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I knew about this one since quite some time but I never paid any attention to it.
yesterday it gained 30% and today it gained another 20%.
Reason for me to have a look at the website.
Very interesting project.
What is this thing that builds our dreams, yet slips away from us?

Augur (REP) - revolution for the betting and gambling industry
Augur (REP) is planning to turn the betting and gambling market upside down thanks to blockchain. Wherever you close bets via a platform like Unibet, Augur will soon be able to deal directly with other gamblers. Augur wants to decentralize a market that will be worth more than 60 billion by 2020.

In short, Augur is a decentralized "forecasting market platform". This can be seen as a platform where you can make bets with other users. Take for example the football match Belgium-Denmark. If you are convinced that Belgium will win that match, you can bet with someone who thinks Denmark will win. Because the chance is slightly bigger that Belgium will win (sorry Danish fans), you can win more money by betting that Denmark wins, than if you bet that Belgium wins. This does not sound very revolutionary, because we already have betting offices such as Unibet in Belgium and the Netherlands. However, Augur wants to do this completely decentralized, so that intermediaries will no longer be needed.

Unibet earns a lot of money on all bets that are made on their platform. According to statistics, a betting office has about an 11-10 advantage over its customers. This means that for the 100 euros lost on bets by the "house" (the betting office), 110 euros will be earned. Among other things, Unibet has already made EUR 412.49 million turnover in 2015. This is only one player in the field of betting. It is estimated that by 2020 the online gambling market will be worth 60 billion dollars. Augur strives to attract a very large part of this by applying all the advantages of blockchain.

The solution of Augur
On the platform of Augur you can place any bet you can think of. Such a bet can vary from "Bitcoin will be worth $ 100,000 at the end of 2019", “Rimbit will hit an ATH of $500” Big Grin until "Donald Trump is being abducted by aliens on national television before 2025". A bet is called an Augur market on the platform and creating it costs you a small amount of Ether.

When creating such a market, you determine the "taker fee" and the "maker fee". These are the costs for buying and selling shares / bets in this market. You as the founder of the market receive these fees when the market closes. Chances are that when Augur gets bigger, these fees are entirely determined by the market. As the founder of a market, it is important for you that the fees are low, so that enough people will make bets on your market. It will have to be higher than the costs you have incurred for creating such a market. This video can give you some idea about this:

Dealing with bets
The great thing about Augur is that the bets are negotiable. Take the example above in which a bet is mentioned that Bitcoin will be worth $ 100,000 at the end of 2019. At the time of writing, Bitcoin stands at $ 3,650, - and the probability seems so small that it will rise to a $100,000 within the next 10 months. . Yet you decide to take the guess and put an X amount, because it can give you a huge profit if it does happen. Now suppose that in November Bitcoin is worth $ 85,000. The bet you made in July suddenly seems a lot more likely. This ensures that there are suddenly a lot more people who wanted to close this bet. You can profit from this by selling your bet to the highest bidder. In that way you made a profit, whether Bitcoin gets that $100,000 or not.

On the platform of Augur this can be done for every possible bet. In this way, the "wisdom of the crowd" ensures very accurate predictions of future events. According to game theory, the wisdom of the masses is a lot smarter than any individual expert. You can also use the platform to estimate for yourself how great the chance is that a certain event will take place in the future. With enough users you might even be able to use the wisdom of the crowd on Augur to beat the central betting offices.

The Token of Augur: REP
The backbone of Augur is his token REP. At the creation of the platform in 2015, a total of 11 million of these were created. REP stands for "reputation" and therefore belongs to the category "reputation tokens". It is the reward you receive for correctly passing on a certain event. If Belgium-Denmark for example ended in 1-0 and you pass this correctly to the platform, you will earn REP. However, it also costs you REP tokens to have the right to pass this on. If you have purchased this right and then report that Denmark has won 0-1, while this has not happened, you will lose your tokens. The Augur team has created an infographic to explain it better.

[Image: Prediction%20market-01.png]

If you own many REP tokens, you will be seen as more reliable. In addition, you receive part of the market fees from the Augur platform per token that you own. For every REP you own, you get 1 / 22,000,000 of the total market fees. The more you have and the more often your outcomes pass on correctly, the more you get. A short video that might explain a bit more clearly:

Augur has announced the roadmap for the coming months to the public through this Medium post. The following new features will then be added. They have not given a deadline when it will be ready.
  • More than eight different markets for betting.
  • Accept more cryptocurrency's on the betting markets than just Ether.
  • Create Town Crier,, and RealityKeys as 'first resolver' options in the user interface. This ensures a much faster throughput of the outcome of the bet.
  • Possibility to act outside the blockchain thanks to the 0x protocol.
  • State channel trading
  • A better user interface for mobile

The easiest criticism that can be given is that Augur is entering a market where very powerful players are already working in. Betfair, Bookmaker and Nadex are billion dollar companies that do not just let a decentralized betting market steal their market share. It remains to be seen how they will respond to the current blockchain developments. If they feel a threat, they will not hesitate to use large amounts of money to try to wipe out Augurs competition.

Augur (REP) is a great project that can be a gamechanger for the future of gambling and betting. It can potentially put the largest and most powerful companies out of the game. In addition, trading in betting is a very nice extra. There is also little negative to say about the team. The biggest drawback is the market they want to conquer. It is a billion dollar market so there are considerable growth opportunities, it is a huge ambition to try to win from the big players already on the gambling market, Nevertheless, it is inevitable that crypto will take over the world in the long term and that all companies that act as intermediaries will be sidelined. If Augur becomes the largest in the field of betting and gambling, then in 10 years, todays price will be peanuts. The future will tell us!
What is this thing that builds our dreams, yet slips away from us?

Are you going to invest?
Cardano is the most promising 3 gen. crypto right now.

(2019-02-13, 09:14 AM)Carsten Wrote: Are you going to invest?

No. Because to kuch coins in portofoons and follow-up up to dificult.
What is this thing that builds our dreams, yet slips away from us?

I stay out then. Thanks Hugues
Cardano is the most promising 3 gen. crypto right now.


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