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[freebitco.in PR]

F1 Betting - Austrian Grand Prix

After Max Verstappen and Red Bull's emphatic win at the Red Bull Ring last week, F1 returns to their home again with the Austrian Grand Prix on 4th July.

Can Verstappen extend his winning form this weekend? Can Lewis Hamilton get back at his championship rival with his 4th win of the season? Can the likes of Sergio Perez or Lando Norris make a solid impression?

Predict the outcome of the Austrian Grand Prix at FreeBitco.in and win BTC!

Notable Odds: 1.66 on Verstappen to Win, 2.60 on Hamilton to Win, 10.58 on Bottas to Win, 11.70 on Sergio Perez to Win, 37.80 on Norris to Win.

[jaysabi]

FUN Token Listed on Binance Savings - Earn Up To 45% APY!

2. Locked Savings: Tokens are locked in for a fixed period of time. You earn a higher rate of interest with Locked Savings.

With the Locked Savings program, you can earn up to 45% APY on your holdings! Subscriptions to Locked Savings are capped and on a first-come, first-served basis.

Can someone explain this to me like I'm a dummy?  How can you possibly earn a guaranteed 45% APY over any period of time?  All conventional wisdom says anything like this is a ponzi scheme, so I must be missing something.

[arallmuus]

Can someone explain this to me like I'm a dummy?  How can you possibly earn a guaranteed 45% APY over any period of time?  All conventional wisdom says anything like this is a ponzi scheme, so I must be missing something.

You need to read the term and conditions for the 45% APY savings.

It is 45% APY for only 14 days locked savings. That break downs to 0.123% per day so total of 1.72% for 14 days. Individual cap of 100,000 FUN Token and total cap of 2M FUN Token so even if someone put in 100k token that would be an extra of 1720 FUN after 14 days

This is only to incentive people to stop trading their FUN Token and save it instead, not to give free money to everyone else

[delfastTions]

Can someone explain this to me like I'm a dummy?  How can you possibly earn a guaranteed 45% APY over any period of time?  All conventional wisdom says anything like this is a ponzi scheme, so I must be missing something.

You need to read the term and conditions for the 45% APY savings.

It is 45% APY for only 14 days locked savings. That break downs to 0.123% per day so total of 1.72% for 14 days. Individual cap of 100,000 FUN Token and total cap of 2M FUN Token so even if someone put in 100k token that would be an extra of 1720 FUN after 14 days

This is only to incentive people to stop trading their FUN Token and save it instead, not to give free money to everyone else

I absolutely don't think BTT users are stupid (dummys ).  And on the contrary, almost everyone who writes here is educated and smart people.  But I also think that 45% is also very suspicious and a large figure, although it may be acceptable for some crypto coins.  But many people are accustomed to counting the annual interest on deposits in dollars or national currencies, and of course such large numbers seem to them to be a hoax or a Ponzi scheme.

[shield132]

FUN Token Listed on Binance Savings - Earn Up To 45% APY!

2. Locked Savings: Tokens are locked in for a fixed period of time. You earn a higher rate of interest with Locked Savings.

With the Locked Savings program, you can earn up to 45% APY on your holdings! Subscriptions to Locked Savings are capped and on a first-come, first-served basis.

Can someone explain this to me like I'm a dummy?  How can you possibly earn a guaranteed 45% APY over any period of time?  All conventional wisdom says anything like this is a ponzi scheme, so I must be missing something.

Okay, FUN is a token owned by Freebitco.in
Binance is one of the largest and trusted Bitcoin exchange in this world, they also own the coinmarketcap.

You can trade FUN token on Binance and the existence of FUN hasn't started some months ago, it's very old coin. 45% APY on FUN is some kind of promotion that benefits the business and token. It's advertised on Binance, the exchange with the highest traffic and locked funds mean something like this: When there is a high demand on thing X and it's not available, the price on thing X increases. Overall, 45% APY on Binance is both, marketing and locked funds that can synergistically increase the price.

