I've been squinting at it for a few minutes now, and I'm still not sure I entirely understand how this works. That's not likely a good thing.
Would this be a reasonable alternative? It's certainly simpler.
Ouroboros Pendant

Artifact
If a player would draw a card, that player may put the bottom card of his or her library into his or her hand instead.

: Look at the top card of your library and the bottom card of your library. Any player may play this ability.
I don't like cards that severly accomodate cheaters, and as such I cannot endorse this card.
What the hell?