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Author Topic: Not-For-Profit Bitcoin Raffle  (Read 913 times)
SGExodus
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May 27, 2013, 09:09:51 AM
 #1

There have been many implementations of Bitcoin Raffle, such as:

https://bitcointalk.org/index.php?topic=207177.0
https://bitcointalk.org/index.php?topic=182712.0

and many more when search under "bitcoin raffle" on Google.  Most of these raffle are profit driven and perhaps even scammish in nature.

However, I felt that a fair and automated Raffle system (perhaps built by someone with sufficient reputation) can be useful for the Bitcoin community as we could consolidate all the scattered satoshis back into bigger and more useful chunk.

Many of the new bitcoiners have picked up a few satoshis here and there from free bitcoin giveway sites, reddit tipbot etc. The amount are so small that they can't really do anything useful with it.    And if they lost interest with bitcoin later,  they may just delete the client/data and buried these satoshis together with them.  Such raffle can provide a way for them to properly "dump" their satoshis.

My idea of such Raffle system:

*  0.005 BTC per Raffle ticket (which most newbie can acquire quite quickly from clicking a few online ads / completing surveys)
*  Raffle roll automatically whenever 100 tickets were sold.
*  The system can use a pre-announced random number generator, or sync with a public data source, such as Satoshidice roll results. For example, in the case of Satoshidice, we can take the immediate 3 dice results using the timestamp of the 100th ticket sold, and use the equation ( (dice1 + dice2 + dice3) mod 100 ) + 1 to generate a number between 1 to 100 to determine the Raffle winner.

As the raffle stake is small,  the operator will likely need to run the service on non-profit basis, and perhaps makes its profit from higher stake raffle should he/she is able to convince other bitcoiners to participate in higher stake game.

What do you guys think about this?  Would it be viable? And any taker to implement it?
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May 27, 2013, 01:57:02 PM
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a raffle indicates prizes in the form of objects/products. if the prize is a total sum of the inputted bitcoin, this is considered a lottery.

that being said there is no such thing as non-profit these days. its just a term used for business owners to class their wage as a business cost, leave no funds in reserve and avoid business tax because of the lack of funds left over in the business bank account.

bitcoin is not taxable. so using the term non-profit is a moot point.

a better term to use is "100% of bets/ticket value is the prize"

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May 29, 2013, 03:54:39 AM
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Non profit bitcoin raffle, awesome!

Just A Guy Interested In Bitcoins
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May 30, 2013, 12:50:38 AM
 #4

I'm running one. It's non-profit as long as the jackpot does not exceed 1 BTC. Any larger, and I take a percentage already. And there's already lots of competition.

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