Topic: This is the magnificent bitcoin gem - page 6. (Read 16653 times)

Awesome! 

Good idea. I guess I leave the gem as is for some rounds and see how it does, might implement your idea later.

The gems odds are better than at Satoshi Dice (10% return at 93.75% winning change ) plus you can place your link.
But of course Satohsi Dice operates with 0 confirmations, that's a big plus there.

Good man.


But... That doesn't sound fun.


This, this and this.

That's an awesome idea!

At the start of each new round (when someone has lost), you should randomize the starting price and the reset chance for that round.

It's a gem, it cannot disappear with a 7% chance every time.
What's the difference between this and satoshidice?

However thank you for what you did.

Bitcoin gem, version 1: the aftermath

Some of you might have seen the price of the bitcoin gem skyrocketing to 126 bitcoins 2 days ago. This first version of the bitcoin gem had a vicious flaw: there was no exit point. The price just went up and up and I did not want to produce a really big loser at the the end of the chain. That's why I stepped in, refunded the last 2 buyers and took down the website. Some say that was the dumbest move ever since I could have made a really big cut here. But it just did not feel right for me.

Of course, I would have loved to see how far the gem would go, especially since there was so much traffic coming in. Would it reach 500? 1,000? 10,000? Some of you suspected that 126 btc was the end of the line and that people wouldn't want to buy any more. I'd say it was just the other way round. Traffic to the site was about to explode and I guess the price would have exploded too. But I'm really happy that I could stop the gem at this point.

Bitcoin gem, version 2

I then thought about how I could eliminate the problem of runaway prices. Some suggested a upper limit, but I guess a hard limit just would not work because the closer the limit gets, the less people would still buy. So I implemented a random reset of the gem, the odds for a reset are 6.25%. Basically, any purchase can trigger a reset and can put the gems price back to the start. I also raised the profit for buyers (10%) and lowered the house edge (2%). This means you can make a 10% profit with winning odds of 93.75%.

So unless version 1 of the gem (where there was only one biiiiig loser), the new gem on average makes 15 winners and 1 loser. That feels much better for me. In the end, I'd like this to be a fun game.

I just reopened the bitcoin gem at http://www.bitcoingem.com. Your comments and suggestions are, as always, welcome.

ejem... http://glados.cc/gold/ yours too?

Edit:
https://bitcointalksearch.org/topic/ann-bitcoin-gold-the-incredibly-rare-gold-bar-last-purchase-gets-script-139647
https://bitcointalksearch.org/topic/bitcoin-gold-the-gold-bar-that-always-goes-up-and-get-the-script-for-free-139649

Maybe.


 

He's a good and honest guy. Rep ++ in my books. 

Or maybe it just shows that a market for GLBSE still exists, if anyone actually wants it.

That was pretty sudden. Although I didn't expect the price to rise above 100BTC THIS fast.

I'm wondering if maxmint was getting a threat from BFL, because of that one dodgy message

That was... Unexpected.

I still don't get it.

I thought you where talking about the fact the the website is now closed, sorry.

No it shows how blindly greedy the folks here are that's the stupidity not that OP could have run for the hills.

This is the best thing I've ever seen on bitcointalk.

We are not all scammers and trollers and spammers and drugs addicted. The OP showed that there is some good in us.

I don't understand why closed... Is a really profitable scheme :S, I miss something?

This is the stupidest thing I've ever seen.

Looks like that they closed the website and refunded everything. A 1000$ lost for the owner, he deserves some kind of recognition at least.

What can we do for him?