BitPots.Com - A whole new game - Low Fees & New Game - Pot Gambling!

Shogen

legendary

Activity: 966

Merit: 1001

Quote from: elm on October 20, 2014, 11:44:12 AM

Quote from: Bitpot on October 20, 2014, 10:53:19 AM

@elm The entire pot is given to the winner. So 33% chance of winning all 30 BTC, etc.

confused

3 participants
5btc
10btc
15btc
-------
30btc

and the winner gets 30btc Huh

From the FAQ page: "Where do you make your money? We collect a 5% fee on all deposits. There is also a .0002 fee from Blockchain."
So, I believe the winner will get 28.4998 (=30 * 95% - .0002) btc.

elm

legendary

Activity: 1050

Merit: 1000

Quote from: Bitpot on October 20, 2014, 10:53:19 AM

@elm The entire pot is given to the winner. So 33% chance of winning all 30 BTC, etc.

confused

3 participants
5btc
10btc
15btc
-------
30btc

and the winner gets 30btc Huh

Bitpot

newbie

Activity: 9

Merit: 0

@elm The entire pot is given to the winner. So 33% chance of winning all 30 BTC, etc.

elm

legendary

Activity: 1050

Merit: 1000

Quote from: Bitpot on October 20, 2014, 08:56:55 AM

@elm You got the math right. Your pot's worth/total pot is your chance, and is shown below the pot, real-time. I'm fairly certain I'm missing something in this response, can you elaborate on what you don't understand? Thanks.

please give me the winnings of each of the 3 participants in btc and not in %

total amount to that pot was BTC 30 (10+5+15)

so the chance of winning for:

owner #1 : 10/30 = 1/3 = 33% = btc?
owner #2 : 5/30 = 1/6 = 16.6% = btc?
owner #3 : 15/30 = 1/2 = 50% = btc?

Bitpot

newbie

Activity: 9

Merit: 0

@Litecoin Boss, Minimum deposit is 0.0002 BTC(blockchain fees), no minimum withdrawal. Withdrawal is instant, deposit takes 4 confirms(so ~1 hour). We should be going instant in the future, I'm just looking into the safety of it.

@elm You got the math right. Your pot's worth/total pot is your chance, and is shown below the pot, real-time. I'm fairly certain I'm missing something in this response, can you elaborate on what you don't understand? Thanks.

elm

legendary

Activity: 1050

Merit: 1000

Quote from: s1ng on October 20, 2014, 02:12:09 AM

Quote from: Chemistry1988 on October 20, 2014, 01:56:16 AM

Quote from: s1ng on October 20, 2014, 01:51:41 AM

what is the different between 1-hour, 12-hour, and 24-hour pots. ??

I believe the lottery will be drawn once every 1 hour, 12 hours and 24 hours respectively for the 3 games.

I see,
so if I want to see a winner quickly,
I just deposit at 1 hour pots

Quote from: elm on October 20, 2014, 01:59:44 AM

Quote from: Bitpot on October 20, 2014, 01:25:38 AM

We take 5% when you deposit it into the site, after that we take no more fees. The winner is determined by the following process:
Say player #1 puts in 10 BTC, #2 5 BTC and #3 15 BTC.
#1 owns 33.3% of the pot.
#2 owns 16.6% of the pot.
#3 owns 50% of the pot.
And they have these chances to win:
#1: 33.3%
#2: 16.6%
#3: 50%

please explain ELI5

total amount to that pot was BTC 30 (10+5+15)

so the chance of winning for:

owner #1 : 10/30 = 1/3 = 33%
owner #2 : 5/30 = 1/6 = 16.6%
owner #3 : 15/30 = 1/2 = 50%

now if you will give us instead of % the real numbers it will be better understandable IMO how much each one will win especially owner #2 actually no one will win any coins here hmmmmmm or what did I miss here?

ELI5 = Explain like I am 5

LitecoinBoss

full member

Activity: 140

Merit: 100

✘ΑΦΩ✘

May I know what is the minimum withdrawal and deposit? How much time would it take for both?

Bitpot

newbie

Activity: 9

Merit: 0

@s1ng It's a lottery funded by our fellow gamblers. No minimum withdrawal. Minimum deposit is 0.0002, as that is the blockchain transaction fee.
@s1ng Yes, if you want faster, lower winnings, go for the smaller pots. The long ones tend to accumulate more, though.

@Chemistry1988 Correct.

@elm What is ELI5?

s1ng

legendary

Activity: 1218

Merit: 1001

Quote from: Chemistry1988 on October 20, 2014, 01:56:16 AM

Quote from: s1ng on October 20, 2014, 01:51:41 AM

what is the different between 1-hour, 12-hour, and 24-hour pots. ??

I believe the lottery will be drawn once every 1 hour, 12 hours and 24 hours respectively for the 3 games.

