Bitcoin Forum

Being stuck at home because of the lockdown, I've been having some different ideas, and I want to put one into practice.

I want to start an On site "lottery". I put it in brackets because the closest thing to a translation would be a "pool", but it's far more inaccurate than that. Anyway, how does it work?

Block hashes are generated randomly, so there's no way a user can know the next block hash. Taking that principle, similar to what raffles do, a user will be able to buy, or bet, on the end of a block hash. There are 16 possible outcomes, so there is a 6.25% chance of guessing it right.

• Price per spot --- 0.001BTC
• Deposit address --- 3N1jDu6uLSnt3PUGQi4ErFrSdNcT8L69Fk
• Once all spots are taken, a random block will be chosen
• Winner will get the following price: (0.001*16)-1%-Tx fees

To benefit from lower fees, please provide a Segwit address


Once the block is chosen and mined, I'll contact the winner both in private and in the thread to ask for a return address. If you want to speed things up, you can provide the return address when buying a spot.

One user can bet on more than 1 outcome.

That's a nice idea, cheers to you.

You could join and take the first ticket ;)

Total price pool is almost x16 the value of a ticket, and I doubt many casinos provide those multipliers with that win chance! 0% house edge, because there is no house

  :D  Ok,  I take the spot number two;  ( 2 )



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Tx:  https://www.blockchain.com/btc/tx/76f0ba88e7015f632e3ae4bb0ed54270137211a7a150ed533bde91bfc0e070d8

Received and reserved! Let's see if we can get more people on board!

Hope :)

That's a very misleading statement - house edge or Csmiami edge, they're basically the same thing. The end payout would be around 0.01582744BTC, assuming a 2 sat/byte transaction with 5 p2sh segwit inputs and 2 outputs. The RTP is 98.92%, so it's effectively a 1.08% house edge in the end.

Hmmmm, I wasn't thinking about house edge that way. I tought that it was the % the casinos changed over the bet odds to ensure that you'll "loose" on the long run, and most casinos I've seen (the number is not high, I must admit) do even charge withdrawals fees.

I don't change the % of getting one letter/number selected because I can't. I apologize for the confusion it may have created.

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Edit

Been giving it some more tought and I don't know how it slipped my mind that the two things are related. Changing the % changes the odds, but changing the odds does also change the %....

Yeah, that is the house edge. You're offering effectively a 15.82x payout for a 6.25% chance, while a site like Stake might offer 15.84x (1% edge) or Crypto-Games with 15.87x (0.8% edge). A fair payout would be 16x, so you do lose in the long run regardless of what option you choose. If you wanted to play a single 6.25% chance bet, without caring about anything else, FortuneJack is probably the most efficient (1% edge = 15.84x payout, free withdraws).

Yep, now I see it. I don't know why I tought that both things were separated values rather than related. Thanks for pointing it out. I'll give it a couple days more to see if more people want to participate, and in case nobody else joins, I'll return Danydee his coins

 I don't know for Stake,  but Crypto-Games takes withdrawal feels .

It makes sense they're not paying the fees from their own pocket or they'd lose money. ::)

I've decided to cancel this, unless someone else decides to participate today. I have already contacted Danydee and have his return address, but will wait a bit until fees lower to send his coins back

I confirm the ticket payment has returned to me

It's a pity,  that would have be funny



Thank you @Csmiami