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Author Topic: bitcoin, better than the lottery!  (Read 651 times)
stryker
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July 19, 2011, 05:20:15 PM
 #1

Hi,

The thought occurred to me.... the chances of bitcoin becoming a successful economy (to what scale unknown) are significantly better than winning the UK national lottery (14 million to 1) yet people pour GBP every week into that!

Pour some GBP into bitcoin and stand a much better chance of a "win"..... theres a good argument that explains to the masses why they should buy a few BTC....

Discuss just for fun :-)

PS: hi, just discovered BTC a month or so ago and find it very interesting if only as a medium to invite interesting discussion on economics!

Jon
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July 19, 2011, 05:59:16 PM
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Good point here my friend. I don't think I've ever looked at it this way, but it's true.  Thanks for the outlook on this Jon
stryker
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July 19, 2011, 06:04:45 PM
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its true, all about perception.... why does no-one put "1,2,3,4,5,6" as their uk lottery numbers? it has just as much chance as winning as any other combo of numbers up to 49!!

bitcoin has a way better chance of "paying back", plus everything WE do to encourage people to trade in bitcoin only improves the "chances"!

All for fun

Jon
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July 19, 2011, 06:26:38 PM
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its true, all about perception.... why does no-one put "1,2,3,4,5,6" as their uk lottery numbers? it has just as much chance as winning as any other combo of numbers up to 49!!

bitcoin has a way better chance of "paying back", plus everything WE do to encourage people to trade in bitcoin only improves the "chances"!

All for fun

Jon


Only an idiot would put 1 2 3 4 5 6

Why? A lot of ppl put 1 2 3 4 5 6 so if that combo is the winning one you have to divide your prize with all that put that combo.

Since the chance is the same, it's clever to put ANOTHER combo, one that no one put  Cheesy


As for ppl wasting money on lottery...well you cannot expect clever things like investing in bitcoin from ppl who waste tons of money on lottery  Cheesy
a63ntsm1th
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July 19, 2011, 06:36:54 PM
 #5

I like the cut of your jib.

Additionally you could point out that playing the lottery is, overall, a losing proposition. In oder for lottery corporations to make a profit the odds are worse than the actual payout justifies.

just my .02 btc
gigabytecoin
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July 19, 2011, 06:49:17 PM
 #6

At this rate actually it is probably pretty close to the lottery in terms of cost to reward.

Say you already own a computer, and you buy a 5830 for $150 USD that can do 250Mhash/s ...

Over the course of one year, you will probably mine 1 block solo, or 50BTC or ~$700 USD.

If you spent $150 on lottery tickets... you could probably make about $700 if you were lucky, or nothing if you weren't.

Same with BTC!
stryker
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July 22, 2011, 10:42:07 AM
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nice thought, though i imagine mining solo is a bit out the window now...... unless you have 20+gh/s going spare :-)
Grouver (BtcBalance)
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July 22, 2011, 11:09:31 AM
 #8

Right.
But people don't attend the lottery to win $700 they are buying tickets cause they want the 14 million.
Comparing a lottery to Bitcoin isn't really a legit comparison.

If you buy one lottery ticket of $15 and also buy $15 worthy of bitcoin you cannot never ever get 14 million out of those $15 by just investing.
This would mean a Bitcoin should be about 14 million dollars a piece (based on current exchange rate).

How ever, you can win that 14 million dollars with one lottery ticket you just bought.

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