Question/Poll - Will you invest 0.01 BTC to win 100 BTC? - page 4.

basu77

newbie

Activity: 14

Merit: 0

Quote from: Pursuer on January 11, 2018, 03:16:34 AM

first of all this is a lottery and lotteries don't have that many people interested in them specially with such a high price for buying the "tickets" which is 130-150 USD based on bitcoin price at that moment. which means even less people will be interested in it.

secondly making a lottery to a provably fair thing is nearly impossible in my opinion. you can add a provably fair system and pick the winner in a fair fashion but that doesn't guarantee fairness of the lottery itself. you may have gotten 1000 players but had 14000 fake entries yourself (the total of 15000). nothing about such system is fair.

Fair point about fake entries - I didn't consider this.

It is not just a lotto, I'm unable to fully disclose the idea - winning the 100 BTC jackpot is only an additional benefit to add to the excitement, but the actual collection of money is anyway happening for a reason that people are going to pay anyway which serves a real purpose.

So the investment/bet is not necessarily motivated towards winning the jackpot.

However since the Trust and security issues are brought u by almost everyone of you in this thread - I'm wondering how do I enforce the best security, transparency and trust. My thinking was, people/businesses pay to a given wallet for the service being rendered, at the end of it all - winners are randomly selected using a program and the corresponding winning stakes are sent to the winners. DONE. Am I missing something?

Or is their a Escrow service, where all the collections are directly deposited in real time for people to see and verify the Live bounty?

Pursuer

legendary

Activity: 1638

Merit: 1163

Where is my ring of blades...

first of all this is a lottery and lotteries don't have that many people interested in them specially with such a high price for buying the "tickets" which is 130-150 USD based on bitcoin price at that moment. which means even less people will be interested in it.

secondly making a lottery to a provably fair thing is nearly impossible in my opinion. you can add a provably fair system and pick the winner in a fair fashion but that doesn't guarantee fairness of the lottery itself. you may have gotten 1000 players but had 14000 fake entries yourself (the total of 15000). nothing about such system is fair.

imstillthebest

full member

Activity: 1638

Merit: 122

Quote from: basu77 on January 10, 2018, 08:17:27 AM

Guys I'm working something, which I will definitely share with the community soon.

I've a very simple question to all traders and Bitcoin enthusiasts.

Would you be interested in taking part in a lottery where you can win 100 Bitcoins by investing 0.01 BTC?

Basic rules are as follows: Participation cost 0.01 BTC, 15,000 participants.. 1 winner gets 100 Bitcoins, 20 Runner up winners get 2 Bitcoins each.

I'm working on a similar concept - wanted some thoughts from you folks before I take it any further..

So will you invest 0.01 BTC to win 100 BTC? Yes or No and why...

wow cool but i think 100 btc is to good to be true and many people including me are still starting to have a doubt on your lottery. as i can oftenly see most gambling site or any other gambling related sites dont usually put a high amount of bitcoin as their jackpot prize and some of them are mostly set a 1 btc to 5btc jackpot prize only but overall gudluck to your new project and i hope that you got some nice traffic and costumers on your site.

bering

legendary

Activity: 2898

Merit: 1006

Leading Crypto Sports Betting & Casino Platform

i personally don't like to playing lottery because only people with super luck will won it but seeing at your concept seems every participant will only have the percentages less than 1% to won the lottery and that's quite heavy to me and my answer is no however if you're really serious about this as you're still newbie then putting bitcoin prize to escrow is necessary to ensure the winner get their prizes

basu77

newbie

Activity: 14

Merit: 0

Quote from: steveabrahams on January 11, 2018, 12:22:13 AM

Quote from: basu77 on January 10, 2018, 08:17:27 AM

Guys I'm working something, which I will definitely share with the community soon.

I've a very simple question to all traders and Bitcoin enthusiasts.

Would you be interested in taking part in a lottery where you can win 100 Bitcoins by investing 0.01 BTC?

Basic rules are as follows: Participation cost 0.01 BTC, 15,000 participants.. 1 winner gets 100 Bitcoins, 20 Runner up winners get 2 Bitcoins each.

I'm working on a similar concept - wanted some thoughts from you folks before I take it any further..

So will you invest 0.01 BTC to win 100 BTC? Yes or No and why...

No one will participate this shitty lottery with your newbie account, 0 trust and no one knows you are. So why people will invest 0.01 bitcoin to an unknown person ? You can easily run away with the participant bitcoins, easy money huh ? No, i will not invest my bitcoins to you.

