Hey Veeky Forums, haven’t you heard? Buggy pyramid schemes are out, rock-solid reverse Ponzi schemes are in (pic related). Come check out etherhell.com/deluxe.html for a fresh new Ponzi. This just went live a few minutes ago, and the link will remain unlisted on the main website for a limited time to give Veeky Forums regulars a chance to get in on the ground floor. This has a little something for everyone: jackpots, endless dividend streams, bulk discounts. Read below or visit the site for more details.
Ether Hell Deluxe
MAIN GAME: I’ve started the contract off with a pot of 1 ETH. If you want a piece of the action, you place a bid at 0.5% of the pot and become the new leader. If 90 minutes pass and no one else bids, you win half the pot as earnings, and a new round begins using the rest as seed funding. If someone else bids before the timer reaches zero, they become the new leader and the timer starts over. The pot increases with every bid, and the time window shrinks as more ETH accumulates to keep things fast-paced and exciting.
DIVIDENDS: Even if you don’t win the pot, you’ll still make money off dividends. For every bid you make, you get a new share of the dividend fund, which receives 20% of all incoming bids. Since the minimum bid is always going up in each round due to the increasing pot size, later bidders will be paying more into the fund per share than you did, causing the value of your shares to increase as more people participate. You can cash out at any time, but the longer you hold the more money you’ll make. Once you’ve secured your shares, you’ll want to shill this as much as you can and watch the dividends flow in.
BIG BIDS: Even though you only need to bid the minimum amount to become the leader and receive one dividend share, you can acquire N shares of the dividend fund at a fixed cost if you bid N times the minimum price. Since the minimum bid and hence the share price will only increase during each round, this is a good way to claim a big stake in the dividend fund at a discount compared to making many small bids.
BONUS REWARDS FOR Veeky Forums PLAYERS: Post your etherscan.io transaction links down below as proof of play. If this gets some decent volume in the next 24 hours, I’ll send some free ETH to anyone whose post ends in dubs. OP *will* deliver.
Neat idea, I think I’ll throw a little ETH in to get some dividend shares while they’re cheap.
Wow a cool idea. I'm definitely going to drop a few ETH to get in this early.
Nice ! Will play to.
alright user let's do this mate
Are you the one who just dropped 7 ETH on this? You're crazy, thanks for getting in early!
do you still get dividends of rounds afterwards if you got in previous rounds?
Yes, dividends are in a totally separate fund and carry across rounds.
good to know, thanks user
Once you have some shares of the dividend fund, you'll have access to (your shares / total shares) * (dividend fund balance) until you decide to withdraw.
OP in a thread talking to himself, one big pajeet shill
Dividends are still cheap, i think this is still ground zero
OP, don't be a fucking retard.
I'm an economist and knew combining these ponzis with the reverse "hell" auction posted on buttcoin was the winning solution the moment I saw PoWHcoin. Tried to implement it myself, but with zero knowledge of programming I'm still behind.
You're sitting on solid gold. Go beyond your natural programmer inclination to combine technical ability with short-sighted greed, remove the developer fee and redeploy. This is the economic model that turns this ponzi thing from a million dollar idea to a billion dollar idea.
Again: YOU ARE SITTING ON SOLID GOLD. Extracting 5% of the fees will make you lose millions when it ends up restricting yourself to 0.1% of your potential audience. And it WILL happen, because if you don't killer the owner functions yourself, someone else will do so and reap the benefits of your work.
cute idea Ahmed;
Try taking a look at the code, there's literally 0% overlap with PoWHCoin. All written from scratch by yours truly.
why does this make me wet?
nobody wants in on a Ponzi OP
they just want in on fun, and honesty.
there's no winning when your contract is written from the ground floor to scam others.
I don't even know what the hell you two are fighting about but damn those gifs are hot
OP made a great implementation of the only idea that makes sense. Some questionable choices in the specifics, but far above anything powh and ethpyr ever did.
PonziBot is panicking hard and goes on a shitpost rampage...
Mark my words, PoWH and ethpyr will be dead 2 weeks from now and forgotten by April, while OP's idea will live either in the original contract or in a different form. Their only hope is to steal the contract and leverage their shills to get their acquired userbase to move. But will this work out for them?
The beauty of OP's idea is that clones can exist concurrently, as the pot makes it attractive. It's just like lottery, the existence of any lottery doesn't harm the thousands of other lotteries out there.
Alright I'm the high bidder now. i love a good ole fashion ponzi scheme as long as I get in early
They already made this with
and PoWH is moving past the ponzi game entirely.
yea but u dont have any hq gifs to show so ur point is mute
I'm always trying to think one step ahead. What would you have changed?
Op, put in min bid: 0xd6c808d24ab95ce626685c39236f1204013ad782
But didnt become leader or even divs. What happened?
etherjack went with unnecessary noise. High house edge, high centralization model. Frankly, as a non-programmer I can't even parse their muddled mess of a contract.
Throw in an ICO model with bonuses for presale and volume, and a standard "flashy casino" website design. This is a valid business strategy, you confuse your target with so much information they give up and rely on a single point of reference to make their decision. I can see etherjack.io getting popular with the standard casino audience, but the problem is reaching that audience to start with. Transparency in this context is only useful in convincing influencers, who will then bring other people into the fray. There has to be a coherent effort in marketing.
In contrast, etherhell has a more elegant design, flawed as it may be on specifics. This type of implementation can take off in an organic way.
Same. Placed min bid and nothing ...
What would you say needs to be tweaked on specifics?
