BitBet.us nonsense, avoid using the site until you realize how they operate

itod

legendary

Activity: 1974

Merit: 1075

^ Will code for Bitcoins

Quote from: greyhawk on July 09, 2013, 03:59:18 PM

It's a bet on a betting site. If you put in cents you're gonna get shafted on fees. I don't see how this is Bitbet.us' fault Huh

There were no fees that were important and that are a problem, if you win a bet common sense tells you that system calculating the winnings can rob you up to the point of getting only what you've put in. There is no accounting system in the world (except BitBet.us) that can make you lose money in wining the bet.

greyhawk

hero member

Activity: 938

Merit: 1009

It's a bet on a betting site. If you put in cents you're gonna get shafted on fees. I don't see how this is Bitbet.us' fault Huh

itod

legendary

Activity: 1974

Merit: 1075

^ Will code for Bitcoins

Quote from: statdude on July 09, 2013, 03:54:02 PM

You got weighted out.

Not a fan of the weighting there.

I agree. It would be OK to be weighted out to the degree of diminishing profits, but to be "weighted out" to losing coin after wining the balanced bet makes it ridiculous.

statdude

legendary

Activity: 1498

Merit: 1000

You got weighted out.

Not a fan of the weighting there.

itod

legendary

Activity: 1974

Merit: 1075

^ Will code for Bitcoins

Just to let the community know the facts:

I decided to try BitBet.us, put in 0.02 BTC just for the fun of it. I've chosen a bet about BTC difficulty, more than a week before closing while the result was far from obvious, in fact there was one much bigger bet on opposite outcome after mine.

Bet details:
http://bitbet.us/bet/454/btc-network-difficulty-tops-25-million-by-end/

Bet TX id:
https://blockchain.info/tx/e28963e5183ccf2c13ffbb3e41857ccaf53b1a6679d3453c5772b6d65786f7c6

It was fairly balanced bet, 124.78 BTC on winning side and 43.58 BTC on losing side, Weighted Winning: 2`891`58, Weighted Losing: 2`568`92.

Still, BitBet.us calculated:
BTC IN: 0.01966650, BTC OUT: 0.01954554

I won that bet, and got less money than I've put in?!? What kind of nonsense is that?!?

If you can win a bet and lose money on balanced bet long before closing, think what would happen on late unbalanced bet.

Of course, I've sent an email to BitBet.us a week ago, asking politely for clarification, guess if I got any answer from them. You guessed right. Avoid BitBet.us in a big circle.

Topic: BitBet.us nonsense, avoid using the site until you realize how they operate (Read 1662 times)