It's just an offer from Binance, they have necessary funds, scam won't happen unless Binance plans to scam its customers. And if you only think about 45% APY, it's not the APY of USD but the FUN token itself that was 0.068 in 4 April and is 0.016 today! If the price goes down from this point more than 45%, then you aren't actually benefiting from your holdings.

[jaysabi]

Can someone explain this to me like I'm a dummy?  How can you possibly earn a guaranteed 45% APY over any period of time?  All conventional wisdom says anything like this is a ponzi scheme, so I must be missing something.

You need to read the term and conditions for the 45% APY savings.

It is 45% APY for only 14 days locked savings. That break downs to 0.123% per day so total of 1.72% for 14 days. Individual cap of 100,000 FUN Token and total cap of 2M FUN Token so even if someone put in 100k token that would be an extra of 1720 FUN after 14 days

This is only to incentive people to stop trading their FUN Token and save it instead, not to give free money to everyone else

The true percentage over 14 days doesn't matter because it's expressed as 45% APY.  Expressing it in APY standardizes the percent so it is comparable to other percentage yields of different durations.  Nothing else pays that high and anything that guarantees yields like that are usually scams.  That's what I'm trying to reconcile, why they can afford to pay such a high interest rate and why I shouldn't regard this as something fundamentally broken, because everything about it screams "red flag."

[arallmuus]

-snip

And on the contrary, almost everyone who writes here is educated and smart people.

Not really
 

But I also think that 45% is also very suspicious and a large figure, although it may be acceptable for some crypto coins.  But many people are accustomed to counting the annual interest on deposits in dollars or national currencies, and of course such large numbers seem to them to be a hoax or a Ponzi scheme.

It seems that you are not reading what I wrote properly. It 45% APY ( approximately per year ) capped at only 14 days saving which means after 14 days, you wont be able to get that deal anymore. Its a one time deal for 14 days with only 1.72% for the whole 14 days, 1.72% is not that big even if you go for the max cap of 100k token

because everything about it screams "red flag."

Maybe voice your concern to binance directly instead of posting in this thread? 1.72% ( 0.123% daily ) for a one time deal of 14 days is not a red flag. Pancakeswap and some other DEX offer around 0.25% daily on average on most their staking feature

[jaysabi]

FUN Token Listed on Binance Savings - Earn Up To 45% APY!

2. Locked Savings: Tokens are locked in for a fixed period of time. You earn a higher rate of interest with Locked Savings.

With the Locked Savings program, you can earn up to 45% APY on your holdings! Subscriptions to Locked Savings are capped and on a first-come, first-served basis.

Can someone explain this to me like I'm a dummy?  How can you possibly earn a guaranteed 45% APY over any period of time?  All conventional wisdom says anything like this is a ponzi scheme, so I must be missing something.

Okay, FUN is a token owned by Freebitco.in
Binance is one of the largest and trusted Bitcoin exchange in this world, they also own the coinmarketcap.

You can trade FUN token on Binance and the existence of FUN hasn't started some months ago, it's very old coin. 45% APY on FUN is some kind of promotion that benefits the business and token. It's advertised on Binance, the exchange with the highest traffic and locked funds mean something like this: When there is a high demand on thing X and it's not available, the price on thing X increases. Overall, 45% APY on Binance is both, marketing and locked funds that can synergistically increase the price.

It's just an offer from Binance, they have necessary funds, scam won't happen unless Binance plans to scam its customers. (1) And if you only think about 45% APY, it's not the APY of USD but the FUN token itself that was 0.068 in 4 April and is 0.016 today! If the price goes down from this point more than 45%, then you aren't actually benefiting from your holdings. (2)

Thanks, I was thinking along this line as well.  I've footnoted your response so I could take the two points below.

(1) I don't know much about Binance, but Binance scamming is exactly what I'm concerned with. I don't know them to be trustworthy, and there are plenty of operations that present a good game but turn out to be a mess, so I don't give someone the benefit of the doubt just because they talk a good game.  I'm wondering what actual security there is, since one of the few things I know about them is they relocate jurisdictions a lot to avoid regulatory oversight.  This is a major red flag to me.

