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Author Topic: The Lucky Bit Tournament Pools [closed]  (Read 1526 times)
stingleword
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April 28, 2015, 05:28:28 PM
Last edit: May 02, 2015, 10:53:03 PM by stingleword
 #1


With the recent announcement of the Lucky Bit Tournament, a lot of users are asking how they can participate without 0.1BTC to wager. I'm very proud to re-introduce the Lucky Bit Betting Pools! Old users may remember this from some of Lucky Bit's earlier promotions, but things are going to be a little different now so I'll explain everything from the ground up.

Let's play as a team!

Maybe you don't want to risk 0.1 on Lucky Bit to enter - or maybe you don't have enough, and you still want to support the promotion. That's okay, you're not alone! By working together, you can enter the contest without as much risk and split any prizes you win. The idea is fairly simple: people put together their coins, it is wagered on Tournament Day, and whatever resulting payments sent to the pool are distributed proportionally to the people that entered the pool.

What's a Gambit?

A gambit is a predetermined strategy for a game that ignores any results that may occur during play. For example, in chess, sequences of your first three moves are called gambits because they (mostly) do not react to your opponent's moves. For our purposes, a gambit is a chosen method of betting 0.1BTC on Lucky Bit. Some people might want to play different gambits - I will offer a couple basic ones, but it is a community decision as to how you want to bet, and if a pool can't assemble 0.1BTC it will not be played! Each pool address represents a gambit, so you can pick your play (within reason). If several people express interest in a gambit, then I will open that pool for you!

Slices of the pie

Since each pool has a specific target of exactly 0.1BTC, the amount to buy in must be limited. Each pool will have a "share size" which is the minimum amount you must send to enter that pool. Send exactly a multiple of the share size when entering only - any amounts that are left over will not count toward the pool and will be kept as a fee donation. For example, a pool with a share size of 0.01BTC would have room for ten shares. If Alice sends 0.04, she gets four of the ten shares, or 40% of whatever the pool wins. If she sends 0.042, she still gets four shares and the leftover 0.002 will be kept.

Mistakes happen

It is more or less inevitable that somebody will make a mistake send, so be aware of how they will be handled! If you mistakenly send a fraction of a share, that money is not refundable. If you send a full share that puts the pool over 0.1BTC, the share will be refunded minus 0.0001 return fee. If you send a full share and fractional amount that puts the pool over 0.1BTC, the fraction will be kept and the excess share will be refunded. Two fractional amounts do not add up to a whole share; there is no leniency here. Seriously, fractional sends totally mess up my accounting, and they are only worth their value in my time if I keep them.

If a pool doesn't reach 0.1BTC, the shares will be refunded minus 0.0001 return fee.

On with the show!

I'll have one pool open right away, and accept gambit nominations. To nominate a gambit, just describe the gambit (method to bet 0.1BTC) in a reply here! Please account for wagering exactly 0.1BTC, plus a suggested share size if you feel it is important. If someone nominated a gambit you like, please quote it to second the nomination - two seconds will create a new pool!

Nominations close at 1 May 23:59:59. Seconds and pool entries close at 2 May 22:30:00 to allow 90 minutes for betting and entries. Refunds will be processed after payments, on 3 May. ALL TIMES UTC

Completed Pools

Share size: 0.005BTC
Gambit: 0.1BTC on Blue
Address: 16KQvj26S1mwgjHJN1LkCY4LsWHJzBe5Ph
Results: x1.1 for 0.01BTC profit

Share size: 0.01BTC
Gambit: 0.02 on Yellow, five times
Address: 12Ssh475WrDehMfPtXZoxsZ5yvUoBQBXiQ
Results: 4x0.3, 1x1.4 for a loss of 0.048BTC

Share size: 0.005BTC
Gambit: 0.1BTC on Promo
Address: 1EZgsg9FdPNp9LM8UdLcZgXu4Nribh2a4
Results: x1.5 for a 0.05BTC profit

The original falling coin game
Dice is boring.



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Sunderland
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April 29, 2015, 07:12:53 PM
 #2

Great i agree with yellow, and hope hit x38 at least to win this Contest.

Corruption, embezzlement, fraud, these are all characteristics which exist everywhere.
It is regrettably the way human nature functions, whether we like it or not.
What successful economies do is keep it to a minimum. No one has ever eliminated any of that stuff.
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May 01, 2015, 09:35:30 PM
 #3

Count me in the pool!!

sent .015

blockchain.info/tx/68750699afa51d83f8372ffa0f53c18ecabcd52756e5d022f9c5666f8f3a5bb8

mocacinno
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May 01, 2015, 09:44:24 PM
 #4

good luck all, Cool Cool
interesting to follow this tournament..

