Bitcoin Forum

I wanted to start a discussion about possible new features and changes for the coin.

LottoShares Brief

For those new to the coin, LottoShares is a coin with a built in profit-making lottery. It is 100% distributed, with 20% airdropped to Dogecoin holders, 20% airdropped to Bitcoin holders and 60% to other coins. The owners who don't play the lottery are shareholders, who become richer through a gradually declining supply caused by those who do. It is similar to ChanceCoin, but uses its own blockchain (so lower fees) and pays from the coinbase (so no limit on prize size).

LottoShares Future

Which of these idea should be implemented next? (Or suggest other ideas)

1. Faster draw times - we're currently reliant on the NY lottery numbers draw for random numbers. They are delaying the numbers by 20 minutes or so, with a shutdown for a few hours each day, and 30 minutes each day where no draws take place. While this gives indisputable fairness in random selection, it comes with a lot of drawbacks. An alternate method is to use a secret key to encrypt the block hash and use this as a seed. This would give results as soon as the transaction is included in a block. It is still provably fair, but open to a miner optionality cheat by the secret key holder.

2. Faster block times - with faster draws, we can further increase the pace by reducing the block time. Currently at 150 seconds, maybe 30 or 60 seconds would make it more immediate.

3. Short odds games - most lottery tickets played lose - it's a long odds game. A dice game, or roulette game, or betting on specific lottery numbers would produce more winners and increase engagement with the game.

4. None of the above - current features are fine, just needs more promotion.

I find it time consuming to sit there are play my ticket over and over again. I would like to see an automated system where I can play my numbers, a series of numbers or random numbers for a set amount of blocks or coins/block. That way I can set it and forget it. Check it again when I get back from work or whatever.

Question about Lottoshares: How can i get my coins from sharecoin? The coin is dead and wallet can´t sync.

You don't need it to sync, you just need to dumpprivkey and then import it into the LTS wallet.

There are some command-line options to help with this -

-autoplay=1 -autoplayseconds=120 -autoplayamount=100000000 (to autoplay a ticket with random numbers every x seconds)

Minimum seconds is 1
Minimum amount 1000 satoshi

Detailed at the ANN -
https://bitcointalk.org/index.php?topic=694341.msg7840583#msg7840583

We could definitely improve it by allowing you to set the numbers, and having a GUI, but the basics are in place to use already.

Yes, use dumpprivkey in the ShareCoin wallet, and importprivkey in the LottoShares wallet.

More info here -
http://forum.lottoshares.org/topic/12/how-to-claim-your-lts

Thank you (both of you). I will try.

I also think automatic bet is necessary. Like those  Pachinko players in Japan, the players basically always holding the 'play' button and sit there to watch the results. This also implies, much fancy graphics and animation is a must to avoid being bored. Like this: http://www.youtube.com/watch?v=H78VLPqfbfI

I think need easier to win games, since playing 100 hands and not winning a single one, is not fun...

Need dice games, but better odds, like 98% or better.

Cool that will work for me.

Thanks.

Okay - I've completed the first idea -

Faster block times - more info here -

https://bitcointalk.org/index.php?topic=694341.msg8261202#msg8261202

Yes, I think the mining pool is down - should be back up shortly. We need more mining diversification to avoid this kind of interruption - it is easy money for a scrypt miner right now.

Don't forget to update your code for the fork at 10468.

The fork allows for two great new features

1. Dice Game - 0% House Edge

2. 40 Second block times for faster play

While 0% dice game is cool, the genius of the lottery ticket is that since each ticket played is burned, people have a strong incentive to burn their shares which gives the more risk-averse of us a nice steady dividend due to the reducing share supply. I'm not aware of any other coin that's so aggressively deflationary.

So I'd support adding any game that has a net share burn. So Roulette would be a fun option. I'm actively thinking about methods of incentivizing coin-burning... I find it a very intriguing idea.

Yes, I think roulette would be a nice addition.

Hopefully the 0% Edge dice game will increase the number of players.

This should help with both liquidity and demand for LTS.

And once players have some LTS, there's a good chance they will play the lottery too.

Yep, makes sense. Someone bought up several thousand LTS almost exactly at block 10,500. Seems to be working at least so far...

Make a poker site that uses the coin, but I'm a hard core poker player so I say that about every coin. See https://pokershibes.com/ or https://lottocoinpoker.com/ for examples. Knowing gamblers and/or poker players, guy has a winning or losing day at the poker tables and he's more inclined to gamble on other things, including lottery tickets. Might make publicity and demand for the coin too.

PokerShibes and Seals With Clubs are the only sites that I know that have lots of regular games though. It's like having an exchange, hard to get volume, but once you do get it, it's a self feeding animal. People go there because that's where the players/volume are/is.