[ANN] Flip4Coins.com - bet heads or tails in 24+ crypto-currencies

[Niek]

http://www.flip4coins.com/images/logo.png
www.flip4coins.com

We just launched the project flip4coins.com. The idea of flip4coins.com is that you can play heads or tails using 24 (we're adding more) crypto-currencies like BitCoin, LiteCoin, DogeCoin, etc.

To get started, easily deposit the coins to your account & start betting. Each time you win, we double your bet. In addition to this, you have the chance to win our huge jackpots of 400x your bet. We have a low house edge of just 0.8%.

Some unique features:
- Facebook login or regular registration supported
- We give each new user 100 free test coins to check out the game
- Deposits require 1 confirmation, so you can get started quickly!
- Each losing bet contributes a small amount to the jackpot. Our jackpot payouts are up to 400x your bet!
- We support 24 currencies at the moment: Bitcoin, Litecoin, Dogecoin, Feathercoin, Quark, Terracoin, Primecoin, Vertcoin, Unobtainium, Freicoin, Catcoin, Alphacoin, Luckycoin, Netcoin, Lottocoin, Worldcoin, Mincoin, Tagcoin, Franko, Neocoin, Philosopherstone, Fedoracoin, Protoshares, Novacoin.
- We offer a referral system: receive 0.1% of all bets your referred users make, http://www.flip4coins.com/account/referrals
- We have a low house edge of just 0.8%, meaning we pay >99% to users! There are no withdrawal or similar fees.

Check it out at flip4coins.com!

We're looking forward to hear some of your feedback! Let us know if you have any questions.

[1714788105]

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[1714788105]

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[campycoin]

So far this is a no-go site.

Deposited and won a bit, and hit withdraw.  The system showed the trx and the amount as sent and say it coming in.... 3 days later... still nothing, went to look and they processed another payout 11 hours and 0 confirmations.  Also, how is the jackpot won?  Is it random?  You have nothing that says anything about how the jackpot is won.. all that can be seen is no jackpot has ever been paid.

2014-02-26 12:17:38    Withdraw   0.32509   Bitcoin    Approved   3d7490b09ec70494d2d708617b98ce4826760b14969994911486a2ac592c2e3a
When linked to the blockchain   Transaction not found   is the result

[Niek]

So far this is a no-go site.

Deposited and won a bit, and hit withdraw.  The system showed the trx and the amount as sent and say it coming in.... 3 days later... still nothing, went to look and they processed another payout 11 hours and 0 confirmations.  Also, how is the jackpot won?  Is it random?  You have nothing that says anything about how the jackpot is won.. all that can be seen is no jackpot has ever been paid.

2014-02-26 12:17:38    Withdraw   0.32509   Bitcoin    Approved   3d7490b09ec70494d2d708617b98ce4826760b14969994911486a2ac592c2e3a
When linked to the blockchain   Transaction not found   is the result

This issue occurred because we have no fee on the withdrawal transaction - we see that those transactions never get confirmed. We are going to add a withdrawal fee in order to fix this.

As for jackpots: the chance to win a jackpot is 0.01%. As you can see, the test coin jackpot has been won multiple times already, the other coins not yet.

[FreeVirtualMailbox.com]

Fun game. Tested with 50 doge, won 200 doge, total of 250 doge. Attempting withdrawal now. Hope this process is quick, plan to reload with a lot more doge and play higher stakes. This is quite a fun little game!

[9inety7even]

Can you prove that it's fair?

[Niek]

Can you prove that it's fair?

We're considering adding this soon!

[northwind6]

Withdrawal pending... will see if I can successfully withdraw or all this is just another scam.

[BRules]

I'm missing something here.

The site is to shady for me, I think I need explanations on:

- You are saying that "Each time you win, we double your bet" and also "We have a low house edge of just 0.8%". How can this be possible? if you're doubling our bet everytime we win, in a fair random system your house edge is 0%. But yet you are giving 1% of the losing bets (50%) to the jackpot and also 0.1% to the referred players. This make you house edge -0.6%. I'm really sure you isn't a wealthy person donating your money to the poor players of your site, so, unless you can prove that your site is generating fair random numbers, you are just scamming people on your site.

- You said here: "As for jackpots: the chance to win a jackpot is 0.01%". Wow, so this is a nice form to win easy money from your site. Well, the bitcoin jackpot is at 43 BTC, but the minimum bet size is 0.00001. Statistically if I bet a total of 10000 bets of 0.00001 (total of 0.1 BTC) I have 100% of chance of winning 43 BTC, niiiiiiice. You should be asking why I didn't try to win this jackpot before posting this here. because we have a saying in my country that says: "when the alms is big, the saint distrusts" or using a known english sentence: "it's too good to be true".

[campycoin]

I'm missing something here.

