This interesting website has turned a bitcoin faucet into a microeconomy

[derrend]

Here is a wordpress article explaining how it works:
https://bitchikun.wordpress.com/2016/06/12/introducing-bit-chikun-com/

And here is a link to the website:
https://bit-chikun.com/

All feedback appreciated.

[franky1]

not a faucet but a pyramid scam.

reporting to mod to move off topic

[derrend]

not a faucet but a pyramid scam.

You should at least look at it before making unfounded accusations. What's pyramid about it?

[Steve_Tou]

Obvious pyramid scam is obvious.

[derrend]

Obvious pyramid scam is obvious.

Explain the pyramid aspect to me, where is it?

A pyramid/ponzi scheme collects money from new investors and uses it to pay off the old ones in an ever expanding bubble but that's not what's happening here imo,

[Slow death]

I've never heard of this site, but honestly when I saw this I was scared, it looks like a witchcraft site.



that stick with the chicken head, it's scary, it seems who are about to do some satanic ritual.

[derrend]

lol, it's a reference to this

[actmyname]

So this is basically a lottery system sort of game. Kind of risky given that you don't even know how much has been invested in the game. All you have to go on is the fact that there are x other players.


Probably will turn scam at some point soon (if it hasn't already).

[derrend]

So this is basically a lottery system sort of game. Kind of risky given that you don't even know how much has been invested in the game. All you have to go on is the fact that there are x other players.

You can use the results page to see the previous transaction history to get a better idea of how much you need to risk in order to win.

[dwyer17]

Arise chicken! Chicken arise! Pretty funny website haha. I'll put in the minimum deposit amount and see if anything happens.

[derrend]

Arise chicken! Chicken arise! Pretty funny website haha. I'll put in the minimum deposit amount and see if anything happens.

You will lose because it's not possible for anyone to bet lower than you. ("minimum deposit") 

[rockyV]

now cryptodevil will turn your account into negative trust

[cryptodevil]

Actually I initially did and then after reviewing the details further came to the conclusion that it appears to be simply a betting game.

Assuming, because the code is open-source, that everything is provably fair when it comes to matching up the amounts being wagered, it would make this a legitimate gamble, albeit one where the big fish eat the little fish. Unless anyone can show that it isn't creating the pairs randomly then this doesn't qualify as a scam.

That being said, as with all centralised services, the operators could still leg it with the funds.

@derrend If there are an odd number of deposits made in a round, how does the system handle the one that can't be paired up?

[derrend]

Actually I initially did and then after reviewing the details further came to the conclusion that it appears to be simply a betting game.

Yay!

@derrend If there are an odd number of deposits made in a round, how does the system handle the one that can't be paired up?

Line 169 in the views file takes care of that, it checks to see if the number of accounts with a non-zero balance is even, otherwise it ignores one of the records until the next round.

There are also no draw results because if two records are matched which have the same balance they are also placed back in the pot until the next round.

[cryptodevil]

Perhaps changing the thread title might help correct the initial skepticism us jaded inhabitants of IBG had for your topic. It sounds too much like an irrelevant bit of fluff nonsense used to distract from a sketchy service.

If you focused on simply discussing the 'Risk Aversion' nature of the type of wager it is you're more likely to be able to quickly establish to readers that it isn't yet another ponzi/pyramid promotional thread.

There are a few legitimate services in IBG, but literally only a few, as in you can probably count them on the fingers of one hand if you were wearing mittens. This means they have to be adept at quickly asserting the facts which separate them from dodgy schemes and scams and getting straight to the core of the service's details is important.

[luksbit]

This occurs a problem?
I made two deposits, one yesterday and one today, however till date no information if I won or lost

Att,

Luks

[derrend]

This occurs a problem?
I made two deposits, one yesterday and one today, however till date no information if I won or lost

Let me know the txid's or deposit addresses and I'll take a look for you