Newbie Lottery

[DMetcalfe92]

Hey guys!
I'm making a newbie Lottery, with costs of just 0.005 BTC per ticket
This makes it so anyone can buy a ticket, even if low on BTC, to try their luck.

I've built the website from scratch in a few days, and just got a tweaks and it'll be ready to roll.

My question is, Would you play it?
Also, how do you make a poll on this thing? Am I restricted??

[iNs4nePT]

My question is, Would you play it?

Not unless you can convince me it's not a scam 

[DMetcalfe92]

My question is, Would you play it?

Not unless you can convince me it's not a scam 

Well:
1. There's a transaction log (incoming payments & rewards)
2. It's so cheap at 0.005 BTC per ticket, I'm hoping a few people will just give it a try, and i'd get myself some good positive recognition on the forum!

[John (John K.)]

My question is, Would you play it?

Not unless you can convince me it's not a scam 

Well:
1. There's a transaction log (incoming payments & rewards)
2. It's so cheap at 0.005 BTC per ticket, I'm hoping a few people will just give it a try, and i'd get myself some good positive recognition on the forum!

At 0.005 I think there'll be a transaction fee, hence bringing the total cost to more.

[DMetcalfe92]

My question is, Would you play it?

Not unless you can convince me it's not a scam 

Well:
1. There's a transaction log (incoming payments & rewards)
2. It's so cheap at 0.005 BTC per ticket, I'm hoping a few people will just give it a try, and i'd get myself some good positive recognition on the forum!

At 0.005 I think there'll be a transaction fee, hence bringing the total cost to more.

What do I have to set it at so there's no transaction fee then? im sure the fee is only 0.0005 BTC

[John (John K.)]

The transaction fee would vary depending on the network - correct me if I'm wrong here. Also,only the senders are subject to the transaction fee, and they can circumvent the transaction fee by using a modded version of the bitcoin client. However, this would make the transaction be queued so long as most miners wouldn't include them in their blocks without a fee.

[DMetcalfe92]

The transaction fee would vary depending on the network - correct me if I'm wrong here. Also,only the senders are subject to the transaction fee, and they can circumvent the transaction fee by using a modded version of the bitcoin client. However, this would make the transaction be queued so long as most miners wouldn't include them in their blocks without a fee.

This makes sense, so using a modded version of the client would be free, but a transaction may take a few days to be processed because most miners wont process free blocks?

[John (John K.)]

Yep of sorts. See :https://en.bitcoin.it/wiki/Transaction_fees
However at this rate, (I've tried once) the transaction might be out for as long as a week, and there's still no guarantees that it might be processed at all.

[DeathAndTaxes]

Minimum for no mandatory tx fee is 0.01.  Also you may want to look at maybe something larger like 0.05. Honestly you are unlikely to sell that many tickets initially and awarding a jackpot of 0.21 BTC is kinda underwhelming.

[John (John K.)]

Minimum for no mandatory tx fee is 0.01.  Also you may want to look at maybe something larger like 0.05. Honestly you are unlikely to sell that many tickets initially and awarding a jackpot of 0.21 BTC is kinda underwhelming.

Not unnecessarily so. The min tx fees for the newer clients are at 0.0005, however its the minimum. It might go up if the network thinks you're trying to spam though.
@DMetcalfe92
I think you need to increase the fees - either to a minimum of 0.01 or more to attract more people as the jackpot is a tad bit low.

[couponmamma]

My question is, Would you play it?

Not unless you can convince me it's not a scam 

Very Logical Question.. 

[Lostdog]

I'd certainly venture .05 btc on this 

[iNs4nePT]

I could imagine something like this working, but it would have to be:

 - Trusted (code, idea, prommoter)
 - Open (source, info, community)
 - Wide (participation)
 - Cheap (no fees or close to none)


Guive me all of the above and i'm game;
I believe a lot of people would participate under those conditions.

A newbie-promoted, mostly obscure lottery? Nahh - i'd rather keep my 0.1BTC, thanks