Topic: CoinFount.com : tiny pay-ins, huge payouts (Read 1767 times)

It is hard for me to understand anything.

It is hard for me to understand how someone so incompetent decided to announce a service with bitcoins. There is no such thing as "authenticated" addresses in bitcoin. I'm not even getting into the service per se, as others have already pointed out the issues with it.

Somehow you think your service is going to do better by rejecting transactions coming from bitcoin-qt and every other wallet where the user actually has complete control all the time over his coins. Instead of accepting this fact, you are insisting that accepting only from coinbase is somehow smarter from your part, it is not and you are an idiot.

I don't know why this is so hard for you to understand. The site CANNOT send the payouts to non-authenticated addresses since this actually COULD be used to cheat.

What will mostly likely happen instead is: someone unaware of your stupid "policy" will send a transaction from a standard client like, you know, bitcoin-qt. Then your reply will be "but we clearly stated we would steal your coins if you didn't send from coinbase, too bad!"

No.
a) It doesn't say that. It says that all non-Coinbase transactions will be counted as pot donations. So in other words, if you like the idea of the game and want to donate into the pot (similar to donating to coin faucets), you have to do so from a non-Coinbase address.
b) irrelevant

Let me try to understand your reasoning... if you add some text in your site saying "we will steal any deposits that do not come from X", then it is not stealing because you wrote earlier you would steal them ? Wow..

It is not "stealing" to tell people upfront exactly what will happen with incoming transactions from non-Coinbase addresses (and they don't even go to the site, they go to the pot payout). idiocy snipped

Why do you accept Coinbase only ? Please don't repeat what's written in the site, I'm not interested in hearing about the incompetence again. Also, did you really mean to write


Any incoming transactions from non-Coinbase accounts will be counted as pot donations and go into the next payout pot


? Because that is just another definition for stealing, as well a very easy way to cheat (like if you needed to cheat even more...) the game.

Hey Trevor, thank you for playing and providing your proof of payment and positive experience! I'm looking forward to other players posting their positive experiences here as well

Just wanted to post that I made a deposit to this, pretty much just to see what it was really and if it was legit. Received the 0.10 btc payout pretty much instantly so that's nice. Not that this is an endorsement or anything so don't shout at me if it goes wrong. Maybe I'll play again if I get bored, but no-one seemed to have the balls to try it out and it's an interesting concept. Could/should be built on though.

As i said you can't even understand how your game works. It seems that you even lack knowledge of basic principles on probabilities. A good place to start is by finding out what expected value is (ev).



Ok now i'm sure that you don't even know what poker is.

Anyway gl with your game.

In my game, the total value per .01 pay-in doesn't change. Someone who puts in .11 has 11x more chances to profit than someone who puts in .01.

In poker, the total value per $1 doesn't change. Someone with $11 has 11x more chances to profit than someone with $1.

Actually you haven't understand what i said.
On top of that what you said is plain wrong anyway, because if you play nl1, sitting with 1$ against someone with 11$ doesn't put any weight at you whatsoever.
Actually many players don't prefer sitting around with 1000bb because it increases variance.
I could go on talking about shortstack strategies etc but doesn't make any sence since you are struggling to understand even your own game and how flawed it is.

Actually, in poker, someone who sits down to the table with $11 will be able to throw a lot more weight around than someone with just $1. So it's not ridiculous at all, it's actually a very good analogy in that regard.

If you think it is obvious or normal that when you bet min you play a game with -ev while when you bet max you play a game with +ev then ok. Beats me.

Just think if poker was a game that as you bet higher you get more ev. Ridiculous.

However, if you can only afford to bet the minimum, you still have a chance to win, it's just a smaller chance than those who bet the maximum (obviously).

1.The payout will be 0.18 and the profit 0.09BTC since you said that the overages are returned.

2.If there is at least 1 bet in the pot a dominant strategy exists and that is for the player to bet 0.11 and the reward for that player will be between 0 and 0.09

So if a player only bets 0.11 (and others are not aware of that strategy and bet randomly) he will have an average return of 0.044 BTC per bet. Edit: 0.04 BTC per bet.

3.Besides all that since you know at any given moment how much money are in the pool, you can always be the one that will push the pot to the threshold.
All you have to do after the bets are over is to show the legit transactions plus the last winning transaction that you did. Noone can't verify if the player that did the last transactions was actually a player or you.

