BTC Lotteries Jackpot Rigging and True Flip

[Treezy_]

Hello everyone. If you are interested in BTC investment I'm sure you've heard about different lotteries. If you didn't - check this article about Iowa lottery rigging and how do lottery frauds work: https://medium.com/@eberhardlindfordt.ico/blockchain-no-more-jackpot-rigging-1a4e091e0c2b Right now there are not many trust-worthy lotteries, but True Flip is one of them https://ico.trueflip.io/ . Everything is transparent, they have already raised more than 3,000,000$. Don't be afraid to take part in it.

[piloder]

I also know about trueflip and yes they seem legit and trustworthy. I have even bought few tickets but I am not lucky enough to win anything there. I am wondering who will be lucky winner to hit the huge jackpot they have.  

[Hatcher]

It is indeed transparent. Transparently bad.

"The system will automatically convert your payment to bitcoin and transfer funds to the prize fund of the lottery. The prize fund of the system is transparent and always open for viewing due to blockchain technology, and comes to 50% of the ticket cost; remaining 35% go to promotion (15-20%) and fee of the system (10-15%), for server maintenance, wages of developers, and shareholders' dividends."

That means that there is a 50% house edge right then and there since only half of the funds from the ticket price is going to the prize pool. But wait! It doesn't stop there!

"Do you charge fees to winnings?
Yes, we charge 4% transaction fee for winning."

So not only do they take 50% for their salaries and maintenance and promotion (35% of the total!) but they tax you another 4% if you happen to actually win because why the hell not? At this point is raises the question... Does this actually beat government-run lotteries? If so, it can't be by much. Nevertheless, this is a bitcoin lottery and we know that there are a number of games (particularily dice) that have a 1% house edge or less and you can play dice like a lottery (some sites offer 990000x for a 1/1000000 to win). So why the hell would anyone want to buy a lotto ticket here when there are way better opportunities in the bitcoin gambling space?

Now, if you're investing in this ICO: consider what happens when 1000 BTC is dumped into a draw (500 BTC to the lotto prize, 500 BTC to True Flip). You'll get whatever is left of the 150 BTC pie after "maintenance" and "wage of developers" (which they can adjust arbitrarily) since 350 BTC is going to "promotion".

[BTCevo]

So what are you suggesting here? To ask us to participate into your ico? Or to fund some bankroll? Because you did not give some specific explanation here. You said that if we insterested in bitcoin investment we should join your ico here but instead of that you are opening some gambling game there but some people might win all of it. And then you have no balance to support your ico right?

[AmoreJaz]

it is sounding like a snake oil vendor!  the true one and only cure all! so transparent you can almost see thru it!
Come one ... come all..... lets meet in JonesTown  """Everyone drink some Kool-Aid"""
sit back and sip some koolaid and watch this ico

[Ayiranorea]

If that's a trusted lottery then what's the need to promote it. It will grow through the reputation from its players who spread the good. I think Op gets benefited with some referral bonus or something like that, for which he has used our forum.

[ubercool]

I dont know whether it is trustworthy or not but their ICO is promising and they have done some work on their project. Promoting them on Twitter and I hope it will be successful. Lots of ICO's coming to surface these days but only some are having potential.

[lite]

I dont know whether it is trustworthy or not but their ICO is promising and they have done some work on their project. Promoting them on Twitter and I hope it will be successful. Lots of ICO's coming to surface these days but only some are having potential.

They already have collected good amount (1236.07 BTC / 3,271,677 USD), i think that's really a big amount for a jackpot. don't know why they have ~6000 BTC goal. i'm not going to invest in this ICO. good luck to those who do.