Alright, again to point out. I don't doubt your ability to pay out. Escrowing the funds to be paid out through an escrow is a good step to gain trust. But clearly it can't be done forever. Also I just personally feel any of the bitcoin poker sites will be able to continue for a long time, due to the down trend in poker seen on almost all sites.
My goal is to try and get a small group of players who somewhat know and trust eachother. Make the tournaments the way the majority of players want it to be. Also, most of the time, the deposit process can be done before the tournament and cashout can be done right after.
I use Moneypot so if the player also does, any cashout or deposit can be done with no fees and instantly (into your posession atleast)
and thanks for your input, 5 chips would be 5,000 on bitlegit. Using 1 chip to equal 1 bit as the conversion. There will be a few right around that buyin amount but other than that, I offer players the ability to create their own tournament whether public or private. (the player who creates it also gets 50% of the fees from the tournament)