No Loss Lottery Updates June 14th, 2021
Updates in lottery to maintain prize size and winning odds.
Additional Funding third week of June
Last weeks Prize was boosted by a 1000 Leo donation from Rolland Thomas, and combined with my donation of 1000 Leo, the pool was a healthy five times the size of all the pooled ticket sales of 400 BLEO. Thus last week our prizes total 178 BLEO!
The stop in price of Bitcoin caused a drop in the price of Altcoins, so Cub price fell, as did BLEO price. So this weeks prizes were smaller at 75 BLEO, which honestly caught me by surprise.
Additional Funding this fourth week of June
As you know, the tickets go into the BNB-BLEO Liquidity Pair on Cubfinance, and the Liquidity Provider Tokens are deposited in the BNB-BLEO FARM which has an APR of 140%. Normally I use half the funds for BNB and half for BLEO. But this week I decided to invest in the Cake Kingdom, so having invested early, as in the day it opened I was able to score a decent amount of Cake. This plus some changes in my investments freed up some BNB. So I have secured enough BNB to rematch all the BLEO collected from tickets and donated to the Pool, so I by not splitting the BLEO 50/50, I effectively doubled the amount of BLEO deposited, and this doubled the amount of LP points. So I expect the Pool to earn twice as much Cub this week!
Explanation for how boosting non-ticket sales contributions to reward pool helps.
#Goal: Boost sagging Prize amount in market downturn.
In response to falling Cryptocurrency token prices I wanted to adjust the pool to maintain a favorable reward risk ratio for a single ticket holder, and double Prize amount. By depositing funds in the Farm which are not matched to tickets, I increase the pool size without increasing the ticket number. I make the reward risk ratio for a single lottery ticket holder favorable. This is because when 500 tickets are sold, the reward odds are 1/500, but that’s greater then ticket to pool size of 1 Leo to 2500 Leo, So the reserve pool contributions increase the pool earnings, without decreasing your chance of winning. The reserve pool of 2500/500 means it increases the prize size five times.
The recent addition of the dollar matching amount of BNB, doubles the Pool Earnings without changing the ticket number. So your prize doubles, but odds of winning stay the same! So despite a temporary Cub price drop, the prize should return to over 100 Leo. If Cub price increases the Prize May exceed 200 Leo.
Why I am willing to invest in the ”No Loss Lottery”
I am contributing these funds to increase its prize and make it more attractive as a longterm project. I believe the No Loss Lottery on Cubfinance can be a Longterm part off the community and a successful business, but it’s a not profitable in the short term, but in the longterm. I also believe an important thing we can all do to make a community successful is to build something on it.
Khaleel Kazi, the Leofinance founder said something at the last AMA. When asked what people could do to help make Leofinance successful, he said build projects on it. So this is my project I built on Hive, Cubfinance and Leofinance.
I believe lotteries have their place because they provide large amounts of potentially, life changing money to people. But they take from people in the form of tickets, and that money is lost forever. That’s why I want to preserve the No Loss Lottery. It’s a Prize Linked Savings Account, that allows people the chance at a large prize, 178 BLEO is 178 times the cost of a No Loss Lottery Ticket and you can always get your money back.
I think it’s worth the investment of time and money to show a business can be successful by benefiting people, and that a lottery can be created so the odds are in the favor of the entrant. So I provide this Lottery and I will eventually provide it as a decentralized application.
Anyone who wants to help with the project can send Leo to @nolosslottery with the memo tickets to enter or reserve pool to donate to the project.
There are many advances in Composible Solidity software code now. Soon I will be able to contract out the assembly of the code to make this Lottery automated. A truly wonderful thing because not only will the prize Linked Savings Account concept mean the lottery doesn’t make you spend money every week for the chance of a better life, it will be trustless.
Shortsegments is a writer focused on cryptocurrency, the blockchain, non-fungible digital tokens or NFTs, and decentralized finance, where finance meets technology.
Read more of shortsegments articles here: https://leofinance.io/@shortsegments
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