yep i got the explanation the first time.. and your right c3all about there not being coins for the house besides the 1%. My mistake there
however the LOT 1 was at 80% i dont need to check that. cos i bought and played it when it was at 30K LOT.. i also checked the other coins and noticed the other coins were at 110% and wondered on the difference.
Topic: LOTTOCOIN OLD THREAD, [CLOSED] - page 196. (Read 370525 times)
Anyone who doesn't understand how CoinBomb works should just buy LOT1 and see how the 80% - 1% - 5% profit comes in 
I honestly dont know how to explain this in any simpler form.
C3All is right. The house doesn't get millions since the millions are already gone to the previous buyer. The house just takes 1% for each sale.
There are another 5% that go to the jackpot. But this isn't for the house but for some random person.
There are another 5% that go to the jackpot. But this isn't for the house but for some random person.
Dude, they're saying when IT RUNS OUT. No seconds left, no minutes, no hours, no days.
WHEN THE TIME IS OUT. When the LAST person LOSES his coins, the HOUSE get's it. Who else would get it you say?
Jesus Christ on a bike. This is like teaching a turkey Chinese. Ill try and explain it and see if once people get it, Im offered an apology from anyone..
Price opens at 1000 coins. Interest is set at 50%.
So - player A is the first to buy he sends over 1000 coins. He holds the bomb and waits for his 50% interest.
The price is now 1,500 coins.
Player B buys the bomb. he sends over 1,500 coins.
The house takes 1% (15 coins).
The remaining 1,485 coins are sent to Player A so he gets his 50% interest.
Now the counter reaches zero... there are no coins there waiting to be kept by the house. The house had 15 coins interest, the other 1485 were paid out. All that hapens is the counter gets reset and the person holding the bomb when it got to zero just never got anyone else to pay their interest. Thats it.
Im honestly havig difficulty trying to make this any simpler without drawing a picture.
right now this is how the market looks on Cryptsy:
Yes, that's how it works. But what do you think is not true in my statement?
The house does not get all whats in when counter reaches zero. There are no coins at the house other than the 1% fee from purchases. The coins you paid for LOT1, have already been given to the person you took the spot from. The house does not have your coins.
Some people are misunderstanding how this works.
WHEN THE TIME IS OUT. When the LAST person LOSES his coins, the HOUSE get's it. Who else would get it you say?
Dude, they're saying when IT RUNS OUT. No seconds left, no minutes, no hours, no days.
WHEN THE TIME IS OUT. When the LAST person LOSES his coins, the HOUSE get's it. Who else would get it you say?
Jesus Christ on a bike. This is like teaching a turkey Chinese. Ill try and explain it and see if once people get it, Im offered an apology from anyone..
Price opens at 1000 coins. Interest is set at 50%.
So - player A is the first to buy he sends over 1000 coins. He holds the bomb and waits for his 50% interest.
The price is now 1,500 coins.
Player B buys the bomb. he sends over 1,500 coins.
The house takes 1% (15 coins).
The remaining 1,485 coins are sent to Player A so he gets his 50% interest.
Now the counter reaches zero... there are no coins there waiting to be kept by the house. The house had 15 coins interest, the other 1485 were paid out. All that hapens is the counter gets reset and the person holding the bomb when it got to zero just never got anyone else to pay their interest. Thats it.
Im honestly havig difficulty trying to make this any simpler without drawing a picture.
Do you seriously have a problem with everyone and everything in this thread.. I dont know what the hell your talking about anymore..
what do you mean the house doesnt make millions? i UNDERSTAND THE 1% fee and so does haggis... do you realise that the final amount which does not get bought.. goes to the house? Thats millions... Or is there a post i missed where he states that the unbought LOTS goes to a shelter for homeless gambling addicts?
Stop treating everyone like a fool. We understand the risks and haggis is right.. 500K and 1M is low... plus there is a 7 day counter for that to happen. its no different from a person spending 500 on a lottery ticket and losing.
Your arguments are flawed.. as you have basically proven to misremember everything.. such as LOT 1 being 80% and not 110% and LOT 1 being at around 7.5 M and not 2M. You keep harping about fair play and fair gambling.. but you seem to be delusional to the idea that house always wins
Seriously. Im trying to help out here. There are people who don't seem to understand how the game works, or at least where the coins go. This is why its a problem when people use script to cheat the early low level purchases. The house wins 1% of every buy. Thats it.
