Re: BetcoinPoker.com Betcoin.ag-Big Tourneys-BONUS-Freerolls, Ring Games, Real Poker
You said:
Well actually based on the rise in bitcoin over the past 2 weeks, that really depends on what day the player bought into the tournament! Our conversion now works in real time for tournament buyins and cashes. Thanks DarkDays!
You then explained:
We currently blend bitstamp and btc-e and take the average. Thank you.
You then corrected yourself with:
I actually stand corrected and should have confirmed with programming before typing as it is bitstamp.net and preev.com, but thank you for helping me clarify this.
So, your statement(s) is that Betcoin uses an at-the-moment average of bitstamp and preev prices.
Let's see how accurate that is:
So if you used a "blending" of bitstamp and preev, that would be 1BTC = $617.13 at the time of this screenshot. If 1BTC = $617.13, then 1USD = 1.62mBTC (you use the wrong wording in your popup). NOT 1USD = 1.8mBTC. 1USD = 1.8mBTC would be accurate if the price of 1BTC was $555.55. Using the exact non-rounded conversion (39.73mBTC for a $22 buyin), you'd only be correct if the price of bitcoin was 1BTC = $553.74. The price of bitcoin hasn't been that low in over 16 hours.
Why are you lying?
Well actually based on the rise in bitcoin over the past 2 weeks, that really depends on what day the player bought into the tournament! Our conversion now works in real time for tournament buyins and cashes. Thanks DarkDays!
You then explained:
for your "on the fly" conversions, but BTC exchange do you reference to do it?
We currently blend bitstamp and btc-e and take the average. Thank you.
You then corrected yourself with:
I actually stand corrected and should have confirmed with programming before typing as it is bitstamp.net and preev.com, but thank you for helping me clarify this.
So, your statement(s) is that Betcoin uses an at-the-moment average of bitstamp and preev prices.
Let's see how accurate that is:
So if you used a "blending" of bitstamp and preev, that would be 1BTC = $617.13 at the time of this screenshot. If 1BTC = $617.13, then 1USD = 1.62mBTC (you use the wrong wording in your popup). NOT 1USD = 1.8mBTC. 1USD = 1.8mBTC would be accurate if the price of 1BTC was $555.55. Using the exact non-rounded conversion (39.73mBTC for a $22 buyin), you'd only be correct if the price of bitcoin was 1BTC = $553.74. The price of bitcoin hasn't been that low in over 16 hours.
Why are you lying?
Because they fleeced each and every player over the last week or 2 that played any WPN tourney and they don't want to admit it. They absolutely have never changed the price in real time. They have never even changed the price once during the day to reflect a growing BTC price. There were days where the average bitcoin price was over $100 more than they were paying. They took all the bitcoin they got from players and sold them instantly at some exchange where they made a killing. If they didn't then they are dumber than I thought.
So you are saying that you think that Betcoin is actively betting AGAINST it's players? Giving them a bad conversion rate and making a profit when they don't cash? That's really bad, maybe worse than selling their customer's emails to phishers.
The alternative is actually worse. If they provide a bad rate (1:1.
for buyins and the correct rate (1:1.62) when players cash, that's legit just stealing. I can't confirm or deny if this is going on, though, because I honestly don't know any tournament player who still plays on Betcoin especially after the other WPN skins started accepting bitcoin deposits and withdraws. Maybe some For the record, it's been 2 hours since I took the screenshot, and Betcoin's conversion rate is STILL 1:1.8. And the exact rate is STILL 39.73mBTC for a $22 buyin. So it's even clearer that their conversion is not dynamic at all. Still curious why they would lie about that.
Not betting against their players exactly. I have to assume they have some bitcoins saved to pay out. 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. When the price was mid $700's they were exchanging @ mid $600's. So for every 1BTC paid for WPN tourneys they were making over $100 IF they sold right away. I can't imagine why they wouldn't. There is NO other reason to set their price so low.