In this scenario, if the pot was actually already at .1 BTC, your pay-in of .09 BTC would win a payout of .17 BTC, and a profit of .08 BTC, since you get the overages back too. (NOTE: if you use this strategy, we recommend a maximum equal to the threshold of .11 BTC per pot as any higher value is statistically irrelevant.)

The site already been played by someone or not ?

By the way, the house edge is much too big with this system.
Also, how do we know YOU aren't the one who did the last transaction and received all the money?

this whole thing just reeks of wrong to me. Not provably fair, nothing too tiny about those pay-in's either. I've got to say I think this needs to go back to the drawing board, I'd be inclined to dial down both the buy in and pay outs. I think you're going for a 'fun-time-bit-of-a-flutter' type users here not pitching yourself up against those more serious 'seals with clubs' types.
just my two satoshi here  

Well, the problem is that you could still fake it afterwards, by leaving out transactions. The only way to make it transparant is by making a completely different game, i'm afraid...

Hi, thank you for your feedback. Do you have any suggestions to make it more transparent? The transactions and pool amount can't be shown before the threshold/payout is reached because that would defeat the purpose. Both will be shown *after* the threshold/payout is reached, though. Perhaps I should have been more clear about that? Does that help make it more transparent in your opinion?

This system won't work because it's not transparant enough.
You'll also have a very hard time gaining trust.

There's no way to tell if you are playing fair or not...

High return with small pay in = PONZI SHEME

Easy for site to lie about input and rip off players.

Also...  A bet of between 8 and 80 bucks currently makes it feel a bit risky.n:-)

Hi, thanks for your comment. I'm not sure what you mean by "provably fair". It's not based on luck/chance algorithms or anything like that. It's only based on whether you're the one to push the pot over the threshold.

It's nothing like a ponzi scheme actually. There are no "levels" or anything like that. Once each pot threshold is reached and paid out (i.e. after a maximum of 11 pay-ins) it starts over at 0. But it's not based on getting other users "under" you or anything like a ponzi scheme.

I dont see a provably fair thing here?

Hi all,

Long-time Bitcoin fan and I've read the forums here a bit before, but just creating an account now. My reason for doing so is to tell you all about the brand new Bitcoin payout site I've just now launched at CoinFount.com. Here's "How it works":
If you're up for it, I'd love for you to try it out and give me your feedback. All you have to do is use the "Pay With Bitcoin" button on the homepage to pay .01 BTC from your Coinbase account. You'll then see if you've won the pot. I'd love to hear your thoughts. Thanks for reading!

CoinFount is an extremely simple game of skill and strategy. All you have to do is pay-in .01 BTC, and if you win, your payout is .1 BTC – a tenfold gain. The strategic challenge is to be the one to push the pot to the threshold of .11 BTC. There are 2 strategic factors to consider: timing and amount.

If your pay-in is the default .01 BTC minimum, you will use your best judgment to determine whether the timing of your pay-in is likely to push the pot to the threshold and win it all. For example, if you think the pot is already at .1 BTC, your pay-in of .01 BTC would win a minimum payout of .1 BTC, and a minimum profit of .09 BTC.

Or, your pay-in can exceed the default .01 BTC minimum (by making payment directly from Coinbase to 17pYhDcihuF2iHQCHRnGNdvY4TMb6dG6oD), in an attempt to leverage the amount of your pay-in to push the pot to the threshold and win it all. For example, if you think the pot is already at least .02 BTC, your pay-in of .09 BTC would win a minimum payout of .1 BTC, and a minimum profit of .01 BTC. In this scenario, if the pot was actually already at .1 BTC, your pay-in of .09 BTC would win a payout of .18 BTC, and a profit of .09 BTC, since you get the overages back too. (NOTE: if you use this strategy, we recommend a maximum equal to the threshold of .11 BTC per pot as any higher value is statistically irrelevant.)

For each pot of .11 BTC, CoinFount keeps .01 BTC to help pay for things like server costs.

The exact transactions and size/amount of the current pot can’t be shown before the threshold/payout is reached because that would defeat the purpose. Both will be shown *after* the threshold/payout is reached, in the “Most recent payouts & transactions” area.