Years and years ago a friend of mine built a deck very similar to this. I decided to put it back together and give it a try. I've run it on MTGO twice so far and one each match (once against Lands and once against Goblins). That's definitely no indicator of how good this is and I'll likely get smashed by top tier decks, but man it's fun as hell to play.
There are 5 main win conditions in the deck:
Frenetic Efreet
: Combo with
Chance Encounter
Goblin Bomb: Pretty straighforward...get to 5 counters and you win.
Chance Encounter
: Another simple card, except this time the target is 10.
Fiery Gambit: What makes this card particularly dangerous is in conjunction with Krark's Thumb. Being able to have a reasonable chance of stringing together multiple gambits after drawing 9 cards and untapping all my lands is promising.
Game of Chaos: Depending on where I am in the match it could take only a few flips with the Thumb present to end it.
To help with the coin flips I have Krark's Thumb. This card is just crazy good in the deck.
Creatures:
Goblin Archaeologist
: Guns down my opponent's artifacts just as quickly as he can put them out. I've found that it does a reasonable job of messing with CounterTop decks.
Merfolk Looter
: Cycles through my deck pretty quickly. Really gets going when I can ultimate Ral Zarek or use
Stitch in Time
.
Frenetic Efreet
: Awesome blocker with the Thumb out. Block before damage and then phase it out.
Support Spells:
Planar Chaos: Absolutely screws up tempo/storm/combo decks. In playtesting this card on MTGO I've demolished Storm based decks almost every time this lands. Because you have to flip for this card for every play you make as well as on your upkeep it really helps firing off
Chance Encounter
.
Muddle the Mixture: Primary purpose of this card is to Transmute for the Thumb.
Lightning Bolt No explanation needed here :)
Maze of Ith: Again, pretty straightforward purpose to this card.
Ral Zarek: You'd be surprised at how often you can ultimate him. With the thumb I've almost always gotten 4-5 extra turns.
Stitch in Time
: 2nd turn thumb followed by this third turn generally means I get an extra turn.
Squee's Revenge
: With the Thumb out I'm not shy about calling for 3-4 flips giving my 6-8 cards.
Lotus Petal: Just that little extra when it's needed.