The site is to shady for me, I think I need explanations on:

All I gotta say is, I certainly won't vouch for em yet but they  have now paid me twice.  First one took 2 days but I saw the payment they just didn't add a fee and it so it never got picked up on the blockchain.

But sir, just look at the site rules.... your next two comments are comical.

- You are saying that "Each time you win, we double your bet" and also "We have a low house edge of just 0.8%". How can this be possible? if you're doubling our bet everytime we win, in a fair random system your house edge is 0%. But yet you are giving 1% of the losing bets (50%) to the jackpot and also 0.1% to the referred players. This make you house edge -0.6%. I'm really sure you isn't a wealthy person donating your money to the poor players of your site, so, unless you can prove that your site is generating fair random numbers, you are just scamming people on your site.

They are giving 1% of losing bets to the jackpot.  I'm sure they apply the 0.8% house edge before the bet... right?  So in the 51/100 bets- which are losers they take 1% for the Jackpot.  And they pay 0.1% to referrals.  Your math is just wrong in regards to a house edge. If I said I had a 1% house edge and gave 95% of losing bets to my Mom... My house edge is 1%.

- You said here: "As for jackpots: the chance to win a jackpot is 0.01%". Wow, so this is a nice form to win easy money from your site. Well, the bitcoin jackpot is at 43 BTC, but the minimum bet size is 0.00001. Statistically if I bet a total of 10000 bets of 0.00001 (total of 0.1 BTC) I have 100% of chance of winning 43 BTC, niiiiiiice. You should be asking why I didn't try to win this jackpot before posting this here. because we have a saying in my country that says: "when the alms is big, the saint distrusts" or using a known english sentence: "it's too good to be true".

This is simply you not reading the rules.  The max jackpot is 400x your bet.  So if you bet 0.00001 10,000 times it will have cost you 0.1, and if you hit the jackpot in there once it would have paid you 0.004....   So I don't advise you to do that.  The Jackpot is at 43 btc so yesterday I played a few flips at .1 which would have paid me 40btc.  Like I said.... I'm no willing to say they aren't a scam... in a month when they have 100 btc on their site, they could just close down...  but day to day with little bits, so far I'm up.

[BRules]

I'm sure they apply the 0.8% house edge before the bet... right?  So in the 51/100 bets- which are losers they take 1% for the Jackpot.  And they pay 0.1% to referrals.  Your math is just wrong in regards to a house edge. If I said I had a 1% house edge and gave 95% of losing bets to my Mom... My house edge is 1%.

Well, maybe they are doing this way, putting the "house edge" on the flipping instead on the returned amount (I really doubt they are doing this, we can't call this the "house edge" on this situation, and they really need to explain this on the site). But your math isn't right also, they're not giving the jackpot to their Mom, the jackpot means that amount will be back to the players sooner or later. So this value should be deduced from the "house edge".

So in the situation above we have (in my understanding):

0.8% "house edge" means that in 1000 plays 496 will win and 504 will lose. so 504-496 will give us 8 plays to the house (0.8%)

from all the 504 loses they are putting 5.04 to the jackpot - this leaves the house with 0.296% house edge.

in the best situation there will be 0% players referred in the site and in the worst situation there will be 99%
so this will put house edge about 0.197% and 0.296%. Very low in my opinion.

Besides that we found a positive house edge in the situation above, I still won't play in a site with that low house edge and not provably fair.

This is simply you not reading the rules.  The max jackpot is 400x your bet.

i forgot about that, tks for clarifying, but still doesn't make sense, see below.

[BRules]

Forgot about one thing.

if I have 0.01% of winning 400x my bet, as far as there are enough coins on the jackpot the players still have a positive Expected Return.


After playing 10000 bets my expected return is 9992 bets plus 400 and this will give me 10392, so my Expected Return is a positive 3.92%.


So, still too shady for me.

[campycoin]

Forgot about one thing.

if I have 0.01% of winning 400x my bet, as far as there are enough coins on the jackpot the players still have a positive Expected Return.


After playing 10000 bets my expected return is 9992 bets plus 400 and this will give me 10392, so my Expected Return is a positive 3.92%.


So, still too shady for me.

pm

[defaced]

Oh nice you accept FRK!

[B!tC0in]

Deposited a couple hours ago. Vertcoin balance still hasn't updated, 1 confirmation my ass.

[northwind6]

I can confirm, this site is legit, my withdrawal finally shows up in my wallet.

[AcoinL.L.C]

I can confirm, this site is legit, my withdrawal finally shows up in my wallet.

Does not confirm this site is legit at all. Their jackpot is ridiculous, lets the signed wallet containing 44 BTC if someone hits the jackpot, as well as the 175 LTC. Not to mention all the other coins. which add up to a few BTC worth. Its not even provably fair. Why risk playing when you can wager on sites that are provably fair and have better gaming experience anyways?