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Author Topic: BitPots.Com - A whole new game - Low Fees & New Game - Pot Gambling!  (Read 1894 times)
elm
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October 20, 2014, 09:50:37 AM
 #21

what is the different between 1-hour, 12-hour, and 24-hour pots. ??

I believe the lottery will be drawn once every 1 hour, 12 hours and 24 hours respectively for the 3 games.

I see,
so if I want to see a winner quickly,
I just deposit at 1 hour pots



We take 5% when you deposit it into the site, after that we take no more fees. The winner is determined by the following process:
Say player #1 puts in 10 BTC, #2 5 BTC and #3 15 BTC.
#1 owns 33.3% of the pot.
#2 owns 16.6% of the pot.
#3 owns 50% of the pot.
And they have these chances to win:
#1: 33.3%
#2: 16.6%
#3: 50%


please explain ELI5

total amount to that pot was BTC 30 (10+5+15)

so the chance of winning for:
 
owner #1 : 10/30 = 1/3 = 33%
owner #2 : 5/30 = 1/6 = 16.6%
owner #3 : 15/30 = 1/2 = 50%

now if you will give us instead of % the real numbers it will be better understandable IMO how much each one will win especially owner #2 actually no one will win any coins here hmmmmmm or what did I miss here?

ELI5 = Explain like I am 5
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Bitpot
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October 20, 2014, 01:56:55 PM
 #22

@Litecoin Boss, Minimum deposit is 0.0002 BTC(blockchain fees), no minimum withdrawal. Withdrawal is instant, deposit takes 4 confirms(so ~1 hour). We should be going instant in the future, I'm just looking into the safety of it.

@elm You got the math right. Your pot's worth/total pot is your chance, and is shown below the pot, real-time. I'm fairly certain I'm missing something in this response, can you elaborate on what you don't understand? Thanks.
elm
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October 20, 2014, 02:04:39 PM
 #23


@elm You got the math right. Your pot's worth/total pot is your chance, and is shown below the pot, real-time. I'm fairly certain I'm missing something in this response, can you elaborate on what you don't understand? Thanks.

please give me the winnings of each of the 3 participants in btc and not in %

total amount to that pot was BTC 30 (10+5+15)

so the chance of winning for:
 
owner #1 : 10/30 = 1/3 = 33% = btc?
owner #2 : 5/30 = 1/6 = 16.6% = btc?
owner #3 : 15/30 = 1/2 = 50% = btc?
Bitpot
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October 20, 2014, 03:53:19 PM
 #24

@elm The entire pot is given to the winner. So 33% chance of winning all 30 BTC, etc.
elm
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October 20, 2014, 04:44:12 PM
 #25

@elm The entire pot is given to the winner. So 33% chance of winning all 30 BTC, etc.

confused

3 participants
5btc
10btc
15btc
-------
30btc

and the winner gets 30btc  Huh

Shogen
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October 20, 2014, 05:36:03 PM
 #26

@elm The entire pot is given to the winner. So 33% chance of winning all 30 BTC, etc.

confused

3 participants
5btc
10btc
15btc
-------
30btc

and the winner gets 30btc  Huh



From the FAQ page: "Where do you make your money? We collect a 5% fee on all deposits. There is also a .0002 fee from Blockchain."
So, I believe the winner will get 28.4998 (=30 * 95% - .0002) btc.

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