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Author Topic: Bitcoinduit and How She Is Played  (Read 789 times)
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April 15, 2012, 06:41:56 AM


Bitcoinduit is an honest ponzi site. If a ponzi scheme is dishonest and claims it's an investment program, people can't make rational decisions, and everyone loses money except for the ponzi's owner. However, if a ponzi scheme is honest, it makes a great game. You have to guess whether there are enough people who come in after you to pay you out, and if you guess well, you win money. Here's how it works.

  • A game ends when nobody has deposited for long enough (the expiration time).
  • If you guess correctly and there are enough people after you to pay off everyone before and including you, you win a certain return on your "investment" (that's what the ROI, return on investment, column is).
  • If you guess incorrectly, but you are the last one in when the game expires, you win the jackpot.
    Otherwise, you lose money.

The jackpot is meant to encourage depositing even after you have little to no chance of getting paid the first way. This makes games longer and lets more people get paid. Here's a more in-depth explanation:

  • When you deposit, 5% if you're the first depositor and 2% if you're not goes to the house. This is a fee that keeps the site up and running.
  • Another percentage of this goes to the jackpot (the jackpot % column).
  • The rest goes to the pot.
  • Every time another person deposits, Bitcoinduit checks if the pot is large enough to pay out some people (including their ROI). As long as the pot is large enough, it will continue to pay people out.
  • You can also directly deposit to the jackpot to encourage people to deposit if it seems like you're not going to get paid. You can see the address for this on each round's page.
  • When the game ends, the jackpot is paid to the last depositor, and 50% of the pot is paid to the first depositor (the round creator). The rest of the pot (50%) goes to the house.
  • Note that when you create a round, you are required to make a deposit to get it started and to have it show up on the All Rounds page.
  • If your round expires without more than one deposit, we will pay you your money back, without fees.
  • If other people contributed directly to the jackpot address, and your round expires without more than one deposit, their money will be paid to you too!

To sum it up:
Money flows
  • On deposit:
    • 5% if first depositor, 2% if not, goes to the house as a fee.
    • The jackpot percentage determines how much goes to the jackpot.
    • The rest goes to the pot.
  • On expiration:
    • If the game expires without more than one deposit, all money associated with that game goes to the only depositor, including:
      • Jackpot
      • Entire pot
      • All fees are returned as well.
    • Otherwise,
      • 50% of the pot goes to the house. The other 50% goes to the first depositor / round creator.
      • The entire jackpot goes to the last depositor

Still around.
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