Question

Assigned newbits with the opposite values of oldbits if flipbits is true. ex: if oldbits = [1, 1, 0, 1] and flipbits is 1, then newbits = [0, 0, 1, 0]

Answer 1

Franck's answer is better (using ~), but I just wanted to point out that the conditional in yours is slightly redundant. It's easy to forget that, since you already have a boolean value, you don't need to perform a comparison in your conditional. So you could have just done this...

if x x = false; else x = true; end