RaffleMyStuff - taking your fundraising worldwide.
Think Locally, Act Globally


1) What are Bitcoins anyway?
Depending on you you ask, Bitcoins is the latest tool of Crypto-Anarchists to bring down world governments and liberate the oppressed masses, or, a silly game propagated by nerds who love to play Dungeons and Dragons and actually know how to speak Klingon. Do your research. As far as RaffleMyStuff (and thousands of other companies) is concerned, it is simply, easy, fast cheap way to make a transaction.
2) Why do you only accept Bitcoins, and not credit cards?
(note: We now accept credit cards. Pleasse read the next FAQ item for details and limitations)
Technically, raffling off your grandmothers teacups is considered gambling, no different than a high stakes game of Texas Hold'em in Vegas. The same laws apply to both activities, and, unfortunately, is generally illegal and/or requires a mountain of paperwork, money and lawyers to make legal online. But, as Bitcoins are not actually 'money' as defined by any government in the world, you're not really gambling. So, we have simply voided one silly definition with another. As far as the law is concerned, your might as well be 'buying' raffle tickets with seashells. For more on the "Is Bitcoins Money?" question see Max Keiser's article where he ponder the essential meaning of money, going back to Aristotle.
3) It sounds complicated. Can't I just buy my Bitcoins from you?
You can use your credit card to load Bitcoins into your account... however, you are not really buying Bitcoins because you don't actually 'own' them. What we do is assign the same value of credits to your account that you purchased with your credit card. These credits are stored as Bitcoins in our account, and this same amount of credit is assigned to you user account. When the raffle is over and the seller gets his money, we then send Bitcoins to the seller.

Essentially, you are buying credits form us at the same cost or exchange rate that Bitcoin uses. Why do we do it this way, and why is this important? There are a couple of big reasons.

1) If you owned the Bitcoin you could then speculate with the buying and selling of Bitcoins. This can be fun and profitable (or not) for all, but it is not why we created this site, and want to discourage people from using the site for this.

2) We do not want to be on record as buyers and sellers of Bitcoins. This could get us into legal hot water, as it did with Mt. Gox and Dwolla... and Mt. Gox had already spent 22 million dollars to pay for all the licenses and permits and government registrations necessary to do just that... and they still got in trouble.

However, if you cancel your account and have a balance you will get refunded, in Bitcoins. So if you bought your credit with a credit card, and you want to cash out, you will need to have a Bitcoin wallet before we can refund you (it takes about 20 seconds to start one at BlockChain.org).

4) What are raffle 'Catagories' and 'Types'
In order to make it easier to find items we have added two type of classifications for a raffles: Categories and Types.

Currently we have only a few of each. We expect these will expand with time.


5) Why do my ticket amounts sometime vary when I have done nothing to my account?
A ticket is $1 (one U.S. dollar). The basic unit of value on this site is the Bitcoin. So if you have 1 Bitcoin in your account, and Bitcoins are worth $1000 US, and a ticket is always worth $1 US, then 1 Bitcoin = $1000 tickets, and that is what will show in your account balance.

If, however, the price of a Bitcoins drops to $100, then you now have only $100 tickets. Likewise, if the price of a Bitcoin jumps to $2000, then you now have 2000 tickets.

In reality you are not buying 'tickets' when you buy a ticket. You are buying $1 worth of Bitcoins. We just call it a 'ticket' because it is easier to understand and manage.

One reason we do this is to prevent people from using this site as a speculative tool. The other reason is because we prefer to keep a safe distance from the idea of creating yet another DRV (Digital Representation of Value), as that is way outside the scope of what this site is about. Our only DRV is the Bitcoin (and it's many cousins, which we will soon be supporting as well)

6) But the price of Bitcoins can fluxuate wildly. How does this affect my price as a seller?
We do not use any single source to get the Bitcoin price. The price we use as an exchange rate for Bitcoins us calculated from 14 different Bitcoin exchanges, combined and averaged over the previous 24 hours (see reference. This value is updated every 5 minutes. We do this to create a more stable, yet generally accurate, exchange rate, which protects buyers and sellers from spikes and dips in the market or at one exchange only.

For this reason, sometimes the exchange rates you see on our site may differ from the exchange rate you may usually refer to, for example, from the specific exchange you may commonly refer to.

7) Yesterday my item was selling for 100 tickets, and today that has changed to 90 tickets! What's going on!?
Each night we recalculate (using the weighted average price... see previous question) the number of tickets you need to sell to reach the price you requested. So, for example, if you were selling an item for $1000, and 1 Bitcoin was worth $1000 at the time you started your raffle, then you would need to sell 1000 tickets to get your $1000 as 1 Bitcoin. But if tomorrow the price of Bitcoin jumped to $1200, the you would only need to sell 833 tickets to get your $1000 as .833 Bitcoins. Likewise if the price of Bitcoins dropped from $1000 to $750, you would then need to sell 1,333 tickets to get your $1000 as 1.333 Bitcoins.

8)What do you do with the micro cents in rounded transactions?
All BTC->USD/Ticket, and USD/Ticket -> BTC transactions are rounded down. For BTC, it is rounded to 8 decimals, and for USD it is rounded to 2 decimals. So, sometimes we make a few extra nano-cents, and sometime we loose a few nano-cents.
How can I submit a question or get help?
We are a small team of developers thinking globally and acting locally... so the only practical way is if you send us am email with your question or concern and we will respond to it. Send emails to help@rafflemystuff.com