Bitcoin Forum
December 07, 2016, 10:11:59 PM *
News: To be able to use the next phase of the beta forum software, please ensure that your email address is correct/functional.
 
   Home   Help Search Donate Login Register  
Pages: « 1 [2] 3 4 »  All
  Print  
Author Topic: Bit-Syndicate - A Bitcoin Lottery Syndicate [Restarted!!!!!]  (Read 3871 times)
Konzul
Jr. Member
*
Offline Offline

Activity: 44


View Profile
August 06, 2011, 01:29:57 AM
 #21

No you where quite right in doing it proportionally. Every ticket sold increases the chance of the syndicate to win. If you buy 5 shares you should get 5 parts of the win, similarly to the lottery overall.

The charge is fair, you should however make it clear that this is the only cut you take, as its actually rather low. Considering that from the 0.01 you pay 0.0005 per ticket to actually purchase the lottery ticket.

I would NOT run a second syndicate as this would further complicate things. For example taking the big lottery you could simply divide it in shares. A ticket costs 0.25 BTC which is a barrier of entry for some newer players. You with the syndicate are in the perfect spot to enable low rollers to take part in it. Set a fixed ratio of for example 1/10. So each share costs 0.025 BTC + 0.01 in fee's (that might be much as price is so low but would encourage to buy more shares at once so less work for you). Then offer to sell any number of shares. If I would buy 20 shares for example I would actually be paying for two full tickets, its just written differently.

The risk you then have is that in the end you might end up having sold for example 101 shares, enough for 10 tickets but you are lacking 9 shares or 90% of the last ticket price. This is the worst case scenario. Either invalidate the share bought last (you have to be up front about it) or "swallow" the risk and force yourself to buy the last 9 shares for yourself which likely you wont mind as you want to part take anyway (which I think is not a problem at all).

Also you should set a deadline x hours before the draw to ensure you have time to actually purchase all tickets (as you do it manually) and for the tickets to make it into blocks in time.
1481148719
Hero Member
*
Offline Offline

Posts: 1481148719

View Profile Personal Message (Offline)

Ignore
1481148719
Reply with quote  #2

1481148719
Report to moderator
1481148719
Hero Member
*
Offline Offline

Posts: 1481148719

View Profile Personal Message (Offline)

Ignore
1481148719
Reply with quote  #2

1481148719
Report to moderator
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
1481148719
Hero Member
*
Offline Offline

Posts: 1481148719

View Profile Personal Message (Offline)

Ignore
1481148719
Reply with quote  #2

1481148719
Report to moderator
1481148719
Hero Member
*
Offline Offline

Posts: 1481148719

View Profile Personal Message (Offline)

Ignore
1481148719
Reply with quote  #2

1481148719
Report to moderator
1481148719
Hero Member
*
Offline Offline

Posts: 1481148719

View Profile Personal Message (Offline)

Ignore
1481148719
Reply with quote  #2

1481148719
Report to moderator
Noviz
Full Member
***
Offline Offline

Activity: 129


View Profile WWW
August 06, 2011, 01:42:36 AM
 #22

No you where quite right in doing it proportionally. Every ticket sold increases the chance of the syndicate to win. If you buy 5 shares you should get 5 parts of the win, similarly to the lottery overall.

The charge is fair, you should however make it clear that this is the only cut you take, as its actually rather low. Considering that from the 0.01 you pay 0.0005 per ticket to actually purchase the lottery ticket.

I would NOT run a second syndicate as this would further complicate things. For example taking the big lottery you could simply divide it in shares. A ticket costs 0.25 BTC which is a barrier of entry for some newer players. You with the syndicate are in the perfect spot to enable low rollers to take part in it. Set a fixed ratio of for example 1/10. So each share costs 0.025 BTC + 0.01 in fee's (that might be much as price is so low but would encourage to buy more shares at once so less work for you). Then offer to sell any number of shares. If I would buy 20 shares for example I would actually be paying for two full tickets, its just written differently.

The risk you then have is that in the end you might end up having sold for example 101 shares, enough for 10 tickets but you are lacking 9 shares or 90% of the last ticket price. This is the worst case scenario. Either invalidate the share bought last (you have to be up front about it) or "swallow" the risk and force yourself to buy the last 9 shares for yourself which likely you wont mind as you want to part take anyway (which I think is not a problem at all).

Also you should set a deadline x hours before the draw to ensure you have time to actually purchase all tickets (as you do it manually) and for the tickets to make it into blocks in time.

Ah I really really like the share idea. I had to read it a few times to fully get it but I suppose it is 2:30 am here lol. I guess I'd probably 'swallow' the risk as you put it as the alternative would be kind of annoying to manage. At first I thought the math would be harder to work out what each share was worth if the syndicate won but it's just as easy as if it was per ticket. I'll have a good hard think about that... but I really do like the idea as it'll allow those that can only afford to play BitLotto Jr to get involved with the main BitLotto.
The deadline is actually 24 hours before the draw takes place. It does say that on the site, not put it on here though.

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
bitlotto
Hero Member
*****
Offline Offline

Activity: 672


BitLotto - best odds + best payouts + cheat-proof


View Profile WWW
August 06, 2011, 02:10:57 AM
 #23

Another possibility:

You publish an address for the syndicate. Everyone pays whatever they want. Even tiny amounts. Then whenever you get enough BTC to buy tickets you buy them throughout the month. Fees just come out of the wallet used for the account. Waiting till the very end could be risky if the network gets really busy. Remember that late payments will be returned but you wouldn't want ALL the tickets to be returned. If the syndicate wins you could then look at every deposit made. Calculate the % of total funds deposited for each payment and pay the winnings based on the % minus a small fee for each. Late returned payments could be divided up in this way too. If you over guess the fee amount you could just put the remainder into the next months draw.

*Next Draw Feb 1*  BitLotto: monthly raffle (0.25 BTC per ticket) Completely transparent and impossible to manipulate who wins. TOR
TOR2WEB
Donations to: 1JQdiQsjhV2uJ4Y8HFtdqteJsZhv835a8J are appreciated.
TheBitMan
Sr. Member
****
Offline Offline

Activity: 280



View Profile
August 06, 2011, 02:17:19 AM
 #24

Why didn't I think of this!! Good idea!
Cory
Sr. Member
****
Offline Offline

Activity: 288


View Profile
August 06, 2011, 05:28:39 AM
 #25

Hey there. I just need some confirmation that you would never change the payout method(currently proportional) in the middle of a round. I put in my bets in under the condition that payout is proportional. Thanks!

Noviz
Full Member
***
Offline Offline

Activity: 129


View Profile WWW
August 06, 2011, 11:05:56 AM
 #26

Hey there. I just need some confirmation that you would never change the payout method(currently proportional) in the middle of a round. I put in my bets in under the condition that payout is proportional. Thanks!

No I definitely wouldn't change it mid-round. To be honest I can't see any real benefit of having an 'equal' payout method.

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
Noviz
Full Member
***
Offline Offline

Activity: 129


View Profile WWW
August 06, 2011, 08:35:45 PM
 #27

Just an update:
Got another single ticket purchase this morning.

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
Noviz
Full Member
***
Offline Offline

Activity: 129


View Profile WWW
August 08, 2011, 10:59:40 AM
 #28

Ok we have about 12 hours to buy syndicate tickets until I close it off until the draw.

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
bitlotto
Hero Member
*****
Offline Offline

Activity: 672


BitLotto - best odds + best payouts + cheat-proof


View Profile WWW
August 08, 2011, 01:05:33 PM
 #29

Looks like you got a few for BitLotto Jr. It will be interesting to see how many will pay for BitLotto. This weeks results should be interesting!!!!

*Next Draw Feb 1*  BitLotto: monthly raffle (0.25 BTC per ticket) Completely transparent and impossible to manipulate who wins. TOR
TOR2WEB
Donations to: 1JQdiQsjhV2uJ4Y8HFtdqteJsZhv835a8J are appreciated.
Noviz
Full Member
***
Offline Offline

Activity: 129


View Profile WWW
August 09, 2011, 10:32:58 AM
 #30

Alright guys I've stopped accepting syndicate tickets now to make sure that all the tickets can get purchased on BitLotto Jr.

On an important note...
I'm going to a festival this week, from Thursday to Monday morning so please don't be alarmed if I don't reply for a few days... especially if we win Smiley I haven't run off I'll just be sitting in a muddy field lol.

I will still run the BitLotto Jr syndicate for next weeks draw, however again don't be alarmed if I don't process the tickets till the Monday of my return. Everything should go swimmingly as Monday will allow me to purchase the syndicate tickets in time. So if you are thinking of joining in the syndicate for the next BitLotto Jr draw, don't be afraid to do so.
I will try and keep up to date using my mobile however that has limited battery.

I am probably going to use the 'shares' idea that has been suggested, especially for the main BitLotto draw anyway. However, this will have to wait until after next weeks draw as I won't be around to sort any issues out.

Anyways, everyone keep their fingers crossed and hope we win Cheesy

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
bitlotto
Hero Member
*****
Offline Offline

Activity: 672


BitLotto - best odds + best payouts + cheat-proof


View Profile WWW
August 10, 2011, 04:22:31 AM
 #31

Congratulations! Your syndicate won!!! Payment sent to address listed at bitlotto.com/jr.php 

*Next Draw Feb 1*  BitLotto: monthly raffle (0.25 BTC per ticket) Completely transparent and impossible to manipulate who wins. TOR
TOR2WEB
Donations to: 1JQdiQsjhV2uJ4Y8HFtdqteJsZhv835a8J are appreciated.
TheBitMan
Sr. Member
****
Offline Offline

Activity: 280



View Profile
August 10, 2011, 04:24:06 AM
 #32

Yea!!!
Cory
Sr. Member
****
Offline Offline

Activity: 288


View Profile
August 10, 2011, 07:34:23 AM
 #33

Huzzah! Cheesy

-FaerO-
Member
**
Offline Offline

Activity: 84



View Profile
August 10, 2011, 11:16:29 AM
 #34

This looks promising. As soon as you come back saying youre accepting payments for the next drawing Im in. I'll take 5 off the top Smiley

-FaerO-

ישראל לנצה... לחים
Noviz
Full Member
***
Offline Offline

Activity: 129


View Profile WWW
August 10, 2011, 11:51:30 PM
 #35

Congratulations! Your syndicate won!!! Payment sent to address listed at bitlotto.com/jr.php  

Fantastic news!
I'm processing the winnings now Smiley They should be in participants wallets shortly.
Once that is done I'll open up for next week BitLotto Jr's draw.

In total we won 2.717 coins.
There were 13 tickets bought in the syndicate so this equates to 0.209 per ticket!

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
Noviz
Full Member
***
Offline Offline

Activity: 129


View Profile WWW
August 11, 2011, 12:24:02 AM
 #36

Ok the new BitLotto Jr syndicate address for the draw of 17th August is now up. Please check the website for details.
I'm using a brand new wallet this time so it shouldn't be as confusing to track transactions.

I'll be opening the main BitLotto draw syndicate up next week now because of this festival I'm going to. I'm pretty sure I'll be using the 1/10th share method that was suggested. Check this space or the website for more details next week.

Congratulations again for everyone who won with the syndicate this week!

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
-FaerO-
Member
**
Offline Offline

Activity: 84



View Profile
August 11, 2011, 09:20:59 AM
 #37

I just bought in on 10. I never got an option to enter a receiving address. Im guessing you just shoot the winnings back to the address they came from? Can someone clarify this for me Smiley

ישראל לנצה... לחים
Konzul
Jr. Member
*
Offline Offline

Activity: 44


View Profile
August 11, 2011, 10:18:23 AM
 #38

Ok the new BitLotto Jr syndicate address for the draw of 17th August is now up. Please check the website for details.
I'm using a brand new wallet this time so it shouldn't be as confusing to track transactions.

I'll be opening the main BitLotto draw syndicate up next week now because of this festival I'm going to. I'm pretty sure I'll be using the 1/10th share method that was suggested. Check this space or the website for more details next week.

Congratulations again for everyone who won with the syndicate this week!

Awesome.. count me in for 20+ shares!
Noviz
Full Member
***
Offline Offline

Activity: 129


View Profile WWW
August 11, 2011, 11:18:57 AM
 #39

I just bought in on 10. I never got an option to enter a receiving address. Im guessing you just shoot the winnings back to the address they came from? Can someone clarify this for me Smiley
Yeah in the event that the syndicate wins the coins are sent to the address that purchased the ticket.

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
Noviz
Full Member
***
Offline Offline

Activity: 129


View Profile WWW
August 11, 2011, 07:34:30 PM
 #40

Ok, some good news and some bad (for me anyway).

The bad news is that the festival I was going to has been cancelled because British weather is f**king stupid and it has totally flooded the fields.
The good news is that I can now monitor the syndicate over the weekend and also get the main BitLotto syndicate up and running quicker Tongue

Just to let you know we already have 17 tickets pooled! I'l be processing these shortly.

YinCoin YangCoin ☯☯First Ever POS/POW Alternator! Multipool! ☯ ☯ http://yinyangpool.com/ 
Free Distribution! https://bitcointalk.org/index.php?topic=623937
Pages: « 1 [2] 3 4 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!