[ANN] Lottocoin as a SCAM

[damnation]

You want math? The probability of getting 15 reds in a row IF the casino wasn't rigged and gave a 50/50 split like it should would be 0.00030517578125% chance of happening.

This is gambler's logic.. the odd's are still the same at 50/50... Heads or tails... Black or Red... the coins/cards dont care if it was Heads' or red in the previous 100 flips/draws... Calculating the probability of a situation occurring is irrelevant to the fact that the only odds that matter are 50/50.

Found the link.. Please refer to:
http://en.wikipedia.org/wiki/Gambler%27s_fallacy

The most famous example of the gambler’s fallacy occurred in a game of roulette at the Monte Carlo Casino on August 18, 1913,[5] when the ball fell in black 26 times in a row. This was an extremely uncommon occurrence, although no more nor less common than any of the other 67,108,863 sequences of 26 red or black. Gamblers lost millions of francs betting against black, reasoning incorrectly that the streak was causing an "imbalance" in the randomness of the wheel, and that it had to be followed by a long streak of red.[1]

[1715290747]

1715290747

[1715290747]

1715290747

[damnation]

I do have a question why on earth does one need to gamble in a casino.. with the amount of coins coming out everyday.. isnt that enough of a gamble trying to pick and choose who will live and who will die..

[drepteck]

You want math? The probability of getting 15 reds in a row IF the casino wasn't rigged and gave a 50/50 split like it should would be 0.00030517578125% chance of happening.

This is gambler's logic.. the odd's are still the same at 50/50... Heads or tails... Black or Red... the coins/cards dont care if it was Heads' or red in the previous 100 flips/draws... Calculating the probability of a situation occurring is irrelevant to the fact that the only odds that matter are 50/50.

Found the link.. Please refer to:
http://en.wikipedia.org/wiki/Gambler%27s_fallacy

How is 0.00030517578125 chance of getting 15 heads in a row gamblers fallacy. I honestly don't think you have a clue what you are talking about, please read the link that you just posted very carefully before you make dumb assumptions. No one in this thread said that after getting heads one time that they should have a higher chance of getting tails the next chance. We are talking about if I flipped a coin 15 times and it came out heads every time that I called tails, then the moment I call tails it lands on heads 6 times. That isn't gamblers fallacy, thats called a rigged toss up.

I do have a question why on earth does one need to gamble in a casino.. with the amount of coins coming out everyday.. isnt that enough of a gamble trying to pick and choose who will live and who will die..

Pointless and irrelevant to the topic. The value of Lottocoin relies on the quality of the services it provides, the same can be said of all altcoins. In Lottocoin's case, the services are casinos and games. If these services are providing rigged odds that are far FAR worse than fiat, then the coin has no value. This is not a discussion to talk about the merits of gambling, this is to discuss the obvious rigging of games that are the only means of sustenance for an altcoin. This is the altcoin forum right?

[noedelx]

You want math? The probability of getting 15 reds in a row IF the casino wasn't rigged and gave a 50/50 split like it should would be 0.00030517578125% chance of happening.

This is gambler's logic.. the odd's are still the same at 50/50... Heads or tails... Black or Red... the coins/cards dont care if it was Heads' or red in the previous 100 flips/draws... Calculating the probability of a situation occurring is irrelevant to the fact that the only odds that matter are 50/50.

Found the link.. Please refer to:
http://en.wikipedia.org/wiki/Gambler%27s_fallacy

How is 0.00030517578125 chance of getting 15 heads in a row gamblers fallacy. I honestly don't think you have a clue what you are talking about, please read the link that you just posted very carefully before you make dumb assumptions. No one in this thread said that after getting heads one time that they should have a higher chance of getting tails the next chance. We are talking about if I flipped a coin 15 times and it came out heads every time that I called tails, then the moment I call tails it lands on heads 6 times. That isn't gamblers fallacy, thats called a rigged toss up.

I do have a question why on earth does one need to gamble in a casino.. with the amount of coins coming out everyday.. isnt that enough of a gamble trying to pick and choose who will live and who will die..

Pointless and irrelevant to the topic. The value of Lottocoin relies on the quality of the services it provides, the same can be said of all altcoins. In Lottocoin's case, the services are casinos and games. If these services are providing rigged odds that are far FAR worse than fiat, then the coin has no value. This is not a discussion to talk about the merits of gambling, this is to discuss the obvious rigging of games that are the only means of sustenance for an altcoin. This is the altcoin forum right?

like i told u plenty of times Theres Plenty of other Casino's Coming if u Dislike Lotwin just stay away from it  No need to Blame the Coin for any of the *problems* u seem to have with Lotwin

Here take a look at this new Screenshot from new Casino !