I see,
so if I want to see a winner quickly,
I just deposit at 1 hour pots

Quote from: elm on October 20, 2014, 01:59:44 AM

Quote from: Bitpot on October 20, 2014, 01:25:38 AM

We take 5% when you deposit it into the site, after that we take no more fees. The winner is determined by the following process:
Say player #1 puts in 10 BTC, #2 5 BTC and #3 15 BTC.
#1 owns 33.3% of the pot.
#2 owns 16.6% of the pot.
#3 owns 50% of the pot.
And they have these chances to win:
#1: 33.3%
#2: 16.6%
#3: 50%

please explain ELI5

total amount to that pot was BTC 30 (10+5+15)

so the chance of winning for:

owner #1 : 10/30 = 1/3 = 33%
owner #2 : 5/30 = 1/6 = 16.6%
owner #3 : 15/30 = 1/2 = 50%

elm

legendary

Activity: 1050

Merit: 1000

Quote from: Bitpot on October 20, 2014, 01:25:38 AM

We take 5% when you deposit it into the site, after that we take no more fees. The winner is determined by the following process:
Say player #1 puts in 10 BTC, #2 5 BTC and #3 15 BTC.
#1 owns 33.3% of the pot.
#2 owns 16.6% of the pot.
#3 owns 50% of the pot.
And they have these chances to win:
#1: 33.3%
#2: 16.6%
#3: 50%

please explain ELI5

Chemistry1988

legendary

Activity: 1120

Merit: 1000

Quote from: s1ng on October 20, 2014, 01:51:41 AM

what is the different between 1-hour, 12-hour, and 24-hour pots. ??

I believe the lottery will be drawn once every 1 hour, 12 hours and 24 hours respectively for the 3 games.

s1ng

legendary

Activity: 1218

Merit: 1001

Hmm.. it seems just like lottery

And min withdraw and min. deposit ?

what is the different between 1-hour, 12-hour, and 24-hour pots. ??

Bitpot

newbie

Activity: 9

Merit: 0

At the end of the timer, a random BTC amount is generated between 0-and the total balance of the pot. If that numbers falls within the amount between the balance before and after you deposited, you win.
Example:
Player #1 deposits 0.1 BTC.
Player #2 deposits 0.6 BTC.
Player #3 deposits 0.3 BTC.
Player #1 deposits 1 BTC.
The tally is 2 BTC, and so a random 8 decimal precision number is generated between 0-2. Say that number is 0.45682849.
Player #1: 0-0.1
Player #2: 0.1-0.7
Player #3: 0.7-1
Player #1: 1-2
Player #2 wins.
I did some research into being provably fair, My developer made it use a cryptographically secure php function to generate that number.

Chemistry1988

legendary

Activity: 1120

Merit: 1000

Quote from: Bitpot on October 20, 2014, 01:25:38 AM

We take 5% when you deposit it into the site, after that we take no more fees. The winner is determined by the following process:
Say player #1 puts in 10 BTC, #2 5 BTC and #3 15 BTC.
#1 owns 33.3% of the pot.
#2 owns 16.6% of the pot.
#3 owns 50% of the pot.
And they have these chances to win:
#1: 33.3%
#2: 16.6%
#3: 50%

Say like in your example, there are only three persons playing and they have a 33.3%, 16.6%, 50% chance to win respectively.
What are you going to do exactly to determine the winner? Is the process provably fair?

Bitpot

newbie

Activity: 9

Merit: 0

We take 5% when you deposit it into the site, after that we take no more fees. The winner is determined by the following process:
Say player #1 puts in 10 BTC, #2 5 BTC and #3 15 BTC.
#1 owns 33.3% of the pot.
#2 owns 16.6% of the pot.
#3 owns 50% of the pot.
And they have these chances to win:
#1: 33.3%
#2: 16.6%
#3: 50%

Loophole

hero member

Activity: 619

Merit: 500

So it is a lottery type of game, and the only winner will be able to get 95% of the pool, right?
But I can't find how the winner is determined.

Bitpot

newbie

Activity: 9

Merit: 0

As it stands, I don't know why the verification email goes to spam. I'm having a server specialist come in and setup a mailserver for us tomorrow.

omahapoker

hero member

Activity: 868

Merit: 1000

I asked why i got verfy in gmail spam folder and no answer. thats strike 2

elm

legendary

Activity: 1050

Merit: 1000

guys send the coins first and ask later Grin

no house edge lol only 5% fee..............

Bitpot

newbie

Activity: 9

Merit: 0

Thanks for the tip --- I'll be getting our devs on this snap.

EDIT: I've created a more indepth page here: http://bitpots.com/htp.php
If that hasn't done the trick, can you guys tell me what you don't understand? --Thanks.

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