Guys I'm working something, which I will definitely share with the community soon.
I've a very simple question to all traders and Bitcoin enthusiasts.
Would you be interested in taking part in a lottery where you can win 100 Bitcoins by investing 0.01 BTC?
Basic rules are as follows: Participation cost 0.01 BTC, 15,000 participants.. 1 winner gets 100 Bitcoins, 20 Runner up winners get 2 Bitcoins each.
I'm working on a similar concept - wanted some thoughts from you folks before I take it any further..
So will you invest 0.01 BTC to win 100 BTC? Yes or No and why...
Even if it was a reputable site which runs such lotteries regularly I wouldn't invest 0.01 BTC in order to have a chance to win 100 BTC because the chances are slim and 0.01 BTC is not an amount I can easily afford to lose, let alone betting on an unknown site.
There are millions of people who would happily run the kind of lottery you've mentioned, but they can't do that for one simple reason: no one would participate in the lottery unless it were very famous one. It takes millions of USD invested in advertising to make something famous these days, just posting about it on a forum, even a reputable one like bitcointalk, is definitely not enough.
Yeah no one will be ready to invest 0.01 btc randomly. If someone has a plan to go for it, they will choose any reputable casino to participate in a lottery. I personally am not interested in any such deal because this amount for me is unbearable to lose. I can't let my hard earned Bitcoin to rely on luck and that too between such a huge number of participants. I can go for a very minimum number of satochi, which could be no more than $20.