Topic: Casinobit - LIVE ROULETTE - [INVEST] - BEST CASINO OF 2013 - page 14. (Read 82377 times)
Site seems to be down again ...
I told before about the max bet problem. I agree it might be better if the casino manage the risk for the investors; but, nothing stop sensible investors from managing the risk by themselves and investing their bankroll accordingly. Investing all your capital in one lump sum with those condition is not the smartest thing to do since the house will certainly bust at regular interval.
With the current system, you really cannot achieve optimum investment. According to Kelly, the house should risk no more than 2.7% per spin on a game with a 2.7% edge. How can you do that if different bets allow different % maximums? Right now, a single-number bet allows player profits up to 100% of bankroll, but a red or black is only allowing 3.2% of bankroll. As an investor, you can't properly manage risk. It has to be at the bet level.
Just-Dice has this down to a science. Granted, roulette is a bit different since there are multiple bets per spin, but basically you can figure out the worst-case for each possible bet fairly easily, and limit worst-case payout to 2.7% for the entire table.
I told before about the max bet problem. I agree it might be better if the casino manage the risk for the investors; but, nothing stop sensible investors from managing the risk by themselves and investing their bankroll accordingly. Investing all your capital in one lump sum with those condition is not the smartest thing to do since the house will certainly bust at regular interval.
ok so I cant see it because I dont have an account. thanks or maybe could You give me the number of the total bankroll right now?
209.83502BTC as of now. Most probably more, but investors didn't reinvest their coins. Was ranging around 340+ some weeks ago.
Will there be any effort to put proper limits on the bets? I think potential investors would like to know. Right now, it appears you can bet up to 6.7 on single numbers, which means the house risk would be up to 234.5 on a single spin. That's currently more than the entire bankroll of 210 (which apparently is gone anyway). Again, I have to wonder why the site is still running!!! How can you keep it going with no BTC?
The house should only risk 2.7% of the bankroll per spin. With a bankroll of 210, the max bet should be 0.16 for a single number, 0.33 for a pair; all the way up to 5.68 for red, black, etc.
That should be calculated on the fly: if someone bets the max on red, you can double the max on black since only one of those bets will win. Likewise, if someone bets the max on 1, you must make the max bet 0 on odd numbers, (1,2), 1-18, etc. because a spin of 1 would go over the 2.7% limit.
This is all pretty basic math, and should have been considered before release. Now that you have a chance to "reset," you should do it properly. There is no way I would invest (nor should anyone else) without proper limits on player bets. And that's assuming anyone would trust the site again...
The house should only risk 2.7% of the bankroll per spin. With a bankroll of 210, the max bet should be 0.16 for a single number, 0.33 for a pair; all the way up to 5.68 for red, black, etc.
That should be calculated on the fly: if someone bets the max on red, you can double the max on black since only one of those bets will win. Likewise, if someone bets the max on 1, you must make the max bet 0 on odd numbers, (1,2), 1-18, etc. because a spin of 1 would go over the 2.7% limit.
This is all pretty basic math, and should have been considered before release. Now that you have a chance to "reset," you should do it properly. There is no way I would invest (nor should anyone else) without proper limits on player bets. And that's assuming anyone would trust the site again...
sorry if the question was answered already, but could some one explain how this investment offer worked?
I think how it worked was that the first ones to withdraw got all the coins, and the ones who were left got nothing.
I don't think that's how it was designed to work, but it's the most likely explanation of the current troubles.
The site owner has refused over and over again to explain why he is unable to pay back the remaining investors at the current time. He has also refused to say why he won't explain the situation. I advise caution.
We have crunched a deal which leaves him debt free and all investors and players credited with any balance they so have. Why this individual would not accept the deal is beyond me.
very generous offer. I was also in contact with seller but after asking him to give some numbers so I can calculate my offer he didnt reply. that was at least 10 days ago
@fat%
thanks a lot for trying to explain. I am shocked about myself that I still dont understand this scheme. You said from the total bankroll a certain %age ......................
did the investor know how big the bankroll was at all times?
could I still invest?
Yes. The total bankroll is displayed under the investment section of the site.thanks a lot for trying to explain. I am shocked about myself that I still dont understand this scheme. You said from the total bankroll a certain %age ......................
did the investor know how big the bankroll was at all times?
could I still invest?
ok so I cant see it because I dont have an account. thanks or maybe could You give me the number of the total bankroll right now?
