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Author Topic: Low Risk Gambling - Phase 1 starts now  (Read 1179 times)
Oj0
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March 19, 2014, 09:55:09 PM
Last edit: November 18, 2014, 10:54:57 AM by Oj0
 #1

Introducing low risk gambling, a place where you can double your money at a very low risk.

How does it work?
Entry into each round will have a buy-in cost of 5,000 DOGE. Once there are 50 entrants, I will use the Excel RANDBETWEEN function to select a winner. 49 people will be refunded 96% of the buy-in fee, or 4,800 DOGE. Of the remaining 4%, 50% will go to the winner. This means that the winner will walk away with 9,800 DOGE, while the other 49 people have only lost 200 DOGE of the 5,000 they paid to buy-in.



Why refund 96% of the money instead of having a lower buy-in cost?
Gambling can be a lot of fun, but something that puts me off personally is constantly putting money IN without getting a cent OUT. By offering a large portion of the buy-in amount back to players, it takes away a large deal of that downside.



How do I know you won't run away with my money? Can funds run out?
This is gambling, not a ponzi scheme. Your money NEVER goes to paying back older players. There is a steady stream of money involved, which can ultimately far exceed what I'd gain by running away with your money. I've also used a nickname here that I've used elsewhere on the net on forums I've been active on for many years, I'd rather not ruin my reputation.



Is the system automated?
I don't have the skills to automate the system. As such, I'll be watching my DOGE wallet for deposits of 5,000 DOGE and all will be entered into. I can't guarantee ultra high speed payouts, as I am a regular person with a full-time day job as well as other responsibilities. Don't fret though, payments shouldn't take too long. Being in South Africa, the time zone here is GMT+2. I am unavailable from about 00:00 till 20:00 for sleep, work, and other daily doings.



As it is not automated, what happens if more than 50 people enter before a winner is picked?
The first 50 people will be entered into one round, everyone else will be entered into the next round. If more than 100 people enter, they will overflow into round three, etc.



Is DOGE the only currency you accept?
For now, yes. I last used Bitcoin almost four years ago, and need to download the blockchain on my 1 Mbps internet connection. I'll start the download tonight. Ultimately, I plan to have the buy-in cost at 0.01 BTC.



Will there be variations to the rounds?
It is something I'm considering right now, although it doesn't make sense to implement just yet. There could be dozens of options, as there are factors influencing both the chances of winning, the risk you take, and the percentage you can win. Allow me to elaborate, the figures given in brackets are just examples:

  • Shorter rounds (10 entrants per round, 4% of buy-in amount risked)
    This will result in more winners and a 10% chance of winning instead of 2%, but will result in winnings of only ~+20%.
  • Longer rounds (100 entrants per round, 4% of buy-in amount risked)
    This will result in fewer winners and a 1% chance of winning instead of 2%, but will allow for winnings of ~+200%.
  • Lower risk amount (50 entrants per round, 2% of buy-in amount risked)
    This will result in only risking 100 DOGE per buy-in, but will also mean that the prize would be reduced to ~+50%.
  • Higher risk amount (50 entrants per round, 20% of buy-in amount risked)
    This will result in risking 1,000 DOGE per buy-in, but will mean that the prize can be increased to ~+250%.



To get things started, I propose a short, low risk round. 10 players, 4% risk. 9 people will wall away with a loss of 200 DOGE, one person will walk away with a gain of 1,000 DOGE. After this we can move on to something that will allow ~+100% payouts, either 50 entrants at 4% risk or 10 entrants at a 20% risk.

If you'd like to enter, please deposit 5,000 DOGE to the following address:

See post 14, I need some help Cheesy

Should this not take off within a week, I will refund everyone 100%.
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Kyraishi
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March 19, 2014, 10:07:07 PM
 #2

You can choose yourself as a winner.
How you can say people risk only 4%, or more,  when they send 100%.
Its like saying ill bet 10000$ with 99% Chance,  i risk nothing!
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March 19, 2014, 10:10:31 PM
 #3

You can choose yourself as a winner.
How you can say people risk only 4%, or more,  when they send 100%.
Its like saying ill bet 10000$ with 99% Chance,  i risk nothing!
I sure peoples are not fool as you expecting you are newbie and asking for 50000 dogs from 10 person I hope even 1 person is not sending you this amount

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March 19, 2014, 10:55:03 PM
 #4

I don't think anyone will.
Oj0
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March 19, 2014, 11:23:06 PM
 #5

I can understand your apprehension, I'm more than willing to use an escrow if that would put your minds at ease? I am indeed quite new here, and wouldn't know who to trust for such a task. If you could point me in the right direction I'll happily oblige.

