Topic: The Final Satoshi [UPDATED] 4 BTC UP FOR GRABS - page 2. (Read 4790 times)

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Debatable. It's up to each player to find out!

Yeap, insturction are clear, no problem. I also just realized that steal and release is not profitable for a single person (I do several things at the same time during days).

I think 60% to house is quite fair, we have to earn money don't we? The 40% to the current holder is just more of a liability bonus. Although it's not neccessary for us to have done this we felt it would be quite nice for players to be able to earn extra BTC in addition to their predetermined 10%.



This is all available on site in the "How to Play" section. Everything's clearly laid out and explained there.
House always earns 60% of unsuccessful steals, while the current owner owns 40%. In the case that a steal is successful house would earn nothing and the current owner would be the one to lose out.

Steal:


The only way the current owner of the Satoshi can lose his bet and profits is if another user plays the “steal” option and is successful. In order to attempt a steal you must fund a percentage of the current Satoshi price. The percentage you invest in a steal corresponds to the odds of you carrying it out successfully.

Example:

Pay 1.75% of the current Satoshi value for 1.32% odds of winning.

Pay 3.5% of the current Satoshi value for 2.64% odds of winning.

Pay 17.5% of the current Satoshi value for 13.2% odds of winning.

Pay 35% of the current Satoshi value for 26.4% odds of winning.

Pay 70% of the current Satoshi value for 52.8% odds of winning.

If you carry a steal out successfully you become the new owner of the Satoshi at its current price.

Why would someone want to release The Final Satoshi?


Because The Final Satoshi does not reset, the price will naturally only go up unless someone or a group of people interfere. While it is not profitable for one person to choose to release The Final Satoshi, it is profitable for a group of people that want an oppurtunity to buy in at a lower price to release The Final Satoshi. This is done by funding 15% of the Satoshi's current price. The current owner would receive 10% and the price of The Final Satoshi would be set to it's baseline of .1 BTC.
__
So say the Satoshi's price grows to 3 BTC and that's too expensive for you alone to buy it, but you want to buy in at a lower price. You can get a group of people to help raise 15% of this  (.45 BTC) thus resetting the price to the baseline of .1 and allowing room for entry for those who don't have large BTC wallets.

More can be found on the FAQ and How To Play pages on the site.

I think steal is worth if you afterwards release... but odds look quite small, like in many lottery systems...

Maybe I try to calculate some series systems, but while I am lazy, I could make some Monte Carlo simulations to estimate how much house gets...

I think the house is only making money on steals, since he promise to compensate the last bagholder. Though what if no one uses the "steal" function?

Somethings in math does not make right... If someone tries to steal my satoshi and fails, I get only 40%. If 60% goes to house, that is quite a lot....

Maybe I have not looked this enough yet.. maybe I do the math on weekend...

I have been thinking same, I see this in two ways, player should be able to release wins for free. On the other hand, current system is profitable for succesfull stealer to release?

ok that's very nice of you. Another question, why would anyone use the "release" button? I don't understand the incentive

Not anymore you're not 

Nice idea.
I'm in!

We're in a weird type of beta mode. We fix issues only to sometimes have those fixes create more issues. It doesn't exactly mean it was your fault, that's just the way it is with coding. An inevitable road block. As far as I am concerned right now though we are a well oiled train for now, and all issues have been patched. I'm going to refund you now and post the TXID.

EDIT:

You've been refunded. Feel free to play again, and sorry for the error. It has been fixed as of now, and there are more great options and updates on the way.

TxID:

343ae687a404aae54adc018bfd3b638a0b6436f0597adfc2859542faddb4e1bb

Yes, the last guy would be paid out of house profits since afterwords the game would be over. We are hoping that's not for a while though as it's just way too much fun watching something I've worked very hard on brought to life and enjoyed by others. However the beautiful thing about our backstory is there is always room for an even better sequel.   

My return address is:

13x2itYz5CuJtCoXLP6WUCe9TPNYzNVTek

Btw, what was the issue you had to fix?

I paid the fee, so at least it was not me who kept page stuck 25 minutes, I refreshed it in 1 or 2 minutes and it was fine, I just did not own the dice.

Edit: I dont remember did I used confirmed coins, and did not realize that....

I don't understand how can the last guy not hold the bag?

Your site says:
"You will earn the 2% that has been set aside or Perk 1 (whichever is greater) in addition to your stake and steal bonuses (if any)."

How can the last guy receive his stake back? it's already been used to pay the previous guy, are you going to pay the last guy out of pocket? 

Update:

Wrote out a sketch of events for the suggestion, gonna start coding it tomorrow.

Exactly.  Maybe there should be a maximum you can raise, though, like double.  So currently, you can choose to pay between .214-.428  That would keep it within reach of other players.  We don't want someone to bid 10 BTC and stop the game.