[damnation]

ok then..my question why does lottocoin have to provide all the services..

the potential in lottocoin isnt in the games it provides but in the fact that it allows other casino's to have a tradeable casino coin..
LOT is a gambling currency.. yes there are games setup up by mrlotto but they arent all the games. go try horse or something..

Anyway your right this discussion is becoming tiresome..so have a good day and good "luck" on ur future endeavours..

[noedelx]

ok then..my question why does lottocoin have to provide all the services..

the potential in lottocoin isnt in the games it provides but in the fact that it allows other casino's to have a tradeable casino coin..
LOT is a gambling currency.. yes there are games setup up by mrlotto but they arent all the games. go try horse or something..

Anyway your right this discussion is becoming tiresome..so have a good day and good "luck" on ur future endeavours..

i can confirm that 2 of the Games incoming in the incoming Weeks are not made by anyone that owns a Lottocoin Game right now (This includes the Casino i linked 2 posts up )

[Repunza]

Conclusion: AVOID LOTTOCOIN AND ALL CRYPTO GAMBLING

I agree, I been gambling online since 1998. When I tell you most of the Crypto casinos are rigged. They are rigged. LOTTOCOIN is being used to fund some shady casinos. I'm not said the owner himself is involved. But their are some who are running rigged casinos. Those owners are POOR compared to most online casino owners. They can't afford big hits. So they design the software to not allow X amount of wins no matter what. This is what's going on behind the scene. Until pressure is put on these owners. I say avoid them and yes I own millions of LOT COINS

[lumberinvestments]

Hi everyone.
Would like to tell you that I have been with lottocoin from the start, but the sad story is that the developers are working together with online casino makers in order to rip people off.
The lotwincasino that they advertise in their starting page is a complete SCAM and rip off, giving you 15 blacks in a raw when you put red so they can harvest as many lottocoins as possible.

The developer 'MrLotto' is saying that we only say these because we are upset that we 'lost money' in that casino (clearly supporting the casino) but in fact, out of the total of 14 million lottocoins I was playing maybe 100K but in many hundreds of games to figure out if it is really a scam or not. Thus I consider 100K lottocoin a very small amount and I do not regret losing it as I found out the truth about that casino, MrLotto and all this coin.

As of now I have sold every lottocoin I had and I advise everyone to do the same as mostly probably the next BIG GAMES they scream about coming in next week are rigged as much as lotwincasino, they just announce many things every week to pump the coin again.

This is only a pump and dump coin and many on the start thread are agreeing with that even if they have been supporting lottocoin from the start.
When they tried to make creative and supporting criticizing, they were sweared at, called that they spread FUD and so on.

As a matter of fact now I am banned from the thread, because they find me 'not supporting the coin' after I have thrown many megahashes at it with the intend to hold the coin for a long long time, maybe even one year plus, with no intention to pump and dump it immediately.

I wish them luck, but people holding lottocoins should know exactly what this coin is about and research more to see that the devs and the online casino owners are somehow related.
They have even bribed one guy to forge the poll results where lottocoin would be added in some important network payment. That guy was having multiple accounts in bitcointalk.org and clicking thru proxies the lottocoin radio button.

This is their way of 'raising' the coin which you can't see in many other coins. I think it is the most rigged coin of all and I advise everyone to get rid of it as probably it has no chance of survival in the future. If you are choosing to hold this, you are choosing to support this network of people that look only into their profit and you will probably not be able to profit. This coin is dubious and I would not trust it for the future.
I would rather keep my money into BTC than buying lottocoin.

Thanks for listening and I know that some other people will come to support me regarding this matter .. also you can read by yourself all the conversations in lottocoin starting thread to see that everything I say is true and they are just sketchy ...

Lottocoin is premined crap with no open book for premined !!! Careful where you put your valuable BTC !

Hello mate.

Casinos are profitable based on maths. So I want to prove you that you are vary wrong.
Just to mention that I dont know that website nor the devs of lotocoin or website owners.

As I checked on website they use American roulette, which mean have dubble zero.

The chances for a Double-Zero Roulette is 47.37% on Red or Black and 5.26% on greens (2.63% on each)  (source)

So I wrote a little javascript code to take for example 100000 spins (with that odds) and count how many times the same color picked in a row.

