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Economy / Securities / Re: [GLBSE] BitcoinTrading.com Canada 6/49 Lottery Mining Company
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on: August 08, 2012, 11:28:31 PM
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Hey mc_lovin,
Being a Canadian, and a volunteer lottery salesman I was thing of this idea (kinda) myself, but in the respect of scratch tickets. I think your idea has much potential. You never know if you win or not. My boss just won $2500 in the lottery, so it isnt too bad of a deal if you are decently lucky.
Free plays are a great bonus too, as they only require 3 numbers, or 2 + bonus (correct me if I am incorrect). Prize amounts increase exponentially as so does the difficulty of winning such a prize.
I have been holding onto some BTC, and I think I will be investing into this venture.
Great to hear positive feedback! There's always that chance that we win. I like to think of it as if you had $2000 in the bank, and every month your bank pays you interest. That interest you could be spending on lottery tickets, and your balance would never go down. Your money would depreciate eventually, however, due to inflation of the USD or CDN. If the money was stored in Bitcoin, it would appreciate in value, potentially exponentially. The free plays, the $10 wins, and the decent chance that we get 4 or 5 of the 6 numbers and we share a medium sized prize, they all make it worth the while. What do you think about a fixed limit of shares available? I think that would make it more interesting, because it will reach a point where we have enough capitol to buy tickets indefinitely, and we need no more investors. Figuring out exactly what that number is tricky, so leaving some headroom, I think 1000 shares @ 1 BTC is overkill, 750 shares @ 1 BTC (or 3000 shares @ 0.25 BTC) would be a good number. At current difficulty, that would be 1.5 BTC per day in the fund that the 20% of shares creates. If the bitcoin price goes up by 2% a week, and the difficulty gets 2% higher per week, we would still have a net profit of 6 BTC/week after purchasing a 25-draw ticket. It's hard to speculate on numbers we don't know. But if the Bitcoin exchange rate goes up suddenly and our company is holding bitcoin, we will have enough funds to sustain ticket purchases with no further investment. Our ticker would be very interesting to watch as well, because once all the shares are sold, people would have to bid for them on the exchange. I was thinking about some of the technical things we can develop for this, like a system that grabs the new drawn numbers from the 6/49 using a sort of API and displays them on an interface, comparing them to the numbers we are holding, and how many of the numbers are matching. A user can set an alert where if we hit 4 or more numbers, an email alert is sent to them, just so they know to be excited about it, or even an email alert that we didn't win at all that week. I think fixed limit of shares would be optimal because the original group of investors can profit from it the most, and you wouldnt have to go through motions and all that crap. Keep it simple, and keep profits up. If more investment is needed, I'm sure another asset can be listed. Also, how will you verify the number that you have purchased? I was thinking that you could scan the ticket and post before the draw date, and then after the draw date have it validated at a lottery booth and display the receipt of whether the ticket has won, lost, or gained free tickets.
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154
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Economy / Securities / Re: [GLBSE] BitcoinTrading.com Canada 6/49 Lottery Mining Company
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on: August 08, 2012, 04:49:48 AM
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Hey mc_lovin,
Being a Canadian, and a volunteer lottery salesman I was thing of this idea (kinda) myself, but in the respect of scratch tickets. I think your idea has much potential. You never know if you win or not. My boss just won $2500 in the lottery, so it isnt too bad of a deal if you are decently lucky.
Free plays are a great bonus too, as they only require 3 numbers, or 2 + bonus (correct me if I am incorrect). Prize amounts increase exponentially as so does the difficulty of winning such a prize.
I have been holding onto some BTC, and I think I will be investing into this venture.
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