▄■▀■▄ 🌟BITVEST.io🌟 💰WIN BY 🔶PLAY 📈INVEST➡🔺🎲🎰🔲 | BET CONTEST ▄■▀■▄ - page 138.

Zodiac1233

hero member

Activity: 616

Merit: 524

Bitvest & 777Coin Developer

Quote from: Swordsoffreedom on August 18, 2019, 06:51:46 AM

I'm using the Investment feature and so far I am pleased with returns. But I have one question. How does "Margin" work? I know it multiplies your investment so you win/lose more then you should proportionally to other investments. But how does this work economically? How can you pay me for example 10 times more? Where do you take that money from? You can only split the profit from gambling, right?

For simplicity, let's say the bankroll consists of 100 BTC, 550 BTC after margin from 2 investors.

One investor has 50 BTC at 1x margin, the other at 10x margin. Bets would be taken as if the bankroll was 50x1 + 50x10 = 550 BTC. The effective bankroll of 550 BTC is not an issue, since the max that can be won in any situation is around 1-5% of the margin bankroll depending on the game, meaning even if every investor was at the maximum margin, the largest win possible would not be larger than the bankroll, limited to about 10-25% of the real coins backing the bankroll.

If a player won 10 BTC, the investor at 1x margin would pay 50/550 * 10 BTC = 0.909 BTC to the player. The investor at 10x margin would pay 500/550 * 10 BTC = 9.09 BTC.
If a player lost 10 BTC, the investor at 1x margin would earn 50/550 * 10 BTC = 0.909 BTC from the player. The investor at 10x margin would earn 500/550 * 10 BTC = 9.09 BTC.

Wittmann

newbie

Activity: 13

Merit: 0

Quote from: wry on August 18, 2019, 08:24:28 AM

To all - just a heads up that faucet and quest bonuses have in fact been reduced.

Yes. Really bad news since they were reduced about 33%.

wry

sr. member

Activity: 288

Merit: 251

Quote from: lightlord on August 15, 2019, 02:07:58 AM

We have taken the losses on ourselves and have paid back investors with our personally held coins. All investors who were part of the bankroll at the time of the incident have had all related losses credited back to their investments.

Major kudos for this awesome display of integrity. Looks like 2 or 3 BTC out of your pockets to protect your investors, that speaks volumes.

Swordsoffreedom - Margin is simply a way to increase your effective bankroll. If you take x10 margin it will act like you have ten times as much investment as you actually do and allocate your proportional gains and losses accordingly. So all investors are still splitting the sites profit from gambling.

Salauddin - The bonus is donated by players in satoshi and then is added to the rainbot's pool for rains. The exact formula of how much it pays out over time has not been published to my knowledge.

To all - just a heads up that faucet and quest bonuses have in fact been reduced.

Salauddin1994

member

Activity: 868

Merit: 15

Quote from: lightlord on August 17, 2019, 03:58:28 AM

Chat Bonus. Win By Chat, Play, or Invest.

How to count chat bonus? can you inform full details Chat Bonus with condition satoshi or BTC price active time per day and local rules? "Chat bonus' means community manage with help others give correct information?

Swordsoffreedom

legendary

Activity: 2884

Merit: 1115

Leading Crypto Sports Betting & Casino Platform

I'm using the Investment feature and so far I am pleased with returns. But I have one question. How does "Margin" work? I know it multiplies your investment so you win/lose more then you should proportionally to other investments. But how does this work economically? How can you pay me for example 10 times more? Where do you take that money from? You can only split the profit from gambling, right?

lightlord

donator

Activity: 3228

Merit: 1226

★Bitvest.io★ Play Plinko or Invest!

Chat Bonus. Win By Chat, Play, or Invest.

leea-1334

hero member

Activity: 2338

Merit: 953

Temporary forum vacation

Quote from: TwitchySeal on August 15, 2019, 02:37:44 PM

Just a thought:

You guys should offer some sort of bug bounty program to make something like this less likely to happen in the future.

I'm curious what you would do if a player reported a bug that would have allowed them to drain the hot wallet?

If I am not mistaken, there is always a reward given to people who discovered bugs as I have seen people get rewarded myself, and I have only been on the site less than half a year.

I think all active sites and admins, even without official bug bounty,,, they always find ways to recognize and acknowledge the people who help them. Good job again admins.

TwitchySeal

legendary

Activity: 2716

Merit: 2093

Join the world-leading crypto sportsbook NOW!

Just a thought:

You guys should offer some sort of bug bounty program to make something like this less likely to happen in the future.

I'm curious what you would do if a player reported a bug that would have allowed them to drain the hot wallet?

SirLancelot

hero member

Activity: 2646

Merit: 582

Leading Crypto Sports Betting & Casino Platform

Honestly, this is how you figure out if a website is legit or not, it has absolutely most amount of respect earned in one move than any other move a casino could ever make.

They got hacked and instead of letting it be or even closing shop (happened before) because of amount of money lost they just ate the losses themselves and gave back the investors what they have lost and continued operations like nothing happened for the gamblers and investors alike (only they themselves lost because of this but they didn't put the burden on anyone else).

This move right here would take bitvest into higher levels for sure, they are already one of the most known ones out there so I don't know how much more famous they could get since they are already top 5 in everyone's list but if they weren't this would have put them there for sure.

tranthidung

legendary

Activity: 2310

Merit: 4085

Farewell o_e_l_e_o

Quote from: TwitchySeal on August 15, 2019, 02:30:41 AM

On the bright side,another piece of evidence to the integrity of bitvest.

