Konzul
Newbie
 Offline
Activity: 44
Merit: 0
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August 06, 2011, 01:29:57 AM |
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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.
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Transactions must be included in a block to be properly completed. When you send a transaction, it is broadcast to miners. Miners can then optionally include it in their next blocks. Miners will be more inclined to include your transaction if it has a higher transaction fee.
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Noviz (OP)
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August 06, 2011, 01:42:36 AM |
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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. |
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bitlotto
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August 06, 2011, 02:10:57 AM |
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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.
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*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. |
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TheBitMan
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August 06, 2011, 02:17:19 AM |
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Why didn't I think of this!! Good idea!
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Cory
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August 06, 2011, 05:28:39 AM |
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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!
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Noviz (OP)
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August 06, 2011, 11:05:56 AM |
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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. |
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Noviz (OP)
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August 06, 2011, 08:35:45 PM |
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Just an update:
Got another single ticket purchase this morning.
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Noviz (OP)
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August 08, 2011, 10:59:40 AM |
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Ok we have about 12 hours to buy syndicate tickets until I close it off until the draw.
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bitlotto
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August 08, 2011, 01:05:33 PM |
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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!!!!
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*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. |
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Noviz (OP)
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August 09, 2011, 10:32:58 AM |
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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  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  |
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bitlotto
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August 10, 2011, 04:22:31 AM |
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Congratulations! Your syndicate won!!! Payment sent to address listed at bitlotto.com/jr.php
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*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. |
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TheBitMan
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August 10, 2011, 04:24:06 AM |
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Yea!!!
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Cory
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August 10, 2011, 07:34:23 AM |
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Huzzah! |
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-FaerO-
Member
Offline
Activity: 84
Merit: 10
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August 10, 2011, 11:16:29 AM |
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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 -FaerO- |
ישראל לנצה... לחים
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Noviz (OP)
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August 10, 2011, 11:51:30 PM |
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Congratulations! Your syndicate won!!! Payment sent to address listed at bitlotto.com/jr.php
Fantastic news! I'm processing the winnings now 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! |
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Noviz (OP)
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August 11, 2011, 12:24:02 AM |
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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!
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-FaerO-
Member
Offline
Activity: 84
Merit: 10
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August 11, 2011, 09:20:59 AM |
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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 |
ישראל לנצה... לחים
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Konzul
Newbie
Offline
Activity: 44
Merit: 0
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August 11, 2011, 10:18:23 AM |
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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! |
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Noviz (OP)
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August 11, 2011, 11:18:57 AM |
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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 Yeah in the event that the syndicate wins the coins are sent to the address that purchased the ticket. |
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Noviz (OP)
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August 11, 2011, 07:34:30 PM |
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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  Just to let you know we already have 17 tickets pooled! I'l be processing these shortly. |
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