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DAO
This is a proposal of creating a DAO, with one purpose; creating / maintaining the bidding game ‘Greed is Good’.
This game – and therefore maybe also this DAO - is probably a ‘one-hit-wonder’, because a lot of ‘buzz’ needs to be created in order to make the game work.
Owners of the DAO governance-tokens ($GGREED) will benefit if this game makes a profit. If the members of the DAO agree that the (first) game was a success and want to continue on different networks or make adjustments to the game, then that’s of course also an option.
GAME
This game is a social experiment, to show which person has the biggest balls to go all in.
The name of the game is ‘Greed is Good’, in reference to ‘Gordon Gekko’ in the movie ‘Wallstreet (1987)’ by director Oliver Stone. In this crazy crypto-world a lot of good innovations come out of it, but there’s also a lot of greed, egos and foul play come in to play. This game isn’t for the faint of heart. This is for the already filthy rich willing to become more rich. This is for the crazy gambling addicts. No ‘safe the planet’, no ‘love thy neighbor’, just ‘high risk, high reward’, and more money for you. And of course some nice NFTs to show your e-peeeen to the rest of the world. Because we’re all going to die soon anyway….
GAME EXPLAINED
Short introduction on how the game works..
Starting jackpot: 5000 USDT
Starting bid to win this jackpot: 1 USDT
To win this jackpot, the player has to deposit x amount of the USDT-token in to the smart contract, 1 USDT higher than the last highest bid. Countdown timer starts counting down from 30 minutes to 0. When a new (higher) bid is placed, the countdown timer resets and starts again with counting down from 30 minutes to zero. When the timer hits zero, the highest bidder wins all the placed bids + the starting jackpot.
All the placed bets are added to the starting jackpot. This adds up quickly. If the highest bid is 2000 USDT, the the total jackpot is: 5000 USDT (starting jackpot) + (1+2+3+...+2000 USDT) = 2,006,000 USDT
To make it more compelling to join this bidding game, extra features are implemented. Like the top 5 losers get their deposit + 20% extra back and users can place (free) JOKER-tokens instead of USDT-tokens to win the jackpot. When the stakes get higher, players also receive governance-tokens, so even when they don’t win, they still can benefit if the DAO makes a profit.
How large can the jackpot become in theory?
If the starting jackpot is 5000 USDT then if the highest bid is, then the jackpot is
1000 USDT ===> 505,500 USDT*
1500 USDT ===> 1,130,750 USDT*
2000 USDT ===> 2,006,000 USDT*
5000 USDT ===> 12,507,500 USDT*
*exact amount is lower, because of the JOKER-tokens
Details
Network: Polygon Network
Starting jackpot: 5000 USDT (ERC20-token)
Starting bid: 1 USDT
Allowed tokens: USDT (ERC-20) / JOKER (ERC-20)
Other tokens: go to lootbox, they count as a donation, and the depositors of these tokens not eligible to win the jackpot. Countdown timer: 30 minutes counting down to 0 minutes Higher bid: ‘highest bid’ + 1 USDT.
So if the highest bid is 13 USDT and an user deposits 100 USDT, it gets rejected. Only 14 USDT (13 USDT + 1 USDT) as new highest bid is allowed.
If a higher bid is placed before the timer hits zero, then the timer resets to 30 minutes and this player has a chance to win the jackpot.
When the countdown timer gets below ‘5 minutes’ a message saying ‘LAST CHANCE’ in a red font shows up in the screen. To warn people about network congestion / gas fees / confirmations and that this is the last chance to win the game before the timer hits zero.
All the placed bets are added to the starting jackpot. This adds up quickly. If the highest bid is 230 USDT. The total jackpot is: 5000 USDT (starting jackpot) + (1+2+3+...+230 USDT) = 31,565 USDT
Donate button / Lootbox: Only USDT-tokens (and JOKER-tokens) are allowed in this game. All other tokens will be rejected. Users can however contribute to the lootbox. This counts as an extra donation to the winner of the jackpot. Depositors to the lootbox aren’t eligible to win the jackpot. USDT-tokens / JOKER-tokens are also allowed in to the lootbox. The winner (highest bidder) of the jackpot also receives all the coins in the lootbox minus 20% fee.
JOKER-token To make the game more interesting to play, the idea of so-called JOKER-token is invented. JOKER-tokens are (free) airdropped / distributed before the game starts. Also the investors of mirror.xyz receive JOKER-tokens. Also for every x USDT an user deposits, it receives a 0.1 JOKER-token. A (full) JOKER-token can be placed instead of a USDT-bid.
