Betcoindice.tm Untrustworthy: Fakes volume, makes house bets on blockchain.

aksplace

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Activity: 602

Merit: 260

Quote from: Zaih on September 27, 2013, 01:19:12 PM

Quote from: betcointm on September 25, 2013, 03:17:20 PM

@TradeFortress:

Here's the "rude" email we sent to you three days ago:
#####
From: BetCoin™ <[email protected]>
Subject: Couldn't PM you.
Date: September 22, 2013 12:28:43 PM GMT+01:00
To: [email protected]

Dear TradeFortress,

Thank you for your insightful research and comments. We tried to send you a PM, but you apparently blocked our account. Unfortunately most of our personnel are preoccupied with other important tasks at this moment, and we are not in the position to dedicate manpower to immediately answer your concerns. Should this situation change in the future - we will promptly inform you.

Kind regards,

BetCoin™
#####

As we mentioned earlier, our entire team is preoccupied with a series of meetings with senior Chinese Government officials, finalizing our newly-opened Supercomputer Center setup, and your concerns are not our top priority at this point in time. The issues that you brought up are not for the low-level technical and maintenance staff to address, but we will definitely look into this when when we have the time. In the meanwhile you can contact our support at [email protected] if you experience any difficulties using our websites, or have any questions regarding your own specific bets.

Best regards,

BetCoin™

Ahahahahahaha have a listen

Chinese Government officials Grin

User705

legendary

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First 100% Liquid Stablecoin Backed by Gold

Quote from: dooglus on September 27, 2013, 01:13:17 PM

Quote from: User705 on September 25, 2013, 05:45:18 AM

The whole "provably fair" only proves % going in and out it doesn't mean their own plants aren't the only ones winning.

I don't think you understand provable fairness. It doesn't tell you anything about the overall house performance. All it tells you is that your own bet was fairly processed. That's pretty much the opposite of what you claim.

Look at bitzino.com. I have no idea how much they've taken in bets, or how much they've paid out. They don't (to my knowledge) publish that information. But when I play there, whether I win or lose, I am sure that the bet was handled fairly due to the way that all their games are provably fair.

I have to read up some more on it but from what I understand since the seed is created server side and since most dice sites use "investors" the players betting may be "provably fair" but an insider is still able to cheat so it won't be fair for all.

b!z

legendary

Activity: 1582

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Perhaps producing fake/low quality things is normal to the Betcoin company. I mean, who hasn't seen Made in China crap/knockoffs? (of course, there is still good quality things from china)

dooglus

legendary

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Merit: 1330

Quote from: Hfleer on September 28, 2013, 12:58:22 AM

You must really love bitzino... At any rate, yea this one's not provably fair as I posted in the other thread, and would stay away.

I've not been to bitzino since Just-Dice launched. Not had the time.

Got a link to the post about this one not being provably fair?

Hfleer

sr. member

Activity: 448

Merit: 250

Changing avatars is currently not possible.

Quote from: dooglus on September 27, 2013, 01:13:17 PM

Quote from: User705 on September 25, 2013, 05:45:18 AM

The whole "provably fair" only proves % going in and out it doesn't mean their own plants aren't the only ones winning.

I don't think you understand provable fairness. It doesn't tell you anything about the overall house performance. All it tells you is that your own bet was fairly processed. That's pretty much the opposite of what you claim.

Look at bitzino.com. I have no idea how much they've taken in bets, or how much they've paid out. They don't (to my knowledge) publish that information. But when I play there, whether I win or lose, I am sure that the bet was handled fairly due to the way that all their games are provably fair.

You must really love bitzino... At any rate, yea this one's not provably fair as I posted in the other thread, and would stay away.

Zaih

hero member

Activity: 504

Merit: 500

Quote from: betcointm on September 25, 2013, 03:17:20 PM

@TradeFortress:

Here's the "rude" email we sent to you three days ago:
#####
From: BetCoin™ <[email protected]>
Subject: Couldn't PM you.
Date: September 22, 2013 12:28:43 PM GMT+01:00
To: [email protected]

Dear TradeFortress,

Thank you for your insightful research and comments. We tried to send you a PM, but you apparently blocked our account. Unfortunately most of our personnel are preoccupied with other important tasks at this moment, and we are not in the position to dedicate manpower to immediately answer your concerns. Should this situation change in the future - we will promptly inform you.

Kind regards,

BetCoin™
#####

As we mentioned earlier, our entire team is preoccupied with a series of meetings with senior Chinese Government officials, finalizing our newly-opened Supercomputer Center setup, and your concerns are not our top priority at this point in time. The issues that you brought up are not for the low-level technical and maintenance staff to address, but we will definitely look into this when when we have the time. In the meanwhile you can contact our support at [email protected] if you experience any difficulties using our websites, or have any questions regarding your own specific bets.

Best regards,

BetCoin™

Ahahahahahaha have a listen

dooglus

legendary

Activity: 2940

Merit: 1330

Quote from: User705 on September 25, 2013, 05:45:18 AM

The whole "provably fair" only proves % going in and out it doesn't mean their own plants aren't the only ones winning.

I don't think you understand provable fairness. It doesn't tell you anything about the overall house performance. All it tells you is that your own bet was fairly processed. That's pretty much the opposite of what you claim.

Look at bitzino.com. I have no idea how much they've taken in bets, or how much they've paid out. They don't (to my knowledge) publish that information. But when I play there, whether I win or lose, I am sure that the bet was handled fairly due to the way that all their games are provably fair.

mises

sr. member

Activity: 352

Merit: 250

Quote from: 🏰 TradeFortress 🏰 on September 19, 2013, 02:46:27 AM

Quote from: aksplace on September 19, 2013, 02:44:23 AM

What is the purpose of doing such? I would assume to "Appear busy" ? I guess I don't understand as the founder would surely not waste his time making .03 bets all day. Just for the record they do promote in a lot of locations.

