I like your idea. I will cut the fees to something like 1% to pay for the transaction fees
It's a good idea but any cut above this will make the lottery very expensive. National lotteries can pay out 50% because they have a monopoly and the remainder usually goes towards a community project.
I will probably increase fees (nothing to exorbitant) to covers costs if this takes off. I don't think it will require to much to run unless it becomes insanely popular. At that time, I will open up more lotteries for different payout ranges to make it more beneficial for costs.
Re:Show HN: Anonymous Bitcoin Lottery
by sterlingross on Wednesday April 17, 2013 @02:06PM
(#5565993)
Just a note, your site now says there is a 1% cut on one page [about] and a 25% cut on another page [how it works].
Thanks, fixed
Re:Show HN: Anonymous Bitcoin Lottery
by jaredandrews on Wednesday April 17, 2013 @02:40PM
(#5566201)
I noticed you have changed your fee. The example in how it works still reflects the old rate. Just letting you know. Nice project BTW I'll give it a shot next time I get some BTC.
Thanks, fixed.
You probably haven't updated it yet, but on one page it says 1%, and on the other it says 25%.
Fixed, Thanks
Good call.
I find this to be backwards, you are effectively punishing your early adopters. It seems to make much more sense to make the cut lower (or zero) now, and increase it later when you have more users.