And here are the results:

Code:

Picks	Percentage	Same in a row
Red	47.508		12
Black	47.242		17
Zero	2.673		2
DZero	2.577		1

Of course  you can check my code and run tests here: http://jsfiddle.net/4Q65v/1/

So, giving you 15 times in a row Black, its normal! Its simple maths and chances.
You probably used Martingale strategy to earn some easy cash, but those strategies in long term fail cause of the edge on roulette. (thats why they have zero(s))
If you had more money to afford to double your bets on every lose then you can win that edge, but its impossible.

I dont know if you have gambling problems, you know better, but get a pen and do some simple maths. Then accept it.

My 2 satoshis.

Your maths are wrong.
The ones that are testing lotwin casino and posting here saying they are scam they are not stating they have been playing 100 000 rounds.
Try your software with 500 rounds and see how many times you get 15 in a row.
Then try again 500 rounds and see how many times you get 15 in a row ? Probably none.
Maybe after 20-30 times repeating this you will get once 15 in a row.

The problem with lotwin casino has already been described clearly. Once you try to recover your loss by doubling (not necessarily continuous doubling), you will always get the opposite color 10-15 times in a row.

I have been explaining this .. just try playing in a free casino first, with play money then try lotwin.

I have only been playing in order to test the fairness of it as I am into cryptos not into casinos ... nor I will ever be into playing casinos.
I owned a big share of these coins when it started but things were not seemed to go in the right direction, started to smell like wrecked fish so I had to look where the smell comes from.

I figured out very fast that these people work together and sustain each other, instead they will work for this coin to go up, they go to get as much as possible from the people.

As a matter of fact I see that lottocoin is going down on cryptsy and I'm so happy I have sold... and I will never buy/mine again even one lottocoin unless lotwincasino will be taken off the starting thread of lottocoin and also the thread will be back open.

This is not the result of FUD but the result of bad practice of the coin dev and the others that are trying to steal from the ones investing their money. Good luck to you but karma is a bitch. I hope you lose more than you have invested.

[alquinte]

You want math? The probability of getting 15 reds in a row IF the casino wasn't rigged and gave a 50/50 split like it should would be 0.00030517578125% chance of happening.

This is gambler's logic.. the odd's are still the same at 50/50... Heads or tails... Black or Red... the coins/cards dont care if it was Heads' or red in the previous 100 flips/draws... Calculating the probability of a situation occurring is irrelevant to the fact that the only odds that matter are 50/50.

Found the link.. Please refer to:
http://en.wikipedia.org/wiki/Gambler%27s_fallacy

The most famous example of the gambler’s fallacy occurred in a game of roulette at the Monte Carlo Casino on August 18, 1913,[5] when the ball fell in black 26 times in a row. This was an extremely uncommon occurrence, although no more nor less common than any of the other 67,108,863 sequences of 26 red or black. Gamblers lost millions of francs betting against black, reasoning incorrectly that the streak was causing an "imbalance" in the randomness of the wheel, and that it had to be followed by a long streak of red.[1]

Gambler's fallacy only applies in the moment for the next draw. If the question is if I flipped a coin 9 times and got heads, what is the chance the next flip is heads? The answer is 50%. If the question is if I flipped a coin 10 times what are the chances they all come up heads? The answer is not 50% because there is only 1 outcome which this is possible (HHHHHHHHHHH) but there are 2^10(1024) possible outcomes. So the probability of this is 1/1024. 15 times in a row becomes 1 / 32768. This is fairly unlikely.

[lumberinvestments]

I have a mathematical background

Having 15 times RED when you put on black .. and having that happening many cycles, THE MATHEMATICAL chance to happen in your first 100 consecutive games. If you say it is possible then PROVE IT ..

What kind of fucked mathematical background do you have if you say things like that. Chances are small for that to happen but it definitely is possible.
Even if I would be guessing wrong 15000 times in a row that would still be possible.

Then try lotwin casino and see for yourself. There is not a feeling, but a CERTAINITY that it is rigged.

no.

Sorry, but things you say just make it a CERTAINITY for me that you don't have a mathematical background

Well .. you get a coin in your pocket .. and throw it in the air, ok ? Then see how many times you will get the tails 15 times in a row after 100 tosses.
Then do it again another 100 tosses.
And Again
And Again
Do that 30 times .. or just write a small perl/java scrypt to do that and put the results in a text file then post here.
The chance that you get 15 in a row in the first 2-3 games of 100, is very small. It is not impossible though .. but it is very small.
Now ... when you find that happening many games of 100 in a row .. things start to smell. If you don't understand what I'm talking about then YOU don't have any kind of mathematical background.

