I have been thinking about this Idea for a while and I think it is time I go ahead with this .

There are lot of people who are already doing a good job by hosting BTC weekly and ETH weekly price guessing contests and giving away SPI , LBI , HBI etc . I am inspired by them and want to innovate the idea and introduce my own concept .

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a) Basic concept

b) Reward Pool

b1) Payout structure with Example

c) Is it betting or guessing ?

d) Will I lose my LEO?

e) My cut

f) Note

a) How does it work?

1. I will host a contest every 3-4 days once and ask the users to guess the BTC price .
2. Users who wish to participate will have to upvote ( this is a must because the winning is based on this ) and comment the BTC price in USD .
3. Only one guess per user .
4. Multiple accounts not allowed .
5. Edited comments will be disqualified .
6. You have the time window of 32 hours to vote and comment . If you have followed all the above rules but have upvoted and commented after 32 hours , you will be disqualified .
7. Upvote value must be atleast 0.001 LEO .

b) Reward Pool

1. Reward pool calculation

(The total LEO the post receives via upvotes / 2) goes to reward pool or in other words , author rewards directly goes to reward pool .
Ex: If the total upvotes received is worth 10 LEO , then 10/2 goes to reward pool .

2. Why divided by 2?

Because of curation rewards which the upvoters get back .

3. What happens if someone votes but doesn't comment the BTC price ?

That means its a bonus for participators . All the author rewards goes to reward pool .
Ex: If a whale like @onealfa.leo comes and votes but doesn't participate , that means whatever he has voted goes to reward pool but he won't be a participant .

b1) Payout structure with example .

1. There will be total of 4 winners .
2. The winning will be based on the upvote value of the participant .

Ex: Lets say total upvotes value - 20 .
Reward pool will now have 20/2 = 10 LEO .

The closest 4 have upvoted following worth of LEO -
1st - 2 LEO
2nd - 1 LEO
3rd - 3 LEO
4th - 1 LEO

Now , we will calculate each persons proportion with respect to other 3 ( remember , not the proportion to whole reward pool but only among top 4 ) .

So accordingly , top 4 LEO total = 2+1+3+1 = 7 LEO .

Proportion -
1st - 2/7 = 28.5 %
2nd - 1/7 = 14.3 %
3rd - 3/7 = 42.8 %
4th - 1/7 = 14.3 %

Now they will get the payout from reward pool according to their percentage , that is ,

1st = 10 * 28.5 % = 2.85 LEO
2nd = 10 * 14.3 % = 1.43 LEO
3rd = 10 * 42.8 % = 4.28 LEO
4th = 10 * 14.3 % = 1.43 LEO

This is why it is not just guessing but betting . Depending on upvote value , there is no limitation on how much the winners can win. The people who upvote most will have the chance to win big provided that they are in top 4 . I hope this encourages people to stake their LEO ( I just hope :) )

Note - The results will be announced the day after the Deadline completes but the payout will be made after I receive post payment .

c) Is it betting or guessing ?

As I mentioned above , it is sort of betting and not pure guessing because the winning depends on your upvote value .

d) Will I lose my Leo ?

There is no way you can lose here since you are not sending me any LEO but just upvoting . In worst case scenario too you will get back your curation reward .

e) My cut

1. 0% . I just want this idea to work where I can bring more people and play risk free guessing to win more . I won't be taking any cut but if I post the results in separate post and if that post gets upvotes I will keep it .
2. Payout will be only in LEO and not in HIVE even if the post gets HIVE upvotes .

f) Note

1. I guess I made this too complex , I am not sure , at the end of the day I want LEO community to have fun . Let me know in the comment section if this was confusing for you and if I can explain it in better way .
2. I reserve the right to change any rules based upon the feedback or if I unknowingly or knowingly made a mistake while posting this .
3. A big shoutout to @taskmaster4450le who helped me understand LeoFinance community and gave me the push I needed :) I am grateful to you sir .
4. I will post using the same account @amr008 for now , so if you want to participate , follow the account.
5. Tagging @ecoinstant for his views and would like to thank him for being helpful .
6. In future I might add @lbi-token and other tokens as payout too .

I welcome any criticism , feedback in the comment below . If you liked the idea , please consider reblogging this so that more people can share their views .

First contest

You can participate by going to this post .

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Thank you for your time .

Regards,
MR .

Posted Using LeoFinance ^Beta