Bitcoin Forum

MegaBits is an upcoming lottery site. Tickets will cost .01 (edit: thinking about increasing the price to .1) BTC and a winner will be drawn once a month. The draws and fund collection will be automated.
This is my first go for the gambling sites so let me know for any questions you have and I will gladly answer them.
Here is the current F.A.Q. (will be on the site):
Is this fair?
Yes! We use a specific algorithm to randomly select a user from the pot; that user then wins everything!

Is there an "edge" for the house?
Nope! In order to generate revenue for the site to pay for expenses (advertising, hosting, etc.), we take 1% of each ticket purchase. We also ask the winners of each draw if they would like to donate to us, but that is not required.

How much does it cost for a ticket?
At MegaBits, our goal is to offer an affordable, legitimate and high payout lottery. Currently, our tickets cost .01 BTC.

Can you buy more than one ticket?
Yes, you can. More tickets increase your chance of winning!

Do you get discounts for bulk ticket purchases?
No, and MegaBits will never offer such a thing. Doing so would only decrease the amount of money that a lucky individual will win!

Are the funds you collect for ticket purchases secure from theft?
Yes! At MegaBits, security is one of our utmost priorities. Funds are proccessed, then moved offline until the date in which the draw occurs. At that time, they are brought back online and sent to the winner.

How many people have access to these funds?
The site owner is the only person that has access to these funds once tickets are purchased.

First 100 people to subscribe to our mailing list will get 1 token for free, along with being opted-in for special subscriber only promotions! Subscribe now: http://megabits.org

Yes, the landing page is a template...
The actual site is still in development and is not planning on going live until the 1st week of March.

Thank you a lot for reading and being interested. Please stay tuned, I have a lot planed for this!

So this is basicly a BTC lottery?

Well they are not out of idea to promoting ponzi.
They keep finding a best phrase to attract more investor  ;D

I'm in!
But this sign-up form is illegible, grey letters on light blue background are almost invisible  :o

You are correct!


Well, I assume that if I gave myself a 5% chance of winning vs everyone else having only a 1% chance of winning, without purchasing a single ticket, I would have an edge and I am considered the house, correct?
Or do I have something wrong? If so please elaborate.


I don't understand your comment.


I know, and I'm sorry about that.
I'll edit it asap.

As stated in the OP as well I am new to all of this.
I've done a fair amount of research, hired a freelancer to code the site, etc.
But, I don't really know anything else about it.

Also, once we get 100 subscribers the first email will be sent out with a secret ('subscriber only') promotional offer!

"Is this fair?
Yes! We use a specific algorithm to randomly select a user from the pot; that user then wins everything!"

Wow, all my concerns are literally gone! Please, take my money.

OP, you need to tell us the exact algorithm in selecting the winner, and make it a provably fair mechanism.

Can you give the detail of the specific algorithm?

All technical information will be released once the site is live, as things will be changing heavily before then.
Don't worry, you will have this information at some point. Thank you for your comments!

Good point, any internet lottery should be provably fair.
E.g. ticket numbers coud be generated from txid, winning number could come from some established national lottery... something like this  :)

I agree.
I will post the final way that we generate winners once we get done with everything.

Is there anything else that would be detrimental to user participation?

Comments, please?

Also: Thanks to the 10 people that have subscribed so far!
Your interest means a lot to me.

True, I have yet to see a provably fair draw system, which is why lotteries are not so popular. Also, gambler prefer live gaming instead of having to wait for the results.

you plan it will be one prize? or more - 5 prizes 5 btc 1 to 10 btc e.g.

Did anyone subscribe to the mailing list for the free ticket ? did you guys get one ?

waiting for some other guy to tried this first before i subscribe to this one, anyone can clarify that he get one of this?

I think this is not a ponzi scheme, but we gonna see... :)

Done subscribe
waiting for the ticket sir
when it will release ?

At launch and for the near future it will be one prize. If popularity increases more prizes will come along with it. We could even do something like 1 draw a day!

You will get your tickets once the site goes live (as long as you use the same email to register).
This is one of the many promotional-type 'offers' that our email 'subscribers' would receive.
Doing this will mean there will already be a 1 btc pot guaranteed at the launch of the site, keep that in mind as well!

Any other questions or comments please feel free to ask.

This is well explained answer I think many things are cleared after reading these lines above. Best of luck for your business as well as to participants and I will be one of them as well .

Great, thanks a lot! I'm really excited about getting this up and running; I've had this idea for almost a year now.

More opinions, comments?
Is a lottery something you would like to see?

Almost have a live demo ready for view, keep checking in!
Demo will be live at demo.megabits.org soon; our launch date is still set for the first (second at the latest) week of March.