Quote from: DarkDays on June 23, 2016, 09:14:09 PM

Quote from: bitcoinnoisseur on June 23, 2016, 08:50:37 PM

I believe they pay back a win at the same rate you pay to enter. They are just really low-balling the exchange rate they give you when you enter a WPN tourney.

Right, so that would be betting against the player. They make money when the player loses money and they lose money when the player makes money.

Here's an example. They are exchanging at a rate of 1:1.8. The real rate is 1:1.6. A player buys into a $100 MTT. Betcoin debits 180 chips/.18BTC from their account. .18BTC is worth $112.50. WTN 'charges' Betcoin $100. If the player doesn't cash, Betcoin profits $12.50 from the transaction (plus whatever fees WTN pays them for their traffic). If the player does cash, then Betcoin has to pay them out at a 1:1.8 rate. So if the player cashes for, say, $200, Betcoin has to pay them 360 chips. But 360 chips are worth $225. So when WTN 'credits' Betcoin, Betcoin has lost $25 on the transaction (for a net loss of $12.50 overall since they have overcharged on the buyin). Obviously the more the player cashes for, the bigger a hit Betcoin takes.

Under this scenario, Betcoin is only making money when their players lose money. Thats some sportsbetting shill type racket right there. I wonder how many mysterious Betcoin-only disconnects have happened because they stood to lose too much money on the conversion if a player was running deep.

I understand the math and it's correct. There is no money made by anyone until the bitcoin is sold though. So even if they paid back 360 chips in your example the bitcoin isn't worth anymore to the player than the price they paid to enter the tourney until they withdraw and sell it. This is all assuming that Betcoin didn't always sell all of their daily bitcoin intake for WPN tourneys right away and saved some for payouts. The price was consistently in the mid $400's for months so holding some wasn't a problem. This way they could use those saved coins to payout any winners and still take advantage of selling any new bitcoin taken in with their really low exchange rate. I could very well be mistaken but I still don't see any other reason for their exchange rate to be so low.

Whatever the case may be, Betcoin is blatantly lying about both there being a real-time exchange rate and their exchange rate coming from the average of the prices at Bitstamp and Preev.com. They have been making up their own exchange rate recently that has consistently been much lower than the price at any bitcoin exchange. I have checked Betcoin's exchange rate almost every day for the last 3-4 months in the morning, afternoon and evening and have never once seen it change more than once a day.

Betcoin's biggest referral affiliate Xiaoxiao first received confirmation from Betcoin sometime on or before June 14th, that BTC exchanges for WPN tourneys were in real-time. Then he was informed on June 17th that the rate will 'change a lot' or adjusted often. All lies told to him by Betcoin.

Quote from: Xiaoxiao on June 18, 2016, 02:17:07 AM

Quote from: bitcoinnoisseur on June 17, 2016, 01:34:55 PM

Quote from: Xiaoxiao on June 15, 2016, 12:32:03 AM

Quote from: NiceSoft12 on June 12, 2016, 09:09:00 PM

15k guaranteed with 5k overlay is nice but does anyone know what the current exchange rate is for tournaments? I'm on mobile.

It looks like WPN tourneys that are in USD are converted in real time each second now.

You cannot be serious. How and why would you ever think that? It's as if you have absolutely no clue whatsoever how Betcoin operates. There is a fixed rate for bitcoin that Betcoin sometimes changes daily. It is also always so much lower than any listed price at any exchange.

You are absolutely correct. I had received confirmation that 'it is now in real time.' However after inquiring more today I was told otherwise and that the rate will 'change a lot' or adjusted often.