Topic: No Loss Gambling Sites (Read 314 times)
How is that even possible? No loss? The site might be on their wrong mind in offering no loss in lotteries or could be that this is just one of those scam websites who are trying to get people invest or gamble with them but then in the end you'll end up empty handed.
This is not a no loss gambling site,pool lotteries have been organized by other sites which also offered smart contracts to pay interest but they function quite differently.They take all the money generated by the participants and pay one or few lucky winners from the pool.
What happens to the pooled funds aftwards? Is it returned to the owner after the 15days or do they continue using it? The website says "a lottery you can't lose", is that a guarantee? Would you mind explaining what they mean by that?
Sounds too good to be true. So they cover user losses? now all that's left is trust. whether someday when they grow bigger and the number of bets is greater whether they keep that commitment or not. I have also heard of systems like this but end up with their website gone and just offline.
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.
Where did you see the info on Ctoken? All I saw was DAI. In order to partipate, you need to convert your ethereum to DAI and used it to but tickets. If you lose in the lottery, you will receive your original funds in DAI also. That's how I understood it. 
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.
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.
But then again, this 10 percent taken from the growth of the interest is still more then you would've gotten if you were to just loan out the money yourself. Just like a traditional lottery would do, so it's not surprising in the least.
No one loses money man, YOU GET YOUR PRINCIPAL BACK IF YOU DON'T WIN THE INTEREST.
In a regular lottery --> If you lose, YOU LOSE.
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.
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?Something cool to try is all, rather then just losing tons of money on traditional gambling.
^ 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.
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".
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.
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.
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".
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? 
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?Something cool to try is all, rather then just losing tons of money on traditional gambling.
^ 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.
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 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/
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.
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.
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.
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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.
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.
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.
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?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/
If I understand this right its something kind of Ponzi so we will be scammed at the end.
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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?.
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.
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