Do you use augur? What do you think of the platform?
Its different than a crypto currency right? Was checking their website and what it actually is, according to them its a platform that predicts future events. So how does that evaluate their coin and its value?
Can anyone please explain.
Its basically a gambling site. You make a prediction on something like, Donald trump will win the US election, or Germany will win the 2018 World Cup. If you are correct, you (and anyone else who made the same bet) will share the bets of those who bet against you on the other outcome. The key is however, that you have to use Augur reputation tokens to make the bet and it pays out in Augur reputation tokens. The goal is that, as more users use the augur to make these bets the value of augur tokens will increase. Who currently does this? Nobody. The only reason the value of the tokens are increasing right now is people are speculating that it will eventually be used. Speculation then breeds further speculation, hence the current price. Augur is a joke and anybody holding it is simply gambling that it goes higher and they get out before the house of cards comes crumbling down. Surprisingly, the value of Augur increased with the Gnosis auction. Gnosis is the same thing; just another prediction market. In a rational world, Augur's value should actually go down as Gnosis is in direct competition with Augur. Its another example of how irrational the whole crypto market is right now and evidence that the altcoin market will eventually crash. The trick is getting out right before the crash occurs.
Thank you for the valuable explanation. That made it quite clear.
Surprisingly Gnosis is keeping a good value range since the big drop.
I think the money is to be made with it because I feel a huge pump just around the corner too before the definite fall.
But too risky, shouldn't be invested in.
And from your answer, same goes for Augur too.