Same type of probability as in lottery .... the more you play the more the chance you win. The chance that you will lose 15 times in a row in a game with close to 50 % chance to win .. is SO SMALL.
Also in the lottery, a number will have a higher chance to appear x number of times after y number of draws, and the chance that the number will still be at x number of times after another y number of draws is very small.
The more you play the 50 % game the higher the chance you win, but not in lotwin.
So that guy lost the 100K .. many other people have lost then why is the balance of lotwin on minus .. so it will seem that players are leaving lotwin with bigwins ? That is bullshit.

[lumberinvestments]

I have a mathematical background

Having 15 times RED when you put on black .. and having that happening many cycles, THE MATHEMATICAL chance to happen in your first 100 consecutive games. If you say it is possible then PROVE IT ..

What kind of fucked mathematical background do you have if you say things like that. Chances are small for that to happen but it definitely is possible.
Even if I would be guessing wrong 15000 times in a row that would still be possible.

Then try lotwin casino and see for yourself. There is not a feeling, but a CERTAINITY that it is rigged.

no.

Sorry, but things you say just make it a CERTAINITY for me that you don't have a mathematical background

You want math? The probability of getting 15 reds in a row IF the casino wasn't rigged and gave a 50/50 split like it should would be 0.00030517578125% chance of happening. So for someone to have this happen to them especially after playing only 333 hands is just sketchy to say the least. The odds are that it is rigged to make you lose if the casino is short on money. These online cryptocurrency casinos aren't run by rich companies out of Vegas so they don't have the financial backing to pay out huge winners so usually on release they will force losses on new players in an attempt to create a financial buffer to use as more players start winning. In this way they are probably rigged at the start and ease off over time (or they may be rigged all time). The problem though is if the casino operators immediately takes invested cryptocurrency and dumps them on the exchange, effectively prolonging this "rigged" period, and judging by the amount of coins that are being dumped daily on cryptsy, I expect this to be the case. I highly doubt Lotwincasino is keeping everyone's money in some "bank" that it uses to support the 99% returns. It's more likely that any returns people are getting are likely their own, and once they are dry, it's dump time.

Don't say so small numbers to them, they might not understand it. They like only big numbers, in millions .. in their lottocoins wallets and that's what they know how to read.
They have destroyed the coin that many liked and hoped for a future.

[lumberinvestments]

You want math? The probability of getting 15 reds in a row IF the casino wasn't rigged and gave a 50/50 split like it should would be 0.00030517578125% chance of happening.

This is gambler's logic.. the odd's are still the same at 50/50... Heads or tails... Black or Red... the coins/cards dont care if it was Heads' or red in the previous 100 flips/draws... Calculating the probability of a situation occurring is irrelevant to the fact that the only odds that matter are 50/50.

Found the link.. Please refer to:
http://en.wikipedia.org/wiki/Gambler%27s_fallacy

The most famous example of the gambler’s fallacy occurred in a game of roulette at the Monte Carlo Casino on August 18, 1913,[5] when the ball fell in black 26 times in a row. This was an extremely uncommon occurrence, although no more nor less common than any of the other 67,108,863 sequences of 26 red or black. Gamblers lost millions of francs betting against black, reasoning incorrectly that the streak was causing an "imbalance" in the randomness of the wheel, and that it had to be followed by a long streak of red.[1]

Gambler's fallacy only applies in the moment for the next draw. If the question is if I flipped a coin 9 times and got heads, what is the chance the next flip is heads? The answer is 50%. If the question is if I flipped a coin 10 times what are the chances they all come up heads? The answer is not 50% because there is only 1 outcome which this is possible (HHHHHHHHHHH) but there are 2^10(1024) possible outcomes. So the probability of this is 1/1024. 15 times in a row becomes 1 / 32768. This is fairly unlikely.

They will not understand that.
Personally, I tried all the games that lottocoin offered.. just to see what it offers, what is the investment I keep in my coins.
After seeing how rigged lotwincasino is and how much is sustained by the dev, things started to smell and sold all my stash .. was it a good decision ? Until now yes, it was.. I bought a 6 cards R9 290 rig and it already produced back the lottocoin at the current value, still missing one or two days of mining.
Even if it will go to 200 Satoshi now, I will not regret.

