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waqas
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July 02, 2014, 05:30:26 PM |
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The jackpot is just there as an incentive. If there was any chance that people would win it it would cost the owner too much to be profitable.
AFAIK, the number is generated with Sha512 and is provably fair. And the chance does exist, though it is very very small at 0.005%.  The number may be provably fair but the chances of winning the jackpot are still very slim and essentially zero We can say its more then under zero because no one have this from the start of this faucet |
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InwardContour
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July 03, 2014, 05:25:59 AM |
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The jackpot is just there as an incentive. If there was any chance that people would win it it would cost the owner too much to be profitable.
AFAIK, the number is generated with Sha512 and is provably fair. And the chance does exist, though it is very very small at 0.005%. The number may be provably fair but the chances of winning the jackpot are still very slim and essentially zero We can say its more then under zero because no one have this from the start of this faucet No, there is a chance of winning the jackpot. It is the same chance of having any other specific number hit. The chances are one in 10,000 to win the jackpot, you are allowed to play once per hour. So you will win the jackpot, on average once every 416 days if you played every hour and did not sleep. |
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BunsenBurner
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July 03, 2014, 01:54:42 PM |
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No, there is a chance of winning the jackpot. It is the same chance of having any other specific number hit. The chances are one in 10,000 to win the jackpot, you are allowed to play once per hour. So you will win the jackpot, on average once every 416 days if you played every hour and did not sleep.
It is true that the chance to win the jackpot is 1/10000. But since the number is obtained from "rounded off", both the chance to get 0 and 10000 are 1/20000. The chance to hit all other numbers are the same as 1/10000. https://bitcointalk.org/index.php?topic=319540.msg7575941#msg7575941I am sorry, it should be "rounded off" and not "rounded up". I shall correct this on the website. So any number below 0.5 will be rounded down to 0.
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InwardContour
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July 04, 2014, 05:54:25 AM |
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No, there is a chance of winning the jackpot. It is the same chance of having any other specific number hit. The chances are one in 10,000 to win the jackpot, you are allowed to play once per hour. So you will win the jackpot, on average once every 416 days if you played every hour and did not sleep.
It is true that the chance to win the jackpot is 1/10000. But since the number is obtained from "rounded off", both the chance to get 0 and 10000 are 1/20000. The chance to hit all other numbers are the same as 1/10000. https://bitcointalk.org/index.php?topic=319540.msg7575941#msg7575941I am sorry, it should be "rounded off" and not "rounded up". I shall correct this on the website. So any number below 0.5 will be rounded down to 0.
Ha, well how about that. Just another reason to show that this faucet is nothing more then a waste of time. Regardless of if the chances are one in 10k or 1 in 20k, the chances of hitting the jackpot make it so unlikely that you will hit it that you are doing nothing more then wasting time on this or any other faucet. |
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Mobius7
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July 04, 2014, 06:07:43 AM |
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Regardless of if the chances are one in 10k or 1 in 20k, the chances of hitting the jackpot make it so unlikely that you will hit it that you are doing nothing more then wasting time on this or any other faucet.
That's how the site attract many users by saying "Sign up and win upto $200 in free Bitcoins every hour playing a simple game!" |
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Harley997
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July 04, 2014, 07:08:36 AM |
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Regardless of if the chances are one in 10k or 1 in 20k, the chances of hitting the jackpot make it so unlikely that you will hit it that you are doing nothing more then wasting time on this or any other faucet.
That's how the site attract many users by saying "Sign up and win upto $200 in free Bitcoins every hour playing a simple game!" Even though it says "upto" I would consider this to be misleading as there is not really a reasonable chance that this would happen. |
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PRIMEDICE The Premier Bitcoin Gambling Experience @PrimeDice
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SelbyTsang
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July 04, 2014, 01:32:08 PM |
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Regardless of if the chances are one in 10k or 1 in 20k, the chances of hitting the jackpot make it so unlikely that you will hit it that you are doing nothing more then wasting time on this or any other faucet.
That's how the site attract many users by saying "Sign up and win upto $200 in free Bitcoins every hour playing a simple game!" Even though it says "upto" I would consider this to be misleading as there is not really a reasonable chance that this would happen. I wonder how many of those freebitco.in users realize and understand how low the chance is. The chance to hit "10000" in 1 roll = 0.005% The chance to hit "10000" at least once in 100 rolls = 0.49876% The chance to hit "10000" at least once in 10000 rolls = 39.3477% |
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InwardContour
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July 05, 2014, 03:20:38 AM |
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Regardless of if the chances are one in 10k or 1 in 20k, the chances of hitting the jackpot make it so unlikely that you will hit it that you are doing nothing more then wasting time on this or any other faucet.
That's how the site attract many users by saying "Sign up and win upto $200 in free Bitcoins every hour playing a simple game!" Even though it says "upto" I would consider this to be misleading as there is not really a reasonable chance that this would happen. I wonder how many of those freebitco.in users realize and understand how low the chance is. The chance to hit "10000" in 1 roll = 0.005% The chance to hit "10000" at least once in 100 rolls = 0.49876% The chance to hit "10000" at least once in 10000 rolls = 39.3477% Probably very few of them and as a result they get a lot more return visitors then they really should |
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DannyElfman
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July 05, 2014, 10:20:10 PM |
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Regardless of if the chances are one in 10k or 1 in 20k, the chances of hitting the jackpot make it so unlikely that you will hit it that you are doing nothing more then wasting time on this or any other faucet.