1) Feel free to ask the owner of coinbomb (username "Redcoin") and ask if interest on LOT 1 was prevoiusly 110%. It was. Feel free to ask for an explanation of the rules, even though they are right there on the front page. Ask him if he makes the several million coins when the bomb goes off.
2) Another poster has shown how the game works, just like I have. The house does not keep all the coins when the counter reaches zero, the coins have already been sent to the last person. As an example, Fanta has bought LOT 2 for around 1.8M. If somebody buys it, he expects 60% interest, so where does that come from? Answer, the person that buys it for 2.9M. The house keeps 1% of the 2.9m (29,000). The rest would be paid to Fanta.
I have had discussions with the manager of the site and he is aware of the issue of people cheating the low value purchases and effectively making the returns without as much risk. He has advised that he is looking at various ways to fix this, my post was simply to give a heads up to those new players who may get caught out because of the people cheating the early purchases. Im trying to stop people getting burned by the cheats. If you want to apologise, feel free. If not, then at least hopefully others will at least see how the game works and understand where the coins are going.
Don't bother with broken/slow pools. Come mine with us!
http://lot.hash.so/
* 0% pool fee!
* stratum
* vardiff
* PPLNS
* Fast servers
* Professional server admin (no downtime)
Same user/pass/workers work for all of our pools!
http://lot.hash.so/
* 0% pool fee!
* stratum
* vardiff
* PPLNS
* Fast servers
* Professional server admin (no downtime)
Same user/pass/workers work for all of our pools!
Yes, that's how it works. But what do you think is not true in my statement?
The house does not get all whats in when counter reaches zero. There are no coins at the house other than the 1% fee from purchases. The coins you paid for LOT1, have already been given to the person you took the spot from. The house does not have your coins.
Some people are misunderstanding how this works.
WHEN THE TIME IS OUT. When the LAST person LOSES his coins, the HOUSE get's it. Who else would get it you say?
mrlotto dumped the premine?
are you serious ? how do you come to that conclusion? learn how to read the orderbooks on cryptsy
It was a discussion last night and I had just logged on. People were pretty furious. So how about instead of telling me to fuck off you actually be a little helpful? Oh wait, it's much easier being a dick than answering a question, my bad
Yes, that's how it works. But what do you think is not true in my statement?
The house does not get all whats in when counter reaches zero. There are no coins at the house other than the 1% fee from purchases. The coins you paid for LOT1, have already been given to the person you took the spot from. The house does not have your coins.
Some people are misunderstanding how this works.
75% of the network hashrate now,
people please change to a different pool, lot.dedicatedpool.com is too large!
people please change to a different pool, lot.dedicatedpool.com is too large!
Thank you for your message.
That is not correct. The network is not reporting the correct network hashrate, it never does. There is well over 3GH/s on the network, maybe more. For example, nut's pool has 800KH/s as well. So how could dedicatedpool have 75%?
And BTW, there is no problem with having over 50%. Most of my pools run over 60% or even 75%, such as my grandcoin pool and the such. I'm not forking my own blockchain here.
Ryan, dedicatedpool.com support/admin
[email protected] / IRC on freenode #dedicatedpool
ok, thanks for explaining that. i was just concerned and thats why I mentioned it
Rocketron:
No problem man. It's all pretty new ground and a lot of stuff to learn - I understand!
I think you were probably concerned with a 51% attack. That attack is carried out by a malicious attacker who wants to gain control of the network/fork his own chain. Maybe a pool could potentially do that with enough experience with stratum and the block chain, but rest assured, dedicatedpool.com does not have that in mind. If anything, you want dedicatedpool to have the majority because people know from the dealing with me, that my only intention is to create a friendly environment for people to mine problem free. Some days it's a struggle let me tell you!
Keep the communication open.. I like to hear all comments and concerns. We are a community here!
Thank you,
Ryan, dedicatedpool.com support/admin
[email protected] / IRC on freenode #dedicatedpool
mrlotto dumped the premine?
are you serious ? how do you come to that conclusion? learn how to read the orderbooks on cryptsy
what do you mean the house doesnt make millions? i UNDERSTAND THE 1% fee and so does haggis... do you realise that the final amount which does not get bought.. goes to the house? Thats millions... Or is there a post i missed where he states that the unbought LOTS goes to a shelter for homeless gambling addicts?
You're not very smart, are you? When you deposit money to coinbomb you're paying the guy before you, not the house. The 2 million coins from Lot 1 were sent to the last guy who bought in a ~1.2 million as his profit. The owner is just taking his 1% cut on each transaction.