I also see I made a massive mistake in the first post, the DOGE amount was supposed to come in at under 0.01 BTC ("Ultimately, I plan to have the buy-in cost at 0.01 BTC") but I worked it out to 0.1 BTC.

The correct buy-in price would be 5,000 DOGE, not 50,000. All of the above figures need to be divided by ten, I'll edit that now.

Edit - OK I've corrected the first post.

If anyone else has any suggestions for getting this off the ground without trust issues I'm all ears.
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March 19, 2014, 11:45:22 PM
 #6

Ten people at 5,000 DOGE each is 50,000 DOGE. As a sign of good will, recommend an escrow (someone with a really good reputation here please, I may be new here but I also fear being scammed) and I will send him 50,000 DOGE from my personal stash which can be used to repay all ten members should I run off with their coins.
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March 20, 2014, 10:57:28 AM
 #7

Again, I'm quite happy to send a trusted escrow 50,000 DOGE of my own to hold while this runs.

Just to show I have the coins, I moved 50,000 from the exchange I trade on through my wallet - look up DJBKsqzzzQ2psNbgX4mJSUbLgbPT7624YA on the Dogechain block explorer (here: http://dogechain.info/address/DJBKsqzzzQ2psNbgX4mJSUbLgbPT7624YA ). It should reflect shortly as 49,995 (I didn't add the 5 DOGE fee when I moved the coins).

I really want to get this off the ground Cheesy If there's anything else I should do to build confidence, please let me know Smiley
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March 21, 2014, 11:20:57 PM
 #8

Nobody willing to help?
Oj0
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March 24, 2014, 08:31:05 AM
 #9

Would it put people's minds at ease if I could get a moderator to hold onto 50,000 DOGE while I run round 1? 50,000 would cover everyone if I tried to run away Tongue
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April 16, 2014, 10:29:40 PM
 #10

I still want to do this, how about dropping everything to 10% for now? Ergo the buy in is 500 Doge.
Oj0
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July 01, 2014, 10:59:33 PM
 #11

I still want to do this.
Oj0
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November 17, 2014, 10:55:29 PM
 #12

Bump? Cheesy I still want to do this, not to get rich but to have fun.
Oj0
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November 18, 2014, 10:28:27 AM
 #13

Maybe I can entice some of you with a free first round? Cheesy Post your wallet address in this thread or PM it to me and once ten people have done so they'll all get payments as if they've actually won. Let me check how much Doge I can afford to give away tonight, I'll post here once I've done so.

If you guys trust zero post wonders running ponzis which are basically guaranteed to fail, why not make a risk free move here?

  • I will happily use a trusted member as an escrow - I will send that person enough coins to cover everyone's refund should I disappear.
  • I have a reputation to worry about - I am a super moderator at Carbonite.co.za using the name Oj0 as well as a moderator and captain of the World Community Grid team at XtremeSystems.org using the name [XC] Oj101. These can both be verified - drop me a PM on either forum and I'll reply to it confirming it is indeed me.
  • I am not claiming to make you money from nothing the way ponzis do - all winnings are covered by the 4% "buy-in" cost so it's not at all a ponzi where I seemingly bleed coins to keep it going.
  • There will be complete transparency. Unless you request otherwise, all entrants as well as the winner will be posted here. You can also use the block explorer to confirm I have indeed made the payouts. For obvious reasons I will only make payouts to the address you used to enter. That way you can't say I paid to an address not controlled by you, and I can't say you gave me another address to pay.

If there is anything else you'd like me to do to gain your trust, let me know.
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November 18, 2014, 10:54:30 AM
 #14

Dogecoin has changed since the last time I was actively using it. When I click Much Receive it no longer shows one address, I have to request Doge and it then shows a wallet address which changes every time I do a request. Can I use one address for everything?
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