That's how the site attract many users by saying "Sign up and win upto $200 in free Bitcoins every hour playing a simple game!" Even though it says "upto" I would consider this to be misleading as there is not really a reasonable chance that this would happen. I wonder how many of those freebitco.in users realize and understand how low the chance is. The chance to hit "10000" in 1 roll = 0.005% The chance to hit "10000" at least once in 100 rolls = 0.49876% The chance to hit "10000" at least once in 10000 rolls = 39.3477% You should also make not as to how long it would take to "roll" 100 times. If you were to not go to work and do nothing but roll every hour and sleep then you can roll 16 times per day. It would take almost a week just to have a ~.49% chance of winning the jackpot. EDIT: I think your math might be off for your 10,000 rolls chances. |
This spot for rent.
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HarryT1923
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July 05, 2014, 11:02:30 PM |
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i'd say your best bet is to funnel whatever $$ you can into bitcoin. faucets are a total waste of time.
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littlewizard
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July 06, 2014, 11:22:30 PM |
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Wait a few years, what you get will worth much more.
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Salmon1989
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July 07, 2014, 04:20:48 AM |
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Wait a few years, what you get will worth much more.
So, you should avoid faucets and spend your time on real-time jobs, bitcoin jobs, or sig campaigns to earn more bitcoin now. No matter what bitcoin price is, it is always better to have more bitcoin, isn't it? |
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Salmon1989
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July 07, 2014, 04:26:19 AM |
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I wonder how many of those freebitco.in users realize and understand how low the chance is.
The chance to hit "10000" in 1 roll = 0.005%
The chance to hit "10000" at least once in 100 rolls = 0.49876%
The chance to hit "10000" at least once in 10000 rolls = 39.3477%
EDIT: I think your math might be off for your 10,000 rolls chances. Sounds right to me. Pr(hit 10000) = 0.005% Pr(not hit 10000) = 1 - 0.005% = 99.995% Pr(not hit 10000, for 10000 rolls) = 99.995% ^ 10000 = 60.652307787% Pr(hit 10000 within 10000 rolls) = 1 - 60.652307787% = 39.347692213% |
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HarHarHar9965
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July 15, 2014, 05:56:32 PM |
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I did some faucets back in 2013. It was a waste of time then -- gotta be a colossal waste of time now.  |
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lynn_402
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July 15, 2014, 06:24:34 PM |
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I did some faucets back in 2013. It was a waste of time then -- gotta be a colossal waste of time now. probably but remember if you did faucets in 2009 and kept the coins it would be worth it if someone does faucets in 2014 and keeps them until 2019 will it be worth it?  Maybe, but even in that scenario doing faucets for hundreds of hours would still be less profitable than buying 5$ worth of Bitcoins and holding until then  |
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Baitty
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July 15, 2014, 06:47:23 PM |
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At the start of Bitcoin people were giving away like 1 Bitcoin etc so imagine if Bitcoin did become worth something huge it could add up. but not much even if it did go up by a huge amount. its a waste of time now.
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Currently held as collateral by monbux
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Skrillex
Member
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Activity: 84
Merit: 10
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July 16, 2014, 02:21:57 AM |
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If your patience is that of a tibetan monk then maybe  |
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KimNam
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July 16, 2014, 02:55:38 AM |
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At the start of Bitcoin people were giving away like 1 Bitcoin etc so imagine if Bitcoin did become worth something huge it could add up. but not much even if it did go up by a huge amount. its a waste of time now.
yeah at the time, bitcoin not worth so much like now curious if there someone who collect some BTC back in 2010, but he don't use it until now maybe he becomes richman  |
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Muhammed Zakir
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July 16, 2014, 11:09:44 AM |
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I did some faucets back in 2013. It was a waste of time then -- gotta be a colossal waste of time now. probably but remember if you did faucets in 2009 and kept the coins it would be worth it if someone does faucets in 2014 and keeps them until 2019 will it be worth it? Maybe, but even in that scenario doing faucets for hundreds of hours would still be less profitable than buying 5$ worth of Bitcoins and holding until then +1. You are right when considering electricity costs but if the faucet pay out was 1 BTC per dispense he may get a great profit. I don't know how much BTC faucet gave at the time. Now there is nothing we can do about it except dreaming, it is waste of time telling about past things, I suggest you to tell what we can do now. IMO it is better to trade BTC like lynn_402 told. You can buy as little as $5 and can sell when the price increases, you can get upto $10 when you sell, if you are so lucky, you may get even more. Kindly, MZ |
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Domino
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July 16, 2014, 01:58:51 PM |
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I did some faucets back in 2013. It was a waste of time then -- gotta be a colossal waste of time now. probably but remember if you did faucets in 2009 and kept the coins it would be worth it if someone does faucets in 2014 and keeps them until 2019 will it be worth it? Maybe, but even in that scenario doing faucets for hundreds of hours would still be less profitable than buying 5$ worth of Bitcoins and holding until then +1. You are right when considering electricity costs but if the faucet pay out was 1 BTC per dispense he may get a great profit. I don't know how much BTC faucet gave at the time. Now there is nothing we can do about it except dreaming, it is waste of time telling about past things, I suggest you to tell what we can do now. IMO it is better to trade BTC like lynn_402 told. You can buy as little as $5 and can sell when the price increases, you can get upto $10 when you sell, if you are so lucky, you may get even more.Kindly, MZ If I understand the posts correctly, lynn_402 was actually suggesting people to buy and hold bitcoin for a long period of time, instead of trading lol. |
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