As you know Freebitco.in is one of, if not the oldest Bitcoin faucets out there. And there are many ways to make Bitcoins on that website. I mostly used the Faucet and actually withdrew 100000 satoshis one time after using the website for a few years. But to do that again it can take decades as they only give you only one satoshi per roll because of the current price of the Bitcoin. So I checked out other ways you can make money on it and came across a contest called "Golden ticket contest - win a Lambo". And when I saw the numbers on that page I got excited and suspicious at the same time. So let's break down the numbers and see what we can decipher.
Golden ticket contest - win a Lambo (time duration 6 months)
There are several ways to get golden tickets. As they say, you get 1 golden ticket every time you wager or bet a total of 0.005 BTC. So, yup it is gambling.
Or you can buy a golden ticket for 0.00025 BTC. (Still gambling)
Now let's see the last Golden Lottery draw's results.
Now let's assume the winner bought all those tickets. So if we do the math (34,688 * 0.00025000), It comes to 8.672 BTC. And the amount he won from the contest is 3.14 BTC.
So In reality our winner has lost money on the golden lottery contest.
But if we assume the winner collected those golden tickets by Betting and He\She won all those bettings, then the story changes. But no one can prove it.
Let's do one more math just for fun. Let's say the total number of tickets distributed was, people actually buying them and we know one golden ticket is 0.00025 BTC. let's calculate the profit of the website.
(1,676,057*0.00025000)
It's 419.01 BTC.
Now if we were to deduct the winning amount of 8.67 BTC, it comes to a whopping 410 BTC. The current market value of one Bitcoin is roughly $96694. So if we multiply that number by 410, we get $9349774115.
And it's pronounced as nine billion three hundred forty-nine million seven hundred seventy-four thousand one hundred fifteen. (Yep I had to google that.)
But for everyone's sake, in reality, let's assume only 10% of the golden lotteries were actually bought. In that case, the profit is $934977411.5 (nine hundred thirty-four million nine hundred seventy-seven thousand four hundred eleven)
Man, those are huge numbers. If those numbers on the website are true, When you do math you can realize how much money these gambling schemes rake in. Most of us can't even read them without help. I wonder who has that much money to play with. That thought alone makes me skeptical about this whole golden ticket contest. That's why I'm asking you, have you ever won the golden lottery contest? (If you are concerned about your safety then, Please don't answer and I guess the truth will just be a mystery)
Not only that there are many other contests like this on that website. and all of them are considered as gambling(correct me if I'm wrong). On the website, they say the lottery draw is provably fair. (In other words and as I can understand winning is random and you could call it luck) But still, I have a hard time believing they will just give away 200000 USD for free unless somebody actually bought the tickets. I mean if enough people buy "golden tickets" then they have a way, that cash comes in. which is gambling and every country has its own rules about gambling and everyone has their opinions about it. But as some words of wisdom, I must say that. if you gonna try your luck with gambling you need to know, Never gamble with money you are not willing to lose. Nothing is guaranteed.
I still use this website just to try my luck with their Wheel of Fortune thing And still collecting reward points hoping to cash out one day when I reach 100000 reward points. That if they still pay when that happens. And all the numbers in this article were found on the public Internet.
Shameless plug here. if you like to help me get more reward points you can do that by signing up with my referral link down below and rolling the free hourly faucet one time. (I won't mind if you don't do it)
And if you think to make money on that website starting today then I have to tell you, with free ways, it's gonna be very hard to collect the minimum amount required to withdraw because of the current price of the Bitcoin and I don't condone gambling. That being said, that's it for this article, and Thanks for reading.
