Thanks! :)
As for how it works - You'll tip the pot by sending STEEM to it's wallet @tpos and at the end of the week the pot will send back a share of it's whole wallet's balance to all of the participants. The share will be calculated by dividing the pot's balance by number of participants.
Everyone who sends 35 STEEM or more is considered a participant, while everyone who sends less will just donate to the pot's balance increasing the "pool" and every participant's payout.
For example if 100 people sends STEEM to the pot it can have 3 outcomes:
- If all send just the minimum of 35 STEEM then everyone gets 35 STEEM back at the end of the week.
- If half of them sends only the minimum 35 STEEM and the other half sends 70 STEEM then the total balance is 5250 STEEM and everyone gets 52.5 STEEM back.
- If half sends the minimum 35 STEEM, a quarter sends 70 STEEM and the remaining quarter sends only 34 STEEM. The balance is 4350 STEEM but this time it's only divided between 75 people which means that every participant gets 58 STEEM.
Hope I didn't make it more complicated by trying to explain ;)
Ok cool ! i have no steem in my wallet right now as i power up all the steem i get for my retirement fund ! I do have 40.00 SBD that i will be powering up though soon , was wating for a good price to buy steem ! How are your tips going so far!?
You can now ask the pot's bot about the current balance by typing: tpos:ask:balance in your reply and it will give you the answer :)
2017.02.10 23:51:46 [CEST]: TPOS's current balance is 398.869 STEEM