[MegaByter]

My favorite discovery yet:
Anyone else also used PoolTogether's no loss lottery before?

I deposited last night, pretty cool. Fingers crossed lol. ✌

[Omniscient]

This is fucking BRILLIANT.

Love the share. Thanks.


btw, link... https://pooltogether.com/

[Deirous]

This seems really interesting at least from what I've seen from watching the video, gonna try it out for sure

[Ace Boogie]

What happens if the loans they provide to other Defi protocols are lost?

[MegaByter]

That 50% "Sponsor Fund" seems a bit... suspicious.

I do like the concept as a whole though.

why suspicious? From what I understand its a way to boost prize money without taking odds away from the players?

[funtela]

There is no risk involved in this?

[MegaByter]

There is no risk involved in this?

There's always the some risk of exploits in DeFi protocols.

I wouldn't say there is zero risk.

[Recon12345]

Nothing is free in this world. So there must be a catch.

[T0Bi]

Nothing is free in this world. So there must be a catch.

Well the money you put in there gets staked so you have the same risk as if you were staking your coins.

Staking in this case is probably providing liquidity, so your biggest risk is actually a bug in the smart contracts and theoretically counterparty risk, but that's pratically nonexistent

[Omniscient]

I may throw in a couple hundred and see how it goes. I don't like that most of the deposits are stablecoins. I'd prefer to use ETH or a regular crypto that not only will sit in the account but potentially grow in value too. If I deposit $100 Dai, then sit on it for a year, never win a lottery, I still only have $100 Dai.

[MegaByter]

I may throw in a couple hundred and see how it goes.  I don't like that most of the deposits are stablecoins.  I'd prefer to use ETH or a regular crypto that not only will sit in the account but potentially grow in value too.  If I deposit $100 Dai, then sit on it for a year, never win a lottery, I still only have $100 Dai.

Stablecoins generate the most yield on lending platforms because they are in most demand for borrowing.

They do have non-stable pools (UNI, COMP) but even though there's a few million $ in each, the yield isn't there, so prize money will be low.

Well, your $100 DAI would be earning some POOL tokens at least :D

---

Nothing is free in this world. So there must be a catch.

The catch is decentralized systems don't have a middle man (like a bank) that needs to make $$.

But the protocol is run by a DAO which is governed by POOL token holders.

So POOL going up in value from demand to participate in governance of this protocol aligns the devs / team / community to keep working at it.

[MegaByter]

Why am I getting new and improved Bitconnect v2 vibes

haha I don't see the connection.

Go hang out in their discord, team is solid, well known, and everything is auditable.

I was skeptical at first as well.

[MegaByter]

Nah it's like deposit lots of monies and you might win some. Kinda like how bitconnect was deposit monies and you get some. Like it's like a new way of doing a ponzi scheme. Instead of guaranteeing everyone free monies, you only give a small proportion of the people free monies, meaning the platform can last for longer before exit scamming.

I didn't do too much research into it, that was just what it looks like at first glance.

Lol if you look into it, you'll realize there's nothing to exit scam with.

The code is public, the dapp is a DAO.

Deposited funds go to a smart contract that has clear immutable instructions programmed in.

I don't blame ya though, DeFi is so awesome that half the things sound like a scam haha.

[PR1V473]

So wait, I deposit 1000$ and the chance of me winning is like 1%. If I do win, how much do I get? 2x? 3x? Will I win FOR SURE once a month? What happens if I decide to take away the money?

Lots of questions need your professional answers, I am just a young grasshopper.

[funtela]

I feel like whales in there win most of the time