Topic: MUST AVOID BETKING: What Happened to the 50 BTC Jackpot? Was It Just A Fraud? - page 8. (Read 20138 times)

After reading some posts from upset investors in the Betking thread I realised something was not right. After investigating it became clear why they were not happy, the reasons included but not limited to:

- the way the tokens were calculated, the formula is flawed and caused losses to investors

- the way 30 million withheld tokens were used to "steal" investors profits because they were not issued to anybody, they were held back

- the complete lack of accountability on part of Dean Nolan to show proof he has followed through with the whitepaper promises of 50% ICO funds going to bankroll

- virtually zero development took place on the December 2016 shutdown website vis-a-vis the "new" post-ICO 2017 website. Why did Dean Nolan use ICO funds for it? Who received it? Was it siphoned off?

- it was reported he tried to sell the Betking twice before closing it down with a view to re-opening it solely with the purpose to siphon money for his own pocket

- many more questions and concerns...

I did not invest in Betking. During the 2017 ICO it was looking very suspect so I started advising investors to stay away from it so Dean Nolan threw his toys out of his pram, spat out his dummy and said he would refuse to answer any questions related to his motives for having the ICO.

Just because the bounty participants were getting free tokens for "promoting" Betking they pounced on any post that was critical of Betking or Dean Nolan. The moment the ICO ended, the bounty participants abandoned Betking and left Dean Nolan to answer the questions of corruption himself. He could not handle it so locked the official thread to try to close down free speech and valid concerns. He removed the Betking ICO thread too in order that people would not be able to see what was going on.

Sadly while ICOs are now the normal there are far too many failures and scams. If there was accountability then it would clear up the issues. Dean Nolan thinks we will believe him that the ICOs funds were held in cold storage. He never gave any wallet addresses to show any proof, he never gave an account to which developer he paid money to to "develop" a website that did not need developing. All he did was wait a year to add plugin Livetable affiliate games.

Dean Nolan even insulted investors by saying they should have shown "due-diligence" before parting with their monmey because they did not read the small print about the Betking token valuation when the large print was promoting "7400 BTC in profits" and all that nonsense before the website was closed down in December 2016, only to re-open in identical format in 2017 after the ICO.

Nobody seems to understand where the funds went other than people saying that Betking and Dean Nolan are scam and scammer because they say he siphoned off the funds for his own pockets.

@Jollygood. What is your personal motivation for your attempt to expose betking and Dean for what might be another ICO scam? Is this from the concern you have for the investors? Have those investors asked help from you to expose Dean? Did you invest in betking's ICO?

https://betking.io/ico/

Thank you for the post.

Check out the information yourself. None of the claims made in that link can be verified be Dean Nolan refuses to allow audits or supply proof that he has followed through the promises of the whitepaper.

Dean Nolan has registered the company that owns Betking in Costa Rica so getting him to show the accounts will be difficult but not impossible if there was enough will to do it by investors. Unfortunately it seems many of them sold their Betking tokens at a loss as they gave up hope and thought to get something back rather than risk getting nothing.

There is no way of ascertaining that he did use 50% of the 2017 ICO funds for the bankroll. There is no way to ascertain what happened to the 30 million Betking tokens that were held back for promotions and development. As Dean Nolan re-launched an existing website that he closed in December 2016 in order to have the ICO, the funds could not have been spent on development.

The fact that those 30 million sitting tokens were used to take part of the "profit" means that investors are getting less back during the buy-back and that is only 10% of tokens every 3 months.

Dean Nolan has been accused by several people of siphing off funds for his own pockets. My personal opinion is not important but people are calling Betking and Dean Nolan scam and scammer.

Actually no one can win 50BTC betting only 1000 satoshi. Someone posted link to steemit article but they forget to include this in post:


Meaning - 1000 satoshi bet, two rolls(back to back) containing 55.555 = 0.5BTC Jackpot. So, if my math is correct, whoever wants to catch 1% of jackpot has to wager 100000BTC, I didn't check house edge, but lets say it is 1%(guessing) do some math and see how much money average player has to lose to "win" this jackpot  Best part - everything is transparent 

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@JollyGood, I didn't check ICO, but what was promised to investors? Share of bankroll, token re-buy at the same/higher price? Something else?

Did we get an explanation? No

Was Dean Nolan bending over backwards to answer questions when he was begging for investors during the 2017 ICO? Yes

So far nobody can explain what happened to the 50 BTC Jackpot that Dean Nolan was offering at his Betking website. As someone mentioned earlier it was around a ridiculous 10 billion to 1 odds to win but nevertheless what happened to it?

