[ANN] [ICO] [WGR] | Wagerr | The Betting Blockchain | Bounties

[highaltitude20322]

"For example, if price falls dramatically, significantly more outstanding supply is destroyed with every bet, because bets now require more WGR. Conversely, if price rises dramatically, significantly less supply is destroyed. Over time, this leads to less price volatility and an asset value that more accurately reflects both adoption and usage."



So if supply increases due to chain betting resulting in price falls then what if I bought Wagerr coin before the supply increased? Then I lost money without even betting. Or if supply decreases due to chain betting resulting in price rise then what if I bought Wagerr coin before the supply decreased. Then I lose money without even betting? No application ecosystem either?!? How much work has actually been done? or is this all hypothetical and will be created months after funding? @Developer.

can i ask a simple question...

Do you know how a sportbook makes money? and why it's profitable?

im gonna go ahead and answer this just for posterity.

sportsbooks make money due to the edge generated by the advantage of paying out a lower number when they lose compared to when they win.

Just a short example. Joe bets 100 bucks, and there is a 5% vig or fee. If Joe wins the sport book lost money they give Joe his 100 back and pay him 95 more dollars totaling 195.

But if Joe loses, the sportbook doesn't win 95, they win 100.  So its all about having equal bets on both sides, or fading the payouts.

My point is that sportsbooks make a ton of money off of this small edge, and if i understand Wagerr correctly, The oracles get half of that bonus and the rest of it is destroyed.  Ultimately what this means is just like a normal sportbook, wagerr will make money over time, but in wagerr's case, half of all the money they make is destroyed.

The math says there will be less coins, not more.  Just my two sats.

[bitdrafter]

"For example, if price falls dramatically, significantly more outstanding supply is destroyed with every bet, because bets now require more WGR. Conversely, if price rises dramatically, significantly less supply is destroyed. Over time, this leads to less price volatility and an asset value that more accurately reflects both adoption and usage."



So if supply increases due to chain betting resulting in price falls then what if I bought Wagerr coin before the supply increased? Then I lost money without even betting. Or if supply decreases due to chain betting resulting in price rise then what if I bought Wagerr coin before the supply decreased. Then I lose money without even betting? No application ecosystem either?!? How much work has actually been done? or is this all hypothetical and will be created months after funding? @Developer.

I joined this project in October of last year, We have significant portions of the betting engine and ASSC contracts completed, as well as the posting mechanisms for how the Oracles collect and post data to resolve winners/events.

(quick Shout out Smartcontract people at smartcontract.com, their work on API tie-ins made our lives a lot easier.)

As for what is being released, we are on track for releasing the fully downloadable wallet demo on the 15th of June, (during the ICO).

Also @highaltitude20322 you are indeed correct, on a Direct on Chain bet of 100 the amount burned is 96.88 if they lose, and the amount payed out(minted) if they win is 94.

[highaltitude20322]

"For example, if price falls dramatically, significantly more outstanding supply is destroyed with every bet, because bets now require more WGR. Conversely, if price rises dramatically, significantly less supply is destroyed. Over time, this leads to less price volatility and an asset value that more accurately reflects both adoption and usage."



So if supply increases due to chain betting resulting in price falls then what if I bought Wagerr coin before the supply increased? Then I lost money without even betting. Or if supply decreases due to chain betting resulting in price rise then what if I bought Wagerr coin before the supply decreased. Then I lose money without even betting? No application ecosystem either?!? How much work has actually been done? or is this all hypothetical and will be created months after funding? @Developer.

I joined this project in October of last year, We have significant portions of the betting engine and ASSC contracts completed, as well as the posting mechanisms for how the Oracles collect and post data to resolve winners/events.

(quick Shout out Smartcontract people at smartcontract.com, their work on API tie-ins made our lives a lot easier.)

As for what is being released, we are on track for releasing the fully downloadable wallet demo on the 15th of June, (during the ICO).

Also @highaltitude20322 you are indeed correct, on a Direct on Chain bet of 100 the amount burned is 96.88 if they lose, and the amount payed out(minted) if they win is 94.

COOL that is what i thought, Makes sense, over time the average will be more coins destoryed than minted.  Math and statistics are fun!!!

[bitdrafter]

"For example, if price falls dramatically, significantly more outstanding supply is destroyed with every bet, because bets now require more WGR. Conversely, if price rises dramatically, significantly less supply is destroyed. Over time, this leads to less price volatility and an asset value that more accurately reflects both adoption and usage."



So if supply increases due to chain betting resulting in price falls then what if I bought Wagerr coin before the supply increased? Then I lost money without even betting. Or if supply decreases due to chain betting resulting in price rise then what if I bought Wagerr coin before the supply decreased. Then I lose money without even betting? No application ecosystem either?!? How much work has actually been done? or is this all hypothetical and will be created months after funding? @Developer.

Also just to explain why there is not going to be an application ecosystem.

Wagerr is built and designed to process thousands of bets at a time in a very short window.  If we added bloat and allowed other contracts to need to be queued on the chain it would eventually cause a degraded user experience due to the potential delays in a back log of transactions or unresolved contracts or postings.  By cutting that out and using set terms and Rigid contracts (ASSC) we are able to scale to a much larger degree and ensure that the UX does not suffer.

[AmarO]

"For example, if price falls dramatically, significantly more outstanding supply is destroyed with every bet, because bets now require more WGR. Conversely, if price rises dramatically, significantly less supply is destroyed. Over time, this leads to less price volatility and an asset value that more accurately reflects both adoption and usage."



So if supply increases due to chain betting resulting in price falls then what if I bought Wagerr coin before the supply increased? Then I lost money without even betting. Or if supply decreases due to chain betting resulting in price rise then what if I bought Wagerr coin before the supply decreased. Then I lose money without even betting? No application ecosystem either?!? How much work has actually been done? or is this all hypothetical and will be created months after funding? @Developer.

So if you bought Bitcoin at the all time high yesterday of almost $2800, where as today it is at roughly $2300... you lost money without making additional trades. How is Wagerr any different? Nothing in crypto is guaranteed.

You keep saying the same stupid comment without thinking. Why not keep the coin stable when you have the ability to? Betting vs the chain is extremely stupid.

[Dr Charles]

"For example, if price falls dramatically, significantly more outstanding supply is destroyed with every bet, because bets now require more WGR. Conversely, if price rises dramatically, significantly less supply is destroyed. Over time, this leads to less price volatility and an asset value that more accurately reflects both adoption and usage."



So if supply increases due to chain betting resulting in price falls then what if I bought Wagerr coin before the supply increased? Then I lost money without even betting. Or if supply decreases due to chain betting resulting in price rise then what if I bought Wagerr coin before the supply decreased. Then I lose money without even betting? No application ecosystem either?!? How much work has actually been done? or is this all hypothetical and will be created months after funding? @Developer.

So if you bought Bitcoin at the all time high yesterday of almost $2800, where as today it is at roughly $2300... you lost money without making additional trades. How is Wagerr any different? Nothing in crypto is guaranteed.

You keep saying the same stupid comment without thinking. Why not keep the coin stable when you have the ability to? Betting vs the chain is extremely stupid.

I mean it is extremely clear that you are not comprehending the point that I am making lol

[DurbanPoison]

I know many people who dream to bet without bookies rules,will you support horse racing

Yeah, no more fear of the bookie coming after you and cutting off your fingers and toes.  I would like to see on wagerr betting options for boxing and MMA.  

For sure ! Boxing and MMA will be available from launch of head 2 head and horse racing will be Bet on chain only

Can't wait for horse racing!! This just keeps getting better and better, I think this is going to be one of the biggest ICOs of 2017!

All I can say is....

[Edgemaster]

"For example, if price falls dramatically, significantly more outstanding supply is destroyed with every bet, because bets now require more WGR. Conversely, if price rises dramatically, significantly less supply is destroyed. Over time, this leads to less price volatility and an asset value that more accurately reflects both adoption and usage."



So if supply increases due to chain betting resulting in price falls then what if I bought Wagerr coin before the supply increased? Then I lost money without even betting. Or if supply decreases due to chain betting resulting in price rise then what if I bought Wagerr coin before the supply decreased. Then I lose money without even betting? No application ecosystem either?!? How much work has actually been done? or is this all hypothetical and will be created months after funding? @Developer.

So if you bought Bitcoin at the all time high yesterday of almost $2800, where as today it is at roughly $2300... you lost money without making additional trades. How is Wagerr any different? Nothing in crypto is guaranteed.

You keep saying the same stupid comment without thinking. Why not keep the coin stable when you have the ability to? Betting vs the chain is extremely stupid.

Please keep the discussion classy. Read msilk's prior post a few back about this, as well as bitdrafter's more recent statistical explanation of how sportsbooks are the real winners over time.

Basically:

You're failing to account for any bettors that take the other side of this "massive" win you keep referencing. Both regular bettors as well as other sportsbooks will happily bet directly on chain the other way. While it is not directly against this winner, it is essentially the same thing.

You're also failing to account for thousands of other bets every minute that burn coin.

Over time, no one will bat an eye on any big increase in supply, because it is temporary. The sheer number of participants in the system and demand for WGR, as well as an increased burn level if price drops, all keep things even keeled. And as you already admitted, supply could drop even more tomorrow. It's a matter of when, not if.

This is simply accounting and statistics.

Finally, one last note which is not in the marketing materials, bet limits for Direct Chain betting will be in place initially until Dynamic Odds Balancing is implemented, which incentivizes more bets on the other side in case it is massively one sided.

