Bitcoin Forum

My first attempt at a site with direct transaction handling (without using MyBitcoin.com or similar).

A simple doubler for 1 btc, pays out 2 btc to the next person in line:
http://sldoubler.com

Refer people to the site and earn 0.20 btc for every entry they pay for.

Please leave feedback for me as I also did this as an academic excercise.

Thanks

Edit: I just deleted my 2 test entries from the top, so real members that aren't me will start getting paid.
The Active entries counter relies on confirmations, so those of you (THANKS BY THE WAY) that have paid for entries, they are still on 0 conf at the moment.

How does this work exactly?

Each person pays 1 btc to go on a list.

Every time 3 entries are received, it causes a 'cycle' which means the next person on the list gets 2 btc sent to them.

For each 3 btc in, it pays out 2.6 btc. So the site keeps 0.13333333 per entry received.

Edit: I should point out that even if it takes you forever to reach the top of the list, you can still get paid 0.2 for all your referrals' entries.

If someone pays for an entry using your referral link, you'll get 0.2 btc as soon as the entry has 1 confirmation.

How many blocks are required for confirmation (in the line)? When will the payout be processed?

Is the 14 your lucky number? Then use this link to sign up: http://sldoubler.com/?id=14 (lol)

Just 1 block.

+ plus some time for a cron to run. It's currently set to run every 5 minutes while the site is new.

Well done and nice work  ;D

I actually wanted to start a bitcoin doubler, but i can't code
for the life of me.

Just joined also, good luck with the site.

Cool idea. Hope for my sake it catches on  :P

It's like a pyramd, right?

Do these types of 'make money without doing anything productive' schemes bother anybody else, or am I just a financial prude who doesn't recognize harmless fun when I see it?

I feel like we might soon need a Frequently Seen Schemes to go along with our FAQ, just to let people know that using a different currency doesn't suspend the laws of economics.

I don't participate in things like this, precisely because it bothers me. It feels too much like ripping someone off, or getting ripped off, and not knowing which going into the transaction.

Yup, and those at the top get the mostest, while those at the bottom get the leastest (if anything). Just another Ponzi scheme.

I have no problem with someone messing about with Bitcoin to enable direct payment. And this is one thing that doesn't actually require selling anything. But, it should be clear that is in fact a Ponzi scheme and that those at the bottom will receive nothing.

(Personally, I'd prefer to see more Bitcoin laundries, clean those bitcoins!)

For me it feels like letting people use their own free will to participate in a game, or not participate.

I like it !!

http://sldoubler.com/?id=52 ;]

I agree. I think most people are smart enough to view this as a form of gambling. As long as you're upfront with how the system works (and you are in the FAQ), I don't see the problem.

Started today , hope it works :D.

http://sldoubler.com/?id=59 <-- if someone wants :D

2 blocks (118612-118614)  further and no confirmation???

Is it confirmed yet? What address did you send to?

Well it got 1 confirmed block now and the adress is in my signature.

I just did it, with paid to referrer 59 gamekingx

http://sldoubler.com/?id=61

Well, quite a few people have had their bitcoins doubled so far... it would be nice to hear from them. Who are you? :)

I signed up two times and doubled my coins (2x). Thx btw to the two guys who used my ref link :)

Thanks :D received the 0.20 btc :D.

Cheers my spot doubled  ;D

I recently doubled and got a referrer bonus.  Do those bonuses pay out as soon as they sign up, or when their bitcoin doubles?

As soon as they sign up (actually, after 1 confirmation).

I just bought another entry from just my referral bonuses  ;D

http://sldoubler.com/?id=106

http://sldoubler.com/?id=111
http://sldoubler.com/?id=111
 (http://sldoubler.com/?id=111)
question about the structure, the wording wasn't completely clear to me
I'm guessing it is set up in the first way wich is nice.  If its the second way then people further down the line will take a long time to get paid.  either way admin is getting quite a nice profit, thanks for the opportunity to play and maybe get a quick return.

I'm guessing its set up this way but not sure
so person 1 gets paid after 2, 3, and 4 have joined
person 2 gets paid after 3, 4, and 5 have joined

or
person 1 gets paid after 2, 3, and 4 have joined
person 2 gets paid after 5, 6, and 7 have joined.

I've seen this question elsewhere on the net and it doesn't make mathematical sense.

That would mean EVERY time someone joined after ID 3, the site would be taking in 1 btc and paying out 2.2 btc. EVERY. TIME.

So basically the site would be giving away 1.2 btc all day long for everyone that joined.

It's not a charity, sorry.

The site takes in 3 btc for every 3 people joined, and pays out 2.6 btc for every 3 people joined.

On average this means that every time someone signs up, the site takes in 1 btc and pays out 0.86666666.

[/quote]

I've seen this question elsewhere on the net and it doesn't make mathematical sense.

That would mean EVERY time someone joined after ID 3, the site would be taking in 1 btc and paying out 2.2 btc. EVERY. TIME.

So basically the site would be giving away 1.2 btc all day long for everyone that joined.

It's not a charity, sorry.

The site takes in 3 btc for every 3 people joined, and pays out 2.6 btc for every 3 people joined.

On average this means that every time someone signs up, the site takes in 1 btc and pays out 0.86666666.