Since investors were pulled in by the 50 BTC Dice Game Jackpot bait and it seems to have been removed BEFORE anybody won it, it is probably the reason why people are calling it a fraud. My personal opinion is not important but people are calling Betking and Dean Nolan scam and scammer.

I too would like a reasonable explanation for this

https://testboo.com/betking-io-review-bitcoin-casino-win-50-btc-progressive-jackpot/

A simple search using "betking 50 btc jackpot site:bitcointalk.org" will show up plenty of links to the "50 BTC Jackpot" that Dean Nolan linked to his own Betking thread before changing the name.

Why offer a jackpot of 50 BTC that was around a ridiculous 10 billion to one odds of winning only to then remove it after heavily promoting it to pull players in?

When advertising the "50 BTC Jackpot dice game" (words Dean Nolan used, not me) he never advertised the near impossible chances of winning at 10 billion to one odds though he claimed at every stage possible the website was "provably fair".

My opinion is not important but that is what people say, they call Betking and Dean Nolan scam and scammer.

There is no 10 BTC dice jackpot. We were talking about a 10 BTC max win.
This is the maximum you can win in a single dice bet.

E.g. you could place 10 BTC at 2.0 odds to win 10 BTC.
Alternatively you could also place 200 BTC at 1.05 odds to win 10 BTC.

However, you couldn´t place 15 BTC at 2.0 odds to win 15 BTC,
because the potential win amount would be bigger than the max win.

As I said in another one of your threads before, we can use the information
of the available max win to make an educated guess about the total
size of the BetKing bankroll.

I think the best way to answer your question is to link you post the MobileGo thread. This pretty much sums it all up:
https://bitcointalksearch.org/topic/m.44429458

It effectively states that you throw millions at someone just because they publish a whitepaper claiming you will get rich, then when your investment becomes almost useless or almost worthless (or both), you sell knowing you will lose a large portion now or sell later in the knowledge that you will make bigger losses yet still harbour dreams the "owner" will turn it around and you will make a healthy return on your investment.

Back to Betking, to assume that the 10 BTC dice jackpot means there will be a significant bankroll is conducive but in the case of Dean Nolan where there is no transparency even to investors it could mean anything.

Even if the Betking website runs "as it should without scam" which it might or might not, the issues surrounding the 2017 ICO are full of problems. The investors put money in to the ICO in exchange for Betking tokens and if they take that money out by selling their Betking tokens they end up with far less than they invested. This is because the calculation method used by Dean Nolan was against Betking tokens/USD rather than Bitcoin and the token valuation price was calculated on a flawed equation.

Dean Nolan has claimed in the past that it is investors fault for investing without "due diligence". This is the same Dean Nolan that was practically licking investors boots during the Betking ICO and now he does not give a damn about them.

My opinion is not important but that is what people say, they call Dean Nolan and Betking scam and scammer.

It is a fair undertaking for you to let the public know to make them more careful. But once you do this, you should also start doing it on the other ICOs. Your next mission impossible should be on bitdice if you choose to accept it hehehe.

Yes that is somehow true, from dice game to a casino games which they need a lot of bankroll to support their games as well. But it does not mean they are scamming right although the jackpot has not been hit so far because it is too hard for players to hit it for sure

Btw I am not sure how they are going to proof themselves that they hold exact amount like you said and carry everything since their max bet is pretty huge too, because it will be around 1% from their bankroll right? Lets say they have 10btc so they must have 1000 btc bankroll, unless it is from the investment program may be they do not need that much to support their games

I never heard of Bitdice ICO and until or unless I decide to visit their thread to see what is going on I cannot comment.

About Betking, I was on their thread during the ICO asking Dean Nolan why he needed an ICO if he was already a millionaire as he claimed. I read all the nonsense that he wrote and did not buy in to it. The bounty participants were jumping all over anybody trying to silence them that were asking questions about the Betking tokens that were to be given in the ICO. In the end many people say that the whole ICO was designed to make Dean Nolan the owner and operator of Betking a millionaire because it seems he tried on several occasions to sell the website but failed.

The Betking tokens are almost useless as they are worthless. Investors have made a loss on their investment while Dean Nolan has never accounted where the funds are and how they were spent. My personal opinions do not matter but people are calling Beting and Dean Nolan scam and scammer.

So if nobody won the 50 BTC Jackpot then it seems Dean Nolan might have maybe deliberately advertised and promoted a dead turkey. It had no rollover and it had a cut-off date? 1 in 10 billion chance of winning a jackpot and then saying "provably fair"... What sort of nonsense Jackpot is that? Shame on you Dean Nolan.

