Topic: Progressive Bitcoin Lotto (Read 947 times)

Technically the returns should not diminish, but we shall see. 

True but by same token, the thought of just loaning $1.00 on btc jam....sounds stupid...but loaning $2,000 does not. Or offer liquidity to margin traders. Compound interest is a beautiful thing. Certainly better than diminishing returns

Maybe, but the idea is that for you and I to invest $1 in cloud mining would be stupid, for 2000 people to each invest $1 might work in the long run.

thanks for giving more clarity. In regards to eobot..does look like these guys have been around awhile so I guess that be be constued in some positive light. Its just that cloud mining as an investment never reaches roi. so in those terms it stinks...but as the basis for a prize to a lottery....where you don't care about roi, maybe. I just would have to think there are better places to put that pot of money and have it possibly grow in value rather than have it diminish over time.

This is why we pulled our own forum down.  Because it gives people who have no idea what is going on the ability to speak.  AS I STATED! We are not new to any of these industries.  While it may change soon, there is no regulation forbidding the use on-line or otherwise cryptocurrency for gambling and it is not considered gambling and US Statute 37.1 states this clearly.  And no, it is not a Ponzi scheme.  In a Ponzi scheme the payouts are based upon new money coming in from new users.  The issue with Ponzi is that there is no actual source of the payout income unless there are new users.  This is not true of our site, as the payouts come from the mined BTC, which will not go away.  The site EOBot has been around long enough and let us have a look at there source code.  It should remain for some time.  If you had read my original post you would see that we will pull off 3% per week into a cold wallet to protect against cloud mining sites failing.  This will not replace a completely failed site, but will provide a Payout for that week in which a failure occurs.  Yes, my name and info is readily available, that is because there is nothing wrong with what we do and we have nothing to hide.  I will post it right here..  Terry Lipperd, Lakeland, FL.  You can find me on Facebook or wherever.    Also, we never said that the buyin on cloud mining was expensive, we simply said that in order to make any money on cloud mining, there has to be a sufficient buyin.  If you feel our site is illegal, please report to any and all authorities, if you need contact info for them, PM me and I will get you a number to someone at the FBI.

This is a terrible idea and you've made severe fundamental mistakes that will get you into very serious trouble.  First, you're in the United States and online gambling is illegal, you should take down your website immediately.  As soon you appear to law enforcement, they're going to knock on your door. If you even appear to be any kind of competition to other gambling sites if you were successful in getting any btc, your competition is going to turn you in to get you shut down. Second, this not a lottery you are describing, it's a ponzi that you are explaining in the method of how it works.  You don't offer any mechanism to pick a winner that's provably fair. Third, you should not use a 3rd party (eobot) to hold funds for a "lottery" that you don't have any control over.  Cloud mining is not profitable for anyone other than the person running the cloud mining site.  That's the reason why people don't invest them, cloud mining contracts don't cost a lot of money to purchase, many offer low buy ins. 

You need to go back to the drawing board and come up with a better and secure idea. Also, your full name, phone number, address, and email address is exposed on your domain name. You should turn on privacy features for your domain name if you don't want people to know those things about you.  I'm not going to post them to doxx you, but you need to take care of that immediately. If you have no idea what I'm talking about, you need to consult your domain registrar.  Just the fact that you have a link on your website to offer lotto tickets on your website is enough to send you to jail.

In reply to recent comments.  We will most likely use a site that has been around awhile called EOBot.  You can sign up under our referral at https://www.eobot.com/user/125333.  The idea is that the risk is spread over several people.  At most someone would lose a dollar and that is pretty much par for the course on the lotto.  The reason that cloud mining does not work for most people is the fact that the investment is hard to overcome.  Again, here the investment is spread over many people and the investment is large enough, if people buy tickets, for an overall profit in the end.  We shall see.

The idea is promising one ... base on your statement, each ticket will be $1 right? Are they valid for a week only meaning each week we should purchase another ticket at least just to be eligible for the raffle?
And also as mentioned above, which cloud mining contract your after if you could provide the name of it.

Its sound interesting but way to risky. It truly is a lottery. How many cloud mining operations actually make money for people buying contracts? Also seem like most cloud mining operations are either scams or cant survive and go out of business.

to start, you should make public knowledge,  the cloud mining service you intend to use?

We are trying something out and would like some feedback.  We are in no way new to the Internet, business, Bitcoin or any of this.  The idea here is to get feedback about the idea, not the technicalities behind it.  We have re-done one of our sites, allthingsbit.com and added a Bitcoin Lotto.  This is the concept that we are looking for backup on, because we are doing something new. 

Rather than give a static jackpot based upon the number of tickets that are sold, we are using the Bitcoin that comes in to pay toward a designated cloud mining contract.  It is there only for this project and nothing more.  The whole process is a weekly function.  Each Sunday, the Bitcoins collected from ticket sales will be used to buy added Hashrate.  Each Saturday, a single ticket purchase will be randomly chosen and the mined Bitcoins will go to that ticket holder.

For example, let us say that in the first week we sell 300 tickets.  Each this moment that is around 1 BTC.  Sunday night that 1 BTC will be used to add to the lifetime contract.  After one week, a single user will get the mined Bitcoins.  That will not be a huge amount, but it will be a payout greater than the $1 invested perhaps, most likely not.  That 1 BTC should purchase around 1 THS.  BUT, week 2, same number of sales, about 1 BTC.  That new 1 BTC will be used to add to the mining power, another 1 THS.  Now 2 THS will be used to generate the new winning amount.  We use a mining contract with a lifetime expiration, so as time progresses, the jackpot grows and grows.

We know there are issues to contend with.  Again, we are not noobs.  There is the matter of trust, people will need to trust to purchase.  There is the matter that the site that the contract is on could disappear, we will work within that possibility by keeping a 3% "fee" that we will store in a cold wallet.  Difficulty is not an issue with the cloud mining we use, they use some simple calculation to simply payout a steady stream based on the amount of GHS that the user has purchased.  Not the best model for them, but they have been around awhile and it works for them.

The biggest issues are trust and the fact that the first few winners will not get a huge payout.  However, with some luck and some trust, this could snowball and work well for many people.  Imagine being able to invest a Bitcoin per week into a mining contract. 

Take a look.... allthingsbit.com  and let me know what you think of the idea.  While it is a fairly new concept now, just posting this is bound to make someone else pick it up and run with it if it is good plan.  The more, the merrier.  We kept things simple, but will pretty it up some over time.  If someone else makes the same concept and does better, great for them.  Most people think that duplicate sites hurt theirs, but the fact is that it does two things.  Causes more search engine interest and makes the original idea owner work harder and do more.  It is like most coding, the anti-virus companies make the hacker push themselves and the hackers make the anti-virus companies think harder.

Thanks for your time
Morantis