[/quote]

Didn't think it through much before i posted, I think i was tired and didn't feel like thinking, like i usually try to do.
so i'm waiting for about 200 more entries to get my payout (i'm #111) would be nice to see a status on the page.  Looks like i'm 1 of 51 still waiting for a payout

I think FXnet was the first one and they are up to 750 or so. hope the same people play sldoubler too, I'll go adjust my links.

Hope i will get paid soon :D.would be awesome.

I dunno the exact math, but i got the impression it's not just the last two persons to join that will get screwed...could someone please elaborate on how (and why)  this will eventually colapse please?

it's exponential that's why it will eventually collapse

1 gets paid by 2&3
2 gets paid by 4&5
3 gets paid by 6&7
...
10 gets paid by 20&21
...
100 gets paid by 200&201
...
200 gets paid by 400&401

Ah, i see

my number was 156 i think, who will be paying me (if anyone)? What's the formula?

What's the formula? exponential of course. you get paid when the user base doubles.
so 156 will be paid by 312 and 313.


edit: that number can't be right, there are only 54 entries on the site.

i am almost 100% sure that was the number in the end of the ref URL the site gave me

yeah I don't think that's your place in line. my ref is 69 and I haven't been paid yet. if 156 was your place in line I would have my 2BTC by now ....

well my ref was 59 and i still didn't receive anything yet :S.

61 here on my first and nothing so far as well.

http://static.funnyjunk.com/pictures/18c8cb8f_88ad_3685.jpg
Picture unrelated ^^

Site doesn't load, oh well.

has it colapsed already?

Last payout was about 3 days ago.

100% agree with you Gavin. I have been protesting these types of things from the very beginning.

Don't be ridiculous people, ponzi schemes do not work. The only person who will make any real money is "doood", the OP of this thread.

Besides, if it did work (and many millions of people signed up and lost their money...), BTC would be worthless anyways... so it's lose/lose for everybody involved really.

I mean really, why do it with bitcoins? Why don't you idiots just send him $1 via PayPal, and he will send you $2 in a few days..? PayPal takes less than a 13% cut, so the OP would still be profiting (which is his main goal here).

I thought that we were not allowed to list anything for sale or on this forum that was illegal in the united states and/or Japan?

IANAL But I am pretty sure that HYIPs, ponzi schemes, and financial pyramids of the same ilk are quite illegal in both countries.

Please excuse me when I say "Get your illegal ponzi type crap out of this forum."

This is no game. This is simply placing money into your pocket. End of story.

You should be ashamed of yourself, and I sure you would be if you had any moral compass whatsoever.

If the forum owner wants to censor this thread and/or links to the site, that's his decision.
If forum members want to protest that censorship, that's up to them.
Let the market decide.

If people wanna throw money away for a small chance of profit, why stop them?

Why would you be against this?

As someone somewhere else stated, this kind of pyramid or ponzi scheme is just gambling.

It's gambling that you'll get in before people stop joining. That's why nobody joins fxnet now because everybody is already on fxnet. It's a bet on how many people will join and how quickly.

It's a project that is going to besmirch the Bitcoin name.

And no, ponzi schemes are not "gambling". Read this, there is quite a bit of truth to it. (http://en.wikipedia.org/wiki/Ponzi_scheme#Ultimate_unraveling_of_a_Ponzi_scheme)

The doood's bitcoin tosser however, now that is gambling, go enjoy and have fun with that if you're trying to get rich quick.

Is he even profiting?

Image unrelated
http://fxnet.bitlex.org/?ref=663

Pyramid != ponzi (as pyramids are explicit that they're paying earlier participants from later participants (and thus that if there's no later participants, no payments to earlier participants are due) while ponzi schemes involve a promise to pay early participants that has no connection in the promise to later participants... pyramids are also generally less stable since there's less room for the pyramid operator to convince earlier participants to roll-over their "investment" and become a later participant)

Yes, I understand that they are not the same, but it's hard to know which to call this, and I've seen it called both in this thread.

@OP im still waiting for my 2 BTC :S.

I have 2 fxnet accts funded, setup a 3rd and will fund it when the first two have paid for it, then I'll get a 4th, and fund that one when the other 3 have paid for it.  Then promote the 4th, I used my own refferal for each level, no point in going further, except to increase my random odds, not worth it.  I'm sure others are doing the same thing.

I've funded my sldoubler acct, but I think the refferal link is doing better, I already got 2 or 3.  By the time enough people sign up so my double pays out, I doubt I'd buy another.  I'm the 49th to pay, so there needs tobe 147 paid users for me to get mine, if I want back in at that point, I'd have to wait till ~450 sign up, at the rate we're going that will be a long way off.

Need more bitcoin users, since bitcoin users who will sign up have already.

I really hope people will use this ... or i feel like im ripped off :(.

I haven't been paid out yet, and I don't expect to any time soon.

its been at 76 paid entries for a few days now, and need to hit ~150 for me to get paid.

I have however made back my "investment" in referrals, most of them came from btcbubble i think.

Well what can i say i still didnt received my 2 btc from this bitcoin doubler. I highly accept a refund or something ... waiting for some months now :S.

what a waste of BTC