CoinFount.com : tiny pay-ins, huge payouts

[CoinFount]

Hi all,

Long-time Bitcoin fan and I've read the forums here a bit before, but just creating an account now. My reason for doing so is to tell you all about the brand new Bitcoin payout site I've just now launched at CoinFount.com. Here's "How it works":

CoinFount is an extremely simple game of skill and strategy. All you have to do is pay-in .01 BTC, and if you win, your payout is .1 BTC – a tenfold gain. The strategic challenge is to be the one to push the pot to the threshold of .11 BTC. There are 2 strategic factors to consider: timing and amount.

If your pay-in is the default .01 BTC minimum, you will use your best judgment to determine whether the timing of your pay-in is likely to push the pot to the threshold and win it all. For example, if you think the pot is already at .1 BTC, your pay-in of .01 BTC would win a minimum payout of .1 BTC, and a minimum profit of .09 BTC.

Or, your pay-in can exceed the default .01 BTC minimum (by making payment directly from Coinbase to 17pYhDcihuF2iHQCHRnGNdvY4TMb6dG6oD), in an attempt to leverage the amount of your pay-in to push the pot to the threshold and win it all. For example, if you think the pot is already at least .02 BTC, your pay-in of .09 BTC would win a minimum payout of .1 BTC, and a minimum profit of .01 BTC. In this scenario, if the pot was actually already at .1 BTC, your pay-in of .09 BTC would win a payout of .18 BTC, and a profit of .09 BTC, since you get the overages back too. (NOTE: if you use this strategy, we recommend a maximum equal to the threshold of .11 BTC per pot as any higher value is statistically irrelevant.)

For each pot of .11 BTC, CoinFount keeps .01 BTC to help pay for things like server costs.

The exact transactions and size/amount of the current pot can’t be shown before the threshold/payout is reached because that would defeat the purpose. Both will be shown *after* the threshold/payout is reached, in the “Most recent payouts & transactions” area.

If you're up for it, I'd love for you to try it out and give me your feedback. All you have to do is use the "Pay With Bitcoin" button on the homepage to pay .01 BTC from your Coinbase account. You'll then see if you've won the pot. I'd love to hear your thoughts. Thanks for reading!

[SemiMolten]

Hi all,

Long-time Bitcoin fan and I've read the forums here a bit before, but just creating an account now. My reason for doing so is to tell you all about the brand new Bitcoin payout site I've just now launched at CoinFount.com. Here's "How it works":

CoinFount is an extremely simple game of skill and strategy. All you have to do is pay-in .01 BTC, and if you win, your payout is .1 BTC – a tenfold gain. The strategic challenge is to be the one to push the pot to the threshold of .11 BTC. There are 2 strategic factors to consider: timing and amount.

If your pay-in is the default .01 BTC minimum, you will use your best judgment to determine whether the timing of your pay-in is likely to push the pot to the threshold and win it all. For example, if you think the pot is already at .1 BTC, your pay-in of .01 BTC would win a minimum payout of .1 BTC, and a minimum profit of .09 BTC.

Or, your pay-in can exceed the default .01 BTC minimum (by making payment directly from Coinbase to 17pYhDcihuF2iHQCHRnGNdvY4TMb6dG6oD), in an attempt to leverage the amount of your pay-in to push the pot to the threshold and win it all. For example, if you think the pot is already at least .02 BTC, your pay-in of .09 BTC would win a minimum payout of .1 BTC, and a minimum profit of .01 BTC. In this scenario, if the pot was actually already at .1 BTC, your pay-in of .09 BTC would win a payout of .17 BTC, and a profit of .08 BTC, since you get the overages back too. (NOTE: if you use this strategy, we recommend a maximum equal to the threshold of .11 BTC per pot as any higher value is statistically irrelevant.)

For each pot of .11 BTC, CoinFount keeps .01 BTC to help pay for things like server costs.

If you're up for it, I'd love for you to try it out and give me your feedback. All you have to do is use the "Pay With Bitcoin" button on the homepage to pay .01 BTC from your Coinbase account. You'll then see if you've won the pot. I'd love to hear your thoughts. Thanks for reading!

I dont see a provably fair thing here?

[niktitan132]

Its a ponzi sheme!

[cAPSLOCK]

Easy for site to lie about input and rip off players.

Also...  A bet of between 8 and 80 bucks currently makes it feel a bit risky.n:-)

[CoinFount]

I dont see a provably fair thing here?

Hi, thanks for your comment. I'm not sure what you mean by "provably fair". It's not based on luck/chance algorithms or anything like that. It's only based on whether you're the one to push the pot over the threshold.

[CoinFount]

Its a ponzi sheme!

It's nothing like a ponzi scheme actually. There are no "levels" or anything like that. Once each pot threshold is reached and paid out (i.e. after a maximum of 11 pay-ins) it starts over at 0. But it's not based on getting other users "under" you or anything like a ponzi scheme.

[niktitan132]

Its a ponzi sheme!

It's nothing like a ponzi scheme actually. There are no "levels" or anything like that. Once each pot threshold is reached and paid out (i.e. after a maximum of 11 pay-ins) it starts over at 0. But it's not based on getting other users "under" you or anything like a ponzi scheme.

High return with small pay in = PONZI SHEME

[SemiMolten]

I dont see a provably fair thing here?

Hi, thanks for your comment. I'm not sure what you mean by "provably fair". It's not based on luck/chance algorithms or anything like that. It's only based on whether you're the one to push the pot over the threshold.

Sounds ponzi

[CoinFount]

Easy for site to lie about input and rip off players.

Also...  A bet of between 8 and 80 bucks currently makes it feel a bit risky.n:-)

All payouts are automated as soon as threshold is reached and will be shown right on the front page of the site. And if 80 bucks is too much, just do 8

[CoinFount]

Its a ponzi sheme!

It's nothing like a ponzi scheme actually. There are no "levels" or anything like that. Once each pot threshold is reached and paid out (i.e. after a maximum of 11 pay-ins) it starts over at 0. But it's not based on getting other users "under" you or anything like a ponzi scheme.

High return with small pay in = PONZI SHEME

No, I'm afraid your understanding is incorrect. On this site, only one of the 11 pay-ins will be the winner (the last one). So it's more similar to a raffle if anything, but it's based on your timing and amount strategy rather than pure luck. Again, nothing like a ponzi scheme, at all.

[Martijnvdc]

This system won't work because it's not transparant enough.
You'll also have a very hard time gaining trust.

There's no way to tell if you are playing fair or not...

[CoinFount]

This system won't work because it's not transparant enough.
You'll also have a very hard time gaining trust.

There's no way to tell if you are playing fair or not...

Hi, thank you for your feedback. Do you have any suggestions to make it more transparent? The transactions and pool amount can't be shown before the threshold/payout is reached because that would defeat the purpose. Both will be shown *after* the threshold/payout is reached, though. Perhaps I should have been more clear about that? Does that help make it more transparent in your opinion?

[Martijnvdc]

This system won't work because it's not transparant enough.
You'll also have a very hard time gaining trust.

There's no way to tell if you are playing fair or not...

Hi, thank you for your feedback. Do you have any suggestions to make it more transparent? The transactions and pool amount can't be shown before the threshold/payout is reached because that would defeat the purpose. Both will be shown *after* the threshold/payout is reached, though. Perhaps I should have been more clear about that? Does that help make it more transparent in your opinion?

Well, the problem is that you could still fake it afterwards, by leaving out transactions. The only way to make it transparant is by making a completely different game, i'm afraid...

[CoinFount]

This system won't work because it's not transparant enough.
You'll also have a very hard time gaining trust.

There's no way to tell if you are playing fair or not...

Hi, thank you for your feedback. Do you have any suggestions to make it more transparent? The transactions and pool amount can't be shown before the threshold/payout is reached because that would defeat the purpose. Both will be shown *after* the threshold/payout is reached, though. Perhaps I should have been more clear about that? Does that help make it more transparent in your opinion?

Well, the problem is that you could still fake it afterwards, by leaving out transactions. The only way to make it transparant is by making a completely different game, i'm afraid...

If transactions were left out afterwards, then the people who sent those transactions would know. Then there would be proof that the transactions were left out, and nobody would trust the site. Since I obviously want everyone to trust the site, that scenario won't happen

[Sue Donim]

this whole thing just reeks of wrong to me. Not provably fair, nothing too tiny about those pay-in's either. I've got to say I think this needs to go back to the drawing board, I'd be inclined to dial down both the buy in and pay outs. I think you're going for a 'fun-time-bit-of-a-flutter' type users here not pitching yourself up against those more serious 'seals with clubs' types.
just my two satoshi here  

[Martijnvdc]

By the way, the house edge is much too big with this system.
Also, how do we know YOU aren't the one who did the last transaction and received all the money?

[CoinFount]

this whole thing just reeks of wrong to me. Not provably fair, nothing too tiny about those pay-in's either. I've got to say I think this needs to go back to the drawing board, I'd be inclined to dial down both the buy in and pay outs. I think you're going for a 'fun-time-bit-of-a-flutter' type users here not pitching yourself up against those more serious 'seals with clubs' types.
just my two satoshi here  

Hi, thank you for your feedback. I'd have to say it actually is provably fair, since all transactions and payouts are disclosed as soon as the pot threshold is reached/paid out, and if anyone who paid in saw their transaction missing from the list after the payout then it would be 'provably unfair'. The minimum pay-in is .01 BTC which is currently around $8, it's not pennies but it's far from a large amount IMO, especially when the payout is $80. Also, .01 BTC is the minimum payment at that level on Coinbase, which is why that value was selected.

[CoinFount]

By the way, the house edge is much too big with this system.
Also, how do we know YOU aren't the one who did the last transaction and received all the money?

Normal rake is roughly 10%, this is under that (9%), plus it's the minimum payment at that level on Coinbase, which is why that value was selected.
You will know it's not me because anyone has the ability to look up Coinbase users by their id, which will be shown in the "Most recent payouts & transactions" area (along with their Coinbase name, since it's already freely searchable information with the user id). Plus I'm hoping you all will post proof of payment here I want you all to win so you'll keep coming back!

[fildza]

The site already been played by someone or not ?

[CoinFount]

The site already been played by someone or not ?

Hi, thank you for your question. The site was just launched in the start of this thread so there has not been a payout yet. However, I can't disclose how many pay-ins there have been so far since that would affect the current round. If any of you wishes to disclose your payments here, you are free to do so