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Author Topic: Bitcoin Lottery: minimum just 0.01 btc! Next draw: July 1 Jackpot 1.52 btc  (Read 10345 times)
ene
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May 31, 2011, 04:38:31 PM
 #41

Can't you just send 100 BTC into the fund a few minutes before the draw closes, and then almost certainly win everybody's bitcoins? Then use those bitcoins again for the next lottery.
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bitcoinlottery
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May 31, 2011, 04:45:10 PM
 #42

Can't you just send 100 BTC into the fund a few minutes before the draw closes, and then almost certainly win everybody's bitcoins? Then use those bitcoins again for the next lottery.
Yes, the chance of winning is proportional to the amount. You have also a small chance of loosing (almost) all your bitcoins if the average is small. It is about the same as buying almost all tickets of a lottery. And if you win, you almost win nothing (compared to your 100 btc)
ene
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May 31, 2011, 05:09:08 PM
 #43

Can't you just send 100 BTC into the fund a few minutes before the draw closes, and then almost certainly win everybody's bitcoins? Then use those bitcoins again for the next lottery.
Yes, the chance of winning is proportional to the amount. You have also a small chance of loosing (almost) all your bitcoins if the average is small. It is about the same as buying almost all tickets of a lottery. And if you win, you almost win nothing (compared to your 100 btc)

Yes, like any lottery the expected amount of winning will be less than the amount you put in (unless you are the only person playing the lottery). But since you're you, you can just choose not to pay out the money in that case and leave the forum forever. You don't make any profit from this lottery (or any future lottery) so you have no reason to hang around.
bitcoinlottery
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May 31, 2011, 05:27:18 PM
 #44

Can't you just send 100 BTC into the fund a few minutes before the draw closes, and then almost certainly win everybody's bitcoins? Then use those bitcoins again for the next lottery.
Yes, the chance of winning is proportional to the amount. You have also a small chance of loosing (almost) all your bitcoins if the average is small. It is about the same as buying almost all tickets of a lottery. And if you win, you almost win nothing (compared to your 100 btc)

Yes, like any lottery the expected amount of winning will be less than the amount you put in (unless you are the only person playing the lottery). But since you're you, you can just choose not to pay out the money in that case and leave the forum forever. You don't make any profit from this lottery (or any future lottery) so you have no reason to hang around.
The expected amount here is exactly the same you put in.
It is just the fun. Maybe some day I create a lottery that does make some profit, but for now I leave it this way. Making 1 or 2 percent profit is also not worth the time you put in it (or the Jackpot must be really really high).
ene
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May 31, 2011, 05:45:18 PM
 #45

The expected amount here is exactly the same you put in.

My mistake, in the same post I simultaneously remembered and forgot that you aren't charging any fees.  Cheesy
bitcoinlottery
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May 31, 2011, 09:32:09 PM
 #46

The expected amount here is exactly the same you put in.

My mistake, in the same post I simultaneously remembered and forgot that you aren't charging any fees.  Cheesy
Never mind.
bitcoinlottery
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June 01, 2011, 08:06:35 AM
 #47

Jackpot 0.07 btc!
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June 01, 2011, 07:49:32 PM
 #48

0.32 btc now!
AltPluzF4
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June 01, 2011, 08:38:31 PM
 #49

Stupid question, but...

I made this transaction: http://blockexplorer.com/tx/7341ab3a4ad66dfb7750e21fdd61f78d25f33cf1562da3180ae14508c949ada1

It has two addresses though.
1eA54G3kn36wEfDazdF1DEizaWkc2pXTF
14FMPixUmA8ha77LzzDaNJfVMhd9zrdqVr

The first address, is not mine. The second one is.
So, what happens if my "ticket" won? Would the winnings go to that other address? :-/

1LoSeRc7JjLNvukvHVGSMy5mmLfkuUTckZ
ene
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June 01, 2011, 08:50:52 PM
 #50

How can you only own one of those addresses? Are you using an e-wallet or something?
Maged
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June 01, 2011, 08:54:31 PM
 #51

Stupid question, but...

I made this transaction: http://blockexplorer.com/tx/7341ab3a4ad66dfb7750e21fdd61f78d25f33cf1562da3180ae14508c949ada1

It has two addresses though.
1eA54G3kn36wEfDazdF1DEizaWkc2pXTF
14FMPixUmA8ha77LzzDaNJfVMhd9zrdqVr

The first address, is not mine. The second one is.
So, what happens if my "ticket" won? Would the winnings go to that other address? :-/

That first address was used to give you your "change" from a previous transaction. You own that address, it's just hidden from you in the UI. You will still receive bitcoins just fine on that address.

AltPluzF4
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June 01, 2011, 08:56:15 PM
 #52

How can you only own one of those addresses? Are you using an e-wallet or something?

http://sites.google.com/site/altpluzf4/lotto.png

I have no idea.

*Edit* Right before submitting...
Thanks for the clarification Maged. I guess I've not invested enough time into learning the inner workings of bitcoin :-/
Sorry for my stupidity.

Thanks for your time.

1LoSeRc7JjLNvukvHVGSMy5mmLfkuUTckZ
bitcoinlottery
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June 02, 2011, 01:48:27 PM
 #53

Jackpot is 0.33 btc now!
PIO
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June 02, 2011, 02:39:55 PM
 #54

I just sent 0.01, do you see my address?
bitcoinlottery
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June 02, 2011, 03:50:25 PM
 #55

I just sent 0.01, do you see my address?
Yes: 1KSHom9Nve3zAhdrBB5PZGnTaPVS93YAgE

Jackpot is 0.54 btc now!
weish
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June 03, 2011, 08:10:11 PM
 #56

sent my .01 bitcoins. now i'm broke until the mining pool i'm in pays out
piuk
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June 03, 2011, 11:21:07 PM
 #57

Thought i'd give it a whirl, just put in 0.47 jackpot now 0.98  Grin

bitcoinlottery
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June 04, 2011, 08:25:35 AM
 #58

Thought i'd give it a whirl, just put in 0.47 jackpot now 0.98  Grin
No, it is even bigger, 1.02 btc  Cheesy. (There were some bitcoin cents used to pay the previous winner).
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June 04, 2011, 08:33:20 PM
 #59

I have a new game: Double Trouble!
http://forum.bitcoin.org/index.php?topic=12067.msg168501#msg168501
bitcoinlottery
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June 05, 2011, 06:20:39 AM
 #60

26 days to go! Jackpot 1.02 btc!
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