This time, the dramatic losses of investors due to bug (already fixed) on KENO game, once again, demonstrates that lightlord and BitVest team always keep their investors, users benefits as first priorities. Compensations for investors with loss due to bug abusements paid. The chart shows that bug abusements lasted for a while (around 6 hours - as the chart shows), long enough to cause dramatic losses for BitVest platform. Anyway, such unexpected bugs, then losses, then compensations only help BitVest platform become bigger and more reliable.

bones261

legendary

Activity: 1806

Merit: 1828

Quote from: lightlord on August 15, 2019, 02:07:58 AM

On August 14, 2019, a bug was exploited in Keno. The exploit allowed anyone to win the maximum multiplier in "Top Bottom" mode when placing a very specific malformed bet. This resulted in a user winning a large sum of funds and withdrawing the maximum amount possible without triggering manual withdrawals. This caused irrecoverable losses to investors equal to the balance of the hot wallets.

We have taken the losses on ourselves and have paid back investors with our personally held coins. All investors who were part of the bankroll at the time of the incident have had all related losses credited back to their investments.

That was very kind of you to do that for your investors. I have a small amount invested in your site. I'm sorry for the losses. I see that Keno is back up again. I gather that you patched the bug. Also, it was nice for your site to not penalize people who could not meet their daily quest, since Keno was down.

TwitchySeal

legendary

Activity: 2716

Merit: 2093

Join the world-leading crypto sportsbook NOW!

Quote from: lightlord on August 15, 2019, 02:07:58 AM

On August 14, 2019, a bug was exploited in Keno. The exploit allowed anyone to win the maximum multiplier in "Top Bottom" mode when placing a very specific malformed bet. This resulted in a user winning a large sum of funds and withdrawing the maximum amount possible without triggering manual withdrawals. This caused irrecoverable losses to investors equal to the balance of the hot wallets.

We have taken the losses on ourselves and have paid back investors with our personally held coins. All investors who were part of the bankroll at the time of the incident have had all related losses credited back to their investments.

Ouch.

On the bright side,another piece of evidence to the integrity of bitvest.

leea-1334

hero member

Activity: 2338

Merit: 953

Temporary forum vacation

Everything looks alright on Bitvest right now. The Keno function is returned to normal and I just asked in chat, everything seems to be okay. Just be patient if not,,, things always take time to fix. Thank you lightlord for making things all right.

Which coin was lost to you, if you do not mind sharing?

Happy Thursday everybody:)

lightlord

donator

Activity: 3228

Merit: 1226

★Bitvest.io★ Play Plinko or Invest!

On August 14, 2019, a bug was exploited in Keno. The exploit allowed anyone to win the maximum multiplier in "Top Bottom" mode when placing a very specific malformed bet. This resulted in a user winning a large sum of funds and withdrawing the maximum amount possible without triggering manual withdrawals. This caused irrecoverable losses to investors equal to the balance of the hot wallets.

We have taken the losses on ourselves and have paid back investors with our personally held coins. All investors who were part of the bankroll at the time of the incident have had all related losses credited back to their investments.

rexxarofmoknathal

sr. member

Activity: 980

Merit: 260

Quote from: TwitchySeal on August 14, 2019, 02:34:19 PM

Quote from: rexxarofmoknathal on August 14, 2019, 01:35:26 PM

Quote from: TwitchySeal on August 14, 2019, 01:20:31 PM

Any idea on when withdraws will be available again?

Not sure, but have you tried messaging in the Telegram group as typically you'll get a much faster reply?

Can you share link to telegram please? (pm me if it's not public)

See if this link works: https://cryptwerk.com/company/bitvest/#.XVSOvLj8Iac.telegram
If you still can't reach them then try the alternatives as below: https://cryptwerk.com/company/bitvest/
Good luck!

felicita

legendary

Activity: 1582

Merit: 1031

can anyone show me the annual rates form his investment ?
And do the rates change often ?

regards

TwitchySeal

legendary

Activity: 2716

Merit: 2093

Join the world-leading crypto sportsbook NOW!

Quote from: rexxarofmoknathal on August 14, 2019, 01:35:26 PM

Quote from: TwitchySeal on August 14, 2019, 01:20:31 PM

Any idea on when withdraws will be available again?

Not sure, but have you tried messaging in the Telegram group as typically you'll get a much faster reply?

Can you share link to telegram please? (pm me if it's not public)

rexxarofmoknathal

sr. member

Activity: 980

Merit: 260

Quote from: TwitchySeal on August 14, 2019, 01:20:31 PM

Any idea on when withdraws will be available again?

Not sure, but have you tried messaging in the Telegram group as typically you'll get a much faster reply?

TwitchySeal

legendary

Activity: 2716

Merit: 2093

Join the world-leading crypto sportsbook NOW!

Any idea on when withdraws will be available again?

leea-1334

hero member

Activity: 2338

Merit: 953

Temporary forum vacation

Look at all those bonus rains happening all the time,,, and seeing people get like that much just for chatting and being active, who says crypto gambling is not amazing right?

Anyway,,, back to refill my quest bar. I see BTC investments have been slowly picking up too!

Topic: ▄■▀■▄ 🌟BITVEST.io🌟 💰WIN BY 🔶PLAY 📈INVEST➡🔺🎲🎰🔲 | BET CONTEST ▄■▀■▄ - page 138. (Read 201838 times)