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PoolTogether V2 — A no-loss, savings game powered by blockchain
Buy a ticket for a chance to win, if you don’t win, you get all your money back. This is possible because PoolTogether uses the interest earned on ticket purchases to fund the prize -- changing money spent into money saved.
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Replies
Matt Gardner
Love the idea but don't love that it's crypto-backed. As soon as I saw "smart contract" in the video I was like, dang. You could do this with fiat. Why do things need to be crypto? It just makes it less approachable to people and more risky-seeming even if crypto enthusiasts have faith. It's also backed by a coin I've never heard of and using another crypto platform (compound) to generate the interest. Too much.
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@thatmattgardner the entire point is that it doesn't require third parties to custody the funds. all ticket purchases, interest accrual, and payouts occur without having to trust the operators. you couldn't do this with legacy systems / fiat and without smart contracts (aka persistent scripts). It uses DAI, which is a soft pegged asset that tracks USD and lives onchain.
I know, if you're not already onboarded to the crypto ecosystem it's pretty hard to use. This article might help: https://medium.com/pooltogether/... Thanks for the encouragement!
While you don't lose DAI for playing, The cost of exchanging your ETH for DAI (and back again) will mean that most people will make some net loss, even if it's not significant.
You only make a net profit if you stay in long enough to see a win, which may never happen. So if you buy a ticket, you now have a sunk cost and that 20 DAI you put in is essentially trapped unless you're willing to take it out along with another exchange fee.
Let me know if i've misunderstood this.
@samsexton Yes, good point. The "no loss" is really referring to how it operates compared to a normal lottery. But there are transaction fees the user has to pay. We are exploring alternative distribution mechanisms that shift this.
Interesting concept, slick UI and excellent traction in a short time. Well done
First of all, congratulations on this. Such a fantastic idea and great implementation of DeFi. At the surface, this looks like a fair implementation of a "lottery". One thought is the duration of the lotteries IE having longer lasting lotteries so that the Compound pool earns more interest and has a larger prize.
Someone should build a Twitter bot for this to show the winners and how much they'll make!
Awesome job with this.
Great Product @lay2000lbs . This is an amazing use for Blockchain technology. I hope that this product get's the attention that it truly deserves.
It is a huge win for the Blockchain ecosystem and I believe that it will bring many people to Crypto.
I agree with @crypto_bobby. If a Twitter bot can be created, that will add a great layer of transparency.
Great #Buidl
Can't wait for more pools
Pros:Incentivizes saving and gives you a chance to win $DAI
Cons:So far, no cons
Clicking `Join the Poll` on your landing page should direct me to exactly what I need to do to join. Very unclear, but I love the concept!
@rachlololol One of great things about Ethereum is transparency and fact that everyone can verify that you're lying ;)
Here's a list of all transactions to the lottery contract. https://etherscan.io/tokentxns?a...