Everything seemed sketchy to me that others were saying about this casino but the dev is against them instead of checking what is wrong .. which is so easy. At least if you see many complaints then take the lotwincasino out of main thread until further checking.
If rapidballs was rigged I would have said that here but it seems it's not (even if they give much smaller earnings than your chance to win, they will not state anything they will give 99.85 % return or something like that)

Afterall .. I see people here that have wrong views on how these games work. They probably think that if they play one ticket of 6/49 13.5 million times they have 100 % chance to win even if its not ... unlike if you play 13.5 million tickets in one game. Probability is not what you expect .. all of these can be mathematically calculated. Some people I know have been winning 5 numbers in 6/49 by using the numbers that have not been drawn in many previous draws ... Probability can teach you what you should expect from a game, so you will not throw yourself in that game and expect to win lots of money.
Same for playing bad games like the numbers 1,3,5,7,9,11. This seem to have the same mathematical chance to win as any other set of 6 numbers (for one draw yes, it has the same chance), but when you come and input other variables, like how many times some of these numbers are appearing in the last draws, coupled with the fact that you're having all odd numbers smaller than 25 in your draw .. and the fact that you're repeating this draw in all games, will not give you an edge in playing lottery. You would be better playing off random games generated by a computer or just give those coins to poor children on the street, at least you win karma.

The people that make money on sports betting on betfair.com.. they are not lucky. They are good at probability and they have a very fast mental computational/analytical speed. They make a living from that unlike the ones that always go and spend their money in vegas. Of course, some of the casino players will become big winners, but maybe that is one in 100 000 people. Chances...

Lottocoin SCAM COIN.

[noedelx]

Conclusion: AVOID LOTTOCOIN AND ALL CRYPTO GAMBLING

I agree, I been gambling online since 1998. When I tell you most of the Crypto casinos are rigged. They are rigged. LOTTOCOIN is being used to fund some shady casinos. I'm not said the owner himself is involved. But their are some who are running rigged casinos. Those owners are POOR compared to most online casino owners. They can't afford big hits. So they design the software to not allow X amount of wins no matter what. This is what's going on behind the scene. Until pressure is put on these owners. I say avoid them and yes I own millions of LOT COINS

Thats why These Sites Uses Invest Options
Stop spreading Lies when u got Zero idea what ur Talking about

[noedelx]

Anyhow like i told already EVEN if Lotwin is Rigged or Cheating This has Nothing to do With Lottocoin

Lottocoin aint Based on Lotwin

if a USD casino is Rigged is USD rigged?

Just Stop going to Lotwin if u Actualy Think its Rigged and Wait on The New Casino's
( and These Will use Provible Fair System so they cant be rigged )

[noedelx]

i find it Totaly Fine if u make a Complain Thread about Lotwin but stop involving LottoCoin its a payment Method

or do we complain on Bitcoin for Silkroad?

[Repunza]

Conclusion: AVOID LOTTOCOIN AND ALL CRYPTO GAMBLING

I agree, I been gambling online since 1998. When I tell you most of the Crypto casinos are rigged. They are rigged. LOTTOCOIN is being used to fund some shady casinos. I'm not said the owner himself is involved. But their are some who are running rigged casinos. Those owners are POOR compared to most online casino owners. They can't afford big hits. So they design the software to not allow X amount of wins no matter what. This is what's going on behind the scene. Until pressure is put on these owners. I say avoid them and yes I own millions of LOT COINS

Thats why These Sites Uses Invest Options
Stop spreading Lies when u got Zero idea what ur Talking about

These owners are poor compared to online casinos like Club World, Fortune Lounge, BET365, Mr. Green, etc. This casinos allow $5000 a hand wagers and can payout $1,000,000 win. Some of these Crypto casinos are ripping people off. To the tune of 5000 lotto coin 

[itsallpc]

i find it Totaly Fine if u make a Complain Thread about Lotwin but stop involving LottoCoin its a payment Method

or do we complain on Bitcoin for Silkroad?

This is a fair comment the coin is not responsible for the people who make things to use the coin on

[meade16]

My old man is a bookie, he built an empire on mug punters!

[heartthew]

i find it Totaly Fine if u make a Complain Thread about Lotwin but stop involving LottoCoin its a payment Method

or do we complain on Bitcoin for Silkroad?

This is a fair comment the coin is not responsible for the people who make things to use the coin on

This is NOT a fair comment - The Silk Road was GOOD, (it's owner did bad things, don't get confused) and it was a good thing linked to bitcoin.

These rigged casinos and shitty devs are a BAD thing linked to lottocoin.

Get it?

[Zatamas]

i find it Totaly Fine if u make a Complain Thread about Lotwin but stop involving LottoCoin its a payment Method

or do we complain on Bitcoin for Silkroad?

This is a fair comment the coin is not responsible for the people who make things to use the coin on

This is NOT a fair comment - The Silk Road was GOOD, (it's owner did bad things, don't get confused) and it was a good thing linked to bitcoin.

These rigged casinos and shitty devs are a BAD thing linked to lottocoin.

Get it?

+1
We need a blackmarket for Lottocion