Bettor gets stiffed out of over $350,000 on Coinbet (Bitcoin book)

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  • inter1097
    SBR Sharp
    • 10-04-09
    • 459

    #1
    Bettor gets stiffed out of over $350,000 on Coinbet (Bitcoin book)
    surprised this hasn't been posted here by now


    The short of it:



    The Long of it:

  • jjgold
    SBR Aristocracy
    • 07-20-05
    • 388189

    #2
    anyone playing at bitcoin books has brain damge
    Comment
    • spider
      SBR Posting Legend
      • 05-21-11
      • 11378

      #3
      Originally posted by jjgold
      anyone playing at bitcoin books has brain damge
      not true. anyone leaving a balance of more than $50 at bitcoin books has brain damage.
      Comment
      • horja1
        SBR Hall of Famer
        • 01-13-11
        • 5646

        #4
        no chance he gets anything back .... coinbet is gone
        Comment
        • lecubs28
          SBR Wise Guy
          • 10-17-11
          • 638

          #5
          Originally posted by jjgold
          anyone playing at bitcoin books has brain damge
          listen to jj this man knows what he's talking about.

          only play at safe books like betcascade, betislands, betrevolution, and alliant sportsbook.
          Comment
          • Burkina2008
            SBR Sharp
            • 04-11-11
            • 362

            #6
            Bitcoin is the biggest scam of the decade...
            Comment
            • relaaxx
              SBR MVP
              • 06-15-06
              • 3281

              #7
              bitcoin i think is a good investment for the future. but not for gambling. seems like it's worth a shot to invest a small amount in buying bitcoins and holding on to them for a while. a lot like a risky stock you think has a good risk/reward value. but to trust a sportsbook using bitcoins is crazy. can't trust great old time sportsbooks 100% with cash never mind a new type of currency in a fairly new sportsbook..
              Comment
              • OTL
                SBR MVP
                • 03-08-10
                • 2433

                #8
                Originally posted by Burkina2008
                Bitcoin is the biggest scam of the decade...
                Spot on. Leave Bitcoin to the domain of the criminals and hackers.
                Comment
                • Legions36
                  SBR MVP
                  • 12-17-10
                  • 3032

                  #9
                  Anyone here care to tell me if u would at a place that has only been open for 2 months pretty much max deposit and max bet as much as he could then built his balance upto 340k? The guy has to be the biggest fool i have ever come across. He even posted pics of his 10k-20k bets at this place. I know they are a scam but how can u add to the fire like that.
                  Can anyone admit that they would even consider something like this, how dumb could he be? I have seen some idiots here and there but to this magnitude? Of course the new place would turn into a scam after this. Yes 2 months old this guy is betting that kind of money.
                  Comment
                  • bettingstation
                    SBR MVP
                    • 03-25-13
                    • 1084

                    #10
                    Now... who believes me that bitcoin is a scam? its like a pyramiding...
                    Comment
                    • jjgold
                      SBR Aristocracy
                      • 07-20-05
                      • 388189

                      #11
                      I will keep saying it stay away from bitcoin books
                      Comment
                      • dirtdog52658
                        SBR Sharp
                        • 05-19-11
                        • 450

                        #12
                        Originally posted by jjgold
                        I will keep saying it stay away from bitcoin books
                        Agree 100% just an accident waiting to happen.
                        Comment
                        • HeeeHAWWWW
                          SBR Hall of Famer
                          • 06-13-08
                          • 5487

                          #13
                          Not sure this is really anything to do with bitcoin, it's just another scam book that closes doors rather than paying big winners. Could happen regardless of the deposit method.
                          Comment
                          • inter1097
                            SBR Sharp
                            • 10-04-09
                            • 459

                            #14
                            What's insane is this book had a policy where if you criticized the book in any way on forums/blogs or whatever.. they could ban your account, So it wasn't until he figured he had zero chance of getting his money that he came forward. Meanwhile while they had the muzzle on this guy, other people were depositing not knowing better. So that makes this situation 100 times worse than your ordinary stiff job.
                            Comment
                            • bookie
                              SBR MVP
                              • 08-10-05
                              • 2112

                              #15
                              Originally posted by HeeeHAWWWW
                              Not sure this is really anything to do with bitcoin, it's just another scam book that closes doors rather than paying big winners. Could happen regardless of the deposit method.
                              +1

                              Bitcoin is here to stay. There will still both scammers and well-intentioned business fails that use Bitcoin, but the thing itself is past a tipping point and won't go anywhere.

