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Author Topic: BitCoinduit...No Host Fee = 2% fee?  (Read 900 times)
Sohcahtoa
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August 23, 2011, 06:50:09 AM
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I just created a round on BitCoinduit, I made sure to specify NO HOST FEE, and yet after the round was created, it says there's a 2% fee?  I called the round Low_Risk_NO_FEE and you made a liar out of me!
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Jonathan Ryan Owens
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August 23, 2011, 07:03:57 AM
 #2

I just created a round on BitCoinduit, I made sure to specify NO HOST FEE, and yet after the round was created, it says there's a 2% fee?  I called the round Low_Risk_NO_FEE and you made a liar out of me!

There's a host fee, and a house fee. Occasionally we drop the house fee % entirely. There is a default 2% fee right now for new deposits. Sometimes I have to charge that so I can pay the VPS.

I know it's not too popular, but I'm actually considering increasing it to 3% flat, removing the "host fees" option, and giving 100% of the pot remainders to the hosts.

What do you think?

Regards,
Jonathan

Sohcahtoa
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August 23, 2011, 07:16:09 AM
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So the fee listed on the list of games includes the 2% house fee, and so the only games that will still have a 0% fee are the ones created before you reinstated the 2% house fee?
Jonathan Ryan Owens
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August 23, 2011, 07:39:17 AM
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So the fee listed on the list of games includes the 2% house fee, and so the only games that will still have a 0% fee are the ones created before you reinstated the 2% house fee?

Yes. Hmm.. For now I'm going to drop it to 0% until we decide how to deal with the expired pots issue. I've used excess Bitcoins to do some Bitcoin based ads and that brought in some traffic, which is good for the hosts who use the platform, and upgraded to a more robust back end that does real time backups. I like to make sure there's always enough to pay out total obligations, even though they're paid out over time, and the actual required balance is much, much lower.

I've decided to drop house fees to 0% and drop the initial deposit fee from 10% to 5% for now.

Sohcahtoa: What is your receiving address? I will start a game in your honor. Freeroll!

Regards,
Jonathan

Sohcahtoa
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August 23, 2011, 07:41:16 AM
 #5

16rTC5YVFoaGaxAzi17LoHYHFZz5jLkb6t

Edit: And thank you!
Jonathan Ryan Owens
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August 23, 2011, 07:43:46 AM
 #6

16rTC5YVFoaGaxAzi17LoHYHFZz5jLkb6t

Edit: And thank you!

What should I call the round, and what settings do you want?

Regards,
Jonathan

Jonathan Ryan Owens
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August 23, 2011, 07:50:18 AM
 #7

16rTC5YVFoaGaxAzi17LoHYHFZz5jLkb6t

Edit: And thank you!

Too late. Did it for you.

http://bitcoinduit.com/Sohcahtoa_FREEROLL

Sohcahtoa
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August 23, 2011, 07:56:08 AM
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Ooooch!  1 hour expiration!  Any chance you could change it to say, 12 hours?  Or is it too late?
Jonathan Ryan Owens
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August 23, 2011, 07:58:04 AM
 #9

Ooooch!  1 hour expiration!  Any chance you could change it to say, 12 hours?  Or is it too late?

Too late. I made it an hour so that if you don't get any play, the full 1BTC gets sent to your receiving address. I gotta make it fun, right?

Regards,
Jon

Sohcahtoa
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August 23, 2011, 08:09:05 AM
 #10

Oooh!  Ah I must have misunderstood what happens when a ponzi doesn't get any deposits past the initial.  I thought I read somewhere that the house takes a big chunk out before refunding the creator.

Thanks again!

I gotta get to bed now....
Jonathan Ryan Owens
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August 23, 2011, 08:27:30 AM
 #11

Oooh!  Ah I must have misunderstood what happens when a ponzi doesn't get any deposits past the initial.  I thought I read somewhere that the house takes a big chunk out before refunding the creator.

Thanks again!

I gotta get to bed now....

No, whenever there's a host deposit with no players, at expiration the full amount of deposit is refunded. I think I even eat the tx fee. Whatever.

Night!

-Jon

bal3wolf
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August 23, 2011, 02:01:01 PM
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Oooh!  Ah I must have misunderstood what happens when a ponzi doesn't get any deposits past the initial.  I thought I read somewhere that the house takes a big chunk out before refunding the creator.

Thanks again!

I gotta get to bed now....

No, whenever there's a host deposit with no players, at expiration the full amount of deposit is refunded. I think I even eat the tx fee. Whatever.

Night!

-Jon

That should get more players thats why i stoped only getting 40% back befor when no one bets on your game waset worth it thats why i stoped playing started a few game and got killed on them.

my btc address 1LRWTJS3rf8ubG2oMjcm7CmGGDJQSomdRP
Mining tools and Drivers
Sohcahtoa
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August 23, 2011, 02:46:38 PM
 #13

Also, Jonathan, in case you weren't aware, when you're looking at the details of a ponzi and you click the View All Rounds link at the bottom, you get a 404.

The requested URL /viewRoundSet.php was not found on this server.
CJYP
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August 23, 2011, 10:17:59 PM
 #14

I like to make sure there's always enough to pay out total obligations, even though they're paid out over time, and the actual required balance is much, much lower.
As long as you keep a live backup of the data, you probably shouldn't keep it all in the wallet used for the game. If someone finds a bug, you might have it all stolen.
If you keep the majority in a different wallet, and someone finds a bug, it won't all be lost and you can still refund active deposits manually if you have to.
This doesn't apply if you have enough personal BTC to refund everybody and are willing to take that risk.
Jonathan Ryan Owens
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August 23, 2011, 10:37:20 PM
 #15

I like to make sure there's always enough to pay out total obligations, even though they're paid out over time, and the actual required balance is much, much lower.
As long as you keep a live backup of the data, you probably shouldn't keep it all in the wallet used for the game. If someone finds a bug, you might have it all stolen.
If you keep the majority in a different wallet, and someone finds a bug, it won't all be lost and you can still refund active deposits manually if you have to.
This doesn't apply if you have enough personal BTC to refund everybody and are willing to take that risk.

As the game has grown, we've added additional security. The site is going to change dramatically in the next few days, keep an eye out.

Regards,
Jonathan

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