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 Author Topic: [Cancelled] OZLOTTO  (Read 2293 times)
pyramining
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 August 07, 2012, 01:49:08 AM

Systems are better than single tickets as you get all the combinations of the numbers.

False. The probabilty of the victory is DIRECTLY proportional to the number of tickets bought.

Let's suppose that winning chanche is 1 / 100000 each ticket.

If you buy 100 different tickets, your chance is 1 / 1000, no matter which rules you apply and how you arrange them.

Any system, over several enough cycles, yelds exactly same results as playing with random tickets.

Prove me I am wrong! :-)
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pyramining
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 August 07, 2012, 01:50:42 AM

One day a block might be worth \$2 million so yes it would be like winning the lottery.

Ok, I think I have no way to explain it to you. Hope there's someone more clever than me who can do this task, before you and/or investors will lose money! :-)
Bitcoin Oz
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Wat

 August 07, 2012, 01:51:15 AM

Systems are better than single tickets as you get all the combinations of the numbers.

False. The probabilty of the victory is DIRECTLY proportional to the number of tickets bought.

Let's suppose that winning chanche is 1 / 100000 each ticket.

If you buy 100 different tickets, your chance is 1 / 1000, no matter which rules you apply and how you arrange them.

Any system, over several enough cycles, yelds exactly same results as playing with random tickets.

Prove me I am wrong! :-)

You get better odds with scratch tickets. I only play lotto for fun

Calling it an "investment" is wrong.

Bitcoin Oz
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Wat

 August 07, 2012, 01:54:26 AM

One day a block might be worth \$2 million so yes it would be like winning the lottery.

Ok, I think I have no way to explain it to you. Hope there's someone more clever than me who can do this task, before you and/or investors will lose money! :-)

This isnt investment it is gambling which are two different things. I dont consider spending my spare change on scratch tickets as an investment either

pyramining
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 August 07, 2012, 01:56:47 AM

You get better odds with scratch tickets. I only play lotto for fun

Scratch tickets don't pay more than what you put in. It's exactly the same.

Would you buy bonds from a mining company that (I am putting some round number here to make it easier) mines out on average 1 block/day (~500 USD), and has a power cost of ~ 1000 USD / day?

Your idea is exactly the same, and it's worthless. However if you find it funny and you are willing to be an investor, I will start such a mining company on GLBSE for you. At the same time I will make a second company on GLBSE that sells power to the first one, with a huge markup, so investors may have higher dividends than Pirate! :-)
Bitcoin Oz
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Wat

 August 07, 2012, 02:01:46 AM

You get better odds with scratch tickets. I only play lotto for fun

Scratch tickets don't pay more than what you put in. It's exactly the same.

Would you buy bonds from a mining company that (I am putting some round number here to make it easier) mines out on average 1 block/day (~500 USD), and has a power cost of ~ 1000 USD / day?

Your idea is exactly the same, and it's worthless. However if you find it funny and you are willing to be an investor, I will start such a mining company on GLBSE for you. At the same time I will make a second company on GLBSE that sells power to the first one, with a huge markup, so investors may have higher dividends than Pirate! :-)

Investment /= Gambling

pyramining
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 August 07, 2012, 02:07:18 AM

Investment /= Gambling

Call it as you like, my newly invented mining company is "gambling" then, and resembles exactly a scratch-ticket lottery (or almost any other kind of lotteries). I still don't see where is the fun.

Probably the fun exists when they are smart enough to give you the illusion that chances to win/prizes are higher than cost and/or risk. Still it's only an illusion.
mc_lovin
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 August 07, 2012, 02:11:32 AM

My posts in this thread are an illusion.
dust
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 August 07, 2012, 02:41:01 AM

This asset is -EV for everybody except the issuer who can do huge insider trading.  I'd advise everyone to stay away.

Cryptocoin Mining Info | OTC | PGP | Twitter | freenode: dust-otc | BTC: 1F6fV4U2xnpAuKtmQD6BWpK3EuRosKzF8U
organofcorti
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Poor impulse control.

 August 07, 2012, 02:52:33 AM

Systems are better than single tickets as you get all the combinations of the numbers.

False. The probabilty of the victory is DIRECTLY proportional to the number of tickets bought.

Let's suppose that winning chanche is 1 / 100000 each ticket.

If you buy 100 different tickets, your chance is 1 / 1000, no matter which rules you apply and how you arrange them.

Any system, over several enough cycles, yelds exactly same results as playing with random tickets.

Prove me I am wrong! :-)

You are wrong. I think you're confusing lottery tickets with lotto.

Each entry does not have the same chance of winning. With Ozlotto, a "system" entry has a greater chance of winning. This is because it's not a lottery. You choose a certain number of numbers and and are paid out based on the the amount of numbers you have correct. A systems entry gives you more numbers per game and thus a better chance of winning.

If you want to calculate odd exactly you'll need to go to the ozlotto website (which I can't do at work), and read this wikipedia entry.

Bitcoin network and pool analysis 12QxPHEuxDrs7mCyGSx1iVSozTwtquDB3r
Bitcoin Oz
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Wat

 August 07, 2012, 03:22:10 AM

Systems are better than single tickets as you get all the combinations of the numbers.

False. The probabilty of the victory is DIRECTLY proportional to the number of tickets bought.

Let's suppose that winning chanche is 1 / 100000 each ticket.

If you buy 100 different tickets, your chance is 1 / 1000, no matter which rules you apply and how you arrange them.

Any system, over several enough cycles, yelds exactly same results as playing with random tickets.

Prove me I am wrong! :-)

You are wrong. I think you're confusing lottery tickets with lotto.

Each entry does not have the same chance of winning. With Ozlotto, a "system" entry has a greater chance of winning. This is because it's not a lottery. You choose a certain number of numbers and and are paid out based on the the amount of numbers you have correct. A systems entry gives you more numbers per game and thus a better chance of winning.

If you want to calculate odd exactly you'll need to go to the ozlotto website (which I can't do at work), and read this wikipedia entry.

This is correct. A normal game you have 6 numbers out of 45. If you have 7,8 or 9 numbers in a systems entry that increases your chances as it includes all combinations of those numbers. You can win more than 1 time on a ticket.

Bitcoin Oz
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Wat

 August 07, 2012, 03:26:48 AM

This asset is -EV for everybody except the issuer who can do huge insider trading.  I'd advise everyone to stay away.

Insider trading ? I dont get what you mean.

Any winnings are divided equally amongst  the number of shares they dont go to one of the shares....

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