There is a new Live casino coming to town from a much more reputable company in the real money gambling world. They will soon be introduced. We are not affiliated with them in any way, just know of their existence. Any possible deal involving a buy of Casinobit is outright stupid in my opinion. There is no intellectual property, no brand (as the brand is entirely trashed and lost), no player base, no software (the site is buggy as hell), and 50k in debt.
In fact they are so failing that you chose to promote your casino and the casino of your buddies on every page
There is a new Live casino coming to town from a much more reputable company in the real money gambling world. They will soon be introduced. We are not affiliated with them in any way, just know of their existence. Any possible deal involving a buy of Casinobit is outright stupid in my opinion. There is no intellectual property, no brand (as the brand is entirely trashed and lost), no player base, no software (the site is buggy as hell), and 50k in debt.
In the nearest 7 days the chat should be launched as well as everyone repaid so this will certainly be interesting.
The profit fees will be set to 10%, this is the notice in advance, the current way investments work has been great for testing with constant withdrawals/deposits but the auto reinvestment system will be on soon.
The profit fees will be set to 10%, this is the notice in advance, the current way investments work has been great for testing with constant withdrawals/deposits but the auto reinvestment system will be on soon.
Can't believe I am actually defending CasinoBit here but Aksplace the above post was made on September 16, 2013, 03:16:56 PM, give him the 7 days at least before you blow smoke claiming everyone can be made whole.
How many other "delays" is acceptable? Just curious...
In the nearest 7 days the chat should be launched as well as everyone repaid so this will certainly be interesting.
The profit fees will be set to 10%, this is the notice in advance, the current way investments work has been great for testing with constant withdrawals/deposits but the auto reinvestment system will be on soon.
The profit fees will be set to 10%, this is the notice in advance, the current way investments work has been great for testing with constant withdrawals/deposits but the auto reinvestment system will be on soon.
Can't believe I am actually defending CasinoBit here but Aksplace the above post was made on September 16, 2013, 03:16:56 PM, give him the 7 days at least before you blow smoke claiming everyone can be made whole.
How many other "delays" is acceptable? Just curious...
Aksplace has a site ranking Bitcoin poker sites but I believe he is a part of Betcoinsports and has not made it public yet. Betcoinsports also appears to be a bitcoin component to a regular cash book. Why the would make an offer is interesting.
IMO this kind of deception wont last long in BTC land.
IMO this kind of deception wont last long in BTC land.
betcoinsports has over 1000 bitcoins on hand at full disposal (verified). I have no relation with this company accept the fact they are a premium paid sponsor on Bitcoin Casino Pro. They have agreed to player mediation on any claims that shall come forward. We have received 1 complaint which was player misunderstanding and easily resolved. This is a great company not sure how Betcoinsports and scam site casinobit got in the same sentence. Oh and for the record the company willing to bail casinobit out is not Betcoinsports.
Members like mwarrior, dbasql , g83, and countless others deserve to get money owed it's a shame people would argue that fact.
Can you disclose more details about this bailout ? Are you in contact with casinobit's owner, and planning to go after him personally ? Or is the bailout being used as a way to augment the reputation of the person/company doing such thing ? I just can't understand why: a) someone is still interested (both players for playing there again and investors for investing there again) in casinobit after this whole issue; b) someone else is interested in paying casinobit's bill. Is this some kind of secret deal ?
I have been in contact but the latest response was a not interested response. The primary deal was for exchange of the website and url the players owed would be paid in full. He is not interested in such a deal as he thinks the site is worth 500% of what is being offered. Frankly the site has a concept of live casino play which is pretty unique in the bitcoin industry but frankly the feed is simply being boosted from a regulated online casino provider. I think its already a terrible deal for potential buyer but they want to continue. The company obviously wants to stay anonymous until such deal could be reached.
Aksplace has a site ranking Bitcoin poker sites but I believe he is a part of Betcoinsports and has not made it public yet. Betcoinsports also appears to be a bitcoin component to a regular cash book. Why the would make an offer is interesting.
IMO this kind of deception wont last long in BTC land.
IMO this kind of deception wont last long in BTC land.
betcoinsports has over 1000 bitcoins on hand at full disposal (verified). I have no relation with this company accept the fact they are a premium paid sponsor on Bitcoin Casino Pro. They have agreed to player mediation on any claims that shall come forward. We have received 1 complaint which was player misunderstanding and easily resolved. This is a great company not sure how Betcoinsports and scam site casinobit got in the same sentence. Oh and for the record the company willing to bail casinobit out is not Betcoinsports.
