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How does it work?
Entry into each round will have a buy-in cost of 5,000 DOGE. Once there are 50 entrants, I will use the Excel RANDBETWEEN function to select a winner. 49 people will be refunded 96% of the buy-in fee, or 4,800 DOGE. Of the remaining 4%, 50% will go to the winner. This means that the winner will walk away with 9,800 DOGE, while the other 49 people have only lost 200 DOGE of the 5,000 they paid to buy-in.
Why refund 96% of the money instead of having a lower buy-in cost?
Gambling can be a lot of fun, but something that puts me off personally is constantly putting money IN without getting a cent OUT. By offering a large portion of the buy-in amount back to players, it takes away a large deal of that downside.
How do I know you won't run away with my money? Can funds run out?
This is gambling, not a ponzi scheme. Your money NEVER goes to paying back older players. There is a steady stream of money involved, which can ultimately far exceed what I'd gain by running away with your money. I've also used a nickname here that I've used elsewhere on the net on forums I've been active on for many years, I'd rather not ruin my reputation.
Is the system automated?
I don't have the skills to automate the system. As such, I'll be watching my DOGE wallet for deposits of 5,000 DOGE and all will be entered into. I can't guarantee ultra high speed payouts, as I am a regular person with a full-time day job as well as other responsibilities. Don't fret though, payments shouldn't take too long. Being in South Africa, the time zone here is GMT+2. I am unavailable from about 00:00 till 20:00 for sleep, work, and other daily doings.
As it is not automated, what happens if more than 50 people enter before a winner is picked?
The first 50 people will be entered into one round, everyone else will be entered into the next round. If more than 100 people enter, they will overflow into round three, etc.
Is DOGE the only currency you accept?
For now, yes. I last used Bitcoin almost four years ago, and need to download the blockchain on my 1 Mbps internet connection. I'll start the download tonight. Ultimately, I plan to have the buy-in cost at 0.01 BTC.
Will there be variations to the rounds?
It is something I'm considering right now, although it doesn't make sense to implement just yet. There could be dozens of options, as there are factors influencing both the chances of winning, the risk you take, and the percentage you can win. Allow me to elaborate, the figures given in brackets are just examples:
- Shorter rounds (10 entrants per round, 4% of buy-in amount risked)
This will result in more winners and a 10% chance of winning instead of 2%, but will result in winnings of only ~+20%. - Longer rounds (100 entrants per round, 4% of buy-in amount risked)
This will result in fewer winners and a 1% chance of winning instead of 2%, but will allow for winnings of ~+200%. - Lower risk amount (50 entrants per round, 2% of buy-in amount risked)
This will result in only risking 100 DOGE per buy-in, but will also mean that the prize would be reduced to ~+50%. - Higher risk amount (50 entrants per round, 20% of buy-in amount risked)
This will result in risking 1,000 DOGE per buy-in, but will mean that the prize can be increased to ~+250%.
To get things started, I propose a short, low risk round. 10 players, 4% risk. 9 people will wall away with a loss of 200 DOGE, one person will walk away with a gain of 1,000 DOGE. After this we can move on to something that will allow ~+100% payouts, either 50 entrants at 4% risk or 10 entrants at a 20% risk.
If you'd like to enter, please deposit 5,000 DOGE to the following address:
See post 14, I need some help
Should this not take off within a week, I will refund everyone 100%.
) but this is my first time on Bitcointalk. So... Hi 
