I think you found the best-configured table on the site. The rake is very high in the games I've been playing.

The betcoin guaranteeds seem to all be gone. I was going to fire up a double or nothing sit and go on winning and the page is blank?

What games are those? I'm trying to figure out which tables are low rake, and which are high rake, lol.

Could someone explain to me what happens if I preregister now for the $1mil gtd tournament in December on Betcoin? If I register today, for example, the buyin could be exactly 1BTC worth so 1000 coins on the site. If bitcoin falls to say half its value by December, so $300, and I decide to unregister do I still get back 1000 coins which would be 1BTC and could sell it back on the open market for $300? Same thing if bitcoin goes up?

I guess overall I am just confused in how it's all done when you register, unregister, win, etc and going back to the market rate of USD/BTC.

The cash game rake on Betcoin is very high. They did not even understand this concept of floating rake rates vs USD until I explained it to the general manager and one of the affiliate managers last month. I informed them how to fix the issue, but they've since taken a policy of radio silence. I'm not impressed with this outfit currently.

At current rates, rake caps at approximately $6 USD per hand at anything above the absolute smallest stakes.

Currently, I do NOT recommend playing cash games here unless you like paying double the rake.


--
Kahn

To be clear, the rake at the micro stakes is lower than most other sites, since micro players rarely hit the cap anyway.

Rake is 2.5% vs the 5-6% of other sites. But with a 10 chip cap for all stakes, it's not competitive at higher stakes.

They need to fix this ASAP.

No I think at least 2-3 handed games are not capped at .50, or at least pot limit omaha is capped at .50

Game started at: 2014/8/11 23:2:6
Game ID: 951918 0.25/0.50 Bucharest (Omaha)

------ Summary ------
Pot: 52.69. Rake 0.50


Game started at: 2014/8/11 22:48:7
Game ID: 951867 0.25/0.50 Bucharest (Omaha)

------ Summary ------
Pot: 46.76. Rake 0.50

------ Summary ------
Pot: 70.54. Rake 0.50

It is easy to buy/sell bitcoins for yourself without the nonsense of coinbase.

1. Try localbitcoins.com

There will be a list of people who will sell you bitcoins for a cash deposit into their bank account. Prices are quoted in USD. Localbitcoins.com holds an escrow of their coins, pending deposit of your cash.

Sellers are graded for reputation by their customers. I've done a number of transactions both selling and buying, without a problem.

In many cities you can find sellers of bitcoin for cash, generally willing to meet up at some Starbucks, altho the price is higher than an online sale by like 2%.

There are other possibilities, as bitcoin vending/ATM machines are available in some States/cities. In Las Vegas there are two I know of.

Even within games it varies from table to table. For instance, HU rake is capped at 1 chip on 2/4 LHE, but not on 3/6.

Yeah, the limit games are raked differently. Not sure if it's accurate, but here is the rake structure copied from their website:

Fixed Limit (FL)
Limit games with a big blind less than 0.1 BTC have 2.5% rake and a 2BB cap. Limit games with a big blind of 0.1 BTC or more have 1% rake and a 0.007 BTC (7 chip) maximum.

No Limit and Pot Limit
No Limit and Pot Limit games rake 2.5% of the total pot size with a 0.01 BTC (10 chip) maximum.

I registered this morning for the $2 RA 6max at 7:30 EDT. This resulted in my account being debited 3.73 chips.

As of this morning I've started keeping meticulous notes on chip exchange rates and such, wanting to compare cash in vs. cash out rates.

The tournament was cancelled, so a cash out situation should occur. At the time of the cancellation, I had registered for a number of on-demand tournaments and my total balance after that was 169.51 (Yeah yeah, I'm balling, I know)

I got the refund notice at 7:30 EDT, and I still had my wallet open and it still showed 169.51 so I noted the refund amount ($2.20) and refreshed my wallet. It's STILL at 169.51 - 5 minutes later.