                              For bettors its value is that for a tiny transaction fee you can withdraw your money after every bet. So the worst case scenario is losing a day's plays, not your whole bankroll.
                              Comment
                              • Burkina2008
                                SBR Sharp
                                • 04-11-11
                                • 362

                                #16
                                Originally posted by bookie
                                +1

                                Bitcoin is here to stay. There will still both scammers and well-intentioned business fails that use Bitcoin, but the thing itself is past a tipping point and won't go anywhere.

                                For bettors its value is that for a tiny transaction fee you can withdraw your money after every bet. So the worst case scenario is losing a day's plays, not your whole bankroll.
                                Just like tamagoshi is still here...
                                Comment
                                • Hareeba!
                                  BARRELED IN @ SBR!
                                  • 07-01-06
                                  • 36943

                                  #17
                                  Originally posted by bookie
                                  For bettors its value is that for a tiny transaction fee you can withdraw your money after every bet. So the worst case scenario is losing a day's plays, not your whole bankroll.
                                  I can do that with real money at all my books (bar Pinnacle) for no transaction fee.
                                  Comment
                                  • Hareeba!
                                    BARRELED IN @ SBR!
                                    • 07-01-06
                                    • 36943

                                    #18
                                    Originally posted by bettingstation
                                    Now... who believes me that bitcoin is a scam? its like a pyramiding...
                                    That's like saying Euros, GBP, USD, AUD etc are scams because those are the currencies Canbet stole from it's customers?
                                    Comment
                                    • Scorpion
                                      SBR Hall of Famer
                                      • 09-04-05
                                      • 7797

                                      #19
                                      http://coinbet.cc/ was in biz for only the first 3 months of 2014, correct?
                                      Comment
                                      • Legions36
                                        SBR MVP
                                        • 12-17-10
                                        • 3032

                                        #20
                                        Originally posted by Scorpion
                                        http://coinbet.cc/ was in biz for only the first 3 months of 2014, correct?
                                        Literally in business 2months and dude was max depositing and max betting ever bet, I saw bets from 10-25k. Some really dumb people in the forums but he ranks highest by far. This place turned out to be a scam but seriously who does that?
                                        Comment
                                        • dirtdog52658
                                          SBR Sharp
                                          • 05-19-11
                                          • 450

                                          #21
                                          Bitcoin sports betting site Coinbet.cc shuts down one day after poker player Michael Katz goes public with inability to withdraw $340k.
                                          Comment
                                          • Scorpion
                                            SBR Hall of Famer
                                            • 09-04-05
                                            • 7797

                                            #22
                                            Originally posted by Legions36
                                            Literally in business 2months and dude was max depositing and max betting ever bet, I saw bets from 10-25k. Some really dumb people in the forums but he ranks highest by far. This place turned out to be a scam but seriously who does that?
                                            Yes sir, 2 months in business offering 200% bonus
                                            Comment
                                            • AleksX29
                                              Restricted User
                                              • 04-23-14
                                              • 4

                                              #23
                                              Coinbet was a terrible book since the very beginning. They had a casino that was scamming players and they stiffed some other players before that, so this guy was incredibly dumb to trust them. Good bitcoin books are Anonibet, Ball2Win, BetcoinSports etc.
                                              Comment
                                              • jjgold
                                                SBR Aristocracy
                                                • 07-20-05
                                                • 388189

                                                #24
                                                There is zero regulation with bitcoin and that must factor into your equation whether you use this type of book
                                                Comment
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