Bitcoinduit.com - Two Week Deposits: ฿ 823 - Thanks For Playing!

[Jonathan Ryan Owens]

Total deposits: ฿ 823.29754181
Total live pots: ฿ 10.0132950022
Total live jackpots: ฿ 8.5256849995
Total paid dividends: ฿ 681.5213149505
Total host fee payouts: ฿ 13.6963976869
Total expired pot payouts: ฿ 33.07752541825
Total jackpots paid: ฿ 24.046266999
Total sent to users: ฿ 752.34150505465
Total nonrefundable house fees: ฿ 1.8543
Total expired pot collected: ฿ 33.07752541825
Total house profit: ฿ 34.93182541825
Total refundable house fees pending new deposits: ฿ 0.356
Surplus: ฿ 17.1292313354



August 4, 2011
Jackpot feature has been added. Host will be able to select a % at deposit that goes into the Jackpot for each round. Jackpot will be paid to the last bet before expiration.

Game rules section has been updated below, and is also available here: Game Rules

IMMEDIATE PAYOUT AND 50/50 POT SPLIT WITH THE HOST AT ROUND END

Danke furs Mitspielen, Deutschland!

Tack för att du spela, Sverige!

takk fyrir að spila, iceland!

شكرا للعب، والعراق!

You can set most of the rules yourself, including when the rounds end - i.e. round ends x hours after last bet is received.

Bonus: left over pot at the end of each round 50% to the host (the person who started the round)

Feedback is appreciated!

Thanks!

Jonathan

GAME RULES

Description:

Game Summary:

1. Game Terminology
Ponzi Scheme: A game where the later entrants pay out the earlier entrants
-Named for Charles Ponzi http://en.wikipedia.org/wiki/Charles_Ponzi
Jackpot: A feature where a % of each deposit is taken out and placed into a jackpot
2. Setup
Click create new round at http://www.bitcoinduit.com/ (its at the bottom)
Fill out all the fields (email is optional)
-Round ID: Name of Game
-Host address: Where the fee's received from the game are sent
-ROI: Return on investment. The ROI + 100 is the expected payout amount. 20% ROI for a 1.0 BTC deposit will result in a 1.2BTC payout when pot reaches that amount.
-Host Fee: % of each deposit that will be given to the host.  *Note that 2% will be added on top of the chosen fee to go towards the bitcoinduit site.
-Jackpot: The % of each deposit that will be taken out of the pot and placed into a separate jackpot
-Minimum/Maximum Bet: The lower and upper limit of bets that can be placed.
-Expires after: After how many hours of no one playing before the game will automatically end.
After you click create, you must send the initial deposit to the shown address to officially start the game
3. Gameplay
Click on the desired game
Click play now-get new deposit address
Enter the bitcoin address to which you want to be payed
Click get deposit address
Send your bet to the shown address
Wait for your payout if the pot reaches the necessary amount
Profit
If the game utilizes the jackpot feature, you may want to aim to be the last bet in order to win the jackpot
4. Game End
The game will end when no bets have been placed for the designated number of hours
50% of the remaining pot will go to the host, 50% will go to betcoinduit.com
If the round has a jackpot, then it will be payed out to the last bet's address
5. Credits


Game created by pigki and TT, Copyright 2011
Game Rules written by MasonIII

[TerraformProjectAlpha]

Awesome bump. Good Guy worked with him before.

[Cory]

The site still doesn't load for me.

[Jonathan Ryan Owens]

DNS fixed.

[Jonathan Ryan Owens]

I received a private message and thought I should share with everyone to clarify how depositing and refunds work.

PM:

"Just wanted to let you know that I LOVE your bitcoinduit platform! I've never invested so much money into a project without a background. I trust you'll build up your reputation.

However, I would suggest that you let the round creator know that 2% will always go to Bitcoinduit when they create the round. I didn't see that anywhere.

Anyway, keep up the great work! Do you hang out on IRC or anything like that?"


Thanks! We've put a lot of time into it, and it's been a great exercise in understanding how to work within the constraints of Bitcoin. I hope it is well received!

FYI, to start a game, effectively 10% of the host deposit gets placed into the "fee pool", and as you saw with your 2 Bitcoin deposit, the "pot" is B 1.80. I need to put a bunch more information on there, but the 10% really makes no difference to the first depositor, as if they get a double, the fee is effectively paid by the next 'investor' down the line. Furthermore, if there are NO bets in 24 hours or how ever many hours are set by the Host, the full amount is refunded. Once more people deposit into your hosted game, you receive a fee that you've set in the creation of the round (called "host fee").

The coolest part is really that we host the instant payout mechanism for you, which is a great way to keep these types of games moving along quickly.

Regards,
Jonathan

[Cory]

Hey, excellent response. The more transparent this can be, the better! So 10% of the original deposit + 2% of each further deposit goes to the pool if there are two or more investors?

You should include the number of deposits as a statistic on the front page. That's one of the first things I like to know before I get into a flip game!

Also, I'll be making a couple more deposits into my Cheapskates game soon, if any lurkers want to try this out without risking much (0.1 minimum, 0.3 maximum)! http://www.bitcoinduit.com/game/viewRound.php?id=Cheapskates

[Jonathan Ryan Owens]

Hey, excellent response. The more transparent this can be, the better! So 10% of the original deposit + 2% of each further deposit goes to the pool if there are two or more investors?

You should include the number of deposits as a statistic on the front page. That's one of the first things I like to know before I get into a flip game!

Also, I'll be making a couple more deposits into my Cheapskates game soon, if any lurkers want to try this out without risking much (0.1 minimum, 0.3 maximum)! http://www.bitcoinduit.com/game/viewRound.php?id=Cheapskates

The fee you set at the beginning of the round is the % you get as host whenever a new deposit is made in your game. In your case, 4% of each deposit is automatically paid to you when a new deposit is made, for each deposit that's ever made in your round. We will probably change this to payout at a threshold, but for now it's more interactive to just pay the tx fee for any amount.. 0.0005 tx is worth rapid testing.

Regards,
Jonathan

[MasonIII]

Its been awhile since I started one of these, back when spreadsheet games were all the rage. I started a new round that returns 110% of the original bet with a 5% fee.  The min/max is 0.1/1.0 BTC.  Its located at http://www.bitcoinduit.com/game/viewRound.php?id=Lowballers  If anyone would like to try it out, it JUST started, and hopefully will cycle through for awhile.

To pigki, the site so far seems great.  Its smooth with a very simple interface.  Kudos for making it, I like it a lot.

[Jonathan Ryan Owens]

Hey, excellent response. The more transparent this can be, the better! So 10% of the original deposit + 2% of each further deposit goes to the pool if there are two or more investors?

You should include the number of deposits as a statistic on the front page. That's one of the first things I like to know before I get into a flip game!

Also, I'll be making a couple more deposits into my Cheapskates game soon, if any lurkers want to try this out without risking much (0.1 minimum, 0.3 maximum)! http://www.bitcoinduit.com/game/viewRound.php?id=Cheapskates

Number of deposits for each game is now listed on the Tables page.

http://www.bitcoinduit.com/game/viewRoundSet.php

Regards,
Jonathan

[Jonathan Ryan Owens]

Its been awhile since I started one of these, back when spreadsheet games were all the rage. I started a new round that returns 110% of the original bet with a 5% fee.  The min/max is 0.1/1.0 BTC.  Its located at http://www.bitcoinduit.com/game/viewRound.php?id=Lowballers  If anyone would like to try it out, it JUST started, and hopefully will cycle through for awhile.

To pigki, the site so far seems great.  Its smooth with a very simple interface.  Kudos for making it, I like it a lot.

Thanks! I just noticed your 5% fee (2% to the house and 5% to you = 7%) on the second deposit got locked, fixing now. You should see a small tx come in shortly.. Work in progress..

[MasonIII]

Its been awhile since I started one of these, back when spreadsheet games were all the rage. I started a new round that returns 110% of the original bet with a 5% fee.  The min/max is 0.1/1.0 BTC.  Its located at http://www.bitcoinduit.com/game/viewRound.php?id=Lowballers  If anyone would like to try it out, it JUST started, and hopefully will cycle through for awhile.

To pigki, the site so far seems great.  Its smooth with a very simple interface.  Kudos for making it, I like it a lot.

Thanks! I just noticed your 5% fee (2% to the house and 5% to you = 7%) on the second deposit got locked, fixing now. You should see a small tx come in shortly.. Work in progress..

Thanks!  To the people who are playing lowballers, my apologies, i did not realize that 110% meant 2.1x instead of 1.1x nor a 2% fee would be added on top of my game.  Therefore to clarify, it is 2.1x and a (5+2)% fee.

[Jonathan Ryan Owens]

Its been awhile since I started one of these, back when spreadsheet games were all the rage. I started a new round that returns 110% of the original bet with a 5% fee.  The min/max is 0.1/1.0 BTC.  Its located at http://www.bitcoinduit.com/game/viewRound.php?id=Lowballers  If anyone would like to try it out, it JUST started, and hopefully will cycle through for awhile.

To pigki, the site so far seems great.  Its smooth with a very simple interface.  Kudos for making it, I like it a lot.

Thanks! I just noticed your 5% fee (2% to the house and 5% to you = 7%) on the second deposit got locked, fixing now. You should see a small tx come in shortly.. Work in progress..

Thanks!  To the people who are playing lowballers, my apologies, i did not realize that 110% meant 2.1x instead of 1.1x nor a 2% fee would be added on top of my game.  Therefore to clarify, it is 2.1x and a (5+2)% fee.

We'll be making it easier to understand very shortly, and we do need to give better context to the game setup options. Looks like you already got paid, though, so I don't think you're really complaining lol.

[Cory]

I'd love to see some sort of incentive to keep these games going once they start slowing down.

If, say, half of the pot goes to the last bidder, I'd bet the house would make more money.

Because right now the house gets the entire leftover pot, right?

[Jonathan Ryan Owens]

I'd love to see some sort of incentive to keep these games going once they start slowing down.

If, say, half of the pot goes to the last bidder, I'd bet the house would make more money.

Because right now the house gets the entire leftover pot, right?

Actually, right now the house favors the people Hosting games - the round Host can set fees above the house 2% deposit fee, up to 10%, and pocket that from each deposit as they happen.

Half the pot at the end of the round is split 50/50 with the Host. If there's enough feedback to support it, we can add a feature to allow for 50/50 split with last bet in. That's a good idea.. Should that be a feature? I wonder if the Hosts would really want to give up 50% of the pot at the end of the game? Maybe they would because there'd be more deposits, and more deposit fees streaming into their wallet..

Hmm..

[Cory]

I'd love to see some sort of incentive to keep these games going once they start slowing down.

If, say, half of the pot goes to the last bidder, I'd bet the house would make more money.

Because right now the house gets the entire leftover pot, right?

Actually, right now the house favors the people Hosting games - the round Host can set fees above the house 2% deposit fee, up to 10%, and pocket that from each deposit as they happen.

Half the pot at the end of the round is split 50/50 with the Host. If there's enough feedback to support it, we can add a feature to allow for 50/50 split with last bet in. That's a good idea.. Should that be a feature? I wonder if the Hosts would really want to give up 50% of the pot at the end of the game? Maybe they would because there'd be more deposits, and more deposit fees streaming into their wallet..

Hmm..

I would add it to my games.

And even if others wouldn't, what harm is there in having the option?

I had no idea that the pot was split with the host at the end. That's the kind of thing that should be included on the site, hehe. I know I know, "work in progress".

I really do appreciate your timely responses. I think this will turn into something great.

[Dragonlord]

I would like an option to choose a percentage that would go to a jackpot.

[Jonathan Ryan Owens]

I would like an option to choose a percentage that would go to a jackpot.

That's a great idea, Dragonlord.

How would this theoretical jackpot work?

[Cory]

I would like an option to choose a percentage that would go to a jackpot.

That's a great idea, Dragonlord.

How would this theoretical jackpot work?

It would be neat if the host could decide what percentage of the leftover pot(after house fees, if applicable) goes to the final bidder. That's how I interpreted his statement, anyway.

[Dragonlord]

I would like an option to choose a percentage that would go to a jackpot.

That's a great idea, Dragonlord.

How would this theoretical jackpot work?

The same way that bitcat.ch works.
The person with the last deposit before the game ends gets the jackpot.

[Jonathan Ryan Owens]

I would like an option to choose a percentage that would go to a jackpot.

That's a great idea, Dragonlord.

How would this theoretical jackpot work?

It would be neat if the host could decide what percentage of the leftover pot(after house fees, if applicable) goes to the final bidder. That's how I interpreted his statement, anyway.

Ok, so instead of a 50/50 split, the Host could decide to dilute both the house and host fees? I'm ok with that - as long as the reduction is evenly split between the Host and the House.. We are partners, after all.

It would look like this:

As is 50/50 50% to the Host, 50% to the House.

Host decides to give 25% of the pot to the last player in, and the remainder 37.5/37.5 is split between the Host and the House.

Is this correct?

Regards,
Jonathan