Cancelled for further research

EDIT: I received the below note via Reddit and think it best that I cancel this for now to do some additional research. Sorry all, need to make sure this is compliant with US and state laws. Snarlpill, I will contact you for refund.

from BitcoinPatriot via /r/Bitcoin/ sent 15 minutes ago
I don't have an issue with the concept but I think you should be careful and believe what you are doing is illegal but depends on your state laws.
Now whether legal or not also depends on whether you get caught but just taking money with the promise someone will "get the prize" has to follow a number of laws first.
I believe only "non-profit organizations" can do lotteries and must jump through "hoops" to get it approved. Otherwise it is considered "gambling" and falls under state gambling laws.
Just be careful................

I saw an interesting story on the news last night that led me to an idea for a coin sale / lottery / contest. Here is how it works, I have a 1 troy ounce .999 fine silver '1/10th Bitcoin' proof (unloaded) which I will sell to someone for 0.01BTC (less than $3) and I will cover shipping. The catch is that I will allow multiple buyers for this piece but only one of them will actually 'win' and buy it, similar to a lottery format. I will accept entries for this piece through this week and weekend and randomly draw a winner at 9am EST on Monday, March 23rd. I will not allow more than 50 entries so the worst odds possible to win with one entry is 2%.

If you want to enter for the chance to buy this piece for 0.01BTC, then follow the below steps:

1) Send your 0.01BTC payment to
2) Post your transaction number to this thread
3) Wait until 9am EST on Monday, March 23rd to see if you are selected as the winner.

That is it.

How do we know you wont pick your friend?

Quote from: kalgecin on March 17, 2015, 12:32:03 PM

How do we know you wont pick your friend?

Everyone is my friend so I definitely will, but it will be random.

I thought about perhaps getting one of those gaming dies with a bunch of sides and video taping the rolling of the die when the winner is selected, but then the question would come up, "how do we know that is the only time you rolled the die". I am open to suggestions here but I really don't care who wins the contest to buy the piece. This is a fun promo which becomes detrimental to my reputation should I handle it corruptly. I have a solid trust rating that has been earned over years, I am not looking to steal someone's $3.

Could you use like random.org on TeamViewer with like a trusted member? That is one way of doing it.

Quote from: Equinoxx on March 17, 2015, 01:35:41 PM

Could you use like random.org on TeamViewer with like a trusted member? That is one way of doing it.

Perfect, thank you! This should work, I will research and set this up for the actual selection on the 23rd.

Quote from: FiniteByDesign on March 17, 2015, 01:39:11 PM

Quote from: Equinoxx on March 17, 2015, 01:35:41 PM

Could you use like random.org on TeamViewer with like a trusted member? That is one way of doing it.

Perfect, thank you! This should work, I will research and set this up for the actual selection on the 23rd.

Maybe use an escrow from the 'Big 5'. Or just someone with great trust in general. My friend marcotheminer might be interested. I will send him a link to this thread.

Quote from: Equinoxx on March 17, 2015, 03:08:13 PM

Quote from: FiniteByDesign on March 17, 2015, 01:39:11 PM

Quote from: Equinoxx on March 17, 2015, 01:35:41 PM

Could you use like random.org on TeamViewer with like a trusted member? That is one way of doing it.

Perfect, thank you! This should work, I will research and set this up for the actual selection on the 23rd.

Maybe use an escrow from the 'Big 5'. Or just someone with great trust in general. My friend marcotheminer might be interested. I will send him a link to this thread.

Not sure I want to get into assigning the trust to another individual as the same questions would occur, but then I would have them as well. My understanding from your suggestion, and I have not had time to research, was that a live drawing could be set up somehow via random.org. Again, I will look into this and see what options are available as time permits.

UPDATE: I received the below note via Reddit and think it best that I cancel this for now to do some additional research. Sorry all, need to make sure this is compliant with US and state laws. Snarlpill, I will contact you for refund.

from BitcoinPatriot via /r/Bitcoin/ sent 15 minutes ago
I don't have an issue with the concept but I think you should be careful and believe what you are doing is illegal but depends on your state laws.
Now whether legal or not also depends on whether you get caught but just taking money with the promise someone will "get the prize" has to follow a number of laws first.
I believe only "non-profit organizations" can do lotteries and must jump through "hoops" to get it approved. Otherwise it is considered "gambling" and falls under state gambling laws.
Just be careful................

Hmm, I would not think this would be a concern as many entities hold raffles and sell tickets for hopes of winning a prize, but I suppose the safe move would be the right move for you and your business. I could almost see someone from BitcoinTalk losing their 0.01 BTC and calling the SEC or some shit, Lol. Cheesy

You can return that to:
1G15YtWXKQYdjwPCcbJgobwpJGnH58fpVQ

If you would just shoot me a PM if you start this back up, I thought it was a cool idea and have wanted one of your silver rounds for a while now.

Thanks

Quote from: snarlpill on March 17, 2015, 03:55:23 PM

Yes, a bit annoying, thought this would be fun and harmless. I will look into it some more and see what we can do. Thanks for the support, your refund is pending confirmation.

Transaction details
Hash 42101255665cd95823d47570cd7d7f52bc89161ca1ea136179fb14983971da96

I am sure someome was selling physical lotrtery coins once. That might be an idea

Quote from: kalgecin on March 17, 2015, 04:13:49 PM

I am sure someome was selling physical lotrtery coins once. That might be an idea

Thanks, I will research. I got the idea from this news story http://www.nbcnews.com/nightly-news/video/a-200-word-essay-could-win-you-a-historic-maine-inn-414007875712

Not sure if the 'essay' portion of it circumvents gambling laws? Seems odd that this would be allowed but my contest/giveaway wouldn't. But wouldn't be the first law that made little sense.

Bummer I was looking forward to possibly entering this.

Quote from: kolloh on March 17, 2015, 06:57:02 PM

Bummer I was looking forward to possibly entering this.

Sorry, researched, it is illegal. If however it was a game of skill, then it is allowed from my interpretation - hence fanduel is legal.

I will continue to brainstorm, but not looking good atm.