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...
It's a nice idea to have when you (yeah you, OP) want to make a quick buck. For everyone else, it makes no sense. Let me give you an example:
If i will buy everyone of the 15000 Tickets, i paid 150 BTC. I will only get 140 BTC back from the lottery, so i lost 10 BTC (your profit). People could just gamble to have an even better chance of winning something.
My advise: Increase the amount of tickets, decrease the price drastically - maybe 10000 Sats each. Also, it's not neccessary to have such a big jackpot. What about 1 BTC for the first place and lower prizes for 99 additional participants?
People have a "higher chance to win" (at least it looks like this to them) and the price for participating is low. Everyone can afford to lose 10000 Sats.