Person A buys the first investment at 1000 coins. Person B buys it from him at 50% interest and deposits 1500 coins which are sent to person A as his profit. If the bomb were to then blow up, there's no 1500 coins left for the house to take. I'm not sure where you got that idea from.
mrlotto dumped the premine?
75% of the network hashrate now,
people please change to a different pool, lot.dedicatedpool.com is too large!
people please change to a different pool, lot.dedicatedpool.com is too large!
Thank you for your message.
That is not correct. The network is not reporting the correct network hashrate, it never does. There is well over 3GH/s on the network, maybe more. For example, nut's pool has 800KH/s as well. So how could dedicatedpool have 75%?
And BTW, there is no problem with having over 50%. Most of my pools run over 60% or even 75%, such as my grandcoin pool and the such. I'm not forking my own blockchain here.
Ryan, dedicatedpool.com support/admin
[email protected] / IRC on freenode #dedicatedpool
ok, thanks for explaining that. i was just concerned and thats why I mentioned it
Yes, at CoinBomb the house gets all what's in when the countdown reaches 0. But LOT1 is still low and just a few hours old - so there will be some buyers. As you said, it was 7.5M in the last round
Woah - hang on, this is not true. Ive seen it posted before, but think it needs explaining how this works. The house makes 1%. The people buying are just funding the interest for theprevious person.
Example: The start price is 1000 and the "interest" is 50%. So player 1 is the owner of the bomb, and the price is now 1,500.
When player 2 buys for 1,500. Player 1 gets 1,485 coins. This is their 50% less the 1% house fee.
The house is not making millions - they are just passed from one player to the next. The coins that you have paid for LOT 1 and LOT 2 have already ben sent to the last player, less 1% for the house.
The risk is that you are not the last person to buy, if you are and nobody buys from you, then you lose and get zero back.
Obviously the lower the price, the more likely it is that somebody will buy - which is why the cheats only do it up to about 500K. after that they let others (like you) take the risk.
Yes, at CoinBomb the house gets all what's in when the countdown reaches 0. But LOT1 is still low and just a few hours old - so there will be some buyers. As you said, it was 7.5M in the last round
Woah - hang on, this is not true. Ive seen it posted before, but think it needs explaining how this works. The house makes 1%. The people buying are just funding the interest for theprevious person.
Example: The start price is 1000 and the "interest" is 50%. So player 1 is the owner of the bomb, and the price is now 1,500.
When player 2 buys for 1,500. Player 1 gets 1,485 coins. This is their 50% less the 1% house fee.
The house is not making millions - they are just passed from one player to the next. The coins that you have paid for LOT 1 and LOT 2 have already ben sent to the last player, less 1% for the house.
The risk is that you are not the last person to buy, if you are and nobody buys from you, then you lose and get zero back.
Obviously the lower the price, the more likely it is that somebody will buy - which is why the cheats only do it up to about 500K. after that they let others (like you) take the risk.
Do you seriously have a problem with everyone and everything in this thread.. I dont know what the hell your talking about anymore..
what do you mean the house doesnt make millions? i UNDERSTAND THE 1% fee and so does haggis... do you realise that the final amount which does not get bought.. goes to the house? Thats millions... Or is there a post i missed where he states that the unbought LOTS goes to a shelter for homeless gambling addicts?
Stop treating everyone like a fool. We understand the risks and haggis is right.. 500K and 1M is low... plus there is a 7 day counter for that to happen. its no different from a person spending 500 on a lottery ticket and losing.
Your arguments are flawed.. as you have basically proven to misremember everything.. such as LOT 1 being 80% and not 110% and LOT 1 being at around 7.5 M and not 2M. You keep harping about fair play and fair gambling.. but you seem to be delusional to the idea that house always wins
75% of the network hashrate now,
people please change to a different pool, lot.dedicatedpool.com is too large!
people please change to a different pool, lot.dedicatedpool.com is too large!
Thank you for your message.
That is not correct. The network is not reporting the correct network hashrate, it never does. There is well over 3GH/s on the network, maybe more. For example, nut's pool has 800KH/s as well. So how could dedicatedpool have 75%?
And BTW, there is no problem with having over 50%. Most of my pools run over 60% or even 75%, such as my grandcoin pool and the such. I'm not forking my own blockchain here.
Ryan, dedicatedpool.com support/admin
[email protected] / IRC on freenode #dedicatedpool
Jump to: