Bitcoin Forum
May 06, 2024, 03:24:25 PM *
News: Latest Bitcoin Core release: 27.0 [Torrent]
 
  Home Help Search Login Register More  
  Show Posts
Pages: [1]
1  Bitcoin / Project Development / Prized Savings with Bitcoin on: May 27, 2020, 10:16:52 PM
I'm hoping to organize the worlds largest prize linked savings game using Bitcoin. Here's the site ->

https://www.PlaySwym.com

I've iterated a bit on this project and have run 4 pools with Celsius as our lending partner. I'd like to expand the game and have moved away from the lottery game theme pivoted toward presenting Bitcoin as a savings tool and encourage saving.

I'm still hoping to figure out how to best roll out a noncustodial architecture that allows players to hold on to private keys. I'm looking at sidechains that enable short term lending operations.

Thanks for taking a look! Please share any feedback or ideas, considering everything.

Coinward
2  Alternate cryptocurrencies / Altcoin Discussion / Re: Looking for interesting projects on: October 02, 2019, 06:40:08 AM
Maybe you'd find my new project interesting? Its a lotto style game for hodlers. Check it out: https://www.PlaySwym.com.

Cheers!
3  Economy / Investor-based games / Re: Hodl & Win with Swym on: October 01, 2019, 06:59:21 PM
how would they find enough 1 week loans to keep providing return back to investors?

Technically you can use Compound or Instadapp and loan your money for a week and withdraw quickly. This would result in a meager return in general, but hey, they don't promise to give 10% a week or so.

Even if they're honest and want to give the returns to the lucky participants, I doubt it will provide him with a lot of money. On top of that, there are transactions fees. I doubt it will work.
Come to think that with transaction fees alone it would already be on-sites expense and to think that if it do repeat this process anytime the pool is live where returning peoples fund each round then it is unsustainable for its owner unless if he's building some charity on here.  Grin

No dump person will just simply give or transfer out even 1 satoshi if they wont really see any assurance for their funds to be safe.


Cue the layer two solutions. No dump person even has any btc right?
4  Economy / Investor-based games / Re: Hodl & Win with Swym on: October 01, 2019, 06:49:44 PM
how would they find enough 1 week loans to keep providing return back to investors?

Technically you can use Compound or Instadapp and loan your money for a week and withdraw quickly. This would result in a meager return in general, but hey, they don't promise to give 10% a week or so.

Even if they're honest and want to give the returns to the lucky participants, I doubt it will provide him with a lot of money. On top of that, there are transactions fees. I doubt it will work.

It all starts with 1 satoshi. The current pool has 22,627,002 sats and the estimated prize 678,000 sats. There is plenty of room for growth and things scale from here for a while before we run out of loan demand.
5  Economy / Investor-based games / Re: Hodl & Win with Swym on: October 01, 2019, 06:42:10 PM
Once a pool goes live, the total amount of bitcoin is deposited with lending partners and starts earning interest. The interest will vary week to week.

This is clearly risky. What lending partners you're gonna use? Do they have a good credit history and can public audit it?

Your strategy is going to work if:
1. The borrowers pay your money at the deadline.
2. You don't run away with the money.

You said the funds are insured with Bitgo, but where are the details?


Currently use combination of blockfi, celsius, and compound, history and audits increase our preference. Really we're just trying to quickly get btc into the highest paying lowest fee lending that only takes away a week of liquidity. We expect these offerings to evolve from here.

1 + 2 will happen more often than not and Bitgo gets our back up to $100M worth of btc when they dont.
6  Economy / Investor-based games / Re: Hodl & Win with Swym on: October 01, 2019, 06:29:31 PM
I first though this was going to be a cool new site for gambling, with a huge focus on jackpots, but then I read the entire thing, and it looked super dodgy.

How does this work? So basically people dump money in your project, and after a week they get all their money back? How do you make profit here? Have you done this before.

This is either another ponzi or just another scam, go advertise somewhere else mate.


It's not a ponzi scam its a saving game. All the btc contributed to the pool is lent out through combination of blockfi, celsius, and compound. We just maximize the weekly payout. You could lend your btc out on these platforms yourself, but with swym you get the upside of winning the interest from the entire pool rather than just your own. We take <10% of the interest the sole winner gets the rest. Nobody loses. We are new and hoping to build this out as an option for hodling strategy. Too many people gambling their btc on shitcoins or merely locking in cold storage without interest potential.
7  Economy / Investor-based games / Hodl & Win with Swym on: October 01, 2019, 02:43:51 AM
We our launching our first ever swym pool on playswym.com! What is a swym pool? Let me explain how all of this works!

Swym is a zero loss lotto style game. Swym opens a pool and anyone can join by contributing as little as one satoshi (0.00000001 BTC). The pool will remain open for one week.

Once a pool goes live, the total amount of bitcoin is deposited with lending partners and starts earning interest. The interest will vary week to week.

The pool is live for one week and then is closed. After the pool closes, one player is randomly selected to be the Swym champion and wins the interest accrued by the entire pool.

The initial bitcoin contributed to the pool is then returned to each players wallet in full. Hence, a zero loss lottery. No one loses any bitcoin and one lucky person wins additional bitcoin!

Want to learn more? Visit playswym.com
Pages: [1]
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!