Lack of Integrity on the Blockchain: A Steem-Bet Web of Lies

It all started roughly three weeks ago on a fateful night when I was wagering small amounts of Steem on the Steem-bet website. Disclosure: I no longer recommend using this site! We were betting small amounts of Steem, when a high-roller started to play @jplabs, an account owned by @broncnutz. This account was clearly farming SBT tokens, which you can stake for dividends-we were all there to play and collect SBT tokens. The gambling is very similar to sites like magic-dice where you gamble and earn stakes in the casino as you play. This can potentially make small losses have less of an impact and make the odds slightly better as you get SBT tokens on every bet placed and they represent a claim to future dividends (a % of casino profits).

We all thought there were going to be 880,000,00 SBT tokens, so getting 50 per Steem bet when the house edge is only 2% could be extremely profitable. If you bet 100, 1 Steem bets, you would win 49% of the time so chances are you would end up with 98 Steem and 5000 tokens. The 5000 tokens would represent a certain stake in the casino (roughly 0.00057%) not bad for 2 Steem, or so we thought. We would get some of our losses back eventually in the form of dividends. They were to cut the stakes when 5% of the tokens were bet or 44 million tokens. Then...look what they did!

They inflated the tokens by a factor of 5!

Giving a lousy excuse about how they were going to make 4 more games using the same token. They also made the point at which dividends would be paid out 5 times higher, so now dividends won't be paid until 220m tokens are mined. This infuriated some of us as you may have seen in a trending post by Broncnutz https://steemit.com/dtube/@broncnutz/8sjyqlo8 We asked them numerous times to compensate us with 5 times the tokens as they were worth 5 times as less in terms of overall stake, but they refused and insulted our maths skills. They also assumed that we wouldn't notice them changing their dividend token FAQ, luckily I had caught it in a screenshot pictured above before then changed it. I decided to cut my losses, stop gambling and just periodically check in and voice my displeasure since they weren't budging with compensating us for their changes.

Notice how they mentioned No pre-mining

Again liars! Well sort of, I confronted them about their mining activities and they denied it and so I did a little digging. Admin disappeared after my comment because there was really nothing they could say. Who on earth would create an account solely to bet 100 Steem every few minutes on Steem-Bet? It wasn't just one account that was suspicious, there were more.

A typical dice bot starts at low bets to roll under 50 and doubles up on a loss, they only loose in extreme circumstances where they are cleared out by rolling above 50 so many times in a row that the odds become greater than their bankroll can support. Most people would also power up their bots a little to allow them to gamble more. I noticed 3 accounts gambling the same numbers over and over again. These bets didn't really make sense, they were clearly only for mining and they were in regular intervals-likely based on what their limited resource credits could support.
They're still at it!

You can see these three accounts I called out a few days ago are still at it. Slowly mining tokens, placing the same bets over and over. @fairytay @kezjo001 @xqzk09fd have been doing the same bets for days now. They are only interrupted when they run out of resources, someone turns them off, or they run out of Steem and have to be refilled. So who is doing the refilling?
It turns out these accounts are all operated by @kitezat you can look at their account, they have only resteemed an @steem-bet post and they are also linked to the three accounts above. But wait! There is one other account mysteriously feeding @kitezat with tokens...who could that possibly be? Is it other users of their site such as @oldtimer? @donald.porter? @trevonjb? @champjus? @glastar? @drfk? @cgbartow? or @thomasgutierrez no....none of these people are are fuelling @kitezat. So who is @kitezat? See below or look in the wallet yourself.

Is that Steem-Bet transferring tokens to Kitezat?

Call me stupid or a liar. Say these are API bots, but you can look back for days and see these patterns. Steem-bet is transferring Kitezat tokens, Kitezat is moving them between those three bots and Kitezat is not always gambling on Steem-bet yet consistently receiving tokens from Steem-bet.

No Pre-Mining, SBT is Being Actively Mined!

You can also explore the blockchain and see that @benedicti has done nothing but refer people including these bots to Steem-bet. I have reason to believe that accounts without a referral are being directed to @benedicti as well. Who owns @benedicti? Well it is odd that @benedicti gets all sorts of referrals and transfers the proceeds to no other than...@kezjo001 also look at @lolhax159 who collects the referrals from the bots and transfers the proceeds to @blocktrades presumably for converting the Steem into something else.

Maybe i'm just a nut, or stupid but I see a pattern here. A web of bots designed to make volume and mine SBT which is owned or operated by someone @kitezat who received transfers directly from @Steem-bet. Yet Steem-bet denies that these are their bots, so I am calling them out to explain this @kitezat and related accounts.

@kitezat has made some pretty large bets, but has very little staked. When will they stake all their tokens to seriously screw us over?


No one would use their site if they realized that the majority of tokens are being collected by bots funded by Steem-Bet. Watch when the bots tokens are suddenly staked, all our staked percentage and payouts will plummet. Fairytay's bets of 100 Steem every few minutes plus Xqzk09fd's 65 Steem and Kezjo001's 20 steem bets really mean a lot of tokens mined by @Kitezat and friends who is funded by @steem-bet. I wonder who owns the master keys?

Will Steem-bet do what's honourable and burn these tokens they are mining...yeah right!

See below, they are now spamming in attempts to gain gamblers. My friend @abitcoinskeptic made a lovely post which is winning a competition about favourite restaurants found here https://steemit.com/tasteem/@abitcoinskeptic/tasteem-c9a8f5 and you can see at the bottom, @steem-bet tried to solicit him which was met with a prompt down vote for spam. I salute you @abitcoinskeptic for maintaining integrity on the blockchain! @tasteem

Q: Who Will Loot the 'Huge' Dividend Pool?

A: Steem-bet of Course!

When will their sneaky games end? This is a blockchain, its transparent and immutable-so don't assume you can play tricks and lie. I can look up all transactions, transfers history and everything related to the games you are pulling @steem-bet. You are terrible, your platform has no place here and I hope @broncnutz and friends continue to down-vote your posts to oblivion. #integrity

PS. If you want to try a fair dice game by people who have yet to do wrong, try out EPIC DICE @epicdice using my referral may really help me gain back some of the Steem I will probably lose when Steem-bet and their minions down vote this post. I'd also like some up-votes for visibility and will spend the 40 or so Steem I have won from Steem-bet promoting this post over the next few days.

Epic Dice Referral

https://epicdice.io/?ref=crypticat

Or try @magicdice if you haven't already

https://magic-dice.com/?ref=crypticat

Please play responsibly