Million-Dollar Ideas

Out of context: Reply #188

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  • palimpsest1

    A lottery where the first person to claim the prize takes all the other participant's money.
    If a ticket costs $1 and you pull out when 100 people have bought a ticket you get $100,  the others get $0. If the prize goes unclaimed the ticket prize doubles every week, the cost of the ticket gets added to the pot. The prize can go unclaimed indefinitely. By buying more tickets you don't have more chances of winning you only attract more buyers with the promise of a bigger prize. 

    Variants:
    - Different tiers where bets start at $10, $100, $1000.
    - You can pull out at a fraction of what you have bet, you get the same fraction of other people's bets. The rest of the money keeps playing.

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    • So basically a hedge fund.shapesalad
    • No, that's investing this is just betting.palimpsest
    • wait why wouldn't you just continually buy in at 1 and then pull out immediately? wouldn't it take all the money that had already accumulated?colin_s
    • Yes, but if you pull out too early you won't make much. The longer you stay the more there's a chance for people to sign up and make the pot bigger.palimpsest
    • There's also the chance of just staying there with other 5 people for months like an idiot.palimpsest
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