(2)  Yes, if the coins depreciate more than the interest you earn, you lose more overall.  That's a concern on the investor side though.  I'm wondering how Binance can afford to to pay such high interest yields on deposits (the denomination doesn't matter, anyone paying interest has to make more than the cost of deposits otherwise they lose money).  So from Binance's perspective, if they're paying 45% APY on deposits, they have to earn more than 45% APY equivalent on those deposits otherwise they're just giving money away.  So that raises two questions:  (a) what are they doing with the deposits that allows them to earn more than 45% APY equivalent to make this profitable for them?  If nothing, then (b) if they're losing money on this, this is another huge red flag and suggests it's a scam.  Ponzi schemes aren't concerned with having a viable business plan because the "business plan" is just to incentivize as many deposits as possible by promising ridiculous returns (like 45% APY) because there's no intention of paying all of it back.  So either some investors lose everything because they're the last out of the scam, or everyone loses some when the scam collapses.

So the main concern is if Binance isn't making money by offering this, then everyone who invests in this is at risk (which puts at risk every other Binance depositor too, because insolvency isn't siloed into a particular coin).  And if they are making money on this, how?  If you can't answer this question, I don't think you should be participating in this offer.

But I also think that 45% is also very suspicious and a large figure, although it may be acceptable for some crypto coins.  But many people are accustomed to counting the annual interest on deposits in dollars or national currencies, and of course such large numbers seem to them to be a hoax or a Ponzi scheme.

It seems that you are not reading what I wrote properly. It 45% APY ( approximately per year ) capped at only 14 days saving which means after 14 days, you wont be able to get that deal anymore. Its a one time deal for 14 days with only 1.72% for the whole 14 days, 1.72% is not that big even if you go for the max cap of 100k token

because everything about it screams "red flag."

Maybe voice your concern to binance directly instead of posting in this thread? 1.72% ( 0.123% daily ) for a one time deal of 14 days is not a red flag. Pancakeswap and some other DEX offer around 0.25% daily on average on most their staking feature

The 1.72% over 14 days and 45% annually are the same scaled over different time periods, so it doesn't matter what the duration is.  If you can't make a profit offering 45% on deposits for a year, you can't do it over 14 days either, so the question is why intentionally take on a money-losing endeavor?  If Binance is a scam, you think they're gonna tell you because you asked them?  I'm looking for other thoughtful people who might have information I don't about this.  That's why I raised the question here.  And it's further relevant in this thread because if FUN is owned by this website as was said in this thread, it's a legitimate question for the owners of the coin, especially if they're touting the return potential without regard for whether or not any of this has been vetted.

[SquallLeonhart]

I agree with thequin, he knows what he is saying. I didn't mean to say that 5% house edge is a lot, well it would be a lot and definitely not have any gamblers at all if it was another place, but freebitcoin (and literally the name says it all) is a place to get free bitcoins, that is not an easy thing to do and you can literally get free stuff the more you gamble.

So the big gamblers realized this long time ago and they ended up just gambling here because they know they can get other stuff. No other place gives you reward points like this place, or lottery tickets, or lambo tickets, or whatever else, hell you do not want to gamble at that moment? Just leave your money to gain interest until you want to gamble with it again. Long story short 5% house edge is a ton, it is bad for business for any other place and I wouldn't advice it because no other place on earth is like freebitcoin and nobody else can pull it off, but this place? You can make it 10% and there still will be a ton of people left.

You can just check the daily jackpot, monthly wagering contest and daily wagered on the stats page to see that we have as many if not more serious gamblers than all the other sites. Serious gamblers look at the whole package and don't have a blinkered view of just the HE.

