Seriously.  Im trying to help out here.  There are people who don't seem to understand how the game works, or at least where the coins go.  This is why its a problem when people use script to cheat the early low level purchases.  The house wins 1% of every buy.  Thats it.

1)  Feel free to ask the owner of coinbomb (username "Redcoin") and ask if interest on LOT 1 was prevoiusly 110%.  It was.  Feel free to ask for an explanation of the rules, even though they are right there on the front page.  Ask him if he makes the several million coins when the bomb goes off.

2) Another poster has shown how the game works, just like I have.  The house does not keep all the coins when the counter reaches zero, the coins have already been sent to the last person.  As an example, Fanta has bought LOT 2 for around 1.8M.  If somebody buys it, he expects 60% interest, so where does that come from?  Answer, the person that buys it for 2.9M.  The house keeps 1% of the 2.9m (29,000).  The rest would be paid to Fanta.

I have had discussions with the manager of the site and he is aware of the issue of people cheating the low value purchases and effectively making the returns without as much risk.  He has advised that he is looking at various ways to fix this, my post was simply to give a heads up to those new players who may get caught out because of the people cheating the early purchases.  Im trying to stop people getting burned by the cheats.  If you want to apologise, feel free. If not, then at least hopefully others will at least see how the game works and understand where the coins are going.

The house does not get all whats in when counter reaches zero.  There are no coins at the house other than the 1% fee from purchases.   The coins you paid for LOT1, have already been given to the person you took the spot from.  The house does not have your coins.

Some people are misunderstanding how this works.

Woah - hang on, this is not true. Ive seen it posted before, but think it needs explaining how this works.  The house makes 1%.   The people buying are just funding the interest for theprevious person.

Example: The start price is 1000 and the "interest" is 50%.   So player 1 is the owner of the bomb, and the price is now 1,500.

When player 2 buys for 1,500.  Player 1 gets 1,485 coins.   This is their 50% less the 1% house fee.

The house is not making millions - they are just passed from one player to the next.  The coins that you have paid for LOT 1 and LOT 2 have already ben sent to the last player, less 1% for the house.


The risk is that you are not the last person to buy, if you are and nobody buys from you, then you lose and get zero back.

Obviously the lower the price, the more likely it is that somebody will buy - which is why the cheats only do it up to about 500K.  after that they let others (like you) take the risk.

Yeah, thats about the level these script cheats back off - as LOT1 used to be 110%, so at 629k, the next buyer would need to be putting up 1.3M if it were still at the 110% level.  after that they know the next buyer down the lone would be looking at 2.7M, which is around the level that the bombs stick at.  They look 2 steps ahead and if its at the loss level then they back off.   They just use scripts to get in on the "guaranteed" sales.

Look back in this thread, there is one guy admitting to doing it.  Then tries to justify it because he is using his knowledge to give himself an advantage etc...  Completely imoral and counter productive for the value of this coin and the trust people have in the games imho.  As I said to them, if he found some way of using his "skill" to give himself an advantage over other people in a vegas casino, would people think it was fair and just acknowledge he gave himself an advantage, or would he be having a chat with some large guy in the only room with no cameras, or lying down an alley somewhere?

If this coin is all about luck and fair gambling and gaming, then having people cheat others on the coinbombs is just completely against the very spirit of this coin.

No offense but imho its this sort of post that will put people off the coin.   The last person to lose on LOT1, lost with the price set at 3.6M, which is where whoever buys it from you would have the price set - though there was somebody who bid on the 110% and took it to 7.3M, they lost 3.6m coins.  Nice.    Whoever buys LOT 2 will need somebody with 2.95M to buy it from them, and with that valued at about  $1,300.  Its not going to happen imho.

The only people making money from this coinbomb are those that are cheating and using scripts to hammer the buy at the right time on the low intervals.  They make the easy 80/60/40/20 % and then leave the risky gambles to everyone else.

Look how many times the same person reserves the slot from themselves.  Thats when they let the bot run when they sleep.  They just keep using scripts to make sure they reserve the slot.  Then when it gets risky, they back off and let others lose millions.

Ive mentioned it to the developer and they were going to look at banning ip addresses from people doing this, or preventing them from bidding after so many failed purchases.  But so far no change.  Nothing aganst the developer of the game, it has been Christmas.  It happened on the 80% and 60% bombs this morning  same people getting in every single time.

Until this problem is fixed and these people are banned from cheating the system I would advise against playing coinbomb as these cheats will be putting people off the games and the coin.

