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This is a beautiful piece of art/social experimentation/I-don't-know-what.
It's brilliant, and it will work, and continue to work until people don't believe in it.
A bit OT but how do you build automatic Bitcoin services like this?
There have been a few Bitcoin sites like this, I think the original one was Bitcoin Gem. Most of them turned out to be scams (and I don't just mean that they were Ponzis).
On the other hand, this is going for just a few days, it might go south quickly.
How does that work exactly? I pay in X BTC and two other people pay in say 0.5 X and 0.7 X then I get these BTC back? How exactly will my X BTC be distributed among other gamblers?
I will add, since this hit the frontpage: nobody post any big money there . It's a Ponzi scheme. It says so in the title.
A bit OT but how do you build automatic Bitcoin services like this?
Using RPC API of the official client? Unless you do something smarter like bitcoin lottery (I forgot how it is called).
I would write it myself, but there is far better explanation here on reddit
http://www.reddit.com/r/Bitcoin/comments/1x93tf/some_irc_cha...
basically:
- the difficulty of finding available addresses is quadratic to the number of unspent transactions
- someone can slightly change the transaction so it's still valid, but have a different transaction ID - that can mess up clients and break chains of unconfirmed transactions