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Author Topic: [Block Games] Bitcoin Wallet Auction + Kickbacks (Balance= 1 BTC, High bid=0.3)  (Read 1463 times)
EnergyVampire
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July 02, 2012, 05:24:59 AM
 #1

[Block Games] Bitcoin Wallet Auction + Kickbacks (Balance= 1 BTC, Highest Bid= 0.30)
Play for Fun & Profits!

BTC Wallet: 1EkXYzFMiHgHDenrjZVcpLYXwiL4aNWye8
Updated: Block 187938
Wallet Balance: 1.00 BTC
Largest bet: 0.30 BTC
Ending Block: 188000
Discussion Thread: https://bitcointalk.org/index.php?topic=88961.0

The largest confirmed transaction into the pot from now until we reach the Ending Block# 188000 wins all the Bitcoins deposited into the wallet!
(Minus the Kickback Pot and my take)

It is that simple, Guys. It is an All-Pay Auction with an early bidder incentive.

Auction Rules
  • The Jackpot is 90% of the total amount deposited into the wallet.
  • The Kickback Pot is 5% of the total amount deposited into the wallet.
  • My take is 5%.
  • There is no maximum bet size, so bet as much and as often as you like.
  • All payouts will go to the same address the transfer came from approximately 24 hours after Block #188001.
  • Any transfers into this wallet after the Ending Block will be considered a donation.

Kickback Pot Rules
-Each bet has a chance of getting shares.
-Shares per bet is (Bet Block - Ending Block)
-Each share is worth (Kickback Pot)/(Total Shares)
  • The following 3 criteria must me met to receive shares of the Kickback pot:
  • 1. The bet doesn't win the Auction.
  • 2. It was the highest bet included in a block prior to the Ending Block.
  • 3. Ensuing block has a higher bet.

Winning and payout Example:
Player A Bets: 10 BTC Included in Block 187100
Player B Bets: 20 BTC Included in Block 187300
Player C Bets: 30 BTC Included in Block 187300
Player D Bets: 40 BTC Included in Block 188000

Total Deposits= 100 BTC
Kickback Pot = 5 BTC
Total Shares = 1600

The Winner would be Person D.
Player D gets 90 BTC
Player A gets 2.8125 BTC (900 shares x 0.003125)
Player C gets 2.1875 BTC (700 shares x 0.003125)
Player B gets 0 BTC (outbid in same block)

Frequently Asked Questions (FAQs)
Q1: What if there are two or more transfers with the highest amount?
A1: Equal split for the winners.

Q2: What happens to my BTC if someone makes a bigger transfer into the wallet?
A2: You lose them but you might have a chance to win kickbacks.

Q3: Why are you complicating the auction with shares?
Q3: As a reward for early bets because the previous auction had no incentive making sniping the optimal strategy. Unfortunately the Ending Block was found in the middle of the night when the potential players where asleep.

Q3: Where is the wallet located?
A3: Cold Storage

Q4: Do I need to post here after I make the transfer?
A4: Posting is not required, the blockchain is proof.

Q5: Is there a minimum bet increment?
A5: No

Q6: You've been registered on this forum since January, how come don't have many posts?
A6: I like to read more than I like to post.

Q7: Who covers the transaction fee of the jackpot?
A7: I will pay the outgoing fees.

Q8: What is the minimum bet size?
A8: 1 Satoshi although you won't win.

Q9: Why did you make small deposits before the auction started?
A9: It's how I start up the pot.

Q10: Can I use a bot?
A10: Yes, use whatever programs or websites you like.

Q11: I have other questions.
A11: You can PM me or post them here.

Previous Auction: https://bitcointalk.org/index.php?topic=88961.0

Comments, questions, and suggestions are welcomed!

Cheers and Good Luck!

EnergyVampire

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EnergyVampire
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July 02, 2012, 05:25:42 AM
 #2

Updates:
[Block# 187000]
[Block# 188000]

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