I.Goldstein (OP)
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October 23, 2011, 11:33:57 PM
Last edit: October 27, 2011, 05:41:55 PM by I.Goldstein |
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http://bitcoinduit.com/Bilderberg_BlitzI thought I would stimulate the Bitcoin economy through some serious gambling entertainment. I am hoping this will give Bitcoin some publicity thus I am crossposting it here. There's an 80+ BTC jackpot up for grabs through a classic game of BitPonzi. Not only do you have a potential and nearly certain 49% return on your bet (including your original investment) but if you're the final better, you will win a 80+ BTC prize. The minimum entry is only 2.9 BTC, so there is little to lose and a lot to win. Happy playing!
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Danzou
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October 24, 2011, 12:34:44 AM |
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49% return on your bet So this is the same game MyBitcoin was running? |
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ineededausername
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October 24, 2011, 12:41:57 AM |
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49% return on your bet So this is the same game MyBitcoin was running? haha nice one  Wow, we're at 94btc now and growing! |
(BFL)^2 < 0
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Phinnaeus Gage
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Bitcoin: An Idea Worth Spending
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October 24, 2011, 12:45:04 AM |
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49% return on your bet So this is the same game MyBitcoin was running? haha nice one Wow, we're at 94btc now and growing! Yep! I guess it'll be better than bingo: http://www.texascharitybingo.com/halls.aspx?locid=7 |
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Inedible
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October 24, 2011, 12:52:26 AM |
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I've never really understood the rules to this ponzi game.
ROI: 49%
Jackpot: 75%
Losers' Jackpot: 0% of total jackpot
Fees: 1.0%
Minimum Deposit: 2.9000 BTC
Maximum Deposit: 50.0000 BTC
Confirmations Required: 0
Expiration: 23.98 hours of inactivity
Time Remaining: 23.76 hours
Decay: 0.01%
So someone sets up a game, with say 50 Bitcoin.
Is some of this paid as commission to bitconduit?
Then people come along and deposit some bitcoin. They get 49% of this back?
What decides a winner?
What happens if no-one plays?
What is the decay?
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If this post was useful, interesting or entertaining, then you've misunderstood.
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I.Goldstein (OP)
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October 24, 2011, 01:02:20 AM |
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I've never really understood the rules to this ponzi game.
ROI: 49% - Return on investment. It's how much you will get back plus your original bet if you're paid back from the regular pot.
Jackpot: 75% - This is how much that is taken out of your bet to go towards the last player jackpot.
Losers' Jackpot: 0% of total jackpot - If you don't get your investment back, you're paid out of this pot. In this case, nothing.
Fees: 1.0% - This is how much out of each bet that goes towards the original depositor. The house, if you will.
Minimum Deposit: 2.9000 BTC - Minimum bet.
Maximum Deposit: 50.0000 BTC - Maximum bet.
Confirmations Required: 0
Expiration: 23.98 hours of inactivity - The game timer restarts to this time period.
Time Remaining: 23.76 hours - When the game closes and when the last better wins.
Decay: 0.01% - How much the timer decays per reset.
So someone sets up a game, with say 50 Bitcoin.
Is some of this paid as commission to bitconduit?
Then people come along and deposit some bitcoin. They get 49% of this back?
What decides a winner?
What happens if no-one plays?
What is the decay?
The host earns a preset fee. In this case, 1% of every bet. You can earn your original investment plus 49% back in this game depending when you enter. You're paid back from later betters. The winner is decided when the timer runs out without a bet. In other words, if people stop playing, the winner is determined after the time runs out. The decay is the amount of time that is subtracted from the remaining time every time the timer is reset, which happens every bet. |
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Inedible
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October 24, 2011, 01:07:22 AM |
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The host earns a preset fee. In this case, 1% of every bet. You can earn your original investment plus 49% back in this game depending when you enter. You're paid back from later betters. The winner is decided when the timer runs out without a bet. In other words, if people stop playing, the winner is determined after the time runs out.
The decay is the amount of time that is substracted after the timer is reset, which happens every bet.
So the last person to play is the winner. They'll get their stake + 49% of their bet + the jackpot which is 75% of all bets? |
If this post was useful, interesting or entertaining, then you've misunderstood.
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I.Goldstein (OP)
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October 24, 2011, 01:09:08 AM |
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The host earns a preset fee. In this case, 1% of every bet. You can earn your original investment plus 49% back in this game depending when you enter. You're paid back from later betters. The winner is decided when the timer runs out without a bet. In other words, if people stop playing, the winner is determined after the time runs out.
The decay is the amount of time that is substracted after the timer is reset, which happens every bet.
So the last person to play is the winner. They'll get their stake + 49% of their bet + the jackpot which is 75% of all bets? If their is enough in the classic pot to fill their bet, yes. In any case, they'll get the 75% jackpot no matter what. |
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ineededausername
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October 24, 2011, 01:13:19 AM |
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I can verify that I.Goldstein has answered your question very accurately. I'd like to add that a 5% fee is deducted from the first deposit by the house (Bitcoinduit), but no later deposits incur fees.
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(BFL)^2 < 0
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I.Goldstein (OP)
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October 25, 2011, 01:36:10 AM |
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I can verify that I.Goldstein has answered your question very accurately. I'd like to add that a 5% fee is deducted from the first deposit by the house (Bitcoinduit), but no later deposits incur fees.