Members like mwarrior, dbasql , g83, and countless others deserve to get money owed it's a shame people would argue that fact.
Can you disclose more details about this bailout ? Are you in contact with casinobit's owner, and planning to go after him personally ? Or is the bailout being used as a way to augment the reputation of the person/company doing such thing ? I just can't understand why: a) someone is still interested (both players for playing there again and investors for investing there again) in casinobit after this whole issue; b) someone else is interested in paying casinobit's bill. Is this some kind of secret deal ?
Aksplace has a site ranking Bitcoin poker sites but I believe he is a part of Betcoinsports and has not made it public yet. Betcoinsports also appears to be a bitcoin component to a regular cash book. Why the would make an offer is interesting.
IMO this kind of deception wont last long in BTC land.
IMO this kind of deception wont last long in BTC land.
betcoinsports has over 1000 bitcoins on hand at full disposal (verified). I have no relation with this company accept the fact they are a premium paid sponsor on Bitcoin Casino Pro. They have agreed to player mediation on any claims that shall come forward. We have received 1 complaint which was player misunderstanding and easily resolved. This is a great company not sure how Betcoinsports and scam site casinobit got in the same sentence. Oh and for the record the company willing to bail casinobit out is not Betcoinsports.
Members like mwarrior, dbasql , g83, and countless others deserve to get money owed it's a shame people would argue that fact.
@fat%
thanks a lot for trying to explain. I am shocked about myself that I still dont understand this scheme. You said from the total bankroll a certain %age ......................
did the investor know how big the bankroll was at all times?
could I still invest?
Yes. The total bankroll is displayed under the investment section of the site. thanks a lot for trying to explain. I am shocked about myself that I still dont understand this scheme. You said from the total bankroll a certain %age ......................
did the investor know how big the bankroll was at all times?
could I still invest?
sorry if the question was answered already, but could some one explain how this investment offer worked?
I think how it worked was that the first ones to withdraw got all the coins, and the ones who were left got nothing.
I don't think that's how it was designed to work, but it's the most likely explanation of the current troubles.
The site owner has refused over and over again to explain why he is unable to pay back the remaining investors at the current time. He has also refused to say why he won't explain the situation. I advise caution.
We have crunched a deal which leaves him debt free and all investors and players credited with any balance they so have. Why this individual would not accept the deal is beyond me.
sorry if the question was answered already, but could some one explain how this investment offer worked?
I think how it worked was that the first ones to withdraw got all the coins, and the ones who were left got nothing.
I don't think that's how it was designed to work, but it's the most likely explanation of the current troubles.
The site owner has refused over and over again to explain why he is unable to pay back the remaining investors at the current time. He has also refused to say why he won't explain the situation. I advise caution.
We have crunched a deal which leaves him debt free and all investors and players credited with any balance they so have. Why this individual would not accept the deal is beyond me.
I wont get over the fact players are stuffed without the ability to get paid. I assume your not one of them and showing your colors should be pretty obvious to avoid you in general as well
sorry if the question was answered already, but could some one explain how this investment offer worked?
I think how it worked was that the first ones to withdraw got all the coins, and the ones who were left got nothing.
I don't think that's how it was designed to work, but it's the most likely explanation of the current troubles.
The site owner has refused over and over again to explain why he is unable to pay back the remaining investors at the current time. He has also refused to say why he won't explain the situation. I advise caution.
We have crunched a deal which leaves him debt free and all investors and players credited with any balance they so have. Why this individual would not accept the deal is beyond me.
Still waiting for CasinoBit to explain what went wrong.
Who cares at this point. Just pay us and be done. Not holding my breath though.. I'd be dead.
Wait that he pays everyone before even thinking about investing. Then, it's easy, there is an invest tab and everything is there.
Yap, deadline has been given, now it's all or... just unwatch the topic.
sorry if the question was answered already, but could some one explain how this investment offer worked?
I think how it worked was that the first ones to withdraw got all the coins, and the ones who were left got nothing.
I don't think that's how it was designed to work, but it's the most likely explanation of the current troubles.
The site owner has refused over and over again to explain why he is unable to pay back the remaining investors at the current time. He has also refused to say why he won't explain the situation. I advise caution.
We have crunched a deal which leaves him debt free and all investors and players credited with any balance they so have. Why this individual would not accept the deal is beyond me.
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