JOKER-token rules: – A total of 150 JOKER-tokens are airdropped / distributed before the game starts – 1 JOKER-token distributed per wallet 1 JOKER-token replaces a USDT-token, and the highest bid still will be ‘+1’ – One wallet can place unlimited bets and can place more JOKERS if available – JOKER tokens can be distributed to other wallets – The highest winning bid can also be a JOKER-token – If a JOKER-token is deposited, the coming next 5 bets, must be a USDT-token
Example: List of placed bets: • 37 USDT • 38 USDT • 39 USDT (JOKER-token) • 40 USDT (impossible to place JOKER-token) • 41 USDT (impossible to place JOKER-token) • 42 USDT (impossible to place JOKER-token) • 43 USDT (impossible to place JOKER-token) • 44 USDT (impossible to place JOKER-token) • 45 USDT (user can deposit USDT or JOKER-token) • 46 USDT (user can deposit USDT or JOKER-token) • 47 USDT (JOKER-token) • 48 USDT (impossible to place JOKER-token) • 49 USDT (impossible to place JOKER-token)
On screen you see how many JOKER-tokens are still in play (not deposited) yet and how many in total were distributed. 14 JOKERS deposited / 150 JOKERS airdropped
GAME ENDS:
The game ends when the timer hits zero or when the game is still going after 2 weeks (1,209,600 seconds). The highest (allowed) bid is the winner of the game and wins the jackpot (minus 20% fee) plus all placed bets (minus 20% fee) and all donated coins the lootbox (minus 20% fee). Highest bid must be an USDT- or JOKER-token.
PRICE MONEY
The price money is best explained by an example.
Highest winning bid: 500 USDT
Total jackpot: 129,217 USDT + all coins in lootbox
Total JOKERS played by users: 6 JOKERS
Winner: 103,373.60 USDT + all coins in lootbox (-20% fee)
Losers: 2982 USDT
DAO / investors / fees: 22,861,40 USDT + 20% all coins in lootbox
Example:
If the highest winning bid is 500 USDT, then the total jackpot is: 5000 USDT (beginning jackpot) + (1+2+3+....+500) = 5000 USDT + 125,250 USDT = 130,250 USDT.
However 6 users deposited a JOKER-token instead of USDT. Instead of USDT-bets, numbers are 12, 53, 121, 234, 305, 308, are JOKER-tokens. So, the total jackpot is: 130,250 USDT – 1033 USDT (=12+53+121+234+305+308) = 129,217 USDT
WINNER GETS: 129,217 USDT (total jackpot) – 25,843.40 USDT (fee = 20%) = 103,373.60 USDT and all the other coins in the lootbox (– 20% fee)
LOSERS GETS: The top 5 losers get their deposit + 20% extra back.
Highest bod was 500 USDT.
So the top 5 losers get:
499 + 20% = 598.80 USDT
498 + 20% = 597.60 USDT
497 + 20% = 596.40 USDT
496 + 20% = 595.20 USDT
495 + 20% = 594 USDT
in total, the losers receive: =598.80 + 597.60 + 596.40 + 595,20 + 594= 2982 USDT
DAO GETS: The DAO receives 20% of the total jackpot and 20% of all the deposited coins in the lootbox.
129,217 USDT (total in jackpot) – 103,373.60 USDT (amount paid to winner) – 2982 USDT (amount paid to top 5 losers + 20%) = 22,861.40 USDT + 20% of amount of all coins deposited in the lootbox
How large can the jackpot become in theory?
If the starting jackpot is 5000 USDT then if the highest bid is, then the jackpot is
1000 USDT ===> 505,500 USDT*
1500 USDT ===> 1,130,750 USDT*
2000 USDT ===> 2,006,000 USDT*
5000 USDT ===> 12,507,500 USDT*
*exact amount is lower, because of the JOKER-tokens
GOVERNANCE-TOKENS
When highest bid for the jackpot is higher than x USDT, users still placing bets (JOKER-tokens excluded) after this, receive a small percentage of the governance-token. Meaning that even you dont win the jackpot you still can receive a percentage of the profit given back to the DAO.
NFTs
Players receive a cool NFT in their wallet if they spent an X amount of money:
‘I spent more than 1,000 USDT on a stupid bidding game (and LOST)’
‘I spent more than 10,000 USDT on a stupid bidding game (and LOST)’
‘I spent more than 50,000 USDT on a stupid bidding game (and LOST)’
‘I spent more than 100,000 USDT on a stupid bidding game (and LOST)’
‘I spent more than 250,000 USDT on a stupid bidding game (and LOST)’
‘I spent more than 500,000 USDT on a stupid bidding game(and LOST)’
How much money is needed for the first game?:
Coding: ~ 25,000 USDT (or paid in DAO-tokens)
Marketing: ~25,000 USDT (or paid in DAO-tokens)
Starting jackpot: 5,000 USDT
MARKETING
Marketing will be the most challenging and important. Because this game will only succeed if the big guys willing to go to all the way in..
A total jackpot of 1 million USDT is nice, but a jackpot of 50 million USDT is even better. It’s possible when the whales of crypto come in to play and want to show their wealth.
CHANGES
There’s some room left for small changes in the game play. Maybe add an option to do autobidding?
After a succesful crowdfund, all the money will be transferred into a Gnosis-Safe with multisig.
DAO-tokens distribution:
10% - investors Mirror.xyz
~25 % - players of the (first?) game
x % - marketing / coders.
DISCLAIMER:
All the numbers / percentages / rewards can still change if that’s better for the game play and / or the DAO.
crowdfund://0xcd32AeB60Eb119b1B2FDB98b71D1EA8eaFbE8A91?version=tiered_3&network=mainnet