The Great Gamer Gone Gambler: How A Single Augur User Made Nearly Half Of All REP Profits

    The Great Gambler: A Single user Made Nearly Half Of All Augur Profits.

    Some people are born lucky while others have to slog it out. Then there are those who have a knack for knowing when lady luck is being kind to them. That seems to be the case for one Ethereum address that has accounted for nearly 50 percent of all profits from the prediction market of Augur.

    A Charmed Existence

    As per reports built using Ethereum developer Mike McDonald tools, a lions share of Augurs profits have gone to a single address, 0x008c84421da5527f462886cec43d2717b686a7e4. The address is fairly active, having many tokens and actively taking part in various games.

    All this has culminated in a profit of 856 ETH. Kevin Rooke, a twitter user, pointed out,

    ”One Augur trader has made over $100,000 (856 ETH) in profit from 177 trades. This one address has earned almost 50% of all realized Augur profits.”

    This has prompted McDonald to dig deeper and he is now working on unearthing which predictions were participated in. This is certainly worth checking out as this winner is ahead by a country mile. The next highest earner has profited a respectable 136 ETH, that is still over 700 ETH behind this undisputed leader of Auger trades.

    What Is It And How Does It Work

    For those who might be unaware, Augur is a decentralised predictions market protocol that uses the Ethereum blockchain. It essentially works by rewarding those who make the right bets.

    The Augur Cycle works in 5 stages:

    1. Choose an Event: Anything from a product to a president can be chosen and predictions are made on an event.
    2. Create a Market: If a similar option has not already been created, make one.
    3. Buy and Sell Shares: To see the end of the bet one needs to buy shares, but till the time the event hasn’t occurred, those shares can be traded.
    4. Report the Outcome: Once the event comes to pass it needs to be reported, something that others can disagree with.
    5. Claim Your Winnings: Those who kept the shares now get a proportionate payout in the winnings.

    The Fine Line Between Success And Failure

    While it is exciting to note the potential of the platform, data also suggests that the community's reaction has been, at best, lukewarm. It didn’t help that the most recent elections which saw the Republicans lose their stranglehold over the House of Representative, still saw people who had bet on them, winning. The rationale offered was that the House was controlled by the Republicans on the date the particular bet was closed.

    Therefore wording and understanding the fine print are of paramount importance. Since anyone can place any bets on this platform, a reputation system has been implemented to encourage fair play and the situation of “read the fine print”.

    From a technical standpoint, its native implementation uses the Edge wallet but it is flexible enough to allow anyone to build tools.

    With the collapse of the crypto market, interest in blockchain also dissipated. Thus, blockchain-related products have naturally suffered. While public enthusiasm is market dependent, this slow down gives most cryptos time and space to reinvigorate themselves. Hopefully, this platform can do the same and emerge stronger out of these trying times.

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    Bitcoin Exchange Guide News Team
    B.E.G. Editorial Team is a gracious group of giving cryptocurrency advocates and blockchain believers who want to ensure we do our part in spreading digital currency awareness and adoption. We are a team of over forty individuals all working as a collective whole to produce around the clock daily news, reviews and insights regarding all major coin updates, token announcements and new releases. Make sure to read our editorial policies and follow us on Twitter, Join us in Telegram. Stay tuned. #bitcoin

    [Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

    [Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer


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