Relax Steve, it is all a hypothesis still - just looking for some inputs from experienced folks like yourself.

Also let's say it is being conducted by a very trust worthy brand, then you think it will be worthy of participating? remember 1 Winner gets 100 BTC and 20 more gets 2 BTC each.

From a chances ratio, isn't this something worth betting on?

steveabrahams

sr. member

Activity: 1050

Merit: 254

Quote from: basu77 on January 10, 2018, 08:17:27 AM

Guys I'm working something, which I will definitely share with the community soon.

I've a very simple question to all traders and Bitcoin enthusiasts.

Would you be interested in taking part in a lottery where you can win 100 Bitcoins by investing 0.01 BTC?

Basic rules are as follows: Participation cost 0.01 BTC, 15,000 participants.. 1 winner gets 100 Bitcoins, 20 Runner up winners get 2 Bitcoins each.

I'm working on a similar concept - wanted some thoughts from you folks before I take it any further..

So will you invest 0.01 BTC to win 100 BTC? Yes or No and why...

No one will participate this shitty lottery with your newbie account, 0 trust and no one knows you are. So why people will invest 0.01 bitcoin to an unknown person ? You can easily run away with the participant bitcoins, easy money huh ? No, i will not invest my bitcoins to you.

Nerman

full member

Activity: 364

Merit: 107

Regardless of your rank in the forum the website should be a trusted, I will never put any bitcoin on an unknown website.Also I do not think betting .01 BTC (as of now $140) on one bet is attractive to gamblers specially on a lottery.

If you really want to succeed you need to build your brand first. Make us believe that you will not runaway with our Bitcoin.
You also need to let the bettors choose how much they would like to bet.

Yes 100 BTC is a lot of money but spending .01BTC with less than 1% chance of winning is not worth it.

bhadz

hero member

Activity: 2520

Merit: 568

Payment Gateway Allows Recurring Payments

That's a big pot seriously. I don't think that's very possible that you will come up to that number of participants, considering that you'll only place 0.01 BTC and win 100 BTC? I'm skeptic about this idea, you need to enlighten us more about the concept that's starting to circle on your mind.

joebrook

sr. member

Activity: 644

Merit: 259

CryptoTalk.Org - Get Paid for every Post!

Quote from: basu77 on January 10, 2018, 08:17:27 AM

Guys I'm working something, which I will definitely share with the community soon.

I've a very simple question to all traders and Bitcoin enthusiasts.

Would you be interested in taking part in a lottery where you can win 100 Bitcoins by investing 0.01 BTC?

Basic rules are as follows: Participation cost 0.01 BTC, 15,000 participants.. 1 winner gets 100 Bitcoins, 20 Runner up winners get 2 Bitcoins each.

I'm working on a similar concept - wanted some thoughts from you folks before I take it any further..

So will you invest 0.01 BTC to win 100 BTC? Yes or No and why...

I am all for making quick money but I really don’t think that with 0.01 BTC I will be able to make 100 BTC and it is very risky and you claim that it is rather a lottery rather than an invest even with a 50/50 chance of winning, I will still not try.

eternalgloom

legendary

Activity: 1792

Merit: 1283

The concept itself is pretty interesting, I quite like the idea of a high stakes lottery, but only if a couple of conditions are met.
How would you make sure that you'd operate the lottery in such a way that it is provably fair and that you won't run away with the funds?

If this could be done via smart contract or through some kind of very trusted escrow, I would definitely be interested in participating in something like this.

xarly1

full member

Activity: 420

Merit: 100

I wouldn't do that . The lottery is a bad idea . Yes to win 100BTC well , but excitement is a bad thing

rickyleatham

member

Activity: 126

Merit: 10

Get your share of the future

no, i wont do that, it is such a waste to invest our bitcoin into a lucky game, i would rather use that BTC to keep making btc rather than using it when i still poor, this is just a game for people who have nothing to do or having a lot of btc to play this game.

basu77

newbie

Activity: 14

Merit: 0

Quote from: Faruque312 on January 10, 2018, 12:04:42 PM

is it real? if it real then i think 100 btc got their members, if you see 100 btc then keep it in your dream, if it real, otherwise i think its fake.

Sir, it is not real - it's a hypothetical scenario..

