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Author Topic: PAY IT BIG - A Gamble of Skill, Guts, and Strategy  (Read 1651 times)
SgtSpike
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June 23, 2012, 12:37:48 AM
 #1

PAY IT BIG

This is a relatively simple game, with the potentially for a very large payout to the winner.  It has a bit of a penny-auction vibe to it.

The rules:
- The largest single bet (or payment) made and confirmed to the game address by the time that the game-ending block is mined wins all of the funds sent to the game address.  The winnings will be sent back to the same address that the bet was made from.
- The game ending block is block number 186,500, which will likely be mined around 4.9 days from now, or around 8:00 PM PST.
- Bets are not cumulative.  A bet of 10 BTC with another bet of 100 BTC does not equate a bet of 110 BTC, even if the bets come from the same address.
- No fees (I am doing this just for fun).

I expect that most bets will be made near the end of the game, but I could be wrong.  I started it off with a 0.1 BTC bet though!  Wink

Good luck!

Game address:  1D6mfWsHMSynTaZYWheenE5x9cZitPbJQ4
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finkleshnorts
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June 23, 2012, 01:07:45 AM
 #2

this is absolutely insane. Watching
nimda
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June 23, 2012, 02:07:02 AM
 #3

SUB! I want to see where this goes Smiley

I recommend asking me for a signature from my GPG key before doing a trade. I will NEVER deny such a request.
fatigue
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June 23, 2012, 02:09:24 AM
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SUB! I want to see where this goes Smiley

Post thief!  Tongue
molecular
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June 23, 2012, 07:37:51 AM
 #5

interesting... I know this guy and he buys a new Porsche from time to time. He does it like this: He goes to the dealer and tells him: "Look, I want this Porsche here, can you make me an offer. You have exactly one shot. If it's low enough, I'll buy the car here and now, if it's too high, I'll just leave.". He always get a good price.

So I guess people will make exactly one bet, putting the transaction into the last possible block.

There might be some speculating on a very fast block and put their bet in the block before, but that's unlikely, because the gains will be quite low (only the 0.1 BTC having been bet already by OP or other guys with the same idea).

So the strategy is clear: grow very large balls and put more than anyone else in the last possible block.

Interesting.

PGP key molecular F9B70769 fingerprint 9CDD C0D3 20F8 279F 6BE0  3F39 FC49 2362 F9B7 0769
SgtSpike
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June 26, 2012, 06:41:44 AM
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The end is drawing near...  A free 10 bitcents to anyone with some balls.  Wink
finkleshnorts
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June 26, 2012, 01:20:53 PM
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Not me, sarge.
SgtSpike
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June 26, 2012, 03:21:52 PM
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At least you're honest about it.
danieldaniel
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June 26, 2012, 04:26:29 PM
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No offense, but I could probably make more on SatoshiDice.  Wink
Also, I have a grand total of 0.00615448 BTC at the moment, so it would be a donation.  Cheesy

SgtSpike
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June 26, 2012, 04:38:44 PM
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No offense, but I could probably make more on SatoshiDice.  Wink
Also, I have a grand total of 0.00615448 BTC at the moment, so it would be a donation.  Cheesy
Or you could lose more on SatoshiDice too.  This is a positive-sum game, and satoshidice takes a fee.  So technically, the payout from this is higher than the payout from SD.  Just sayin'.  Wink

Also, I can't win.  So if you bet your 0.006 BTC, and that's the only bet I receive, then you win it all.
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June 26, 2012, 05:29:45 PM
 #11

do it daniel!!!!!!!!
Fredyy
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June 27, 2012, 04:18:32 PM
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This game is not really exicting Cheesy https://blockchain.info/address/1D6mfWsHMSynTaZYWheenE5x9cZitPbJQ4
finkleshnorts
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June 27, 2012, 04:53:34 PM
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I think we need to play it again when this one is over, but this time have the deadline set like 5 blocks away. Otherwise the extra time is just a formality
SgtSpike
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June 27, 2012, 05:44:49 PM
 #14

Lol, zero players!  Woohoo!

I could try a 5-blocks away game.  Doesn't seem like a whole lot of interest either way though - no one is willing to risk it!
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June 28, 2012, 04:17:23 AM
 #15

Wow, not a single taker. I think what made it pointless for me was there was no minimum increment. Make it a minimum 10% increment to have a valid bet, and I'll be your first player just for kicks.

mcorlett
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June 28, 2012, 04:26:39 AM
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interesting... I know this guy and he buys a new Porsche from time to time. He does it like this: He goes to the dealer and tells him: "Look, I want this Porsche here, can you make me an offer. You have exactly one shot. If it's low enough, I'll buy the car here and now, if it's too high, I'll just leave.". He always get a good price.
http://bigthink.com/think-tank/how-to-buy-a-car-using-game-theory

Scroll down for video.

mcorlett
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June 28, 2012, 04:34:09 AM
 #17

This is a positive-sum game
Wrong. This is a zero-sum game.

finkleshnorts
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June 28, 2012, 06:18:27 AM
 #18

Wow, not a single taker. I think what made it pointless for me was there was no minimum increment. Make it a minimum 10% increment to have a valid bet, and I'll be your first player just for kicks.

Then the last few seconds would be pointless
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June 28, 2012, 10:23:45 AM
 #19

This is a positive-sum game
Wrong. This is a zero-sum game.

I think he's referring to the fact that he started the pot off, but won't be playing:

Quote
I started it off with a 0.1 BTC bet though! 

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