Blockchain Lotteries to Gain Popularity

Modern technologies changes the world and people's views
29 October 2018   308

One of the best examples is the 4x20 lottery on the Fire Lotto blockchain platform. The jackpot of the 4x20 lottery was won and received by the winners four times already. The moment comes when the next Jackpot will find its owner.

Fire Lotto
Fire Lotto

Let's consider 4x20 lottery from a mathematical point of view. The probability of winning the jackpot in the 4x20 lottery is 1: 4845. At the moment, 23758 tickets was sold.

The first important factor is  the jackpot in the nearest purchased tickets.

If we take it roughly by the number of tickets sold in the 4x20 lottery, not by the number of unique combinations, then the next jackpot should be in the range of ticket sales of 24,225.

The second important factor is the high Jackpot compared to the cost of the ticket.

If a player goes after Jackpot, then the expected result for the player is 0.003 * 4845 = 14,535ETH, not counting the remaining payments for 2 and 3 guessed numbers. Tomorrow Jackpot will be over 10ETH !!! This event is for 4x20! If the jackpot passes for 14.5ETH, then it can be argued that playing the 4x20 lottery is beneficial for the player: the player pays less for a ticket than he gets in view of the chance for Jackpot 1: 4845.

A 4x20 lottery is mathematically beneficial for a player with a fee of 0.003 ETH ($ 0.6) for a chance to receive, for example, 15ETH ($ 3,000).

Fire Lotto at Crypto Game Conference Minsk, Oct 2018
Fire Lotto at Crypto Game Conference Minsk, Oct 2018

And of course, we must not forget that the blockchain of the Fire Lotto lottery is built on smart contracts on the Ethereum. So, it gives this characteristics: fair and open game, instant payouts to players, anonymity of the winners.

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Pure Bit to Refund Investors' Money

Another cryptocurrency scam storu may have happy ending
15 November 2018   70

The founders of the South Korean exchange Pure Bit, who were suspected of stealing investors' money, announced the return of funds.

According to the local edition of BlockchainROK, representatives of the exchange have already partially returned the money to some users and pledged to return all other funds.

On November 4, the exchange team launched the ICO with the goal of collecting about $ 30 million to create a crypto exchange. However, on November 9, Pure Bit closed the site, said goodbye to its investors and removed everyone from the group in the KakaoTalk messenger. Also, the founders of the exchange withdrew funds from the account that was used for ICO.

According to CCN, one of the issues traced the Ethereum address of the exchange and asked Upbit to block the account and freeze the funds. Upbit fulfilled this request.

This is Pure Bit. First off, I would like to apologize to everyone that was affected by the ICO. Since November 5, I raked in 16,000 ETH and did not open a crypto exchange as promised. I kicked out everyone in our social media chat groups and disappeared without any message. I negatively affected investors in the project psychologically and financially. I made an unforgivable mistake that cannot be turned around, blinded by money. It has been less than a day and I have already started to suffer from guilt. Although it cannot be compared with the hardship faced by the investors, I also felt significant guilt. I sincerely apologize to all of the investors in the ICO who were affected by the operation.

CEO of Pure Bit

The founder of Pure Bit also notified that he would return ETH 16,000 to depositors without taking into account the payment of services to a third-party company that organized ICO.