Faruque312

member

Activity: 490

Merit: 10

Life is full of struggle

is it real? if it real then i think 100 btc got their members, if you see 100 btc then keep it in your dream, if it real, otherwise i think its fake.

basu77

newbie

Activity: 14

Merit: 0

Quote from: xYakult on January 10, 2018, 11:35:20 AM

Quote from: basu77 on January 10, 2018, 11:30:06 AM

Quote from: redigaffi on January 10, 2018, 10:51:56 AM

It could work, this is how traditional lotteries works, doing the math:

0.01 btc * 15000 users = 150 btc .

So, the winner receives 100 btc,
20 guys get 2btc = 40 btc

100btc + 40btc = 140 btc .

I suppose that the 10 resting btc are your profit?, right Tongue

Yes, something like that - but my question is , is it not enticing enough to invest $0.01 to win 100 BTC with appx 15,000 contestants participating.

I've not played much lottery, neither an active user of Bitcoin - but given the fact that everyone trading is looking for a big return and risking their money anyway, a contest like this if not anything could be a lot of fun and excitement.

Would you not try to win 100 BTC with a 1/15000 chances ?

For me, I wouldn't even try to trust my money to a stranger unless you are really trusted. I will still prefer to play on dice with 9900x multiplier rather than playing lottery and wait for other people to fill that 150btc

You're InsurePal... extra caution and safety is expected of you. I'm talking about people with a little more appetite for fun..

stenly777

newbie

Activity: 23

Merit: 0

You need to win trust, then there will be players.

basu77

newbie

Activity: 14

Merit: 0

Quote from: Ctn on January 10, 2018, 11:24:32 AM

I think this is crazy idea and no one will put that much money on stakes where the odds of winning are really really low. I mean in total only 21 winners from the 15000 participants. What do you think what can be done with that? I mean at least I know that I’m not lucky enough to put that much money and even get the 21st position to win that 2 BTC. Plus we would love to know how they gonna raise the money so surely and how they are securing our funds. I mean do we really get the security if we don’t reach the minimum participant cap. There are many things which needs to be assured first so that people will trust something like that. For me may be I won’t.

Thanks for your input.. I needed such feedback only. Points noted.

xYakult

sr. member

Activity: 518

Merit: 258

Quote from: basu77 on January 10, 2018, 11:30:06 AM

Quote from: redigaffi on January 10, 2018, 10:51:56 AM

It could work, this is how traditional lotteries works, doing the math:

0.01 btc * 15000 users = 150 btc .

So, the winner receives 100 btc,
20 guys get 2btc = 40 btc

100btc + 40btc = 140 btc .

I suppose that the 10 resting btc are your profit?, right Tongue

Yes, something like that - but my question is , is it not enticing enough to invest $0.01 to win 100 BTC with appx 15,000 contestants participating.

I've not played much lottery, neither an active user of Bitcoin - but given the fact that everyone trading is looking for a big return and risking their money anyway, a contest like this if not anything could be a lot of fun and excitement.

Would you not try to win 100 BTC with a 1/15000 chances ?

For me, I wouldn't even try to trust my money to a stranger unless you are really trusted. I will still prefer to play on dice with 9900x multiplier rather than playing lottery and wait for other people to fill that 150btc

basu77

newbie

Activity: 14

Merit: 0

Quote from: redigaffi on January 10, 2018, 10:51:56 AM

It could work, this is how traditional lotteries works, doing the math:

0.01 btc * 15000 users = 150 btc .

So, the winner receives 100 btc,
20 guys get 2btc = 40 btc

100btc + 40btc = 140 btc .

I suppose that the 10 resting btc are your profit?, right Tongue

Yes, something like that - but my question is , is it not enticing enough to invest $0.01 to win 100 BTC with appx 15,000 contestants participating.

I've not played much lottery, neither an active user of Bitcoin - but given the fact that everyone trading is looking for a big return and risking their money anyway, a contest like this if not anything could be a lot of fun and excitement.

Would you not try to win 100 BTC with a 1/15000 chances ?

Ctn

sr. member

Activity: 644

Merit: 259

I think this is crazy idea and no one will put that much money on stakes where the odds of winning are really really low. I mean in total only 21 winners from the 15000 participants. What do you think what can be done with that? I mean at least I know that I’m not lucky enough to put that much money and even get the 21st position to win that 2 BTC. Plus we would love to know how they gonna raise the money so surely and how they are securing our funds. I mean do we really get the security if we don’t reach the minimum participant cap. There are many things which needs to be assured first so that people will trust something like that. For me may be I won’t.

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