Quote from: danshan11 on November 18, 2020, 01:28:52 PM

Quote from: Degens on November 18, 2020, 06:32:08 AM

Quote from: danshan11 on November 17, 2020, 04:44:00 AM

why do you call degens non custodial? what do you mean by non custodial?

The Degens Betting Exchange uses ethereum smart contracts which enables it to be non custodial.

This means at no point do users deposit money into Degens, as bets are done wallet to wallet. So if malicious management wanted to steal someone's funds, it is not possible. If government agencies wanted to seize someone's funds, it is not possible. If management gets hit by a bus and no longer is alive, the user has full custody of their funds. If the Degens.com website were to go down, the user still has full custody of their funds.

One disadvantage of using a non custodial solution is you cannot use BTC on Degens as it doesn't support smart contracts. So you need to bet in ETH or the stablecoin DAI which is a deal breaker for a lot of BTC guys.

I recall that you had tried out Degens in the past. If so, a big airdrop was given out a couple weeks ago with each coin trading at $2.20 or so. Click Degens Token on the left hand side to see how many you received. You can then sell them on the balancer pool if you'd like to get your free money.

I am confused so if I place a bet on a market and the funds are transferred for the bet and degens gets hit by a bus how would I recover those funds? Also if degens grades a market wrong which we know grading is done by degens and the funds are settled as a loser how is that non custodial?

In the event everyone gets hit by a bus, this is how you'd access your funds - https://degens.medium.com/interacting-with-a-smart-contract-when-its-dapp-is-down-fcfd63d7792f though I need to update that to reflect our change of branding from SportCrypt to Degens.

A bunch of APIs and $DEGENS token holders currently grade in a similar model to REP. We will release a document soon on how you can stake your $degens and get paid to participate in grading where you would be penalized for an incorrect grade.

If you want to sell your $DEGENS tokens that you received in the airdrop, this pool has the most liquidity - https://pools.balancer.exchange/#/pool/0x05c04d16da1a7efd6d6768a3f0e609c09f99710b/shares

Take care!