BitLotto - the Bitcoin lottery - UPDATE 1

[bitlotto]

edited old instructions.
See bitlotto.com

[1714867805]

1714867805

[1714867805]

1714867805

[1714867805]

1714867805

[Anonymous]

Yay! Lets all send bitcoins to an account posted by someone with 1 post on  the forums who cant even invest in a domain name.

I am confident this is not a scam 

[nelisky]

Well, it's a gamble in and on itself

[theymos]

You can't send bitcoins to the "from address" of a transaction like that. If the sender was using a MyBitcoin account, they won't end up getting the money. Even if they use the client, the money will appear to come from some random person, which will be confusing.

[bitlotto]

I assure you it's not a scam. (Even if only 100 people try it, they'll only risk 1 BTC and everyone else will see after that the winner did indeed get the coins and hopefully more join next time...) I didn't want to associate BitLotto with other usernames. I guess I didn't think how it would look as a first post. I know the first month will be the hardest to convince people but after the draw everyone will see I am sincere and hopefully trust will develop. As far as the domain goes. I'm working on it. I just thought you guys would want to hear of it first.


---I thought by looking at the hash you know where it came from?

[theymos]

---I thought by looking at the hash you know where it came from?

You know where the money came from, but you don't know that the person sending that money actually owns the "from address" used. They won't own it if they are using MyBitcoin, MtGox, etc.

[bitlotto]

---I thought by looking at the hash you know where it came from?

You know where the money came from, but you don't know that the person sending that money actually owns the "from address" used. They won't own it if they are using MyBitcoin, MtGox, etc.

So as long as I instruct the users to send the entries/coins from software using their own account and not online accounts it will work?

[theymos]

So as long as I instruct the users to send the entries/coins from software using their own account and not online accounts it will work?

It will work, but it might be confusing when they win.

[bitlotto]

So as long as I instruct the users to send the entries/coins from software using their own account and not online accounts it will work?

It will work, but it might be confusing when they win.

Sorry for my ignorance but I'm trying to be certain here before I take other people's money. I'm not sure why it would be confusing when they win? Say they send it using their own wallet and not a shared one at an online site the address that send the BTC will be known. I really don't care who sends what as long as I see all the hashes of the entries. Once the winning hash is known I send the money to the wallet that sent the BTC that matches the hash. The user would notice his balance just went up and no one really cares who the person really is as long as the correct hash is chosen and the money sent to the owner. I'd post the wallet address who won it, send the money off, and be done.

[theymos]

It will be confusing because the winner's Bitcoin client will say, "Received 500 BTC from Joe", where "Joe" is some random person with no relation to you.

[bitlotto]

It will be confusing because the winner's Bitcoin client will say, "Received 500 BTC from Joe", where "Joe" is some random person with no relation to you.

But would the correct person get the winnings? Anyone who plays would probably remember they played so if a large sum of money all of a sudden showed up in their account they'd probably clue in they won the lottery. They would even see the announcement on the BitLotto website. Even if it says it was from someone else they would be able to see the "trail" that originates from the account he deposited the BTC in? As long as the right winner gets the BTC that's all I care about. Not really how many people it bounced along the way. As long as the hash belongs to the person who spent the 1 BTC and I can send the winnings to the correct person. If the players use their own wallets and not public ones to play would it work? I just like how if I'm correct, how fool proof it is, and how it makes it hard to lie and trick others. Just sent 1 BTC for a chance. That's it. I can't manipulate who wins. The hash is set.

[theymos]

But would the correct person get the winnings?

If they use their own Bitcoin clients, then they will get it.

[bitlotto]

I've thought some more about it and yes, I can see how at first people will have a tough time trusting BitLotto. I know once I have it, it will grow but it's the first few months that are going to be tough to get started. Perhaps there is someone here in this community everyone trusts? I would be willing to send say 50 BTC to someone to hold on to. (I'm sure not many more than that will play the first few months. I hope I'm wrong though and it's much more) IF and that's a big IF, I don't pay the winner, they send the 50 BTC to the winner. Since the account for holding the BTC is known, and the hashes are known, the winner would be know even if I disappear. If I don't pay they give the 50 BTC. If I do pay, they can keep the 50 BTC to insure the next month. It continues for say one year, and they can then keep some of the 50 BTC if it is never needed.

[bitlotto]

Whoever sent the first draw THANK YOU!
http://blockexplorer.com/address/18dts6fXXA7jVKfYMBpsFqx7iZCELCfDpk

Your hash is:
905f53573d248ad9ebf1de09a75d247edf0d9fa3ccfda76298045bbe7a9b7d6b

And, if I've done everything right
158RZQug8wbez4YJNhW3x9qe15UEB5MG5v
will get all the Bitcoins if your hash wins.

Thank you (no I won't post every entry I'm just excited for the first one and if they see this to give me a thumbs up I have the right account!)

[rabit]

Your hash is:
905f53573d248ad9ebf1de09a75d247edf0d9fa3ccfda76298045bbe7a9b7d6b

And, if I've done everything right
158RZQug8wbez4YJNhW3x9qe15UEB5MG5v
will get all the Bitcoins if your hash wins.

Thank you (no I won't post every entry I'm just excited for the first one and if they see this to give me a thumbs up I have the right account!)

Yes thats correct

[Alex Beckenham]

Okay I'll play along... in for one May 4 entry.

(I earned that 1BTC by posting a funny camel picture in the last 4chan rally)

[Mahkul]

I am in as well.

[theGECK]

Why not. May 4th drawing.

[Alex Beckenham]

So that's 4BTC in the pot so far? I'm gonna be rich!

I'm going to predict final May 4 pot will be 246 BTC. That would be worth winning.

[Mahkul]

So that's 4BTC in the pot so far? I'm gonna be rich!

I'm going to predict final May 4 pot will be 246 BTC. That would be worth winning.

Or running away with.