Yep. Forgot to mention that. |
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bitleaker
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October 25, 2011, 03:15:38 AM |
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I don't think anyone denies that this is a ponzi/pyramid scheme? Considering pyramid schemes are illegal in the US on a federal level, how do you stand legally, being the creator of this game, and announcing it using a traceable online identity?
I'd hate to see you get into trouble Atlas.
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ineededausername
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October 25, 2011, 03:21:03 AM
Last edit: October 25, 2011, 03:33:36 AM by ineededausername |
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Pyramid schemes are illegal iff the creator defrauds the "investors." On the legality of Bitcoinduit roundsThe only two commonly voiced objections I have heard thus far are the following: > All Ponzi/Pyramid schemes are scams The truth: Only schemes that promise huge profits to "investors" are scams. Our site is legitimate because everyone knows what they're getting into. Every players acknowledges that they may not get paid out at all when they bet on this site. It would only be scamming if I were to guarantee the return on investment to every investor. > Internet gambling is illegal The truth: Firstly, it may be debatable whether Bitcoinduit constitutes a "gambling site" legally. Though we do call our depositors "bettors," this does not mean that they are truly betting on any one event. Secondly, referring to http://pub.bna.com/eclr/1321a.htm, we note that a United States court has ruled that the Wire Act, the act commonly used to disrupt internet gambling operations, "'in plain language' does not prohibit Internet gambling on a game of chance." Thirdly, the Unlawful Internet Gambling Enforcement Act of 2006, the only other act which refers to internet gambling that I am aware of, does not expressly prohibit internet gambling itself, but rather prohibits financial institutions from transferring funds to gambling sites. As Bitcoin may or may not be considered as "funds" and a decentralized P2P system may or may not be a "financial institution," the Act has an ambiguous position on Bitcoinduit as far as I can see. |
(BFL)^2 < 0
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bitleaker
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October 25, 2011, 03:26:29 AM
Last edit: October 25, 2011, 03:45:26 AM by bitleaker |
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Pyramid schemes are illegal iff the creator defrauds the "investors."
A sore loser in this game could easily cry 'fraud' and make a quick phonecall to the FBI. Just saying... |
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RandyFolds
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October 25, 2011, 03:27:11 AM |
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I don't think anyone denies that this is a ponzi/pyramid scheme? Considering pyramid schemes are illegal in the US on a federal level, how do you stand legally, being the creator of this game, and announcing it using a traceable online identity?
I'd hate to see you get into trouble Atlas.
You are such a wang. You can gamble space credits all day....or is that blackjack app on my phone gonna get me a visit from the FBI? |
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ineededausername
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October 25, 2011, 03:34:06 AM |
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I feel the need to repost this edit: On the legality of Bitcoinduit roundsThe only two commonly voiced objections I have heard thus far are the following: > All Ponzi/Pyramid schemes are scams The truth: Only schemes that promise huge profits to "investors" are scams. Our site is legitimate because everyone knows what they're getting into. Every players acknowledges that they may not get paid out at all when they bet on this site. It would only be scamming if I were to guarantee the return on investment to every investor. > Internet gambling is illegal The truth: Firstly, it may be debatable whether Bitcoinduit constitutes a "gambling site" legally. Though we do call our depositors "bettors," this does not mean that they are truly betting on any one event. Secondly, referring to http://pub.bna.com/eclr/1321a.htm, we note that a United States court has ruled that the Wire Act, the act commonly used to disrupt internet gambling operations, "'in plain language' does not prohibit Internet gambling on a game of chance." Thirdly, the Unlawful Internet Gambling Enforcement Act of 2006, the only other act which refers to internet gambling that I am aware of, does not expressly prohibit internet gambling itself, but rather prohibits financial institutions from transferring funds to gambling sites. As Bitcoin may or may not be considered as "funds" and a decentralized P2P system may or may not be a "financial institution," the Act has an ambiguous position on Bitcoinduit as far as I can see. |
(BFL)^2 < 0
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bitleaker
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October 25, 2011, 03:46:57 AM |
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Nobody can say that you aren't being up-front and honest with regards to how the game works, but it still doesn't negate the fact that ponzi games are illegal in the US and many other countries.
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ineededausername
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October 25, 2011, 03:59:05 AM |
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Nobody can say that you aren't being up-front and honest with regards to how the game works, but it still doesn't negate the fact that ponzi games are illegal in the US and many other countries.
Sir, please point me to the law which explicitly bans Ponzi games and does not refer to an intent to defraud. |
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Eveofwar
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October 25, 2011, 05:39:23 AM |
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Nobody can say that you aren't being up-front and honest with regards to how the game works, but it still doesn't negate the fact that ponzi games are illegal in the US and many other countries.
Most places consider it common courtesy to cite you source when you claim something is "illegal" to do. |
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payb.tc
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October 25, 2011, 05:43:31 AM |
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Most places[citation needed] consider it common courtesy to cite you source
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Eveofwar
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October 25, 2011, 06:31:35 AM |
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Most places[citation needed] consider it common courtesy to cite you source
Alright, alright...some places  (5) CITE TO AUTHORITY: If you state a rule of law, it is incumbent upon you to try to cite, as best you can, to authority. Citing to authority, using links when available,is what makes OCDO so successful. An authority is a published source of law that can back your claim up - statute, ordinance, court case, newspaper article covering a legal issue, etc.
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