[FinneysTrueVision]

The 1.72% over 14 days and 45% annually are the same scaled over different time periods, so it doesn't matter what the duration is.  If you can't make a profit offering 45% on deposits for a year, you can't do it over 14 days either, so the question is why intentionally take on a money-losing endeavor?  If Binance is a scam, you think they're gonna tell you because you asked them?  I'm looking for other thoughtful people who might have information I don't about this.  That's why I raised the question here.  And it's further relevant in this thread because if FUN is owned by this website as was said in this thread, it's a legitimate question for the owners of the coin, especially if they're touting the return potential without regard for whether or not any of this has been vetted.

They have a cap on the amount of FUN that can be staked in this savings plan. Once they reach the cap people won't be allowed to subscribe to that plan anymore. If they are offering this for a limited time to it is certainly possible to offer these returns.

[STT]

# But I also think that 45% is also very suspicious and a large figure,

45% is including compounding per annum that never actually will occur.  Its a figure for comparison sake, like you can compare that to the figure given on FBC itself.   The obvious question really is can I do this 14 period then straight away do another 14 day period, thats not yet answered.   I presume its done on a promotional basis to achieve a wider involvement, the important part is per person this is available right now but not likely forever.  
  On the longer terms stated it comes into line with what you can get if it were BTC and FBC and also I'd have to account for the lost premium benefits during that time.  Does Binance take the FUN and move it to FBC to collect free wheel spins.   I used to collect royalties via a casino 'listed' holding that wasnt simple to trade, % wise it was quite attractive but alot of doubt came with its returns vs risk performance.  In that case I gained on the pricing as it appreciated with confidence people had in returns, maybe Binance has that idea and they run their own token so have the idea its a feasible plan.

[freebitco.in PR]

Got FUN Tokens? Grow Them Passively With Binance Savings!

On 1st July, FUN Token became one of only six coins to be a part of Binance's Locked Savings program, joining the likes of BTC and USDT.

Now, FUN Token holders can earn interest on their FUN Tokens! Binance offers two savings options for FUN:

1. Locked Savings: Users can lock in FUN Tokens for a specified period of time, accrue interest for that period of time, and then redeem the total amount. Locked Savings afford higher rates of interest.

2. Flexible Savings: Users can commit their FUN Tokens and redeem them anytime they want. Users accrue interest for the period of time they subscribe. Flexible Savings provide a lower rate of interest.

Want to grow your FUN Tokens passively? Head over to Binance and start saving!

[Saint-loup]

locked funds mean something like this: When there is a high demand on thing X and it's not available, the price on thing X increases.

I don't think it's as simple as that in reality. If you look at the FUN token price you'll see it didn't change since the beginning of this offer and is still at  49 satoshis. Usually this kind of investment is offered more to create a craze and to attract new investors than to deter previous ones from selling them.

[tygeade]

45% is including compounding per annum that never actually will occur.  Its a figure for comparison sake, like you can compare that to the figure given on FBC itself.   The obvious question really is can I do this 14 period then straight away do another 14 day period, thats not yet answered.   I presume its done on a promotional basis to achieve a wider involvement, the important part is per person this is available right now but not likely forever.  
  On the longer terms stated it comes into line with what you can get if it were BTC and FBC and also I'd have to account for the lost premium benefits during that time.  Does Binance take the FUN and move it to FBC to collect free wheel spins.   I used to collect royalties via a casino 'listed' holding that wasnt simple to trade, % wise it was quite attractive but alot of doubt came with its returns vs risk performance.  In that case I gained on the pricing as it appreciated with confidence people had in returns, maybe Binance has that idea and they run their own token so have the idea its a feasible plan.

I doubt that binance would care enough about it to make free wheel spins on FBC, that just doesn't sound like something Binance would even care to do. Remember this is a multi-billion dollar company that can pay you for absolutely nothing just to get more customers and that is what they are known for. They are known for losing ton of money by giving out money on the new listings and then they end up with more customers in the long run.

I have seen 200k or so giveaways on nearly every single new listing as a trading competition for example and they lose money on that however they get all that new people from the new coin as well. Those coins are usually listed in some other place first, binance is rarely any coins first listing, and binance gets those people out of that exchange and into their own exchange by losing money but then making profit long term.

