Question/Poll - Will you invest 0.01 BTC to win 100 BTC?

[basu77]

Guys I'm working something, which I will definitely share with the community soon.

I've a very simple question to all traders and Bitcoin enthusiasts.

Would you be interested in taking part in a lottery where you can win 100 Bitcoins by investing 0.01 BTC?

Basic rules are as follows: Participation cost  0.01 BTC, 15,000 participants.. 1 winner gets 100 Bitcoins, 20 Runner up winners get 2 Bitcoins each.

I'm working on a similar concept - wanted some thoughts from you folks before I take it any further..

So will you invest 0.01 BTC to win 100 BTC? Yes or No and why...

[1714708936]

1714708936

[1714708936]

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[basu77]

Am I totally nuts to think like this?

[Chronos_angel]

Is there anyone who can trust this, by investing 0.01btc will be able to get 100 BTC, if it is true whether this will use escrow

[redigaffi]

It could work, this is how traditional lotteries works, doing the math:

0.01 btc * 15000 users = 150 btc .

So, the winner receives 100 btc,
20 guys get 2btc = 40 btc

100btc + 40btc = 140 btc .

I suppose that the 10 resting btc are your profit?, right

[HeRetiK]

If you can make it provably fair and gain the community's trust it might work, but especially the latter is going to be rather hard. Especially given the amount of BTC and people you are trying to get involved.

In the end I could just try my luck with one of the established dice sites and have the same odds and potential winnings without the extra steps of a lottery.

[bit-freedom]

Yes, I will invest some BTC to try winning the lottery. But 0.01 BTC is not really a small amount that people are willing to pay for the lottery tickets. I think 0.001 BTC will be a better bet amount.

[basu77]

Is there anyone who can trust this, by investing 0.01btc will be able to get 100 BTC, if it is true whether this will use escrow

 

Only winner gets that, not everyone -

[Ctn]

I think this is crazy idea and no one will put that much money on stakes where the odds of winning are really really low. I mean in total only 21 winners from the 15000 participants. What do you think what can be done with that? I mean at least I know that I’m not lucky enough to put that much money and even get the 21st position to win that 2 BTC. Plus we would love to know how they gonna raise the money so surely and how they are securing our funds. I mean do we really get the security if we don’t reach the minimum participant cap. There are many things which needs to be assured first so that people will trust something like that. For me may be I won’t.

[basu77]

It could work, this is how traditional lotteries works, doing the math:

0.01 btc * 15000 users = 150 btc .

So, the winner receives 100 btc,
20 guys get 2btc = 40 btc

100btc + 40btc = 140 btc .

I suppose that the 10 resting btc are your profit?, right

Yes, something like that - but my question is , is it not enticing enough to invest $0.01 to win 100 BTC with appx 15,000 contestants participating.

I've not played much lottery, neither an active user of Bitcoin - but given the fact that everyone trading is looking for a big return and risking their money anyway, a contest like this if not anything could be a lot of fun and excitement.

Would you not try to win 100 BTC with a 1/15000 chances ?

[xYakult]

It could work, this is how traditional lotteries works, doing the math:

0.01 btc * 15000 users = 150 btc .

So, the winner receives 100 btc,
20 guys get 2btc = 40 btc

100btc + 40btc = 140 btc .

I suppose that the 10 resting btc are your profit?, right

Yes, something like that - but my question is , is it not enticing enough to invest $0.01 to win 100 BTC with appx 15,000 contestants participating.

I've not played much lottery, neither an active user of Bitcoin - but given the fact that everyone trading is looking for a big return and risking their money anyway, a contest like this if not anything could be a lot of fun and excitement.

Would you not try to win 100 BTC with a 1/15000 chances ?

For me, I wouldn't even try to trust my money to a stranger unless you are really trusted. I will still prefer to play on dice with 9900x multiplier rather than playing lottery and wait for other people to fill that 150btc

[basu77]

I think this is crazy idea and no one will put that much money on stakes where the odds of winning are really really low. I mean in total only 21 winners from the 15000 participants. What do you think what can be done with that? I mean at least I know that I’m not lucky enough to put that much money and even get the 21st position to win that 2 BTC. Plus we would love to know how they gonna raise the money so surely and how they are securing our funds. I mean do we really get the security if we don’t reach the minimum participant cap. There are many things which needs to be assured first so that people will trust something like that. For me may be I won’t.

Thanks for your input.. I needed such feedback only. Points noted. 

[stenly777]

You need to win trust, then there will be players.

[basu77]

It could work, this is how traditional lotteries works, doing the math:

0.01 btc * 15000 users = 150 btc .

So, the winner receives 100 btc,
20 guys get 2btc = 40 btc

100btc + 40btc = 140 btc .

I suppose that the 10 resting btc are your profit?, right

Yes, something like that - but my question is , is it not enticing enough to invest $0.01 to win 100 BTC with appx 15,000 contestants participating.

I've not played much lottery, neither an active user of Bitcoin - but given the fact that everyone trading is looking for a big return and risking their money anyway, a contest like this if not anything could be a lot of fun and excitement.

Would you not try to win 100 BTC with a 1/15000 chances ?

For me, I wouldn't even try to trust my money to a stranger unless you are really trusted. I will still prefer to play on dice with 9900x multiplier rather than playing lottery and wait for other people to fill that 150btc

You're InsurePal... extra caution and safety is expected of you. I'm talking about people with a little more appetite for fun..

[Faruque312]

is it real? if it real then i think 100 btc got their members, if you see 100 btc then keep it in your dream, if it real, otherwise i think its fake.

[basu77]

is it real? if it real then i think 100 btc got their members, if you see 100 btc then keep it in your dream, if it real, otherwise i think its fake.

Sir, it is not real - it's a hypothetical scenario..

[rickyleatham]

no, i wont do that, it is such a waste to invest our bitcoin into a lucky game, i would rather use that BTC to keep making btc rather than using it when i still poor, this is just a game for people who have nothing to do or having a lot of btc to play this game.

[xarly1]

I wouldn't do that . The lottery is a bad idea . Yes to win 100BTC well , but excitement is a bad thing

[eternalgloom]

The concept itself is pretty interesting, I quite like the idea of a high stakes lottery, but only if a couple of conditions are met.
How would you make sure that you'd operate the lottery in such a way that it is provably fair and that you won't run away with the funds?

If this could be done via smart contract or through some kind of very trusted escrow, I would definitely be interested in participating in something like this.

[joebrook]

Guys I'm working something, which I will definitely share with the community soon.

I've a very simple question to all traders and Bitcoin enthusiasts.

Would you be interested in taking part in a lottery where you can win 100 Bitcoins by investing 0.01 BTC?

Basic rules are as follows: Participation cost  0.01 BTC, 15,000 participants.. 1 winner gets 100 Bitcoins, 20 Runner up winners get 2 Bitcoins each.

I'm working on a similar concept - wanted some thoughts from you folks before I take it any further..

So will you invest 0.01 BTC to win 100 BTC? Yes or No and why...

I am all for making quick money but I really don’t think that with 0.01 BTC I will be able to make 100 BTC and it is very risky and you claim that it is rather a lottery rather than an invest even with a 50/50 chance of winning, I will still not try.

[bhadz]

That's a big pot seriously. I don't think that's very possible that you will come up to that number of participants, considering that you'll only place 0.01 BTC and win 100 BTC? I'm skeptic about this idea, you need to enlighten us more about the concept that's starting to circle on your mind.