May I ask who is holding the funds? I guess the goal is to raise more money then is being given away, which is quite a lot for a new service.
Using a multisig wallet with an escrow that needs to sign off would give a lot more trust I guess.
I don't think they already have this amount of money to escrow it. I thought their strategy was to collect this money using people who buy tickets, They already said on the website: "Draw will happen when 100,000 tickets are sold." So people should wait until all tickets are sold and then they will have 2 Million dollars (100,000*20$). So in the final point if they pay the winners, they will end up earning a huge amount.Using a multisig wallet with an escrow that needs to sign off would give a lot more trust I guess.
Hey Seven!
I'm part of the Bitcoin Jackpot team.
I don't think they already have this amount of money to escrow it. I thought their strategy was to collect this money using people who buy tickets, They already said on the website: "Draw will happen when 100,000 tickets are sold." So people should wait until all tickets are sold and then they will have 2 Million dollars (100,000*20$).
Thanks for addressing his concerns and understanding the structure of our raffle.
So in the final point if they pay the winners, they will end up earning a huge amount.
Here is a section from our FAQ which discusses how we will be distributing the money that is not given out as prizes:
"Most of the money received from the raffle is paid out to prize winners. Then we have small expenses such as merchant fees, publicity, accounting, etc., to maintain the website and service. We end up with a profit, we pay income taxes and a portion of all the money supports crypto related sciences, specifically organizations that are developing improvements to the way the whole crypto ecosystem works. This will include government lobbying and advocacy which is important if we want to achieve worldwide adoption without interference or hindrance."
Thanks for the message!