You really need to do this game properly to get enough interest to get it to hit off.
My advice is you code it as a smart contract. You will need to use a currency such as Ethereum or Ethereum Classic since smart controls aren't launched on Bitcoin yet.
Since its open source everyone can verify your script and they can send their ETH and the winner can be deteremined in many different ways. Since the money is on the contract its safe and users won't have to worry about theft.
Topic: New Bitcoin lottery || 10% chance of winning || No registration || Provably Fair (Read 372 times)
September 19, 2017, 12:38:37 AM
September 19, 2017, 12:25:02 AM
EarnFreeCoin(https://earnfreecoin.com) announces its first simple lottery. It is provably fair. There will be only one winner.
Entry fee is BTC 0.0015 and winner will get BTC 0.0135
Please visit https://earnfreecoin.com or mail us at [email protected] for more details.
Entry fee is BTC 0.0015 and winner will get BTC 0.0135
Please visit https://earnfreecoin.com or mail us at [email protected] for more details.
I really didn't get that right 10% chance of winning, even most established site sets their house edge to below 1% and there is still compliance to review it downwards. and this site is telling me to have 90% chance on losing, I am going to pass on this and even the parameter of selecting the winner is not clearly defined, while the admin is even getting ready to take more part of the pool which is to me is just too much.
September 18, 2017, 12:51:41 PM
Broadcasting Custom Transaction Id
The last player will not know that he is the last player. This will not be a problem since he will not be knowing the other transaction Ids. It will be known only after the draw.
Except owner The last player will not know that he is the last player. This will not be a problem since he will not be knowing the other transaction Ids. It will be known only after the draw.
September 18, 2017, 12:45:48 PM
Broadcasting Custom Transaction Id
The last player will not know that he is the last player. This will not be a problem since he will not be knowing the other transaction Ids. It will be known only after the draw.
Except owner The last player will not know that he is the last player. This will not be a problem since he will not be knowing the other transaction Ids. It will be known only after the draw.
September 18, 2017, 08:45:42 AM
Cool. I have updated the prize to 0.0135 BTC. It will be updated on the site shortly.
September 18, 2017, 08:34:01 AM
Point taken. Winner prize increased to 0.01 BTC
So you will still take 0.005 which is 33% from the total pool? Don't you think it is still too much? As long as I know most lottery site like yours only take no more than 10% from the pool. No offenses, but I'm sure people will prefer to bet on dice game with 10% win chance because if they win then they will get more than if they win on your lottery.
September 18, 2017, 05:47:31 AM
Point taken. Winner prize increased to 0.01 BTC
September 18, 2017, 05:28:31 AM
So it should have 10 entries before drawing? 0.0015*10=0.015 but the winner only get 0.0065 which is only less than 50% of the prizepool? Where is the other 0.0085 go? Do you take it as a fee? Sorry to say, but it is not interesting lottery.
September 18, 2017, 04:36:49 AM
Thanks for the reply!
Transaction time
Bitcoin transaction time is the time we receive BTC in our wallet.
10th participant not winning
Mistake from our end. It has been corrected. Thank you!
Broadcasting Custom Transaction Id
The last player will not know that he is the last player. This will not be a problem since he will not be knowing the other transaction Ids. It will be known only after the draw.
Transaction time
Bitcoin transaction time is the time we receive BTC in our wallet.
10th participant not winning
Mistake from our end. It has been corrected. Thank you!
Broadcasting Custom Transaction Id
The last player will not know that he is the last player. This will not be a problem since he will not be knowing the other transaction Ids. It will be known only after the draw.
September 18, 2017, 04:00:42 AM
Unfortunately there are a number of issues with the way you determine the winner:
You sort the participants based on "bitcoin transaction time", but Bitcoin transactions don't have timestamps. I'm guessing what you actually mean is the time at which the Bitcoin transaction was received. This time can vary from node to node, however, so there's no way to verify that you actually received the transactions in the order you claim.
Then, the winner is chosen by the sum of all hashes mod 9. This only gives you 9 possible results instead of 10, so the tenth participant has no chance of winning. Using this method (modulo) there is also a slight bias towards the earlier participants when the sum of hashes isn't a multiple of 9, meaning that players won't have an equal chance of winning the majority of the time.
The biggest issue, however, is that the last participant can choose the outcome of the game by broadcasting a Bitcoin transaction that gives the desired result.
Consequently, your game is not provably fair and can even be exploited by players.
For some ideas on how to make a lottery provably fair, take a look at the now defunct PevPot.com, for example.
Good luck!
You sort the participants based on "bitcoin transaction time", but Bitcoin transactions don't have timestamps. I'm guessing what you actually mean is the time at which the Bitcoin transaction was received. This time can vary from node to node, however, so there's no way to verify that you actually received the transactions in the order you claim.
Then, the winner is chosen by the sum of all hashes mod 9. This only gives you 9 possible results instead of 10, so the tenth participant has no chance of winning. Using this method (modulo) there is also a slight bias towards the earlier participants when the sum of hashes isn't a multiple of 9, meaning that players won't have an equal chance of winning the majority of the time.
The biggest issue, however, is that the last participant can choose the outcome of the game by broadcasting a Bitcoin transaction that gives the desired result.
Consequently, your game is not provably fair and can even be exploited by players.
For some ideas on how to make a lottery provably fair, take a look at the now defunct PevPot.com, for example.
Good luck!
September 18, 2017, 03:02:04 AM
EarnFreeCoin(https://earnfreecoin.com) announces its first simple lottery. It is provably fair. There will be only one winner.
Entry fee is BTC 0.0015 and winner will get BTC 0.0135
Please visit https://earnfreecoin.com or mail us at [email protected] for more details.
Entry fee is BTC 0.0015 and winner will get BTC 0.0135
Please visit https://earnfreecoin.com or mail us at [email protected] for more details.
Jump to: