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

[John (John K.)]

Thanks for the donate  . Got my payout too 

[1714329455]

1714329455

[1714329455]

1714329455

[1714329455]

1714329455

[Jonathan Ryan Owens]

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 https://bitcointalk.org/index.php?action=profile;u=22299
• Game Rules written by MasonIII

I updated the rules and games terminology for you pigki, it now includes the jackpot feature you just created.  On the other hand, while typing this, I see that the 3 "first" jackpot rounds for your bonus offer have already been created and you (or someone else) has already paid one out.  It seems as if your site is getting popular, I congratulate you on your great site

Thanks Mason! Updated!

[Dragonlord]

If anyone wants to know when the Jackpot feature has been added to rounds, get in touch with me via PM with your email address, and I'll let you know as soon as it's been implemented.

Bonus: the first 3 that start new Last Man In Jackpot rounds will have their deposit + ROI almost immediately, as I'll play those games and lock your earnings in immediately.

Regards,
Jonathan

PM sent. Can't wait to start a jackpot game  

What happened to your promise that you would send an email as soon as the jackpot feature was implemented? I never got any email!
And because the jackpot feature became available in the middle of the night for me, I missed the chance to be the first to start a jackpot game.  

[Jonathan Ryan Owens]

If anyone wants to know when the Jackpot feature has been added to rounds, get in touch with me via PM with your email address, and I'll let you know as soon as it's been implemented.

Bonus: the first 3 that start new Last Man In Jackpot rounds will have their deposit + ROI almost immediately, as I'll play those games and lock your earnings in immediately.

Regards,
Jonathan

PM sent. Can't wait to start a jackpot game  

What happened to your promise that you would send an email as soon as the jackpot feature was implemented? I never got any email!
And because the jackpot feature became available in the middle of the night for me, I missed the chance to be the first to start a jackpot game.  

We'll make it up to you somehow.

Regards,
Jonathan

[Dragonlord]

If anyone wants to know when the Jackpot feature has been added to rounds, get in touch with me via PM with your email address, and I'll let you know as soon as it's been implemented.

Bonus: the first 3 that start new Last Man In Jackpot rounds will have their deposit + ROI almost immediately, as I'll play those games and lock your earnings in immediately.

Regards,
Jonathan

PM sent. Can't wait to start a jackpot game  

What happened to your promise that you would send an email as soon as the jackpot feature was implemented? I never got any email!
And because the jackpot feature became available in the middle of the night for me, I missed the chance to be the first to start a jackpot game.  

We'll make it up to you somehow.

Regards,
Jonathan

Ok....

Do you still give a full refund on games that expire without any players?
It used to say so on the front page, but now I can't find any mention of a refund anywhere on the front page or in the rules.

[Cory]

What happens if you send more or less than the max/min bet? I may have accidentally done that. xD

[Jonathan Ryan Owens]

What happens if you send more or less than the max/min bet? I may have accidentally done that. xD

Under bets disappear forever, and overbets are counted for the maximum allowable bet, with the overage amount disappearing into the void of the eternally dark ether.

Still, I'm a nice guy. How much did you lose this time? Be honest, I'm too busy to audit at the moment.

Regards,
Jonathan

[Jonathan Ryan Owens]

If anyone wants to know when the Jackpot feature has been added to rounds, get in touch with me via PM with your email address, and I'll let you know as soon as it's been implemented.

Bonus: the first 3 that start new Last Man In Jackpot rounds will have their deposit + ROI almost immediately, as I'll play those games and lock your earnings in immediately.

Regards,
Jonathan

PM sent. Can't wait to start a jackpot game  

What happened to your promise that you would send an email as soon as the jackpot feature was implemented? I never got any email!
And because the jackpot feature became available in the middle of the night for me, I missed the chance to be the first to start a jackpot game.  

We'll make it up to you somehow.

Regards,
Jonathan

Ok....

Do you still give a full refund on games that expire without any players?
It used to say so on the front page, but now I can't find any mention of a refund anywhere on the front page or in the rules.

We do still give 100% refunds on no bet rounds, but we decided against advertising it because it seemed early on to result in punitive small bets, with 2 bet rounds expiring without host payout. It's called griefing, trolling and what have you.

So though we honor the 100% in our code, we don't feel particularly inclined to advertise that fact, mostly for those hosts safety who would expose themselves to griefing from others, looking to pot commit them.

Make sense?

Regards,
Jonathan

[Dragonlord]

pigki, It looks like there is a bug with your address validation check.

It tells me that all of the following addresses are invalid:

12Fz925or3w2s67BTL2sJEVHDaNmqCM1gD
1LWHUuf7fyJgJg81EkM11wj6aa1BZEwE3
1V4hDzv3NkdjsqhAgCYtuuNZnTUBHZe6c
12HucuVtua253tvGUvMTCtjDBinvMAmBmU

128vvfUGzfh7bHeVV3NattmUzn4hXmAuTf
1y4mk9BBtkRtU8sYKHm3zgew4iYuWCQKH
1QKvnPnrF41wd9zr31rQfG1GNv3t9SXx5
12CzKMorC4qNprvgUfQzXyPsWL19t28Vwp

The first 4 are known good addresses that have been used previously and show in blockexplorer.
The other ones are new addresses generated with my bitcoin client.

[Jonathan Ryan Owens]

pigki, It looks like there is a bug with your address validation check.

It tells me that all of the following addresses are invalid:

12Fz925or3w2s67BTL2sJEVHDaNmqCM1gD
1LWHUuf7fyJgJg81EkM11wj6aa1BZEwE3
1V4hDzv3NkdjsqhAgCYtuuNZnTUBHZe6c
12HucuVtua253tvGUvMTCtjDBinvMAmBmU

128vvfUGzfh7bHeVV3NattmUzn4hXmAuTf
1y4mk9BBtkRtU8sYKHm3zgew4iYuWCQKH
1QKvnPnrF41wd9zr31rQfG1GNv3t9SXx5
12CzKMorC4qNprvgUfQzXyPsWL19t28Vwp

The first 4 are known good addresses that have been used previously and show in blockexplorer.
The other ones are new addresses generated with my bitcoin client.

There is definitely a bug. We figured leaving our knowledge of it undocumented would be a very effective way of saying "we're in beta, so just make a new receiving address, mmk?"

Still, I'm sure we'll get to it soon. In the meantime, we're preoccupied with other tasks.

Regards,
Jonathan

[Dragonlord]

pigki, It looks like there is a bug with your address validation check.

It tells me that all of the following addresses are invalid:

12Fz925or3w2s67BTL2sJEVHDaNmqCM1gD
1LWHUuf7fyJgJg81EkM11wj6aa1BZEwE3
1V4hDzv3NkdjsqhAgCYtuuNZnTUBHZe6c
12HucuVtua253tvGUvMTCtjDBinvMAmBmU

128vvfUGzfh7bHeVV3NattmUzn4hXmAuTf
1y4mk9BBtkRtU8sYKHm3zgew4iYuWCQKH
1QKvnPnrF41wd9zr31rQfG1GNv3t9SXx5
12CzKMorC4qNprvgUfQzXyPsWL19t28Vwp

The first 4 are known good addresses that have been used previously and show in blockexplorer.
The other ones are new addresses generated with my bitcoin client.

There is definitely a bug. We figured leaving our knowledge of it undocumented would be a very effective way of saying "we're in beta, so just make a new receiving address, mmk?"

Still, I'm sure we'll get to it soon. In the meantime, we're preoccupied with other tasks.

Regards,
Jonathan

Ok, sorry to bother you.

[Cory]

Hey! My exponential round ended! That was fast!

I'm glad to be a part of Bitcoinduit history.

[Jonathan Ryan Owens]

Hey! My exponential round ended! That was fast!

I'm glad to be a part of Bitcoinduit history.

We're about to roll out some interesting live statistics for Jackpot rounds. We're also going to rename "Jackpots" to "Bounties" where the same 0 - 15% Jackpot fee will exist, and the option will be renamed to "Bounty." Hosts will now be able to Deposit additional Bitcoin to separately fund a Jackpot. Let's take a look at how this will look in a game round:

Here, the host has selected 25% ROI, a Bounty fee of 15%, 0% host fees (2% to house), min/max of 0.5 to 3 BTC, with expiration of 4 hours. When this round was started, the host made a 4.5 BTC deposit to start the round - 0.5 deposit, and 4 BTC "Bounty".

ROI: 25%
Bounty: 4 BTC
Bounty Fees: 15%
Fees: 2.0%
Minimum Deposit: 0.5000 BTC
Maximum Deposit: 3.0000 BTC
Confirmations Required: 0
Expiration: 4 hours of inactivity

Deposit Total: 0.5000 BTC
Payout Total: 0.0000
Fees Total: 0.0000
Pot: 0.4425
Jackpot: 4.075

Get the idea?

Get it?

Regards,
Jonathan

[Cory]

Hm, not really. D:

So there's going to be both a bounty AND a jackpot? Wouldn't it make more sense to just have the bounty, since they both do the same thing(reward the last bidder)?

Will the host be able to contribute to the bounty at times other than the very beginning of the round?

[Jonathan Ryan Owens]

Hm, not really. D:

So there's going to be both a bounty AND a jackpot? Wouldn't it make more sense to just have the bounty, since they both do the same thing(reward the last bidder)?

Will the host be able to contribute to the bounty at times other than the very beginning of the round?

1. Jackpot will disappear. Bounty will be replacing it, with the rules i set forth above. The host can deposit a Bounty amount, and set a bounty entry fee, which is currently called Jackpot fee, but that's going to change in the next version.

2. I like the idea. The only logical way to approach that though, considering that this is really built to be played using the bitcoin addresses as IDs, is to use a bit of logic to poll the initial receiving address that you're given to deposit funds to, which triggers the start of the game, and if additional deposits come in on that address later in the round, those deposits will be added to the "Bounty" fund. In fact, we would publish the address as part of the round, so that anyone who wanted to could contribute to the Jackpot, and so that you'd never forget the Deposit address if you wanted to increase the jackpot. Yes that's the way to do it.

[Cory]

Ah, so in your example "jackpot" would be replaced with "bounty"? I think that's what confused me. I've got it now.

Making a public bounty address is a fantastic idea!

[Jonathan Ryan Owens]

Ah, so in your example "jackpot" would be replaced with "bounty"? I think that's what confused me. I've got it now.

Making a public bounty address is a fantastic idea!

Not only is it a good idea, but we could go one step deeper and start directing the houses expired pots to the deposit address of the highest value of bounty total / total obligations of all rounds, where the round that has the best ROI receives the expired pots.

Get it?

[Jonathan Ryan Owens]

I'm actually ready to do a whole new game, and we're looking for game requests. If you can think it, we can do it. If your idea is cool, we'll cut you in on the millions we'll make.

Regards,
Jonathan

[Jonathan Ryan Owens]

FYI. Coming feature...

https://bitcointalk.org/index.php?topic=25804.msg442663#msg442663

[Jonathan Ryan Owens]

฿360 in deposits in one week!

Regards,
Jonathan