Topic: CoinBet Casino & Sportsbook - 125% Match Bonus plus March Madness Contest! - page 25. (Read 25128 times)

Alright, at least I finally got an answer.  I would recommend against anyone depositing bitcoins on this site.  I would also recommend this whole thread be removed from the bitcoin section.  merely accepting bitcoin isn't reason to keep it here.


for those of you who dont understand, we all own bitcoins as both a currency and as a potential investment.  the investment part is whats relevant here because we all assume bitcoins will go up.   if you bet on an ACTUAL BITCOIN SITE you're using bitcoins and so you never lose a bitcoins as a part of an exchange process.

here at coinbet they're always converting at a daily rate back to your countries currency.  since bitcoins swing as much as 10% on an average day, 30% on a good day, and more importantly most of us assume they will go up in price it makes it a losing proposition to bet on this site.  

you basically have to beat 50/50 type casino games at a rate of higher than maybe 10-30%/day to overcome the exchange rate.

please dont use your bitcoins on this site.  not only does the casino have the edge, but now they're basically a store of bitcoin value as it rises returning your investment at a higher price (meaning fewer bitcoins).


*****to coinbet: you're basically completely worthless to the bitcoin community if you dont change your policy and i'm sure you either knew that going in (and were trying to capitalize on an ever increasing commodity) or you know that now and need to adapt****

please leave the bitcoin community alone until you come up with a system that doesn't rip off bitcoins value.

Thanks for pointing this out. I've forwarded the issue on to tech support. You'll receive a credit to your account accordingly.

If you run into any further issues, please email them to [email protected] - If you don't mind, go ahead and email them now as well with this info, just to expedite the credit. Thanks!

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Yes, we have to convert BTC deposits to USD at the current exchange rate. Then, if you choose to withdraw your winnings in BTC, it will also be at the exchange rate at that time. You can also deposit or withdraw using straight USD if you prefer, but unfortunately we have to convert to and from USD for casino play.

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Yes, we are working on an automated BTC withdraw process, but for now please email [email protected] and your withdrawal will be processed immediately.

Thanks

I now see minimum withdrawal is $100.  But there is no Bitcoin withdrawal option available.  Is the only way to withdraw via Bitcoin to e-mail you?

LETS TRY THIS AGAIN NOW THAT I'VE GOTTEN HALF THE ANSWER:


ok, now that i know you convert bitcoins to a cash equivalent to wager with, lets follow that up with a question.

i buy in for 5 BTC (with a current value of $800).  that gives me $4000 to wager with.  you also give me $8000 bonus which i rollover the proper number of times.  i now have $12,000.  then i win another 18,000 and i now have a total of $30,000.

in the interim the bitcoins i used to buy into your site have gone up to $10,000 a piece.  when i cashout my $30,000 do i only get 3 bitcoins back?

because here is the dilemma, i bought in for 5 of them, and as the price of them went up, i'm cashing out for only 3 total.

SO AT THE END OF THE MONTH AM I ONLY GETTING THE BITCOIN EQUIVALENT OF THE NEW BITCOIN PRICE??

Here is another problem. It says any formation containing a deuce will pay double. But you see it pays only the normal amount here.
I can confirm that this happens regardless of whether or not you hit the slot multiplier.

Just played the deuces wild video poker game and I think the game is broken. Hit a straight using a deuce and it didn't pay out. Picture attached. Please correct me if I'm missing something obvious.


EDIT: I can confirm this has happened three times now. Once it still paid out a pair (as it was a King high straight).

How long does sportsbook grading take normally?  Been waiting like an hour for a grading of a bet...

We're making a couple changes to the layout as we speak. Sorry about that

From the splash page, when I click on the "Online Casino Bet Now" button, it takes me to the "available bonuses" page, but I can't actually get to any of the games.

Edit: I now see that you can get there from the promotions page, but that seems like a roundabout way to get there.

You have a tennis category, but no lines are up for the aussie open?

Also, I understand if you want to keep things in USD, but if you are going to do that you have to use the actual market rate.
Gox is virtually play money so that doesn't count.

Whats the minimum withdrawal amount? I can't find that on the site.

We are unable to keep account values in bitcoin, unfortunately. All account values are calculated in USD. You can deposit bitcoin, and withdraw bitcoin, but it must be converted to and from USD to play on the site. We have to abide by a number of various gaming regulations, and unfortunately this is what we are required to do to maintain our 100% legal compliance and stay on the good side of the law. Sorry.


The large bonuses are temporary, we are just trying to build up our player base so we are offering the large bonuses (with heavy rollover requirements) to do so. It's a bit of a loss leader, but we feel it's worth it for now.


The current exchange rates are listed on the transaction page.

On the "transactions" page I noticed that on the mid ot lower right side they have a tab for the exchange rate.  Right now it's at $941/BTC.

You bring up some excellent points, if a player deposits in bitcoins he should be allowed to bet with bitcoins. Why would a digital currency at this stage need to be translated into a real currency on the betting platform?

My second question is what is the rate used to calculate dollars to bitcoins and vice versa?  Like if I have $150 in my account and want to withdraw Bitcoins, where can I find the rate of what that would be?

How can you offer such a large bonus, particularly the free credit?  I will be happy, and pleasantly surprised I might say, to see if someone meets the rollover requirements and gets paid out.  Good luck!

I really want to like this site and try it out but i'm confused about a couple things, in addition to site betting layout being very poor.  Lets say i deposit 6 BTC which have the value of $5,000.  Because of this i also get a $10,000 rollover bonus.

What exactly is my cash value on the site?  do i now have $15,000 (not withdrawalable until rollover) or do i have 18 BTC.  additionally lets say i have 15,000 cash and i win another $30,000 cash.  when i withdraw that do i get the equivalent of that days bitcoin rates?  so if bitcoins are worth $10,000 each i only get 4.5 BTC back?  This is a pretty legitimate question because in the first scenario lets say i doubled my bitcoins.  I took 18 and won 36  more.  i'd now have 54 bitcoins worth $10,000 each.  in the other scenario i won up to $45,000 and could only have 4.5 btc (with a value of $10k each) to cashout.  

EVERYONE NEEDS TO CONSIDER THIS BEFORE PLAYING ON THIS SITE.  WE'RE ALL IN BITCOINS BECAUSE WE KNOW THE VALUE WILL RISE SO WE'RE TAKING ON THE RISK OF CONVERTING THEM TO CASH TO BET WITH.

I'm going to be honest with you (coinbet).  when i use bitcoins i dont want them converted to anything.  i buy in for bitcoins, i bet bitcoins and then i cash out for bitcoins.  there can be no mistakes or conversion issues at that point.  

Sent a email requested for withdraw , waiting for response .

Correct.

if you don't take the bonus there's no rollover, correct?

Anyone who wants an instant withdraw, especially if withdrawing to bitcoin, can email [email protected] to make sure it's processed immediately.

Thanks!