[bitcoinduit] Not long left!

[joeyjoe]

Super Jackpot currently has 1.4 coins in it. with less than 30 mins to go till it ends.

0.1 min deposit

http://bitcoinduit.com/Super_Jackpot

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[maltaethiron]

What is this exactly? There's no explanation on the site of what it is or how it works.

[joeyjoe]

Its quite good. like betting but with a big twist.

Depending on what the settings of the round are, each time someone deposits, the despoit gets put into a pot. each person who desposits will get a return on their deposit ususally around 10% higher than what they deposit. They get it paid to them when the next person deposits... and so on.
the last person to deposit wins a jackpot which is a % of the entire pot.

[geek-trader]

What is this exactly? There's no explanation on the site of what it is or how it works.

It's a ponzi game.  The site was obviously made by backend software engineers - as it works great but the design leave a lot to be desired.  

If you go to http://bitcoinduit.com , the site front page, there is a link to the rules.

Ponzi Scheme: A game where the later entrants pay out the earlier entrants

Fact: Named for Charles Ponzi http://en.wikipedia.org/wiki/Charles_Ponzi

They are deliberately vague.  I think their stance is if you don't know how it works, then don't play.  Ponzi games like this have been running in the gambling section for a while, so most of us die hard gamblers already know how they work.  The important part is that it's completely transparent.  All parts of the game are revealed.  How much is in the pot, how many people are in line in front of you, etc.  So you can make an informed decision on betting.

Anyway, if you bet smart, there is a lot of BTC to be won.  See my sig.  

[tonto]

is the payout always guaranteed?   Or is it a gamble?   At this moment I can't afford more than .1 (can't risk it), but if the payout is guaranteed I might be willing to pay more


[edit, just as I finished typing this I noticed the previous post, but I'll leave as is for now]

[second edit:  ok I get it now.  Seems fun, and I may play more   ]

[geek-trader]

is the payout always guaranteed?   Or is it a gamble?   At this moment I can't afford more than .1 (can't risk it), but if the payout is guaranteed I might be willing to pay more


[edit, just as I finished typing this I noticed the previous post, but I'll leave as is for now]

[second edit:  ok I get it now.  Seems fun, and I may play more   ]

Not at all guaranteed, that's why it's in the "gambling" section.

Someone always loses in a ponzi game.  The trick is to make sure it's not you. 

Let me stress again, this is GAMBLING.  That said, I've been playing ponzi games for months, and I am way up.  at least +20 BTC on the ponzi.  Then I  lose it to Blackjack.   

[joeyjoe]

you need to know when to bet. At the moment the jackpot game ive got running is good. just be the last person to make a bet and win the jackpot.

on the other rounds, the trick is to get in early. if you think others will make bets, then you will get a return quickly.

or make rounds with good stats