[ANN] CryptoBets.co Coin Flip

[williamj2543]

Hello,
I am proud to announce my website that I have just completed its first game, and it is a simple coin flip.
Play Today! http://www.cryptobets.co/coinflip
What is CryptoBets?

CryptoBets is a bitcoin gambling website where profits are made not from altering the probabilities, but we take it from winnings.
Example:
Person A bets 1 BTC, he loses (rolling a 48), and it is a fair game because it is 50/50, and not a house edge
Person B bets 100 BTC, and he wins (rolling a 50), and 2.5% is taken away from this. He is still very happy, because he had won 97.5 BTC, and he had a 50/50 chance, and he rolled a 50. If there was a house edge, the probability would be less than 50, and he would have lost that bet.

To put it simply, you have a better chance of winning, but you will have a percent of that taken away, meaning overall you will win MORE.

Your bets are returned automatically within about 1 minute from it receiving only 1 confirmation.

All bets are public shown on the blockchain (anyone can check), and all numbers rolled, and all actions performed by my script are done here http://cryptobets.co/log.txt

This is the first of many games I will launch in the near future, and I would appreciate it if I could get some feedback, and any bug reports. Please post them in this topic, as the public will be able to see this, and I want this to be as transparent as possible.

As an added bonus, if you refer someone (and you prove it), I will give BOTH of you 5% of each of your winnings, just please state both of your addresses.
PROMOTION IS STILL GOING, BUT BET MUST BE OVER 0.005, THE PROMOTION IS STILL 0.001
The bet address is listed on the site. The address is 1Coin52KHgdBbm7C9DP8eqY1qFFJfdWe8o if you are too lazy to look at my website.

[williamj2543]

First 3 bets have been made! Their address is 16MtvTUvqwwKwV87nayxPLHTJJZNGPa9qw.

[williamj2543]

There is a total of 3 bets, and 0.0158 BTC has been paid out. Its working perfectly so far.

[williamj2543]

I have updated some things, and I have received 4 more bets. I am working on a system to make it where as soon as the payment sent, it shows up on the website but says unconfirmed, and as soon as it gets 1 confirm it pays out and shows as confirmed on the website

[williamj2543]

I have created a logging system, and added 2 more layers of security. Website now auto-updates, and confirmation system is pretty much done, just gotta fix some bugs.

[FFrost]

Your website stalls in my browser. Is it down?

[williamj2543]

Your website stalls in my browser. Is it down?

Hello,
I have to fix some bugs, and today I was doing so, but I am having a problem with the https certificate, so https currently does not work right now. Please use just http, or just directly go to it using cryptobets.co/coingame.php
Thanks!
Please do not bet yet, I am not done fixing the script and your bet might not be processed correctly.

[Crossbow376]

CryptoBets is a bitcoin gambling website where profits are made not from altering the probabilities, but we take it from winnings.
Example:
Person A bets 1 BTC, he loses (rolling a 48), and it is a fair game because it is 50/50, and not a house edge
Person B bets 100 BTC, and he wins (rolling a 50), and 2.5% is taken away from this. He is still very happy, because he had won 97.5 BTC, and he had a 50/50 chance, and he rolled a 50. If there was a house edge, the probability would be less than 50, and he would have lost that bet.

In fact, there is nothing special about it. I can play on any other dice sites out there with "win chance" set at 50%.

[williamj2543]

CryptoBets is a bitcoin gambling website where profits are made not from altering the probabilities, but we take it from winnings.
Example:
Person A bets 1 BTC, he loses (rolling a 48), and it is a fair game because it is 50/50, and not a house edge
Person B bets 100 BTC, and he wins (rolling a 50), and 2.5% is taken away from this. He is still very happy, because he had won 97.5 BTC, and he had a 50/50 chance, and he rolled a 50. If there was a house edge, the probability would be less than 50, and he would have lost that bet.

