BitShares Forum
Other => Graveyard => MemoryCoin => Topic started by: FreeTrade on January 09, 2014, 04:01:28 am
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I've seen some discussion about creating a MemoryCoin lottery.
I this might be best handled by a commercial service like Isaac's gambling (is there a website for that yet?)
I think a lottery winner might dump a large number of coins on the market at the same time, so probably a bit early for it.
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Well, most of the downward pressure is from the steady selling by miners...looks like about 400 MMC/hr. We could keep payout rates lower than that if it's just one website.
Combine that with a demonstration of market research capabilities.
Let's say a website with just a poll of crypto-currency related questions. You vote in btc/ltc/ftc, and a winner is picked after so many votes and paid out in MMC. Then take a rake/fee from the total?
Most people may not think twice about spending an FTC to vote if combined with a lottery.
May be a good way to bring some outside currency into the MMC economy?
First question could just be "What is your favorite cryptocurrency?"
If you really wanted to be evil, you'd just list unknown / unpopular alt coins that most haven't heard about...hope they go searching to look...
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Freetrade, as you know, I am in the process of creating the lottery system.
I am increasing the amount of winners the higher the jackpot and reducing the % won by a small but significant amount.
The most amount of winners are 7 with a jackpot greater than 10,000 MMC.
The cheapest, earliest ticket entry price is 13MMC. (It becomes more expensive as more entries are processed.)
Reaching above 10,000MMC Jackpot and seven winners requires about 600 entries and only 43% is rewarded to the luckiest ticket in the lottery.
I plan to have weekly lotteries, but it will become bi-weekly if more people enjoy this idea.
I also plan to keep the payout rate at 98.1968%. Only 1.8032% is kept by the house for development.
My MMC Website: CURRENTLY IN DEVELOPMENT
mmc-square.com
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Well, most of the downward pressure is from the steady selling by miners...looks like about 400 MMC/hr. We could keep payout rates lower than that if it's just one website.
Combine that with a demonstration of market research capabilities.
Let's say a website with just a poll of crypto-currency related questions. You vote in btc/ltc/ftc, and a winner is picked after so many votes and paid out in MMC. Then take a rake/fee from the total?
Most people may not think twice about spending an FTC to vote if combined with a lottery.
May be a good way to bring some outside currency into the MMC economy?
First question could just be "What is your favorite cryptocurrency?"
If you really wanted to be evil, you'd just list unknown / unpopular alt coins that most haven't heard about...hope they go searching to look...
That's quite a genius idea - A lottery that you can enter using any Crypto, but payouts are in MMC. Any other coins doing something like that?
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Well, most of the downward pressure is from the steady selling by miners...looks like about 400 MMC/hr. We could keep payout rates lower than that if it's just one website.
Combine that with a demonstration of market research capabilities.
Let's say a website with just a poll of crypto-currency related questions. You vote in btc/ltc/ftc, and a winner is picked after so many votes and paid out in MMC. Then take a rake/fee from the total?
Most people may not think twice about spending an FTC to vote if combined with a lottery.
May be a good way to bring some outside currency into the MMC economy?
First question could just be "What is your favorite cryptocurrency?"
If you really wanted to be evil, you'd just list unknown / unpopular alt coins that most haven't heard about...hope they go searching to look...
That's quite a genius idea - A lottery that you can enter using any Crypto, but payouts are in MMC. Any other coins doing something like that?
I believe that there will be issues with that, considering a lack of market liquidity for some coins.
We may as well allow people to convert their coins to MMC through third parties (individuals) to have the same effect.
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Well, most of the downward pressure is from the steady selling by miners...looks like about 400 MMC/hr. We could keep payout rates lower than that if it's just one website.
Combine that with a demonstration of market research capabilities.
Let's say a website with just a poll of crypto-currency related questions. You vote in btc/ltc/ftc, and a winner is picked after so many votes and paid out in MMC. Then take a rake/fee from the total?
Most people may not think twice about spending an FTC to vote if combined with a lottery.
May be a good way to bring some outside currency into the MMC economy?
First question could just be "What is your favorite cryptocurrency?"
If you really wanted to be evil, you'd just list unknown / unpopular alt coins that most haven't heard about...hope they go searching to look...
I believe memorycoin will go up, I'm sure it’s just a phase miners are going thru I traded in litecoin for memorycoin and whatever bitcoin I get from my mining I’m going to trade for memorycoin
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So we could restrict to coins that have sufficient liquidity - should still be dozens of them.
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So we could restrict to coins that have sufficient liquidity - should still be dozens of them.
How do you plan on having this system work?
Hold their alt coins or sell them for BTC, then buy MMC? That may move the MMC market a bit.
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Yes, sell them immediately - for MMC if there is a direct market, or via BTC until then.
The intention is to move the market. I'm working for the MemoryCoin shareholders - my job is to increase the share price, it's part of the Manifesto.
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We could also just have a "wisdom of the crowd" system kind of like intrade.com
Vote on btc/ltc prices in X hrs / days / week, etc...
In fact, with enough votes / visitors - we could become intrade.com for crypto.
Or, someone who's pure evil would then tell them if MMC rises more in that time, we'll pay out the difference to the voters :)
BTW, robonix - I like your idea...mine other alts and buy MMC :)