bump. see update in the first post.

I would like to address each question separately, in order to be as thorough as possible and to avoid any misunderstandings.



That depends on the rules of the game. There are two factors.

The first is the time until expiration, set by the creator of the round. This determines how much time is left until the round ends.

Second, is the decay rate, which is also set by the round creator. The decay rate is how much of the time decays between each bid.

For example, let's say that the expiration time is 10 hours and the decay rate is 10%.

When the round starts, it will begin at 10 hours and then count down to zero.

If/when a second bid is placed the timer will reset to 9 hours, since 10% of 10 hours is 1 hour.

If another bid is placed the timer will be reset to 8.1 hours and so on.




The pot will pay out as soon as there enough in it to pay the next bid repayment.

Bids are registered as soon as they are sent, but the pot is not updated until the bids get at least one confirmation.



I agree this should have been paid as soon as the fourth bid was confirmed. However, our automated payment service has stalled. We are currently using blockchain's API to automatically send out payments from our wallet. Earlier today, blockchain's API stopped responding to our requests, so our outgoing payments have stopped. Our developers are working diligently to solve this problem. We believe the problem originates from blockchain.

Originally, we chose to use blockchain's API because we didn't want to reinvent the wheel and figured it was a reliable enough service that would be able to handle our modest requests. At this point we are considering changing our scheme to eliminate blockchain entirely and move everything in house.

Whatever happens, there is no need to worry. All of your bids are completely safe and all repayments will be honored in their entirety! Also, the bidding still works just fine so you can go ahead and place more bids if you want to.

I have to concur with the responses so far. Just post some of your questions and maybe we can help. You can always send us some coins as a tip!

BTW, I also have some experience with the arduino and know some circuit stuff too. 

Honestly, I am willing to do what I need to do in order to build a reputable business.

Basically, I started lurking around here for about a year before I started posting last week. I just wanted to get my feet wet with a relatively simple bitcoin project. It seems to me that the web of trust is important to many of the veterans and respected posters on this board. I am reading up on it now and will gladly join. Do you guys have any specific tips on how to "identify myself" either pseudonymously (is that even a word?) or in real life. How do I go about having a reputable forum account?

We are officially launching our new website www.satoshidoshi.com. It is a completely transparent bitcoin ponzi game. You can read the rules on the website, but for those of you who were familiar with Bitcoinduit, this is basically the same thing.

After waiting for several months for Bitcoinduit to come back online, I was motivated to make my own. So this is what I have so far. It's still in beta, so I am expecting a lot of feedback from you guys!

All inquiries are welcome. Thanks and Enjoy!


UPDATE: We have been working on changing our payment transaction system. It is much cleaner and more reliable now.  However, I still need some folks to test it out for us. So, the first 10 people to start a round that reaches at least 10 bids will automatically get 50 mBTC from me.

For those of you that don't know the rules: http://www.satoshidoshi.com/help  

Thanks for bumping, it helped at least one braindamaged member! 

Your timing couldn't have been better. I, like you, was siting around waiting for bitcoinduit to come back on. Eventually, I got around to making my own bitcoinduit clone. It's called www.satoshidoshi.com. I have spoken to edd and ineededausername and they were ok with me doing this.

Currently, it's being beta tested. Check it out and tell me what you think!

Just a heads up. I am starting my own bitcoinduit clone. it's called Satoshidoshi.com.

It is currently in beta, so go ahead and check it out. Any feedback is much appreciated.

At one point, it was at 15 and crashed to 10 in a matter of an hour or so, I believe. This was when pirate's ponzi scheme came to a grinding halt.

Bitfaucet! Read about bitcoins and how it worked and was directed towards bitfaucet for my first coins.

Let me outta this newbie hell hole! 

Really helpful thread! Thanks.

Been lurking for about a year and a half. Finally figured I should contribute to this whole bitcoin endeavor.