I don't know the guy (bit365). So don't think I'm being biased or partial.
If I read him correctly, payouts for investments were higher than they should have been. THAT issue has been fixed. But there are issues that resulted: Having paid more to investors, liquidity seems a real issue. People who invested 10 btc are not being paid, while people who invested 0.01 btc are getting paid. There is an issue with the "cash flow."
So to recap so far:
1) There was an issue that is fixed.
2) That issue seems to have stressed the business's margin (arguably a low-margin business to begin with).
I believe that BTC365 is legit. I have placed 148 or so bets and have been paid out on every single one (that I won).
So I propose that people invest in his business. Again, I do not know this guy. I have one more game this season, after which I will invest my bitcoins myself. Until the 2014 season kicks off.
It's either that or we be very patient with the payouts. But it does not seem to me that we should be swinging at a guy between a rock and a hard place.
JJ
If I read him correctly, payouts for investments were higher than they should have been. THAT issue has been fixed. But there are issues that resulted: Having paid more to investors, liquidity seems a real issue. People who invested 10 btc are not being paid, while people who invested 0.01 btc are getting paid. There is an issue with the "cash flow."
So to recap so far:
1) There was an issue that is fixed.
2) That issue seems to have stressed the business's margin (arguably a low-margin business to begin with).
I believe that BTC365 is legit. I have placed 148 or so bets and have been paid out on every single one (that I won).
So I propose that people invest in his business. Again, I do not know this guy. I have one more game this season, after which I will invest my bitcoins myself. Until the 2014 season kicks off.
It's either that or we be very patient with the payouts. But it does not seem to me that we should be swinging at a guy between a rock and a hard place.
JJ
I would have no problem with this, if bit was being straight with us. The amounts owed to people are not part of the book's margin structure. They should be coming straight from the money that was invested with the site. According to the site stats, the book is up 161.9 BTC in profit alone, and has a current bankroll of 494 BTC invested. There is no acceptable explanation for why those amounts can not be paid back on demand.
At this point, nobody should be betting with these guys until this stuff is back on track. I'm at the point now where I'd kill just to have my original investments back. It's a shame. I don't know what recourse there is. I was always worried about something like this but when I first invested the amount I had out there was something I was willing to risk.
Whatever happened, I would much prefer the honest truth than being strung along like this. It's the least that can be done.
