I still want the find Satoshinakamoto1 van gen competition to go ahead. But that's just me. The community needs to be fully on board too, especially if we ask for a proportion of the Coinbase to be put to one side to build up the incentives.
I don't know enough about it to voice an opinion either way & maybe others feel the same. Perhaps you could make a case for it?
It has been a few months since it was brought up so it may have fallen out of collective memory.
The last time I tried to explain the competition, several people thought we were running a lottery and started talking about regulations.
Let's try to explain it again. But first, this is NOT a lottery competition.
The link with the lottery was to show a phenomenon that is seen when a lotto prize fund gets bigger > the odds of winning don't change, but the numbers of people buying tickets explodes.
The find Satoshinakamoto1 competition is basically this:
1. Put 100 (or 500, or 1,000) SPR into an address you remain 100% in control of.
2. Search for the address Satoshinakamoto1
3. Each day x% of the SPR rewards goes to a prize fund
4. The person who finds Satoshinakamoto1 gets the prize fund
5. When the prize fund is awarded, the competition continues - Satoshinakamoto2
The principle is that as the prize fund gets bigger on a daily basis, more people will download a wallet and try to find the Satoshinakamoto1 vanity address. But in order to qualify to participate, you need a wallet and 100 SPR (which remains yours).
That's it.
Now. What would happen if the prize fund were to ever reach 1,000 BTC...How many people would participate?
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