Maybe you are right in that over 500 BTC, over 2250 ETH and over 425 LTC might not be enough for a bankroll on decent website BUT where is the proof that Dean Nolan has that money aside for the bankroll? After all the whitepaper clearly showed it was the 2017 ICO that was going to fund the bankroll with 50% of all ICO funds.

Where are the wallet addresses that can be checked to cross reference where the ICO funds are stored separately from other funds? Dean Nolan has been called a scammer by those that claim he ripped them off so how can he be trusted?:
https://www.reddit.com/r/Bitcoin/comments/5gfdxk/betking_trying_to_censor_questions_about_ico/

Look at Primedice and Stake, they are giants compared to Betking.

@JollyGood. What do have versus Betking? Bitdice is another gambling site that collected bitcoins from the community through their unaudited ICO but you say nothing against them.

In any case, why is the Betking ICO a scam and Bitdice's ICO not?

Thank you for your post, I appreciate your views.

Yes in the past it seems as though Dean Nolan returned investors money then closed down the original Betking website only to have an ICO and re-open the same website with minor modifications. He claimed he needed the ICO for bankroll and develeopment. Well the development part was a joke because the site was almost identical and the only new software he had was the affiliate plugins from Livetable Games.

As for the bankroll, there is no proof there was ever 500 BTC, 2250 ETH and 425 LTC up for participants to win.  If these two ICO whitepaper promises were broken then where did the money go?

One of the things Dean Nolan did to pull customers in was to advertise a 50 BTC Jackpot as part of the launch and promotion process. Where is the winner? No promotion or advertising of the winner?

This whole website and its owner Dean Nolan seem very suspect. Thanks to the ICO in September 2017 the investors lost almost everything yet Dean Nolan became an overnight millionaire.

That seems to be the purpose of him closing the original site because he was not making enough for himself so he closed the original Betking wesbite to have the ICO to make himself rich, simple. That is what people say, my personal opinion of Dean Nolan and his Betking website are not important.

For what I know, investors sure believe them because of what they did on the past. People really get tons of profit from their last investment there so they would think it the same way because they opening an ICO which is lead them to get more of profit if it raises buy they do not have anything much profit to get from those ICO

And btw about the bankroll, I do not really think any site can give you their real amount of their bankroll. It is just their protocol that they must do. Again, I am not defending them, just saying the most reasonable answer here

So that means people throw their money at Betking and other ICOs without accountability?

Look at the mess that MobileGo and countless other ICOs and projects have become because they do not account for where the money has been spent.

If Dean Nolan and Betking claimed more than 500 BTC, more than 2250 ETH and more than 425 LTC were to be used in the bankroll where is the evidence? There is not a single shread of evidence to support the claim made in his whitepaper.

so, to win the jackpot you have to roll 55.555 twice in a row? That is about 1/100,000 x 1/100,000 = 1/10,000,000,000 or 1 in 10 billion chance of happening.  And betting 1,000 sats, I guess it is unlikely anyone ever won it, if someone did they would notify I'm sure.

Also, I don't think it's surprising to see new casinos have bankroll from "500 BTC, over 2250 ETH and over 425 LTC". In fact, to my eyes, that's not enough of a bankroll at all.

For the jackpot, I believe it is really hard to get those and can be won by anyone easily. I am not defending them too but to get that jackpot you must be really lucky, not to say you hit it once, but you should get the consecutive bets, so you need double lucky here to get that. Anyway for their bankroll, I think they shut it up and never give people saw about that, due to the security or it will conect to the ICO as well?

Many thanks for the post. I doubt it was won by anybody because it would have been the perfect advertising tool to promote Betking to the world and for Dean Nolan to boast about how "great" his website was. I have searched online but have been unable to find a winner or any information about the alleged 50 BTC jackpot.

Even if you wanted to ask Dean Nolan about this you will not be able to do it because he has locked the Betking thread because several of us began questioning him about his business practices and asking for independent full audits because many believe he pocketed large sums of the ICO funds.

Dean Nolan seems very scared so he is slowly adding new posts by unlocking then locking his Betking thread in order to start a new page so previous messages asking him for an audit and to prove his site is not a scam will be left on previous pages.

This thread is about the 50 BTC Jackpot but what about the ICO? Dean Nolan said 50% of the ICO funds were to go to bankroll.

Are we seriously to believe that over 500 BTC, over 2250 ETH and over 425 LTC has gone on to the bankroll?

Just look at the Betking website, where are games giving away (or have given away) a cumulative 500 BTC, 2250 ETH and 425 LTC? Where are those winners listed? This is what happens when there in no transparency and no full financial independent audit.