PoolTogether

A no loss lottery built on Ethereum

#3 Product of the DayJune 24, 2019
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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4 Reviews5.0/5
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.
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Reminds me of rewards based savings accounts!
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!
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
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.
@samsexton @lay2000lbs maybe Austin Griffith's Burner Wallet?