.

[jackg]

This site does NOT pay it's taxes, is not licensed or registered ANYWHERE, and could very well be shut down at any time (either forcefully by some law enforcement/govt agency or wetsuit just exit scamming) and along with it any BTC you've deposited.  Isnt that just cool   You should just send me your BTC instead.  It's safer that way because I wont use it to fund stupid liberal idealistic crap like a govt would do.

As I said just padded out a bit.
The legal non-tax payers go to places closer to the UK.
And they probably won't be forceably shut down as it's too expensive for the government to do.

[TheQuin]

It's not being abandoned, just when we rebrand it will no longer be in the name. That's about getting away from the perception that we are just a faucet.

By the way, any news about rebranding. I remember it was planned in July or something similar, but now I suspect that it will not happen this summer?
And I got email message about reward points bonus and I noticed this thing at the bottom of message
FreeBitco.in, 3rd Floor, J and C Building, PO Box 933, Road Town, Tortola, British Virgin Islands
So, this means that Freebitco.in now registered as official company?

Probably not. There are probably minimal laws and minimal enforcement there (however, they are sending out their location so maybe).

The British Virgin Islands are one of the places Britons use for legal tax evasion (probably what this site is doing also).

It's nothing new. If you do a whois lookup of the domain it tells you it is registered in Tortola, VG. I can't remember where I found it now but I found that address when I searched for it years ago.

The British Virgin Islands are a very popular place to base an internet company. The government there is very welcoming with a friendly attitude to regulation and taxes.

[Juggy777]

The "free" concept is used to attract users and should be expanded on with the other parts of the site.

It's not being abandoned, just when we rebrand it will no longer be in the name. That's about getting away from the perception that we are just a faucet.

That's a interesting move as normally freebitco is considered a faucet to collect free satoshis and this will help them in remaking their image, but I hope freebitco does PR also for this to get maximum out of their rebranding.

It's not being abandoned, just when we rebrand it will no longer be in the name. That's about getting away from the perception that we are just a faucet.

By the way, any news about rebranding. I remember it was planned in July or something similar, but now I suspect that it will not happen this summer?
And I got email message about reward points bonus and I noticed this thing at the bottom of message
FreeBitco.in, 3rd Floor, J and C Building, PO Box 933, Road Town, Tortola, British Virgin Islands
So, this means that Freebitco.in now registered as official company?

Probably not. There are probably minimal laws and minimal enforcement there (however, they are sending out their location so maybe).

The British Virgin Islands are one of the places Britons use for legal tax evasion (probably what this site is doing also).

It's a normal practice which is no big deal and is done by all, it's actually a safe procedure I would say to do this can't say they're registered or no but they're more legit than the registered firms so doesn't matter.

[Kakmakr]

It's not being abandoned, just when we rebrand it will no longer be in the name. That's about getting away from the perception that we are just a faucet.

By the way, any news about rebranding. I remember it was planned in July or something similar, but now I suspect that it will not happen this summer?
And I got email message about reward points bonus and I noticed this thing at the bottom of message
FreeBitco.in, 3rd Floor, J and C Building, PO Box 933, Road Town, Tortola, British Virgin Islands
So, this means that Freebitco.in now registered as official company?

Probably not. There are probably minimal laws and minimal enforcement there (however, they are sending out their location so maybe).

The British Virgin Islands are one of the places Britons use for legal tax evasion (probably what this site is doing also).

It's nothing new. If you do a whois lookup of the domain it tells you it is registered in Tortola, VG. I can't remember where I found it now but I found that address when I searched for it years ago.

The British Virgin Islands are a very popular place to base an internet company. The government there is very welcoming with a friendly attitude to regulation and taxes.

Personal income generated in another country, does not exempt you from paying taxes in your country of origin. They might use the Virgin Islands as a tax haven, but they can still be held liable for the tax income and the penalties, if they are caught. As TheQuin said, most unregistered gambling sites do this, but at one stage they grow too big and then people start knocking at your door. 

Freebitco is currently operating as a Bank / Gambling site / Unregistered Business and I bet you, they not paying any taxes. They might want to legitimize this operation now, by re-branding the site. 

[TheQuin]

Personal income generated in another country, does not exempt you from paying taxes in your country of origin. They might use the Virgin Islands as a tax haven, but they can still be held liable for the tax income and the penalties, if they are caught. As TheQuin said, most unregistered gambling sites do this, but at one stage they grow too big and then people start knocking at your door. 

