Hodl & Win with Swym

[PlaySwym]

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

[Kyraishi]

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.

[joniboini]

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?

[Kyraishi]

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?

I don't think there's an actual strategy. The only way I could think that this is legit, that they would use the user's funds to fund short, no collateral loans for a huge amount of interest, but that is extremely risky and will likely not work out in the long run, plus, how would they find enough 1 week loans to keep providing return back to investors?

There are too many fishy things around here, like the Bitgo escrow, which has no details about it.

[joniboini]

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.

[stomachgrowls]

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. 

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.

[target]

I thought it read Hold your WIN tokens with SWYM.

My thoughts were either a gambling project or a tron wallet but totally a different thing after reading tis few details.  There is no assurance for the project to even provide for the winners if those who loan just walk away. You can't force anyone who borrows money and then pay on time when you demand.

[PlaySwym]

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.

[PlaySwym]

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.

[PlaySwym]

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.

[PlaySwym]

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. 

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?

[Kyraishi]

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.

True. I did have the wrong mindset to things, I haven't actually seen them promise/estimate any amounts yet, I was a bit quick to assume.

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.

This does actually make a lot of sense, using platforms that would offer decent interest for short term loans - but how much profit are you estimating? I'm not fully sure about the interest rates.

I actually like the sound of this game, if they do it well, it could get really big, since no one is really losing anything, it's more like safe gambling, haha.

Transaction fees won't he that bad, they could even convert it all into ETH and make things cheaper.

[joniboini]

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.

What's the pool address? I tried to click the "Join Open Pool" button but it won't work, not to mention you don't have SSL on your website?

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.

Blockfi? I thought they will add the interest on a monthly basis as stated on their FAQs?

How and how often is interest paid out?
The interest earned in your BIA will be paid out at the beginning of every month. BIA account holders will be able to access a history of their interest payments and view their total balance on their BlockFi dashboard. Interest is paid in the client’s deposited currency, meaning Bitcoin will earn Bitcoin, Ether will earn Ether, etc.

Source: https://blockfi.com/faq/

Not to mention there is a risk of account termination over there.

I'm only familiar with Compound but I don't think they accept BTC. So you'll exchange the deposited BTC to ETH or WBTC first? Won't that increase the service fees?

[coinward]

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.

Savings game makes a lot of sense actually. I've been looking deeper into the lending platforms. There is still a lot to be figured out, but if this works it could become really popular. I'd like to see more about the protections with Bitgo and how you keep fees from making this worthwhile. Also, the details about the random selection would be nice.

Without considering fees it does show decent potential. If we Pool 100BTC with Celsius's current market rate (6.05%) that'd be a weekly prize of 11,634,615 satoshi. Not bad at all for the lucky winner.

[joniboini]

Without considering fees it does show decent potential. If we Pool 100BTC with Celsius's current market rate (6.05%) that'd be a weekly prize of 11,634,615 satoshi. Not bad at all for the lucky winner.

The only problem is, is that possible? 100 BTC is a lot of money. I'd rather stake myself with a 6% annual return than participating in a pool like this. There's also a risk of third-party running away or hacking, which should increase if the pool ever gets 100 BTC. Not to mention the liquidity of the market which might hinder your withdrawal if it lacks volume (<100 BTC available).

[Zemomtum]

The heading is somehow misleading. I thought if you hold token, you automatically get some tokens for free. Who are your financial partner? How many years of experience did you have in this kind of businnes? You could have included Ponzi scheme in the title.