I think 300 bitcoins for 100bitcoin prize is too large cut.
Let's do some math.
300 BTC - 20% donation (60 BTC) - cost of prize (112 BTC) == 128 BTC profit (42%)
This does not include his time to make the site, setup bit-pay, deal with this thread, pick a winner, etc. So let's say that's 30 hours.
128BTC / 30 hours of work == 4.267 BTC per hour (~$20 / hr)
If you think it is wrong for someone to make $20/hr in BTC to let forum members have a fun and a chance of winning a pretty cool prize, maybe you should try to do better while taking a smaller cut.
Thank you James
and thank you everyone for being patient for these little bugs that had to be worked out, I kind of rushed this site today because I told Theymos I would be ready to launch on Saturday so he could start advertising it and was already two days behind.
Right now I think everything is working well the way it is supposed to, I will be refining things a little bit as we go and overall I think its going to be a fun raffle. 1 in 300 Chance are really pretty decent odds to win a really nice GPU while contributing to the forum at the same time!
Thanks to everyone who is participating and who has helped me so far
and thank you Matt for giving me the idea if you ever want to team up on a raffle let me know!
I would like to continue to do Bitcoin Benefit Raffles on CoinRaffle.com and this 7970 raffle is really my way of getting it all started I would love to do benefit raffles for bitcoin accepting groups and organizations to help them with fund raising.
-Tom
