No Loss Gambling Sites

[squatz1]

There's some new sites in the space that run on smart contracts on ETH, such as no loss lotteries where peoples DAI (a decentralized stablecoin pegged to 1 USD) is pooled together and then lent out on compound finance.

At the end of the pool (usually 15 days) The interest that has been generated by the pool is paid out to one lucky winner. Your chance of winning increases as you buy more tickets to the pool.

Here's the link to the project in question, but I do want to know if this is something that people are interested in --> https://www.pooltogether.us/

EDIT: After some good discussion with some, this has turned into sig spam. LOCKING.

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[Bttzed03]

How does this become a zero loss? Do I get refunded for the tickets I bought for the pool after the 15-day period and the winner has been drawn?

[DoublerHunter]

I am just also curious how to become zero loss on that lottery platform. Upon looking at the site I saw this "All the money in the pool is lent on Compound.Finance to earn interest." So, it means the pool prize was lent by that company that makes them profit. This is great, I will try this once the pool was opened again. I hope they are legit company too.

[squatz1]

How does this become a zero loss? Do I get refunded for the tickets I bought for the pool after the 15-day period and the winner has been drawn?

I failed to write it in the inital post, and if I can edit it I will.

But what pretty much happens is that you buy tickets, if you lose --> You don't really lose, as you just lost 'winning' the interest accrued by the pool for the month. Your initial deposit is returned to you by a smart contract on the ETH network.

There's some new sites in the space that run on smart contracts on ETH, such as no loss lotteries where peoples DAI (a decentralized stablecoin pegged to 1 USD) is pooled together and then lent out on compound finance.

At the end of the pool (usually 15 days) The interest that has been generated by the pool is paid out to one lucky winner. Your chance of winning increases as you buy more tickets to the pool.

Here's the link to the project in question, but I do want to know if this is something that people are interested in --> https://www.pooltogether.us/

And our bet amount will be returned to every player?

If I understand this right its something kind of ponzi so we will be scammed at end.

Only way this would be able to be a 'scam' would be if this was centralized or there was an ability for the code to be altered, while in motion, by a rogue developer or something along those lines. I doubt that could the case, as people can go and review the code right now -- and I think there MIGHT be some outside groups that have viewed it.

Something cool to try is all, rather then just losing tons of money on traditional gambling.

[shoreno]

And our bet amount will be returned to every player?

based on what i read . it says it will only be returned to one lucky winner . its like a raffle and the chance of winning will be high if you will be more tickets

If I understand this right its something kind of ponzi so we will be scammed at end.

did you witnessed simillar sites that becomed scammed and have this idea ?  they maybe different and i also dont think that its scammed because the mechanics is fair and some sites do  also have this idea  .

last. i dont think that this is a no loss gambling site because  you are spending something and not all can be the winner  .

[ralle14]

It's basically a lending pool and at the same time a lottery since the overall amount will be lent on a platform (compound finance) to gain interest. One possible risk to this is the platform not returning the DAI but I doubt they'll risk their reputation if they're bringing profit. I like the idea but it's not my type of lottery, 15 days is too long of a wait for me I prefer lotteries that lets you join any time of the week.

[Bttzed03]

How does this become a zero loss? Do I get refunded for the tickets I bought for the pool after the 15-day period and the winner has been drawn?

I failed to write it in the inital post, and if I can edit it I will.

But what pretty much happens is that you buy tickets, if you lose --> You don't really lose, as you just lost 'winning' the interest accrued by the pool for the month. Your initial deposit is returned to you by a smart contract on the ETH network.

Thanks for the added information. I don't see myself participating in such "lending-lottery". It is basically a zero loss on capital but there's still an opportunity cost here.

[emberbekas]

The idea is too good in my opinion. But one thing that makes me doubt; is there a guarantee that within these 15 days we will be able to make a profit from the amount of money we lend? And how big can the site be trusted? Btw,  I will wait for the review from people who have tried it to get more information.

[CryptopreneurBrainboss]

Quite interesting initiative although I doubt the project will last long in the space. If there's no losses then it isn't gambling beside it's just a matter of time before the project becomes unprofitable. How long has this project been operating or it's just a new project and have anyone (including OP) tried them out to prove their legitimacy?.

