Satoshi Street Bets AMA
Satoshi Street Bets sat down with Wagerr before the Super Bowl to get to know the Wagerr Project. Take a look at the transcript here.
Destroyer (D) from Satoshi Street Bets, hosted an AMA with Supersimplestuff (SSS) from Wagerr to go over some of the finer details of the project!
D: What is Wagerr and what problems does Wagerr solve?
SSS: Sure, Wagerr is a blockchain, custom built for betting. It allows users to bet on sports anonymously from anywhere in the world. As a blockchain based sportsbook, Wagerr offers bettors unique features that are unavailable anywhere else. for example:
With Wagerr you never hand over your money. It stays with you the whole time and you bet against the blockchain, meaning that all payouts are guaranteed.
But one of the most innovative aspects is the ability for someone to bet with no limits.
D: Ok lets talk about "bet against the blockchain" - If I place a bet at a sportsbook, the sportsbook has to pay me out and maybe they cant for whatever reason. How does Wagerr pay me out if I win big?
No Limits, can I place a Million Dollar bet on the Super Bowl tomorrow?!?!...
SSS: yeah, they take your money and hold that money as capital to payout bets when people win. Wagerr is different, when people bet on Wagerr the money the bet with (WGR) is burned by the blockchain, then if they win the Blockchain will mint new WGR to pay them out. i.e. the payout is guaranteed
D: There is Wagerr burned with each bet, and if a player wins, the blockchain mints the win, right?
D: So that means if I bet with Wagerr and I lose, in a way I win because some Wagerr was burned, as long as I hold some Wagerr
SSS: The idea is that more people lose than win overtime (because of the house edge) so more is burned than minted overtime. Haha yeah. You are the house!
D: Where can I trade Wagerr?
SSS: We’ve just launched on Beaxy exchange (kyc under 5 minutes), if you don’t want to deal with exchanges you can use instaswap.io to get WGR easily (there are more options on our website)
D: Nice - any upcoming news on more exchanges? Instaswap looks cool, no kyc and easy
SSS: We will be launching a USD pair on Beaxy. Which will help people wanting to avoid BTC.
D: excellent! What is the current price and marketcap? and how can we compare that to other prediction market and betting projects on the market
SSS: Market cap is about 8 million and WGR is ~4c. So I think the best competitor is Augur to compare.
D: Does Augur work? I have tried a few times but it is not easy to use and I have used lots of exchanges and sportsbooks.
SSS: Augur is 230m market cap. It barely works - they still haven’t paid out president election. Terrible UX
D: Agree on UX
SSS: We are up to ~27million. But keep in mind until about 3 weeks ago users had to download a full node just to access the betting platform
The web based sports book is a big leap for us and should show how easy decentralised applications can be if you get the design right.
D: Lets come back to the "no limits" just to be clear, I can bet a million dollars in WGR tomorrow on the Super Bowl? On the coin flip, or who will win, or anything? What is the biggest win that a user has had so far?
SSS: Yes - we are the only betting application in the world to offer no limits. Because the user is forced to buy WGR to bet the blockchain is indifferent . The blockchain just accepts the bet, burns the WGR and of the user wins, mints the WGR. Good question - I’m not sure actually. You can see all the action on our block explorer.
D: Where do you get your odds, do you make your own lines?
SSS: We use oracles - so it’s a feed to start with and then the chain has rebalancing algorithms that help it to manage the bets
D: You are better than a centralised sportsbook because, no limits, no kyc and .....Lets say I think wagerr is cool, but I dont bet on sports, "How do I "be the house" in the wagerr eco system and profit from the sports bets?
SSS: It’s really the combination of all these. We are an open source, decentralized betting platform. Anyone can use us, whether that’s an average joe, that just likes the idea of being the house. A professional bettor that gets limited by their traditional bookie. Or even a sportsbook that needs the no limits
So just by holding the coin you will benefit from the house edge over time. But then if you want to ramp up the rewards you can lock up 25k WGR and earn a clip of all the betting volume coming through the system (it’s quite neat and if the betting volume grows then they should be quite the income earner)
D: So over time enough players lose so that there are more wagerr burned than minted so far?
SSS: Yeah that’s the idea. Admittedly there were some teething issues getting this off the ground. Where the bettors won but most of the issues have been ironed out. Parlays also help ALOT with the burn. Parlays are currently burning at a 25% burn rate
D: Are you going to expand to any on chain provably fair games like spin the wheel, black jack, baccarat?
SSS: Yes we are introducing a framework for chain games. We have lotto. But we will be encouraging developers to build on top of wagerr and earn a clip of their games action.
D: Ok I think this is all great, can I get some free wagerr to get started? How do I get an airdrop or some free wagerr to try the sportsbook out? The Super Bowl is tomorrow, do you have any Super Bowl promos?
SSS: Sign up through the pinned message and we will be dropping a few WGR so people can have a play. We’ve got a heap of promos going on so follow our socials and jump in our telegram to take advantage of them. And we’ve got a special one for SSB
D: can you give us a quick word on wWGR, wrapped wagerr that I see on uniswap, how does that work?
SSS: Wrapped WGR is a way people can cash in and out of WGR via the ethereum ecosystem. It’s a one to one backing. Just another way people can access the sportsbook
D: What about adding stock bets, "will gamestop be over 50$ by Feb 28th Yes/No"
SSS: This is something we have experimented with in the past. And honestly Wagerr is equiped to expand into way more markets down the track but right now we are focused on sports. Derivatives are bets at the end of the day, there just has to be odds around the outcome. So Wagerr has a huge opportunity and if we get it right for sport we can expand then
D: Will Wagerr let you bet with other crypto, or is Wagerr the only currency to be accepted?
SSS: No, Wagerr just uses WGR. But we are in talks to some third parties that will likely let you bet in other currencies and they can use WGR in the background to run their operations
D: How many sports markets are there on WGR?
SSS: We have a heap of sports and we are adding more and more as we go
D: Ok , wagerr is a blockchain based sportsbook, no limits, no KYC, anyone can use worldwide, bookies can use it, if you dont bet you can profit from people betting and "bet the house" Where can we get involved? I will say the odds are very sharp
SSS: Jump on our website sign up in 3 clicks. Grab some WGR and get betting! Also you can join our telegram to keep up with progress and learn more about the oracles etc etc.
I’ll just add one thing because I promised some exciting news on the AMA. Something we have been quietly working away with over the last couple of months.
So one of our biggest use cases is the ability for a sportsbook to hedge risk with us. Let’s say you wanted to put a 10million dollar bet on the Super Bowl tomorrow. Most sportsbooks will reject/limit that bet because it could send them broke if they lost the bet. Well wagerr becomes an option as they can accept the bet then hedge the risk on wagerr.
I’m pleased to say that we are currently onboarding our first sportsbook and they will start laying risk on our system in the coming days. It’s a huge validation of our system. So we are very excited about this.
D: BOOM. Sportsbook using Wagerr Does that mean they will need to buy wagerr on the open market?
SSS: It does, All bettors do
D: We will be opening the chat up again shortly, any final words.
SSS: Just that we are a real product that’s working today - this isn’t an idea anymore. And if you understand how big of a breakthrough no limit, global betting is for the industry then you should be able to see the potential of the Wagerr ecosystem. It’s also a lot of fun! 🔥 thanks again 🙏