[DurbanPoison]

Edgemaster - how are the odds set? I believe I read somewhere that it will be using the same services as traditional bookies to get odds/results/etc.

[bitdrafter]

Edgemaster - how are the odds set? I believe I read somewhere that it will be using the same services as traditional bookies to get odds/results/etc.

The Users who bet with Head to Head and Multi user get to set their own lines, (but have suggested lines to help people set them)

For direct on Chain the Lines are being pulled from various sport betting API's, Vegas bookmakers, espn, yahoo, and other places where the oracles pull data from.

[Watanabe1505]

Vietnamese translation completed, please check it out and confirm it via the link : https://bitcoingarden.org/forum/index.php?topic=15038

[janpec1000]

There are plenty of  online betting sites out there, i think it could be nice if developers could sum up in points how this project could beat the competition of other online sites that are not crypto based and are bound by regulatory bodies. Something like that could give better insight for other to see value in this project. Not that i need it but generally people tend to have problems identifing overall prospects.

[maxpowerzz92]

Is my understanding correct that the primary coin will be Ethereum for the ICO, but any other coin like Bitcoin will be accepted via shapeshift?

If that's the case, does anyone have a general idea of the shapeshift fees associated with this?  If it's over 2%, I'm thinking that I'll probably use an exchange to buy ETH with bitcoin and save on the shapeshift processing cost.

[maxpowerzz92]

Will wager be on Polo?

We would be delighted to see Poloniex adopt Wagerr.

They like vocal communities,  because exchanges win from active trading.

So let them know you want to trade WGR on polo!

I don't understand some of Polo's decisions for adding coins/tokens to their exchange.  I've read that they won't add a coin if most of their developers are anonymous, so that's no problem with WGR. 

There are many other top 30 coins that aren't listed on Polo yet they decide to add GNO within a week of their ICO???  How many GNO tokens did Polo receive to get listed on their exchange?  /end_tinfoil_hat

Bittrex should be the FIRST exchange to be listed, as they are more welcoming to all new tokens and are an established exchange like Polo.

[bitdrafter]

Is my understanding correct that the primary coin will be Ethereum for the ICO, but any other coin like Bitcoin will be accepted via shapeshift?

If that's the case, does anyone have a general idea of the shapeshift fees associated with this?  If it's over 2%, I'm thinking that I'll probably use an exchange to buy ETH with bitcoin and save on the shapeshift processing cost.

We are actually not going to use shapeshift any longer due to the fee issue. So as of now, we are directly accepting ETH, ETC, USDT, BTC, LTC, WAVES

[DurbanPoison]

Is my understanding correct that the primary coin will be Ethereum for the ICO, but any other coin like Bitcoin will be accepted via shapeshift?

If that's the case, does anyone have a general idea of the shapeshift fees associated with this?  If it's over 2%, I'm thinking that I'll probably use an exchange to buy ETH with bitcoin and save on the shapeshift processing cost.

We are actually not going to use shapeshift any longer due to the fee issue. So as of now, we are directly accepting ETH, ETC, USDT, BTC, LTC, WAVES

Great news, I will be paying with BTC directly.

How will the tokens be issued? I assume we will need an ETH wallet of some kind?

[Twipple]

Is my understanding correct that the primary coin will be Ethereum for the ICO, but any other coin like Bitcoin will be accepted via shapeshift?

If that's the case, does anyone have a general idea of the shapeshift fees associated with this?  If it's over 2%, I'm thinking that I'll probably use an exchange to buy ETH with bitcoin and save on the shapeshift processing cost.

We are actually not going to use shapeshift any longer due to the fee issue. So as of now, we are directly accepting ETH, ETC, USDT, BTC, LTC, WAVES

Great news, I will be paying with BTC directly.

How will the tokens be issued? I assume we will need an ETH wallet of some kind?

I believe they will be doing this through their online website. Accepting bitcoins and issuing WGR in return. Tokens will likely be issued on their website and you can then send it to your wallet.

[Dr Charles]

Is there a cap to how much a single individual/organization can buy? I have a couple parties interested in participating but before I keep aggregating I want to make sure there is not a USD cap per single purchase. Can you verify?

[SnowRoll]

Sorry for the newbie question
Will there be wallets that will hold WGR, or will the only option be to hold WGR in Bittrex/Polo?
I am asking as I do not do sports-betting, but I think this will be a successful project, and looking to cash on WGR appreciation over time.
Thanks

[Twipple]

Is there a cap to how much a single individual/organization can buy? I have a couple parties interested in participating but before I keep aggregating I want to make sure there is not a USD cap per single purchase. Can you verify?

It is probably just the max number of coins they are selling. While I am sure it ensures no centralization or monopoly, but I think that needs to be implemented as someone would be really stupid to buy into so many coins. But I have a quesion. What happens if not all coins get sold ?