Topic: Casinobit - LIVE ROULETTE - [INVEST] - BEST CASINO OF 2013 - page 31. (Read 82436 times)
Shame, site had potential for the live dealer side of things.
"Never attribute to malice that which is adequately explained by stupidity".
Blinded by his arrogance he was unable to realize that the profit numbers where way too high...
Do you consider arrogance a part of stupidity?
All i can say to CasioBit owner is you better check your code on how the investment thing works, a pretty big flaw
So you have what? Tripled your BTC now in less than a week? Going for the 400%?
To conclude, we can see that CasinoBit's current alglorithm is including investment as a PROFIT, in another words. When some other people is investing, you will result in profit, vice versa for a divest, you will result in a loss
All the profit claims are legit, ask any one of the accounts that made profit to post txids, I am sure they won't mind.
seems like a catastrophic coding oversight to consider further investments as 'house profit' and credit existing investments. It's now simply a race to see who withdraws their BTC first.
The coding is excellent
That's a possibility, but considering how easy it would be to check and the magnitude with which the profits attributed to investors as compared to actual casino profit was off by seems a bit strange. He does have the total wagered and winnings showing right there on the site, just not broken down by day.
"Never attribute to malice that which is adequately explained by stupidity".
Blinded by his arrogance he was unable to realize that the profit numbers where way too high...
Do you consider arrogance a part of stupidity?
All i can say to CasioBit owner is you better check your code on how the investment thing works, a pretty big flaw
So you have what? Tripled your BTC now in less than a week? Going for the 400%?
To conclude, we can see that CasinoBit's current alglorithm is including investment as a PROFIT, in another words. When some other people is investing, you will result in profit, vice versa for a divest, you will result in a loss
All the profit claims are legit, ask any one of the accounts that made profit to post txids, I am sure they won't mind.
seems like a catastrophic coding oversight to consider further investments as 'house profit' and credit existing investments. It's now simply a race to see who withdraws their BTC first.
The coding is excellent
There should be no reason for "frozen funds". You were sent funds and suppose to hold them. You either have them or you don't. Unless your system paid off too much you should have the BTC that was deposited, the players did not win against the house. Obviously this is not the case and you spent the BTC on something, why should you not be accused of scamming or at least stealing? You borrowed without asking by spending others' BTC.
One possible explanation is that for a while the new "invest" feature was treating new investments as profits for old investors, and so early investors were able to withdraw more than they should have been able to. Several people claim to have seen this happening. If it really did, then the site will have been left with a deficit even if they did later fix the invest code to work properly.
I'm not saying that is what happened, since I have no idea. It's just one way in which the site could be having difficulties honouring withdrawals without any deliberate attempt to scam. As Hanlon's razor says:
"Never attribute to malice that which is adequately explained by stupidity".
Jumped on tonight and actually saw people betting. Would love to see him pull out of this... especially since he has our coins ;-)
Any Estimate?
There should be no reason for "frozen funds". You were sent funds and suppose to hold them. You either have them or you don't. Unless your system paid off too much you should have the BTC that was deposited, the players did not win against the house. Obviously this is not the case and you spent the BTC on something, why should you not be accused of scamming or at least stealing? You borrowed without asking by spending others' BTC.
If you are for real and want to get back the trust of investors then you need to give us an estimated timeframe for your refund.
We will now be implementing an "Invest" system where you can become the bank and let players bet against your funds, we have been struggling paying for winning bets lately and it seems like the most logical choice.
Stay tuned
Stay tuned
I noticed the unpaid@casinobit email account is not working or denying messages. I have been trying to get an answer for for over two weeks with no reasonable response. Good luck guys.
Ever since we have switched the hosting all the other emails have been removed, please check out the new "Contact" section, we only have 1 email now.
Sorry for the delays everyone, I understand the frustration and can't help but feel as if I let you down a little, please take comfort in the fact that I am working actively on repaying everything. I get all the emails and the personal messages. Please be patient.
We will now be implementing an "Invest" system where you can become the bank and let players bet against your funds, we have been struggling paying for winning bets lately and it seems like the most logical choice.
Stay tuned
Stay tuned
I noticed the unpaid@casinobit email account is not working or denying messages. I have been trying to get an answer for for over two weeks with no reasonable response. Good luck guys.
Saw this coming
The site has a great potential imo but it's going to be hard regaining a good reputation.
He just needs to get things situated first
But instead for a small amount of money he decides to screw people.
Didn't you see his post? He has said he is neither a scammer nor a lowlife, and just has to do some kind of deal to get people their money back:
Just to let you guys know, I am not a scammer and not a lowlife, currently a deal is being worked out to repay all the investments, sorry for the delays.
Ohhhh duhhhhhh, I keep forgetting if its posted on the Internet it has to be real.
But instead for a small amount of money he decides to screw people.
Didn't you see his post? He has said he is neither a scammer nor a lowlife, and just has to do some kind of deal to get people their money back:
Just to let you guys know, I am not a scammer and not a lowlife, currently a deal is being worked out to repay all the investments, sorry for the delays.
I really wish he would let us know when he plans on paying. A week?
I think he's expecting loses from players to cover what's owed. Not looking to good tho considering there's barely any volume on the site because everyone knows its a scam. It amazes me hoe stupid some people are, this guy could have easily kept this site running & charged a vig on the winnings for allowing users to invest in the house & he would make a fortune over time with no risk. But instead for a small amount of money he decides to screw people.
I really wish he would let us know when he plans on paying. A week?
Money back = NO. Not looking good either.
I'd be willing to fund it/get in contact with licensing the software/all business if a developer could make it happen
I'm a developer (experienced in all things web and web-scraping), who might get free time soon… however I also might end up in an hospital too so you will get better offers 
I have zero knowledge of casino games. However I plan to start a bitcoin business this year, whatever it is.
I'm sure we could also pay the justdice owner for some consultation but really this is the best type of business because if we ever want to dilute our risk, we open the invest feature and who doesn't want to own part of a casino? I would do a small transaction fee + small commission on winnings and it's a win win situation.
Don't feel like reading through the whole thread, did the investors ever get their money back?
Yes and no. Jump to: