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

[TeaRex]

Is there any place that actually explains what bitcoinduit is and how it works in principle? I couldn't find any. The "game rules" link on the site just links to the beginning of this thread but the thread opening post doesn't explain the rules at all, as far as I can see.

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[1714112555]

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[Jonathan Ryan Owens]

Is there any place that actually explains what bitcoinduit is and how it works in principle? I couldn't find any. The "game rules" link on the site just links to the beginning of this thread but the thread opening post doesn't explain the rules at all, as far as I can see.

Good idea. Here, let's start writing it up. All game rule descriptions will be placed on the "rules" page and on the first post of this thread. I'll match 0.5 btc bets in each persons new rounds for their assistance in helping to describe the game.

Game Rules

Game Summary:

1. Game Terminology

2. Setup

3. Gameplay

4. Game End

5. Credits

[MasonIII]

Is there any place that actually explains what bitcoinduit is and how it works in principle? I couldn't find any. The "game rules" link on the site just links to the beginning of this thread but the thread opening post doesn't explain the rules at all, as far as I can see.

Good idea. Here, let's start writing it up. All game rule descriptions will be placed on the "rules" page and on the first post of this thread. I'll match 0.5 btc bets in each persons new rounds for their assistance in helping to describe the game.

Game Rules

Game Summary:

1. Game Terminology

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.
  -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

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

5. Credits

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

[Jonathan Ryan Owens]

Is there any place that actually explains what bitcoinduit is and how it works in principle? I couldn't find any. The "game rules" link on the site just links to the beginning of this thread but the thread opening post doesn't explain the rules at all, as far as I can see.

Good idea. Here, let's start writing it up. All game rule descriptions will be placed on the "rules" page and on the first post of this thread. I'll match 0.5 btc bets in each persons new rounds for their assistance in helping to describe the game.

Game Rules

Game Summary:

1. Game Terminology

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.
  -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

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

5. Credits

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

Thanks! Where can I send my matching bet?

Regards,
Jonathan

[MasonIII]

Can I keep that matching .5 on hold?  Waiting for last man in jackpot to roll out before I start one.

[Jonathan Ryan Owens]

Can I keep that matching .5 on hold?  Waiting for last man in jackpot to roll out before I start one.

Sure thing.

Regards,
Jonathan

[iBitGuy]

Hey are there any issues with the auto payout right now because I have a few sitting at 0/unconfirmed for a few hours now...just wondering because that doesn't usually ever happen. Thanks!

[geek-trader]

Hey are there any issues with the auto payout right now because I have a few sitting at 0/unconfirmed for a few hours now...just wondering because that doesn't usually ever happen. Thanks!

I have 1 that way, also.

"Big_Money" #2

[geek-trader]

Hey are there any issues with the auto payout right now because I have a few sitting at 0/unconfirmed for a few hours now...just wondering because that doesn't usually ever happen. Thanks!

I have 1 that way, also.

"Big_Money" #2

I have 1 confirm now.  Took 2.5 hours, but It's there now

[iBitGuy]

ok mine are all showing one confirm now too. They took a very long time though

[Jonathan Ryan Owens]

[EDIT]

I hope I didn't freak anyone out. I was on my phone and saw what you guys said, and thought that bets hadn't been placed in rounds. Once I got home I just realized that you were talking about the bitcoin network! Oops! I hope I didn't freak anyone out! It was the first time I'd been away from the computer for more than 2 hours in the past 72 hours, so I figured that something had broken (always the pessimist) and when I checked and saw what seemed to be a problem with the application, I immediate started driving home to get it fixed.

Anyways, there was apparently no problem.

Regards,
Jonathan

______________________________
We are looking into it right now. Don't worry, you'll get paid back asap once I'm home and can audit transactions. We are only 3 days old, after all. Crazy growth!

Sit tight! Your funds are safe!

Regards,
Jonathan

[MasonIII]

Can I keep that matching .5 on hold?  Waiting for last man in jackpot to roll out before I start one.

Sure thing.

Regards,
Jonathan

Just to say thanks to jonathan for his matching .5.  Great site, and very good response to questions.  My game is at http://www.bitcoinduit.com/game/viewRound.php?id=GoodOld_DoubleTrouble and while waiting for an officially supported jackpot feature, I am manually doing one that is 6.4% of all deposits.

[Jonathan Ryan Owens]

Can I keep that matching .5 on hold?  Waiting for last man in jackpot to roll out before I start one.

Sure thing.

Regards,
Jonathan

Just to say thanks to jonathan for his matching .5.  Great site, and very good response to questions.  My game is at http://www.bitcoinduit.com/game/viewRound.php?id=GoodOld_DoubleTrouble and while waiting for an officially supported jackpot feature, I am manually doing one that is 6.4% of all deposits.

Just sent 0.5 to your round!

Regards,
Jonathan

[TeaRex]

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.
  -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

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

5. Credits

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

Thanks for that, nice to have some how-to stuff, but I have to admit - I'm still not getting the basic idea. So the game operator is betting against the participants that they won't reach some total amount? Or what?

[Jonathan Ryan Owens]

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.
  -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

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

5. Credits

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

Thanks for that, nice to have some how-to stuff, but I have to admit - I'm still not getting the basic idea. So the game operator is betting against the participants that they won't reach some total amount? Or what?

http://en.wikipedia.org/wiki/Charles_Ponzi

It's a risk/reward game, where depending on the particular game rules and level of active betting in a round, you have a chance to win up to the % ROI listed in each game. Each person is paid out, in pyramid like fashion, and ultimately the rounds end with people going unpaid. Some people suffer so that others may win.

Sound familiar?

Think: Rational Ponzi Schemes such as US Debt and the International Monetary Fund.

They're a bit bigger than Bitcoinduit, but not for long!

[Jonathan Ryan Owens]

BUMP! Jackpots Now Available For Hosted Games!

Regards,
Jonathan

[John (John K.)]

Got myself in the first jackpot game 

[Jonathan Ryan Owens]

Got myself in the first jackpot game 

Thanks for playing in my game! 0.1 Donated!

Regards,
Jonathan

[MasonIII]

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

[Cory]

Hey, fantastic!

The front page should round the pot total to three decimals. Right now it looks ugly. The actual round page should be as accurate as possible, though.
The jackpot percentage should also be listed on the front page for each round.