Bouncy Coin proposes to create several socially networked client-side interactive engagements as replacements for casino-style money betting, that empowers users to make intelligent and conservative money decisions. Bouncy Coin aims to change the misaligned purchasing behavior of buying Lottery Tickets by introducing socially aware fun engagements that equates monetary success to winning small amounts of prizes over extended periods of time and where users create and manage their own risk.
In 2014 Americans spent 70 Billion Dollars playing Lottery Games in 44 of 50 states, playing games of chance that were rigged with very low winning probabilities. Currently, in California to play Super Lotto Plus a player chooses five numbers from 1 to 47 and one additional number from 1 to 27. The odds of correctly choosing all 6 numbers and winning the grand jackpot is 1 in 41,416,353, which is equivalent to guessing a single number out of 41,416,353 possibilities.
Most people who engage in these games do so out of desperation, societal conditioning and misinformation about odds. The Lotteries however, understand all too well the odds of winning and losing.
There is a very dark side to Lotteries. Lotteries represent regressive taxes on financially disabled and disadvantaged groups who are the most aggressive ticket buyers. A late-1980s Duke University study found that the poorest 1/3 of households bought more than 1/2 of all weekly lottery tickets sold.
Gambling addiction is a public health problem. It has been estimated that approximately 5% of all adults have symptoms of problem gambling. Neural states measured in problem gamblers have been compared to neural states invoked in cocaine dependence. Specifically, problem gamblers experience problems with impulsivity in making healthy gambling decisions. Lottery gambling has shown to have purchase patterns consistent with addiction. In fact, research has shown that up to 15% of lottery players have symptoms of problem gambling.
What is needed for the good of people everywhere are social ‘engagements’ that provide all participants the ability to create and manage risk and on terms that they control if they choose to engage in gambling-like behavior.
Bouncy Coin will stop the hemorrhaging of cash to State-run Lotteries by offering socially networked engagements where participants can win small amounts of cryptocurrency and/or prizes and where they create and control the odds of their engagements.