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PM Poker
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July 29, 2015, 01:40:29 AM |
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You are talking about a bitcoin lottery, so i'll just say that it's virtually impossible to operate (for now) such a service.
You would have to have insane high jackpot to make people to participate, but what would stop you or whoever is managing it from rigging the results or running away if jackpot is won ?
I don't see this happening, but here is when i would join :
- Jackpot would have to be at the least 100 000 USD in bitcoin equivalent
- The system would have to be provably fair
- There would have to be some sort of security that would disable the owner from running away with funds, and/or not paying out the reward.
- Proof of funds
cheers
That is what Quinto BTC Lottery is starting in October. Jackpot estimated at 1,500,000 m BTC ($500,000 USD) guaranteed by Lloyds of London. Ticket price will be 1 mBTC, and should be available on mobile and web-based. First drawing is set for Sept 30, 2015, and is 100% Provably Fair |
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There are several different types of Bitcoin clients. The most secure are full nodes like Bitcoin Core, which will follow the rules of the network no matter what miners do. Even if every miner decided to create 1000 bitcoins per block, full nodes would stick to the rules and reject those blocks.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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Nrcewker
Copper Member
Hero Member
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Activity: 2170
Merit: 536
Building my own Dreams!
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July 29, 2015, 05:05:41 AM |
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wish it was not a scam.
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10xBTCLotto (OP)
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Activity: 70
Merit: 10
10XBTC.com: The Easiest BTC Lottery!
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July 29, 2015, 02:34:42 PM |
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How Lloyds of London is going to insure BTCs?
It seems to me that provably fair is less secure and more complicated than public TRN, like those lotteries that run on the last numbers or whole numbers from public state lotteries
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10XBTC.com: The Easiest BTC Lottery!
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bojan92
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July 29, 2015, 02:49:58 PM |
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The lottery ticket price should be a small amount. but you can have a lot of player, so the amount would be eye catching for the players. The draws can be made when the criteria is fulfilled. I love lottery games, they provide such a great deal of fun, especially when you are winning  |
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10xBTCLotto (OP)
Member
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Activity: 70
Merit: 10
10XBTC.com: The Easiest BTC Lottery!
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July 29, 2015, 09:45:18 PM |
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Should the prize be paid only in BTC?, what about LTC or DOGE?
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10XBTC.com: The Easiest BTC Lottery!
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ajareselde
Legendary
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Activity: 1722
Merit: 1000
Satoshi is rolling in his grave. #bitcoin
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July 29, 2015, 11:06:37 PM |
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You are talking about a bitcoin lottery, so i'll just say that it's virtually impossible to operate (for now) such a service.
You would have to have insane high jackpot to make people to participate, but what would stop you or whoever is managing it from rigging the results or running away if jackpot is won ?
I don't see this happening, but here is when i would join :
- Jackpot would have to be at the least 100 000 USD in bitcoin equivalent
- The system would have to be provably fair
- There would have to be some sort of security that would disable the owner from running away with funds, and/or not paying out the reward.
- Proof of funds
cheers
That is what Quinto BTC Lottery is starting in October. Jackpot estimated at 1,500,000 m BTC ($500,000 USD) guaranteed by Lloyds of London. Ticket price will be 1 mBTC, and should be available on mobile and web-based. First drawing is set for Sept 30, 2015, and is 100% Provably Fair Thanks for this. I was hoping someone would make it possible to create a bitcoin lottery on such a large scale. I will look into it further, and if everything is in order, will definetlly participate in it. In what way do they guarantee that it's provably fair tho? cheers |
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PM Poker
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July 29, 2015, 11:16:01 PM |
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You are talking about a bitcoin lottery, so i'll just say that it's virtually impossible to operate (for now) such a service.
You would have to have insane high jackpot to make people to participate, but what would stop you or whoever is managing it from rigging the results or running away if jackpot is won ?
I don't see this happening, but here is when i would join :
- Jackpot would have to be at the least 100 000 USD in bitcoin equivalent
- The system would have to be provably fair
- There would have to be some sort of security that would disable the owner from running away with funds, and/or not paying out the reward.
- Proof of funds
cheers
That is what Quinto BTC Lottery is starting in October. Jackpot estimated at 1,500,000 m BTC ($500,000 USD) guaranteed by Lloyds of London. Ticket price will be 1 mBTC, and should be available on mobile and web-based. First drawing is set for Sept 30, 2015, and is 100% Provably Fair Thanks for this. I was hoping someone would make it possible to create a bitcoin lottery on such a large scale. I will look into it further, and if everything is in order, will definetlly participate in it. In what way do they guarantee that it's provably fair tho? cheers At the time of the drawing we send 80% of all wagers to our cold wallet, the txn_id of that transfer is used to determine the actual outcome. The formula we use is current shown within our software, but will be posted on the site, so everyone can validate the outcome. Proof that the outcome is 100% random was one of the requirements we had to fulfill. |
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Kazimir
Legendary
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Activity: 1176
Merit: 1003
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July 30, 2015, 12:34:02 AM |
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Should the prize be paid only in BTC?, what about LTC or DOGE?
Only BTC. Altcoins only cause distraction and confusion by the general public. Let's get Bitcoin big first, and only then will people be ready to grasp the fact there can be multiple cryptocurrencies simultaneously. |
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btcscriptpremium
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July 30, 2015, 12:41:03 AM |
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I agree with many other posters. Many bitcoin lotteries on here are very small, like 0.1 btc or 1 btc, or even 10 btc is way too small. If there was 1 HUGE lottery with like 10 thousand or 100 thousand dollars worth, it would be much more worth to join/play in. I don't want to put in 3 dollars and have a chance to win 30 dollars, if I can do that, I will just use dice.
So I would expect that you would have lots of advertising and funds, before its worth for anyone to play in a lottery.
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10xBTCLotto (OP)
Member
Offline
Activity: 70
Merit: 10
10XBTC.com: The Easiest BTC Lottery!
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July 31, 2015, 01:24:27 PM |
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I agree with many other posters. Many bitcoin lotteries on here are very small, like 0.1 btc or 1 btc, or even 10 btc is way too small. If there was 1 HUGE lottery with like 10 thousand or 100 thousand dollars worth, it would be much more worth to join/play in. I don't want to put in 3 dollars and have a chance to win 30 dollars, if I can do that, I will just use dice.
So I would expect that you would have lots of advertising and funds, before its worth for anyone to play in a lottery.
There are few lottery sites that offer big prizes ranging from 80 to 120+ BTCs, what about those? |
10XBTC.com: The Easiest BTC Lottery!
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