In fact, there is nothing special about it. I can play on any other dice sites out there with "win chance" set at 50%.

Hello,
They still have a house edge. Casinos tell you that it is a normal dice roll, but they know and you know that obviously it is rigged to make more money, and have the casino have a larger chance of winning.

[williamj2543]

Hey,
I have successfully fixed the script (got out all the bugs), and tested it multiple times to make sure it fully works, and have introduced new features, like an auto-updating table on the website saying if your bet is confirmed, unconfirmed, or sent back. Also, I've added a layer of security and strengthened them all. Website is also perfect. I think I am done programming the coin flip section, and I will start work on a new section as soon as I get some feedback on the coin flip and make sure it works 100%. Current promotion 0.001 BTC for every bet made.

[williamj2543]

Promotion has been raised to 0.002 BTC per bet, as no one has betted yet. Please bet, I would like to see some feedback.

[williamj2543]

Reward has increased to 0.003 BTC because of no interest shown. I would really appreciate any size of bet, because I want to see it work on people that aren't myself. I will refund any lost money because of any bugs or vulnerabilities.

[mdzedzej]

total shit site man sucks so bad lol

[williamj2543]

I have received 4 bets, 2 from  1MikeMZcaChUg4We2Mn2g3HZEVdG7KB8GD and 2 from 1SamNZsRh1CqFxR9JyqF6EsQ8iv3QgrRT. If you are one of these people please claim your prize.

[williamj2543]

total shit site man sucks so bad lol

How does it suck? Please give feedback so I can make it better. I actually feel that the site is great compared to the other gambling sites, it is clean and has just enough information in my opinion.

[W-M]

So if I understand this concept correctly, instead of saying:
"You have 49% chance to win 2x your original bet"

you say:
"You have 50% chance to win 1.98x your original bet"

Which results in exactly the same overall.

Is this explanation correct?

[williamj2543]

So if I understand this concept correctly, instead of saying:
"You have 49% chance to win 2x your original bet"

you say:
"You have 50% chance to win 1.98x your original bet"

Which results in exactly the same overall.

Is this explanation correct?

If you are betting large amounts of money, you would rather have a slightly bigger chance of winning, and a slightly smaller prize, than having a bigger chance of losing. In fact, I think other gambling sites take a house edge AND a winning fee.

[W-M]

It really depends on the type of game. As for rather having a slightly larger chance than gaining more money per win: I think that it is harder to feel that 1/100 bets has a different outcome, than it is to see that you are not doubling your money each time you win.

What I do know for sure, is that on SatoshiCarnival, we have a 49% chance of you winning on one of our bet propositions, but the payout is 2.031x your bet. This means we have a ridiculously house edge of 0.481%.

But of course, this is a personal preference.



Anyway, your statement in your original post that 'Overrall you win more' is bogus. You'll win exactly the same as any other betting game, the house edge is just calculated a little bit differently. In your case, you have an house edge of about 1%.

[williamj2543]

It really depends on the type of game. As for rather having a slightly larger chance than gaining more money per win: I think that it is harder to feel that 1/100 bets has a different outcome, than it is to see that you are not doubling your money each time you win.

What I do know for sure, is that on SatoshiCarnival, we have a 49% chance of you winning on one of our bet propositions, but the payout is 2.031x your bet. This means we have a ridiculously house edge of 0.481%.

But of course, this is a personal preference.



Anyway, your statement in your original post that 'Overrall you win more' is bogus. You'll win exactly the same as any other betting game, the house edge is just calculated a little bit differently. In your case, you have an house edge of about 1%.

Its a matter of preference for this system I guess. I personally would rather have a slightly bigger chance of winning, cause you dont really care if you take a bit off your win amount if you have a bigger chance of winning.

[FundsMoney]

Placed a maxbet some mins ago, but its still 'unconfirmed' , although many blocks have been found in the blockchain.

When will I find out the result?

EDIT: Heh, lost... Oh well..