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May 01, 2015, 10:16:07 PM
 #5

so basically this is worth it since we save in fees correct?
stingleword
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May 01, 2015, 10:21:43 PM
 #6

The first blue pool is full! I've opened a second one, but if you want a different pool you need to speak up now!

The original falling coin game
Dice is boring.



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May 01, 2015, 10:33:09 PM
 #7

Oww really good tournament! Im waiting may 2!

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May 02, 2015, 12:55:42 AM
 #8

why not just open all the pools? lol. and do like a 1 run thing.
stingleword
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May 02, 2015, 01:13:12 AM
 #9

why not just open all the pools? lol. and do like a 1 run thing.

"All" is a pretty wide net. That's why I'm asking for gambit suggestions. If there's a pool you want, tell us about it!

I'll go ahead and open that yellow pool, because that's the one I want to play.

The original falling coin game
Dice is boring.



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May 02, 2015, 01:30:55 AM
 #10

I will nominate this pool.

Share Size: .005
Gambit: .1 on Promo

Join this pool guys! I will buy a couple shares myself Wink
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May 02, 2015, 02:39:52 AM
 #11

I will nominate this pool.

Share Size: .005
Gambit: .1 on Promo

Join this pool guys! I will buy a couple shares myself Wink

I will second this nomination.

Also will nominate the YOLO pool:
Share Size: .005
Gambit: .1 on Red
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May 02, 2015, 03:14:23 AM
 #12

In for 2 shares on the promo one. Grin
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May 02, 2015, 03:40:17 AM
 #13

The first blue pool has been bet. (Winnings will be retained until the end of the tournament.)

0.1BTC x1.1 = 0.11BTC to be distributed to the pool participants (plus any prizes it may win, minus return fees).

The original falling coin game
Dice is boring.



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May 02, 2015, 02:17:08 PM
 #14

The first blue pool has been bet. (Winnings will be retained until the end of the tournament.)

0.1BTC x1.1 = 0.11BTC to be distributed to the pool participants (plus any prizes it may win, minus return fees).


Hahaha good x1.1 , but too bad this will not win the contest.But i'll try yellow soon and hope x38 at least ( 0.02 x38 = 0.76 )  Tongue




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May 02, 2015, 03:41:33 PM
 #15

The yellow pool has been bet.

Four x0.3 and one x1.4 were hit with winnings to be distributed to the pool participants (again, plus prizes minus fees) tomorrow.

The original falling coin game
Dice is boring.



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young3dvard
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May 02, 2015, 03:51:21 PM
 #16

hey sting i want to know that is there any max amount limit on it ? or not . i would like to play blue wiht 0.05 if possible ? and i see minimum amount is 0.005 i just wanted to know the max amount can i enter with multiple addresses ? if there is a limit ? please let me know.
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May 02, 2015, 04:00:44 PM
 #17

hey sting i want to know that is there any max amount limit on it ? or not . i would like to play blue wiht 0.05 if possible ? and i see minimum amount is 0.005 i just wanted to know the max amount can i enter with multiple addresses ? if there is a limit ? please let me know.

The only limits are those imposed by logic: obviously you can't buy more shares than a pool offers, and less-obviously, you cannot buy an entire pool for yourself. (Well you could, but I'd just make fun of you for wasting our fee money.)

Go right ahead!

The original falling coin game
Dice is boring.



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young3dvard
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May 02, 2015, 04:41:01 PM
 #18

ok sting .. is this pool is just like https://bitcointalk.org/index.php?topic=521727 lukybit regulars bet pool if i m not wrong if so it would be easy for me as i know the rules of that already .

and if i deposited 0.05 and 5 more users with me added 0.05 (eg) and we hitted 1.1x on blue the winning amount will be distributed among each user equally which will be like 0.05(+0.005) the winning amount . ?
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May 02, 2015, 05:10:02 PM
 #19

ok sting .. is this pool is just like https://bitcointalk.org/index.php?topic=521727 lukybit regulars bet pool if i m not wrong if so it would be easy for me as i know the rules of that already .

and if i deposited 0.05 and 5 more users with me added 0.05 (eg) and we hitted 1.1x on blue the winning amount will be distributed among each user equally which will be like 0.05(+0.005) the winning amount . ?

Yes, the model is the same as the original! You've got it right.

The original falling coin game
Dice is boring.



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BrianM
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May 02, 2015, 10:18:33 PM
 #20

I am in for 3 shares on the Promo pool

Tx id:
a89ef5c901904ebcae5828b27629f196839d5710f97634576c1146b581b170be
Tx id:
2edee996fc5eec31e493f3df253241a235d87c7b28f9ed8adcadcbfbac7c82d2

Good luck to all Smiley
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