[omonuyak]

There's some new sites in the space that run on smart contracts on ETH, such as no loss lotteries where peoples DAI (a decentralized stablecoin pegged to 1 USD) is pooled together and then lent out on compound finance.

At the end of the pool (usually 15 days) The interest that has been generated by the pool is paid out to one lucky winner. Your chance of winning increases as you buy more tickets to the pool.

Here's the link to the project in question, but I do want to know if this is something that people are interested in --> https://www.pooltogether.us/

And our bet amount will be returned to every player?

If I understand this right its something kind of Ponzi so we will be scammed at the end.

This is clearly Ponzi because I did not see how a gambling site will be paying losers back the funds and that gambling sites will remain in business. There is no reality in that and we should treat this as another Ponzi scheme no matter how is been promoted as a decentralized system!

[Haunebu]

Interesting. A chance to win something big without losing anything is exciting, but it feels too good to be true. I don't think that this is a ponzi or anything, but I don't think this can take off unless the results are positive for many players in the short term.

I will gladly check this out if it achieves what I stated. Who wouldn't? However, they need to set a limit to how many tickets a person can buy which can solve the centralization problem.

[ethereumhunter]

I visit on the site, and if I am not wrong, the ethereum that we're sent to them will be back to our wallet as the new token which is called CToken. So no matter if you are not the winner, you will get a new token from the compound.finance and I guess that will be sent into your mew wallet or there is a separate wallet. Hm, that is interesting. I think that is their way to sell their tokens by using the gambling games, and I guess that is a win-win solution for everyone but the problem is how good the project in a long-term.

[MonsterV]

I visit on the site, and if I am not wrong, the ethereum that we're sent to them will be back to our wallet as the new token which is called CToken. So no matter if you are not the winner, you will get a new token from the compound.finance and I guess that will be sent into your mew wallet or there is a separate wallet. Hm, that is interesting. I think that is their way to sell their tokens by using the gambling games, and I guess that is a win-win solution for everyone but the problem is how good the project in a long-term.

Yup,it's quite interesting to see the concept of this gambling site. But the question is whether CToken will be worth the same as Ethereum that we transfer? And this will not be a win-win solution if ultimately the tokens are not much different from other shitcoins that are not valuable.

But so far it is quite good than those who have not been lucky to get nothing. I hope that the token will have a good price later so that this gambling platform is able to attract many people.

[squatz1]

I visit on the site, and if I am not wrong, the ethereum that we're sent to them will be back to our wallet as the new token which is called CToken. So no matter if you are not the winner, you will get a new token from the compound.finance and I guess that will be sent into your mew wallet or there is a separate wallet. Hm, that is interesting. I think that is their way to sell their tokens by using the gambling games, and I guess that is a win-win solution for everyone but the problem is how good the project in a long-term.

Yup,it's quite interesting to see the concept of this gambling site. But the question is whether CToken will be worth the same as Ethereum that we transfer? And this will not be a win-win solution if ultimately the tokens are not much different from other shitcoins that are not valuable.

But so far it is quite good than those who have not been lucky to get nothing. I hope that the token will have a good price later so that this gambling platform is able to attract many people.

Well you have to think about it like this. On the Compound Finance platform right now there is about 10M in just Dai CToken, the code is open source, and has been audited by multiple outside groups.

I highly doubt that this is an issue in the least, the only way this would be possible is if there was an issue in the code and it was possible to exploit this. With the amount of money on the platform, I don't think this is something that we have to worry about to be honest.

[tsaroz]

There's some new sites in the space that run on smart contracts on ETH, such as no loss lotteries where peoples DAI (a decentralized stablecoin pegged to 1 USD) is pooled together and then lent out on compound finance.

At the end of the pool (usually 15 days) The interest that has been generated by the pool is paid out to one lucky winner. Your chance of winning increases as you buy more tickets to the pool.

Here's the link to the project in question, but I do want to know if this is something that people are interested in --> https://www.pooltogether.us/

It's a good idea. But the actual amount won by the lucky player would be less with a hold of large amount of time. The lottrey would need a significant amount of bought tickets and a significant time to disperse any good amount to the winner.
Much of the amount are lost in transaction and putting into compound finance and withdrawing.

