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Author Topic: Bitcoinduit, Unpaid bets?  (Read 887 times)
Houseonfire
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August 19, 2011, 07:20:32 AM
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What does it mean when there are like 6 unpaids on a game? How do they get paid?
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geek-trader
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August 19, 2011, 07:32:15 AM
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What does it mean when there are like 6 unpaids on a game? How do they get paid?

this really needs to be on the bitcoinduit site.

Say you have a game with 0 fees and 0 jackpot (for simplicity's sake)  The ROI is 20%

bet #1 is 1 BTC.  Bitcoinduit takes 0.1 BTC off the first bet as a house fee.  The pot is 0.9
bet #2 is 1 BTC.  The pot is now 1.9.  #1 gets paid his 1.2 (1 bet + 20% ROI = 1.2).  The pot is now 0.7
bet #3 is 0.5 BTC.  The pot is now 1.2.  bet #2 gets paid his 1.2.  The pot is now 0
bet #4 is 0.5 BTC.  The pot is now 0.5.  That's not enough to pay #3, so it rides.
bet #5 is 0.5 BTC. The pot is now 1.0 BTC, so #3 gets paid .51, the pot is now .49

and so on

The later bettors pay off the earlier bettors.  That's what a ponzi scheme is.  The difference here is that it's totally transparent.  Everyone can see what the deal is at any time, and bet accordingly.

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Jonathan Ryan Owens
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August 19, 2011, 08:43:15 AM
 #3

What does it mean when there are like 6 unpaids on a game? How do they get paid?

this really needs to be on the bitcoinduit site.

Say you have a game with 0 fees and 0 jackpot (for simplicity's sake)  The ROI is 20%

bet #1 is 1 BTC.  Bitcoinduit takes 0.1 BTC off the first bet as a house fee.  The pot is 0.9
bet #2 is 1 BTC.  The pot is now 1.9.  #1 gets paid his 1.2 (1 bet + 20% ROI = 1.2).  The pot is now 0.7
bet #3 is 0.5 BTC.  The pot is now 1.2.  bet #2 gets paid his 1.2.  The pot is now 0
bet #4 is 0.5 BTC.  The pot is now 0.5.  That's not enough to pay #3, so it rides.
bet #5 is 0.5 BTC. The pot is now 1.0 BTC, so #3 gets paid .51, the pot is now .49

and so on

The later bettors pay off the earlier bettors.  That's what a ponzi scheme is.  The difference here is that it's totally transparent.  Everyone can see what the deal is at any time, and bet accordingly.

Yeah.. I do sort of like the idea that people figure it out on their own, or by finding it on the forums. It's part of the charm that the whole thing is not only transparent, but also incredibly odd and difficult to understand until that moment when you just *get* it.

Good explanation.

Regards,
Jonathan

Yuusha
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August 19, 2011, 03:53:04 PM
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I don't understand why people seem to think these games magically give you X times anything you deposit.
d3m0n1q_733rz
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August 19, 2011, 07:47:48 PM
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I don't understand why people seem to think these games magically give you X times anything you deposit.
The names that some people use for their Ponzie games are misleading.

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Yuusha
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August 19, 2011, 08:09:03 PM
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I don't understand why people seem to think these games magically give you X times anything you deposit.
The names that some people use for their Ponzie games are misleading.
That may be true, but people should think about what they're getting into before they send off their money to a stranger. It's pretty obvious that you don't magically get more money out of nowhere, or at least it should be obvious to anyone who considers it for more than five seconds.
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August 20, 2011, 10:04:27 AM
 #7

To complete this thread, the game rules are in the bitcoinduit website's tab "Game Rules."  Unfortunately, they're the ONLY game rules for the site...

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Jonathan Ryan Owens
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August 20, 2011, 05:39:12 PM
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To complete this thread, the game rules are in the bitcoinduit website's tab "Game Rules."  Unfortunately, they're the ONLY game rules for the site...

Should I have a few different sets of rules?

Regards,
Jonathan

Sohcahtoa
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August 21, 2011, 05:06:42 PM
 #9

Nobody mentioned Jackpots.

When a ponzi on Bitcoinduit is created, the host can create a Jackpot.  In this case, a % of all deposits are set aside into a jackpot pool before being added to the normal pot.  Once the ponzi expires, then whoever made the last deposit gets all the money in the jackpot.  This encourages people to keep making deposits in the hopes of being the last person.
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