Taken this to PM for the good of the coin, but I honestly believe more could be done here.  My posts are not written to be "trolling", apologies to all if they come across this way - I am simply concerned for my investment and long term future in LOT, as I believe others should be.

There is only one reason that is done, though Ill not go into it. Im done posting about the issue here, as the kids with zero experience of any real life trading will just accuse me of trolling yet again.  I was probably trading stocks and shares before they could even wipe their own backside, but what the hell do I know.  Ill leave them to it.  When they see next to zero involvement other than pumping the price from the dev "team" the truth may become apparent.  Until then let them use this thread for their own pumping posts rather than any meaningful discussion about promotion of the coin.

Seriously, Hampuz has done just about more fore this coins promotion than anyone else here other then the pool managers on the accessibility of the coin side, and he doesnt even have a rig to mine the stuff!  When the dev is sat on 360M is it wrong to expect a bit more work be done other than handing out 1m bounties, of which he could do one every day for the next month and only touch 10% of the premine?

/troll    

Ha, Says the guy with what trust level?

I may be a newbie to coin mining, but economics and business I am not.  If you wish to live in a land where you think this is some random miner that has posted his entire fortune of LOT on a speculative sell, then go ahead.  There are plenty of others here (that aren't newbies) that can see the reality of the situation.  This may be construed as an attack on the dev.  But by the very title shouldnt there be dev work being done, games investing in, marketing etc?  Rather that speculative investment on cryptsy?

Perhaps something the dev should have considered when placing the order rather than updating the OP.  But since when has there been any real positive involvement from the team other than to belittle posters here for the sake of pumping - and now the end game is shown to everyone   

And would you put your entire holding on a single long term trade on cryptsy for safe keeping?  

And would either of these people put their entire holding on a single order on cryptsy at 50x the current trade price?

60M on cryptsy with no real chance of selling soon, but taking the risk of placing that much outside the control of your personal wallet.   If only there were a way to have amased 60 million coins or more without it actually having cost that much, so the risk is negligible, but rewards great.  Oh, wait a minute.....

As has been said, unles the premine wallet address is shown and people can have it proven this is not premine coins being used speculatively instead of for coin promotion and dev work as stated, then this is premine coins being used for speculative profit ahead of development work.  Anyone suggesting anything different is, as before, deluded.   As coin holders you should be wishing to see the coin promoted by the devs, not banked to be sold later.  But as others have posted, it appears rational thought has long since left this building.

Its not the value that matters, its the principal of parking near 20% of the premine on an exchange when it should be used for promotion.  See what the premine is supposed to be used for in the OP and show us where it says 20% of premine will be used to put a $1m order in on cryptsy.

And, as has been said before, would they then put it all on crypty on a singletrade 50x higher than the current trade price?

I can't believe that there are people so blind to this being a premine sell.

Had time to get a 60m sell order in though.   

Then lets all ask mr lotto to show us the premine address and we can see where the premine has gone.   The fact this hasnt been done demonstrates the point of concern quite well.

There have been a few 1m bounties paid and thats about it.  Peanuts compared to the premine total.  And while I do think its fair that devs get paid for the success of a coin, this has just hit cryptsy.  Its not even been on 12 hours. Now is the time to be using the premine to promote and grow the coin, not parking 60m on the exchange.  fine, keep some back to sell when the work is done, but dont park it on the excgange withinhours of it being on there.

Eh?  Whos talking sh*t?   Were discussing the action of dumping the premine, not the value its being dumped at.   The premine is, in the OP's own words, for dev, support and giveaways.  Not dumping on cryptsy.  As a few of us said some pages back, this had all the hallmarks of a pump by the devs and then a sell off and abandon.  And here we are seeing a 60M sell order on cryptsy the day it hits.  Doesn't seem like that was talking sh*t either...

More chance of taking a pee in the queens handbag imho. 

Im not calling it dumb, its an extremely profitable move.  Though on page one:  "Premine 2%, for dev, support, bounty, and giveaway"

Where does it say that almost 20% of the premine will be parked on cryptsy in a $900,000 order for the devs?  Anyone?

And would you put your entire holding on a single order in cryptsy that is a way off being filled?   No, you wouldn't.  Which is why this is obviously sombody that can afford to just park 60M LOT and leave it.  There is only one source that has a bankroll like that.  As Ive said before, anyone who doesn't believe thats a dump of premine coins is deluded.

Not a chance 20 MHash was getting 10m a day on pools over the last few days.  3MHash was making about 300,000 at best for the last week,  to make 20m a day would have taken about 200M Hash.