[adzino]

What you said here is totally unclear. So basically you have to buy tickets and the more tickets you own the better the chance of winning. Only one lucky winner will get all the pool prize if i am not wrong. So how is this zero loss? If 10 people participates 9 people will suffer a loss. I guess what you are trying to say is that the whole amount is given to that one single winner and the house does not keep any portion of the winnings. Crypto-games.net had this kind of lottery from the beginning.

[tokeweed]

Only way this would be able to be a 'scam' would be if this was centralized or there was an ability for the code to be altered, while in motion, by a rogue developer or something along those lines. I doubt that could the case, as people can go and review the code right now -- and I think there MIGHT be some outside groups that have viewed it.

Something cool to try is all, rather then just losing tons of money on traditional gambling.

I read that interest generated by the pool will be returned to one lucky winner so this literally means everyone will get their capital to be returned right?

^  That's how it's supposed to work until it doesn't.  Money just doesn't magically appear out of nowhere, you know...  Unless you're the one printing it.  

[tomahawk9]

So what's the catch? How are these people making profits? IMO this just seems like a big PR project to promote yet another stable coin. I wonder what will happen once this 'no-loss lottery' thing starts drawing more and more attention (making the pool prize even bigger), I doubt the 'no-loss' part will stay the same.

One possible risk to this is the platform not returning the DAI but I doubt they'll risk their reputation if they're bringing profit.

Famous last words   there's been tons of scams and fraudulents events occuring in the cryptosphere since its inception. You can't never be certain that "it won't happen".

How long has this project been operating or it's just a new project and have anyone (including OP) tried them out to prove their legitimacy?.

Seems like they've been operating since June, according to this site, so around 2 months?

[squatz1]

Only way this would be able to be a 'scam' would be if this was centralized or there was an ability for the code to be altered, while in motion, by a rogue developer or something along those lines. I doubt that could the case, as people can go and review the code right now -- and I think there MIGHT be some outside groups that have viewed it.

Something cool to try is all, rather then just losing tons of money on traditional gambling.

I read that interest generated by the pool will be returned to one lucky winner so this literally means everyone will get their capital to be returned right?

^  That's how it's supposed to work until it doesn't.  Money just doesn't magically appear out of nowhere, you know...  Unless you're the one printing it.  

There's no money being printed here. Or any weird games being played with some random stablecoin here.

It's a smart contract that pools DAI together and then lend it out on compound finance. One lucky winner (out of the people who bought tickets, and contributed to the pool) is given the interest generated by the pool over this time.

So what's the catch? How are these people making profits? IMO this just seems like a big PR project to promote yet another stable coin. I wonder what will happen once this 'no-loss lottery' thing starts drawing more and more attention (making the pool prize even bigger), I doubt the 'no-loss' part will stay the same.

One possible risk to this is the platform not returning the DAI but I doubt they'll risk their reputation if they're bringing profit.

Famous last words  there's been tons of scams and fraudulents events occuring in the cryptosphere since its inception. You can't never be certain that "it won't happen".

How long has this project been operating or it's just a new project and have anyone (including OP) tried them out to prove their legitimacy?.

Seems like they've been operating since June, according to this site, so around 2 months?

They take 10 percent from the interest generated for the pool. So if the pool is able to make some profits from this with just ensuring that the code is up to date and non exploitable.

What you said here is totally unclear. So basically you have to buy tickets and the more tickets you own the better the chance of winning. Only one lucky winner will get all the pool prize if i am not wrong. So how is this zero loss? If 10 people participates 9 people will suffer a loss. I guess what you are trying to say is that the whole amount is given to that one single winner and the house does not keep any portion of the winnings. Crypto-games.net had this kind of lottery from the beginning.

There's no loss.

People buy tickets in DAI, one ticket = 20 Dai. The Dai is lent out on compound finance for the time being. You're returned your principal if you win or lose.

The 'winner' is given the FULL interest for the pool for the month. Which is why this is a 'lottery.

[milewilda]

They take 10 percent from the interest generated for the pool. So if the pool is able to make some profits from this with just ensuring that the code is up to date and non exploitable.

This is the line ive been searching for where they do took 10% from interest.No loss gambling is definitely out of my perception.  lol.
Typical lottery even its a traditional or smart contract,there would always be lossers yet money to be won doesnt poof out from nowhere.