I suggest reading the OP and looking up the addresses I mentioned before responding. The founder of course isn't manually betting, but rather it's an automated script to get on the frontpage of blockchain.info and create the impression that it is legitimate from it's "popularity".

That's kind of clever!

..but easy to detect I guess.

Boelens

hero member

Activity: 672

Merit: 500

Just saw something odd on blockchain.info , might have to do with it. Was just checking it out when suddenly, "recent transactions" had a MASSIVE spam of 0.28-0.48 BTC sends to betcoindice (I couldn't read the amount in time)

gollum

sr. member

Activity: 434

Merit: 250

In Hashrate We Trust!

Quote from: sublime5447 on September 25, 2013, 09:18:19 PM

This is a common business practice! my god people business want to appear busy! I have been given free play at the casino when the floor was empty, it looks bad when no one is playing. I have had club owners ask me and my buddies to come by for free drinks just so it looks like it is a cool place.

I see no problem at all. I understand the QT issue but if anything ever becomes of bitcoin the blockchain is gonna get long deal with it.

sure this practice might be used to some degree, but the issue here is the scale of it:
about 20-30% of all bitcoin transactions are fake bets by betcoindice.tm

sublime5447

legendary

Activity: 966

Merit: 1000

This is a common business practice! my god people business want to appear busy! I have been given free play at the casino when the floor was empty, it looks bad when no one is playing. I have had club owners ask me and my buddies to come by for free drinks just so it looks like it is a cool place.

I see no problem at all. I understand the QT issue but if anything ever becomes of bitcoin the blockchain is gonna get long deal with it.

bittop100

full member

Activity: 181

Merit: 100

Betcoindice.tm Untrustworthy,really?

aksplace

sr. member

Activity: 602

Merit: 260

Quote from: bit777 on September 25, 2013, 07:32:56 PM

Quote from: elbill on September 25, 2013, 07:14:41 PM

I agree that copying content or clone games is unethical.

But the rest of the allegations (DDos, fake volume) are based on assumptions trying to discredit a website simply to protect your interests.

And I say this despite having lost more than 50 coins in betcoincircle (Although I lost more in satoshidice Grin

)

The fake volume is not an assumption, the evidence is there.

fake volume appears to be fake volume I would agree but what harm is done?

bit777

sr. member

Activity: 420

Merit: 250

Quote from: elbill on September 25, 2013, 07:14:41 PM

I agree that copying content or clone games is unethical.

But the rest of the allegations (DDos, fake volume) are based on assumptions trying to discredit a website simply to protect your interests.

And I say this despite having lost more than 50 coins in betcoincircle (Although I lost more in satoshidice Grin

)

The fake volume is not an assumption, the evidence is there.

aksplace

sr. member

Activity: 602

Merit: 260

Quote from: elbill on September 25, 2013, 07:14:41 PM

I agree that copying content or clone games is unethical.

But the rest of the allegations (DDos, fake volume) are based on assumptions trying to discredit a website simply to protect your interests.

And I say this despite having lost more than 50 coins in betcoincircle (Although I lost more in satoshidice Grin

)

I think your on to something here and have defended betcoin since the beginning. I like the guy don't get me wrong even choose them for a small loan recently but I don't like what I see here either.

elbill

hero member

Activity: 938

Merit: 1005

frantorres_995 at socialmedia

I agree that copying content or clone games is unethical.

But the rest of the allegations (DDos, fake volume) are based on assumptions trying to discredit a website simply to protect your interests.

And I say this despite having lost more than 50 coins in betcoincircle (Although I lost more in satoshidice Grin

)

SatoshiDICE_PR

sr. member

Activity: 392

Merit: 250

SatoshiDice.com

Relevant:
http://www.digitaljournal.com/pr/1489274

More:
https://bitcointalksearch.org/topic/betcoin-fraud-this-is-just-getting-ridiculous-301581

Cheesy

001sonkit

hero member

Activity: 784

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Casper - A failed entrepenuer who looks like Zhou

No comment on other accusations?

User705

legendary

Activity: 896

Merit: 1006

First 100% Liquid Stablecoin Backed by Gold

Now that's massive LOL and Whaa???

betcointm

donator

Activity: 672

Merit: 500

@TradeFortress:

Here's the "rude" email we sent to you three days ago:
#####
From: BetCoin™ <[email protected]>
Subject: Couldn't PM you.
Date: September 22, 2013 12:28:43 PM GMT+01:00
To: [email protected]

Dear TradeFortress,

Thank you for your insightful research and comments. We tried to send you a PM, but you apparently blocked our account. Unfortunately most of our personnel are preoccupied with other important tasks at this moment, and we are not in the position to dedicate manpower to immediately answer your concerns. Should this situation change in the future - we will promptly inform you.

Kind regards,

BetCoin™
#####

As we mentioned earlier, our entire team is preoccupied with a series of meetings with senior Chinese Government officials, finalizing our newly-opened Supercomputer Center setup, and your concerns are not our top priority at this point in time. The issues that you brought up are not for the low-level technical and maintenance staff to address, but we will definitely look into this when when we have the time. In the meanwhile you can contact our support at [email protected] if you experience any difficulties using our websites, or have any questions regarding your own specific bets.

Best regards,

BetCoin™

Topic: Betcoindice.tm Untrustworthy: Fakes volume, makes house bets on blockchain. (Read 7723 times)