I should be getting back 3.73 chips. I've joined a lot of tournaments that end up not running - now I'm wondering how many MORE chips I'm due.

I'll be opening a ticket momentarily - but I wanted to warn everyone - WATCH YOUR BALANCES CLOSELY.

forumserver.twoplustwo.com/28/internet-poker/betcoin-cancelled-mtt-refund-missing-1466758/

After opening the ticket, the 3.73 got added to my account fairly quickly.

One thing I noticed was in the financial history data, it shows a special transfer of this amount.

I also got this email:

Quote

Quote:

The chips have been added to your account. We receive a breakdown weekly of the tournaments that are not refunded and we add these to player's accounts. If you notice it at anytime, simply send us an email for a prompt addition to your account. We thank you for playing with us.

I don't see any other special transfers into my account - but I do know I've been registered in plenty of other tournaments that were subsequently cancelled - most cheap, some going up to the $5/6 range.

Now I'm wondering just how much I've lost to cancelled tourneys that have been supposedly refunded because there's no record that I can access showing this.

IMO BC/WPN should provide a detailed list of all tournaments entered , cancelled, won, lost, etc.

ACR does.

I have complained about this for like almost a month. I think that email is bull**** designed to save face or downplay the problem. I have never had any special transfer unless I've complained/ opened tickets/ emails. Also I have a tourney that didn't cancel/ didn't run/ didn't refund from the 4th. Its still in my tournament list lol. No time to show the ss now but i'll do it later. its quite extraordinary.

I'm guessing this is some sort of side effect of whatever hack they are using to partially connect themselves to the WPN network. My experience has been that cancelled betcoin-only tournaments refund immediately but I haven't had any USD tournaments cancelled so I haven't experienced it.

Thievery seems a fairly long shot here. There isn't enough play yet to have much to steal and nickle and diming over $2.20 tournament cancels given the amount of money they've had to invest just to get up and running wouldn't make sense.

It looks like they launched before they were quite ready and perhaps without the budget they needed to really integrate.

Still, money lost to this is just as bad as money lost for any other reason, so good to keep pushing them.

Player on grindabit posted that betcoin support told him happening to only him and therefore sending him to risk mgmt. department . I took my funds off support is if not malicious then incompetent.

Post about player getsome is on grindabit. The player is a frequent player ridiculous for betcoin to blame the player instead of apologizing and making things right.

Player told betcoin support about missing funds on refunded winning tournaments and was told that as only happening to him he was being sent to risk mgmt. lol this site is incompetent bunch of bunglers. Betcoin should in all honesty go off line until it fixes its encryption and bugs .

Users are crawling out of the woodwork now reporting this issue.

I think at this point the only appropriate action is for WPN to initiate a full audit of all tournament transactions with Betcoin players - comparing their records of registrations, cancellations and prizes with betcoins own logs about funds deducted and added.

On a positive side, Betcoin support was very responsive to suggestions that they institute a proper rake cap structure. It looks like caps will be comparable to Seals, which I think is great. According to support, it will be implemented soon.

Would be a shame if these guys fall down through sheer incompetence.

Although there has been some bumbling, in general I think all of the feedback is helping and that changes are being made. Pretty much all of the US options suck in one way or another right now, and here is some great potential with Betcoin. I don't think getting it right is to far off. I think they just launched a little too soon. I still think it could be a great site.

https://www.betcoin.ag/update-player...hared-tourneys

It will make sense to me that it's a WPN issue when ACR and BCP players start confirming that they TOO see this issue.

Right now the blog post reads to me like an "It's not our fault, it's the man behind the curtain's fault!" deflection.

I cannot speak for Betcoin, but I think what they are saying is there are skins coming on not counting the "big 3" that are having the same issue. Skins that are new additions and only have the WPN tournies like Betcoin does.

That's disappointing, as Seals' rake is pretty high. I suppose Betcoin has rakeback and promos, so effective will be lower, but 3-chip HU cap is ridiculous.