[shield132]

(1) I don't know much about Binance, but Binance scamming is exactly what I'm concerned with. I don't know them to be trustworthy, and there are plenty of operations that present a good game but turn out to be a mess, so I don't give someone the benefit of the doubt just because they talk a good game.  I'm wondering what actual security there is, since one of the few things I know about them is they relocate jurisdictions a lot to avoid regulatory oversight.  This is a major red flag to me.

Binance is a number 1 exchange according to almost every statistics and at the same time, this is the company that owns coinmarketcap. Binance scam in a crypto world would be like a scam from Deustche Bank in fiat world.

(2)  Yes, if the coins depreciate more than the interest you earn, you lose more overall.  That's a concern on the investor side though.  I'm wondering how Binance can afford to to pay such high interest yields on deposits (the denomination doesn't matter, anyone paying interest has to make more than the cost of deposits otherwise they lose money).  So from Binance's perspective, if they're paying 45% APY on deposits, they have to earn more than 45% APY equivalent on those deposits otherwise they're just giving money away.

 
I think that this is announced by Freebitco.in and they have backed this promotion by giving Binance the supply and the money to run it. There is no way Binance would do it on its own for freebitco, so, 45% APY is really guaranteed.

locked funds mean something like this: When there is a high demand on thing X and it's not available, the price on thing X increases.

I don't think it's as simple as that in reality. If you look at the FUN token price you'll see it didn't change since the beginning of this offer and is still at  49 satoshis. Usually this kind of investment is offered more to create a craze and to attract new investors than to deter previous ones from selling them.

Yes, it's done to attract new investors and increase the popularity of coin too. It's advertisement when millions of people see the banner on Binance App or website and it increases the awareness of the product.

[lienfaye]

I have a question, I just bought FUN tokens today.
Where can I see the free 4 spins for WOF? Is it through email?

[TheQuin]

I have a question, I just bought FUN tokens today.
Where can I see the free 4 spins for WOF? Is it through email?

[STT]

They show the free wheel spin every time you might use the faucet its all via website, they will stack up and keep if you are away a while not expire like the free email wheel spin will expire.   Its 1 spin immediately or whatever level you are at and then the rest will take 89 days or more to appear upto a year like above.    Theres no rush and its automatically there anyhow.
   I think the sweet spot level is a bit higher then entry one, the top levels require alot more faith in the token but price is lower now so I still buy tokens but top tiers are for bigger gamblers imo (the biggest gain being the cashback element in potential anyhow).

[lienfaye]

I have a question, I just bought FUN tokens today.
Where can I see the free 4 spins for WOF? Is it through email?

Thanks. So there's a certain period before I reach the 4 spins, I thought its instant. 

They show the free wheel spin every time you might use the faucet its all via website, they will stack up and keep if you are away a while not expire like the free email wheel spin will expire.   Its 1 spin immediately or whatever level you are at and then the rest will take 89 days or more to appear upto a year like above.    Theres no rush and its automatically there anyhow.
   I think the sweet spot level is a bit higher then entry one, the top levels require alot more faith in the token but price is lower now so I still buy tokens but top tiers are for bigger gamblers imo (the biggest gain being the cashback element in potential anyhow).

Good to know its not expiring unlike the free spin from email. The current price of FUN is quite low now compared to the price 3 months ago so I just take advantage it.

[Twinkledoe]

locked funds mean something like this: When there is a high demand on thing X and it's not available, the price on thing X increases.

I don't think it's as simple as that in reality. If you look at the FUN token price you'll see it didn't change since the beginning of this offer and is still at  49 satoshis. Usually this kind of investment is offered more to create a craze and to attract new investors than to deter previous ones from selling them.

Maybe it is too early to see the effect of this offering. Let us see maybe a week or two if there will be change in its value. But if nothing else, it is up to you if you will put your fun tokens to locked savings. There is flexible savings option so you can redeem your savings anytime you want if you don't want your tokens to be locked at a specified period of time. But you also need to check the time frame of redeeming the flexible savings.