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Bitcoin Oz (OP)
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August 05, 2012, 10:05:10 PM
Last edit: August 07, 2012, 03:36:20 AM by bitcoin.me |
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Edit: This is a bad idea as people are confusing the purpose and structure of the fund.
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The forum strives to allow free discussion of any ideas. All policies are built around this principle. This doesn't mean you can post garbage, though: posts should actually contain ideas, and these ideas should be argued reasonably.
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Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction.
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dust
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August 05, 2012, 11:16:33 PM |
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Are gambling securities allowed on the GLBSE?
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Bitcoin Oz (OP)
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August 06, 2012, 12:07:23 AM |
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Are gambling securities allowed on the GLBSE?
I dont see why not. |
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Bitcoin Oz (OP)
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August 06, 2012, 01:35:41 AM |
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Buying lotto tickets with a group of people is not illegal at least where I live  |
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sebnow
Newbie
 Offline
Activity: 33
Merit: 0
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August 06, 2012, 10:05:30 AM |
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Interesting. Which securities do you plan on investing in?
Winning the jackpot (>$2mln AUD) would give about 90BTC per share (minus expenses) atm. The odds probably aren't that great with only 2200 shares though.
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Nefario
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August 06, 2012, 11:10:12 AM |
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Listing it as an asset for a lotto company (where the funds are used to develop software or something) then yes that's fine, but having the shares being the lotto tickets, then no.
Nefario
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PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com |
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Bitcoin Oz (OP)
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August 06, 2012, 12:03:40 PM |
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Listing it as an asset for a lotto company (where the funds are used to develop software or something) then yes that's fine, but having the shares being the lotto tickets, then no.
Nefario
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Nefario
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August 06, 2012, 12:16:02 PM |
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Listing it as an asset for a lotto company (where the funds are used to develop software or something) then yes that's fine, but having the shares being the lotto tickets, then no.
Nefario
Hey I've no problem with you going ahead with this, but having the tickets as shares won't work from a technical point of view either, there is no way to pick a single share out of all sold to make any payment to. It also helps to keep GLBSE cleaner, there are already a lot of assets on the market page (this is going to be improved). |
PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com |
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Bitcoin Oz (OP)
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August 06, 2012, 12:20:18 PM |
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Listing it as an asset for a lotto company (where the funds are used to develop software or something) then yes that's fine, but having the shares being the lotto tickets, then no.
Nefario
Hey I've no problem with you going ahead with this, but having the tickets as shares won't work from a technical point of view either, there is no way to pick a single share out of all sold to make any payment to. It also helps to keep GLBSE cleaner, there are already a lot of assets on the market page (this is going to be improved). I would just convert the AUD to btc and pay it out as a dividend ? Perhaps divide the assets into market sector would help. |
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Nefario
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August 06, 2012, 12:37:38 PM |
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Listing it as an asset for a lotto company (where the funds are used to develop software or something) then yes that's fine, but having the shares being the lotto tickets, then no.
Nefario
Hey I've no problem with you going ahead with this, but having the tickets as shares won't work from a technical point of view either, there is no way to pick a single share out of all sold to make any payment to. It also helps to keep GLBSE cleaner, there are already a lot of assets on the market page (this is going to be improved). I would just convert the AUD to btc and pay it out as a dividend ? Perhaps divide the assets into market sector would help. Then everyone holding a ticket/share gets paid. |
PGP key id at pgp.mit.edu 0xA68F4B7C To get help and support for GLBSE please email support@glbse.com |
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pyramining
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August 06, 2012, 10:54:40 PM |
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Then everyone holding a ticket/share gets paid.
I think that he wants to buy a set of other lottery's tickets with received funds, and in case they win, he will share the prize with investors as a dividend. |
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Bitcoin Oz (OP)
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August 06, 2012, 11:33:30 PM |
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Any winnings get paid to shareholders Where did you get the idea I would pay only 1 shareholder  |
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mc_lovin
Legendary
Offline
Activity: 1190
Merit: 1000
www.bitcointrading.com
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August 07, 2012, 01:19:25 AM |
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It's funny you have this idea only hours after I post mine. http://www.bitcointrading.com/forum/index.php?topic=958.msg1856#msg1856Already submitted for approval, and the current version of the company should be approved according to Nefario's post above. Side note, you last logged into my forum August 5th at 10PM. That means you "happened" to see it on my forum and I will now consider you to be an idea stealer. |
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pyramining
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August 07, 2012, 01:36:48 AM |
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Mc_lovin (but maybe this applies also to bitcoin.me), it's funny that you want to invest into mining companies and at the same time partecipating into lottery.
Mining is a very fast lottery, every hash calculated is a ticket, and if you win, you get 50 BTC.
Lottery is the same, much more slower, with the difference that money you put in is less than money you get.
It's like mining with extremely high electricity costs (higher than revenues).
Does it make sense?
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Bitcoin Oz (OP)
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August 07, 2012, 01:41:12 AM |
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Mining bonds in particular are a bad investment as the return reduces over time and they are way too overpriced for the return you can expect. Fixed interest securities are better to keep your principal intact. If you can find higher returns that are insured its a good thing.
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mc_lovin
Legendary
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Activity: 1190
Merit: 1000
www.bitcointrading.com
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August 07, 2012, 01:42:01 AM |
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Mc_lovin (but maybe this applies also to bitcoin.me), it's funny that you want to invest into mining companies and at the same time partecipating into lottery.
Mining is a very fast lottery, every hash calculated is a ticket, and if you win, you get 50 BTC.
Lottery is the same, much more slower, with the difference that money you put in is less than money you get.
It's like mining with extremely high electricity costs (higher than revenues).
Does it make sense?
Yes, but lotteries provide a chance at a big win. |
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Bitcoin Oz (OP)
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August 07, 2012, 01:43:38 AM |
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Mc_lovin (but maybe this applies also to bitcoin.me), it's funny that you want to invest into mining companies and at the same time partecipating into lottery.
Mining is a very fast lottery, every hash calculated is a ticket, and if you win, you get 50 BTC.
Lottery is the same, much more slower, with the difference that money you put in is less than money you get.
It's like mining with extremely high electricity costs (higher than revenues).
Does it make sense?
Yes, but lotteries provide a chance at a big win. Systems are better than single tickets as you get all the combinations of the numbers. |
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pyramining
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August 07, 2012, 01:46:02 AM |
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Yes, but lotteries provide a chance at a big win.
Yes, but with a big expense (I assume you aren't familiar with statistics). It's exactly like mining with huge power costs, hoping that luck would bring you a block before power costs will be higher than the reward. |
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mc_lovin
Legendary
Offline
Activity: 1190
Merit: 1000
www.bitcointrading.com
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August 07, 2012, 01:47:54 AM |
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bitcoin.me are you refusing to comment on the fact that your "lottery company" idea was taken from me?
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Bitcoin Oz (OP)
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August 07, 2012, 01:48:09 AM |
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Yes, but lotteries provide a chance at a big win.
Yes, but with a big expense (I assume you aren't familiar with statistics). It's exactly like mining with huge power costs, hoping that luck would bring you a block before power costs will be higher than the reward. One day a block might be worth $2 million so yes it would be like winning the lottery. |
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