Freebitco is currently operating as a Bank / Gambling site / Unregistered Business and I bet you, they not paying any taxes. They might want to legitimize this operation now, by re-branding the site. 

You're making a lot of assumptions about people's private financial arrangements. You're also misinformed about the need for registration and what constitutes legitimate.

[Kakmakr]

Personal income generated in another country, does not exempt you from paying taxes in your country of origin. They might use the Virgin Islands as a tax haven, but they can still be held liable for the tax income and the penalties, if they are caught. As TheQuin said, most unregistered gambling sites do this, but at one stage they grow too big and then people start knocking at your door. 

Freebitco is currently operating as a Bank / Gambling site / Unregistered Business and I bet you, they not paying any taxes. They might want to legitimize this operation now, by re-branding the site. 

You're making a lot of assumptions about people's private financial arrangements. You're also misinformed about the need for registration and what constitutes legitimate.

You right. I probably are sucking this out of my ass. 

Would still be great if we could place a human or humans behind the face of this project. It would just make the decision easier to dump a lot of money into the "investment" side of the site, if you knew that you not dealing with a site that might turn out to be a criminal front or some money laundering racket.

I would have dumped a lot more coins into Freebitco.in if I knew what I was dealing with and if I could have explained that income to my local tax authorities. 

[TheQuin]

Would still be great if we could place a human or humans behind the face of this project.

Can you do that with any Bitcoin gambling site?

I would have dumped a lot more coins into Freebitco.in if I knew what I was dealing with and if I could have explained that income to my local tax authorities. 

I don't see why that should be a problem, just declare the interest if you need to under your local legislation.

[Kakmakr]

Would still be great if we could place a human or humans behind the face of this project.

Can you do that with any Bitcoin gambling site?

I would have dumped a lot more coins into Freebitco.in if I knew what I was dealing with and if I could have explained that income to my local tax authorities. 

I don't see why that should be a problem, just declare the interest if you need to under your local legislation.

Yea, you can with the Brick n Mortar sites, but these unregulated online gambling sites are all the same. You just close your eyes and hope for the best.  < So pointing fingers to Freebitco.in would be unfair, because most of them are doing it this way > 

When I declare my income with the tax authorities or when they do a audit, they want some kind of paper trail and with sites like this, it is not possible. Some of the investment sites I deal with, have "reports" that I use in PDF format for tax purposes. 

[TheQuin]

Yea, you can with the Brick n Mortar sites, but these unregulated online gambling sites are all the same. You just close your eyes and hope for the best.  < So pointing fingers to Freebitco.in would be unfair, because most of them are doing it this way > 

The distinction isn't bricks and mortar Vs. on-line it is fiat Vs. Bitcoin.

Bitcoin is very much a libertarian project designed to allow people to make financial transactions without interference from government authorities. Anonymity is very important to service providers.

When I declare my income with the tax authorities or when they do a audit, they want some kind of paper trail and with sites like this, it is not possible. Some of the investment sites I deal with, have "reports" that I use in PDF format for tax purposes. 

It should be adequate just to save screenshots. I have investments in other gambling sites and it is my responsibility to collect and save the data there as well.

[jackg]

I would have dumped a lot more coins into Freebitco.in if I knew what I was dealing with and if I could have explained that income to my local tax authorities. 

I don't see why that should be a problem, just declare the interest if you need to under your local legislation.

Literally the only way I could do that is to come to the British Virgin Islands !


And yes, there are a few primdice owners (for example) who have given out their full names before now. Why can't wetsuit do the same, what's he in fear of?
It would be considered more trustworthy as a site if you both offered your full identities.


I like the government with friendly regulations and friendly tax concepts, that one made me chuckle.

[TheQuin]

And yes, there are a few primdice owners (for example) who have given out their full names before now. Why can't wetsuit do the same, what's he in fear of?
It would be considered more trustworthy as a site if you both offered your full identities.

It is not something I have or will ask wetsuit as I think if he didn't want to be anonymous he wouldn't be.

From a personal perspective, I use services like ChipMixer so that nobody knows how much Bitcoin I have. If you own a site holding over 1200 BTC just in user deposits that isn't an option. Do a Google news search on 'bitcoin kidnapping".