You were beaten to the punch by someone else
Looks like you put in a custom amount that must have been slightly smaller than the actual minimum bid. The numbers displayed on the site are rounded to 5 decimals -- if you mouseover them you can see the true amounts in full precision. Sorry for the confusion, I'll add an alert for custom bids if they're less than the minimum and send you a refund.
Looks like someone put in the same minimum bid as you but their transaction went through first. When yours got processed it no longer met the threshold.
good guy dev
I have 1 divident now but it's worth nothing. How do I profit with this?
Do I lose my share after I withdraw or it stays there to earn money?
Current points of friction I see are:
- 5% house edge.
Even if it's to fund efforts and even if you're genuine, we lose the trustlessness and simplicity that make the strength of your implementation.
If you're sold on implementing a developer fund, perhaps it would be worth funneling the house money into a DAO type contract where etherhell shareholders could vote on fund allucation. In this type of structure I don't think the community would even mind if you allocated yourself a generous share of DAO-only tokens so your vote weight.
But this all seems quite involved for a side fund. I feel your virability would benefit immensely from no dev fee.
- 0.5% minimum bid to be a leader.
Once tickets get in the dozens and then hundreds range, this makes for a high barrier of entry. We inevitably enter a race where most participants are priced out and bigger fishes compete for the pot. Perception of fairness is a critical psychological motivator in these games, and wealth inequality is a sore topic for most people.
I haven't found an elegant solution to the problem, but I believe capping ticket prices at low values ($1 to $10) and letting the timer go down to a single minute is preferrable to pricing out most with infinitely rising prices and a min countdown of 30 minutes.
But then, the vulnerability I'm sure you've thought about becomes potential miner collusion. How feasible it is for mining groups to prioritize their own transactions towards your contract? Is there a sweet spot in minimum number of blocks that would make such a collusion impracticable? I can see you've chosen the most elegant solution programmatically, but I think the economic view makes sense if a given minimum length of time can be mathematically proven to be safe.
Added the alert and sent you a refund. Transaction hash for posterity: 0x704a265846fe3df421602530d81ff4cbe841bb248e2e7025ad28bc6f425ada46.
Hey dev, I clicked the minimum bid button but something seems to have gone wrong. Here is the transaction:
The amount seems to be identical to the transaction before me, who remains the current leader, and I have no shares. Any chance of getting a refund on this?
When you withdraw your dividends, your shares go away and you receive your portion of the dividend fund. Everyone else's shares retain the same value, but the total number of shares and the value of the dividend fund will have gone down due to your withdrawal.
Got the refund! Thanks op
- 75% (or 80%) pot, 20% dividends.
Unintuitive as it may be, reversing this ratio may be beneficial.
The pot is going to grow big regardless of what the distribution of money coming in. Winning 1 ETH, 10 ETH or 100 ETH has the same appeal to the gambler. Getting 80% in dividends over 20% has bigger appeal to the investor. This being a lottery with delayed rewards, it's helpful to tickle the action-reaction part of the brain right away. i.e. they put 0.05 eth in, and immediately see 0.002 in dividends (at a moment where the default 80/20 ratio would have given them 0.0005). Stronger emotional response, higher likelihood to put even more.
Regardless, I got to say... Fucking brilliant work, man. Your code feels clean and nice to read, at least to this technologically illiterate user. This was the right idea to do from the start, props from putting it out here.
You and someone else both submitted a minimum bid around the same time, but theirs got processed first so your bid no longer met the minimum requirement by the time it got through. This is part of the risk of the game -- you're always welcome to bid a bit more than the minimum to try to avoid this.
Made a withdrawal before I read this just to see what happens. Fuck me.
That mechanic would be reasonable if it were more clearly communicated, but it really isn't. The button says minimum bid, but it doesn't guarantee an actual minimum bid.
Sorry about that, I will try to make some changes to the interface to make this more clear, and add some text to the About section to further clarify.
Without changing the mechanics of the game in a way that renders it susceptible to bid spamming at critical times, I think this is basically unavoidable. However, I will update the site to make the risks more transparent, thanks for the feedback.
It does, but only the minimum at that moment, which is completely fair
Didn't joined previous games, but your seems interesting OP. I'm in
Thats right, more dividends and less pot will make the game way more attractive. Also, maybe add the current worth of one dividend to the website?
What's the reason if I'm writing etherhell.com (without deluxe) I could see different numbers rather on /deluxe.html?
That's the first version I released last week with a much longer timeframe and no dividends. You're welcome to play that one as well. Once the deluxe version is no longer unlisted both options will be made visible to all visitors.
Okay, got it.
What do you think of making multiple rounds for various timeframes? Like week / day / 90min? I'm new to pyramids, don't know if this was discussed before.
Okay, one more question.
Current bid shows this transaction: etherscan.io
>ETH Balance: 0.004918596 Ether
>Minimum bid: 0.04056 ETH
Someone just throwed 10x lower than minimum bid and he's a leader? Or he just added to his previous bid after it was placed?
Thanks, this is some very constructive feedback. I will keep these points in mind while working on the next release. If you ever have time, please stop by the Discord linked on the site and send me a DM, I would love to discuss further.
I don't see the issue, this person placed a 0.045 ETH bid while the current minimum is 0.04056 ETH, so naturally they obtained the leader position. Their remaining balance at that address is low because they only transferred a little more in than needed to make the bid.
Okay nevermind I'm stupid, first time using smart-contracts. Now everything is clear, sorry for bothering.
I just thought someone placed 10x lower bet and it worked. Then I looked up at my wallet and saw this just was leftover, lol
Seems interesting, might put an eth or so. but if you tweak the mechanics/number before the full release, will that reflect on the current round? And the guy above has some really great advice which you should probably think about it.