Trying something new: Chintai and EOSBet

in #esteem5 years ago

Yesterday was a pretty exciting day for me. I stepped a little bit out of my comfort zone and tried some new things as you can see by the title.

I have been pretty interested in EOS since @robrigo who got me into Steemit let me know about it. He and the group of people that make up @eos.detroit have been climbing their way up the ladder to hopefully become a Block Producer.

If you hold any EOS at all and you have setup one of the wallets to allow you to vote for block producers I highly encourage you to give eos.detroit one of your votes.

It is a really good team with a great vision and a true dedication to the project. According to their Telegram, they have some exciting stuff in the works but have been pretty mum about it because they want to make sure they have it right before they start promoting it.

Chintai

One of the things that drew me initially to EOS was the idea of airdrops. I feel like I have been saying this a lot lately, but I am a really big fan of passive income. If I could make enough money to throw it all in an account and live off the interest, I totally would.

It would probably be a similar lifestyle to what I live now, nothing lavish or crazy, maybe a little more travelling, but a life unfettered by the need to work to acquire wealth.

Sadly, I came to EOS a bit late relatively speaking and I wasn't able to invest in a ton of it. I say "relatively speaking" because many people feel EOS has barely scratched the surface of its potential and $5.00 is still a great price to buy in at.

On another sad note, the airdrops that I was excited about haven't really boomed the way that a lot of people hoped they would. Only time will tell what may or may not happen with those airdroped tokens, but in the meantime, I needed to set my focus elsewhere.

That's when I started remembering @robrigo talking about the possiblity of leasing your EOS to other users on the network for a profit. I started digging into Chintaiand kept and eye on their project all the way up to the launch date.

A short time after it was launched, I began the process of unstaking some of my EOS and prepared to lease it on the market. I made sure I had the scatter plugin setup so I could log in to the site and I loaded the page.

Only to find out they were preforming maintenance and no orders could be placed at that time. The maintenance ended up lasting for a much longer time than I or anyone else for that matter anticipated. I follow their project on Telegram though and eventually they got everything sorted out.

That brings us to yesterday when I was finally able to lease out some of my EOS on Chintai.

The interface is really simple to use, you either click on borrow or lease to do either of those transactions. You can lease out on week long periods: 7 days, 14 days, 21 days, and 28 days. The longer period you lease for the more you can charge as interest on the EOS.

The process was so easy, I actually had my EOS posted in less than 3 minutes. I checked to see what he going rate was for a 21 day lease (0.29%) and I entered the 100 EOS that I had set aside to lease out.

My order was quickly written to the blockchain and within about an hour someone had picked up the lease. Just like that in 21 days I stand to make .29 EOS on my lease of 100. I know it doesn't seem like a lot, but if you are a larger holder of EOS than me, you can see how the profits will grow over time. The anual rate of return if I keep leasing out that 100 EOS at .29% is estimated at four or five percent.

EOSBet

Leasing EOS is important because every action you make on the EOS network requires CPU and Bandwidth to do. Very similar to RC, VP, and SP in Steem.

I was reading on line the other day that a large volume of traffic on the EOS network is due to EOSbet. More specifically the Dice game that EOSbet has created. I thought I would just poke my head over there and see what it was about... bad idea.

The interface for EOSDice is very clean and easy to use. Once you are logged in, you can see how much liquid EOS you have to bet with. You can also adjust how much EOS you want to bet per roll. You can bet fractions of EOS to hudreds, it is up to you.

Finally, there is a slider that allows you to choose what number you think your roll will be below. The odds you will win decrease, but the payouts increase as you slide the bar to the left. The more you go to the left, the opposite is true.

As I said, I don't have a lot of EOS to begin with, most of mine is either staked for voting or now leased out as I wrote about above. I did have 11 EOS liquid that I figured I would play around with on EOSDice.

Over a period of about half an hour I had made close to 50 rolls incresing and decreasig my holdings to some level. At one point I was up to 15 EOS before I got greedy and found myself down to 2 EOS where I decided I should call it a day and walk away.

It wasn't until after I was all finished I sat there and realized I had just blown about $40 just like that. When it is just a unit on a screen it is hard to associate a dollar amount to it. I don't have any ill will towards EOSBet, it was my own fault, as I said, I got greedy.

I can see why there are so many transactions on the network dealing with EOSBet though, it is highly addictive. I think that bodes well for the project and EOS as a whole. I absolutely support EOSBet though I probably won't be spending any time there again for a while...

A final cool thing about EOSBet though is their BET token. Everytime you place a wager, you earn a BET token or a fraction of a BET token. Those tokens accumulate over time and earn you dividends paid back to you in the form of EOS.

The more you bet, the more dividends you get and the more other people bet, the more money they have to payout those dividends. It is a cool concept that is working really well for some people. I have read about some users bascially getting a "free roll" every day because they have enough BET tokens to earn them 1 EOS a day in dividends.

If you aren't holding EOS, I encourage you to do so, now is a great time to buy in with the price hovering right around $5.00 to $5.50.

If you do hold EOS and you haven't had a chance to checkout Chintai or EOSBet I also encourage you to do so. The former as soon as you can, the latter at your own risk!

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I do have EOS, and the leasing scheme looks pretty interesting. At the moment, I'm not doing much with it, just running EOS Knights in the background to try and get a bit more EOS by selling materials and items. I'm staying well clear of the betting stuff though! Dangerous to bet with the tokens!

If you are interested in EOS Knights, you can use my referral code: g44daojvguge for a bit of a starter bonus (I get exactly the same).

Thanks, I will check it out. I haven't looked at that game yet. I have an EOS Wizards account, but I don't really do much with it. The leasing thing is really cool. I just wish I had more EOS to lease out!

I do hold a little EOS on Binance, it was around $11 a pop when I bought so being at $5 make me little interesed in doing anything besides HODL. I think I have around 16, thats all. Not a whole lot.

I have a little more than that, but not a ton like others do. There are always the hopefuls saying it will go up over $100 soon. I don't see that, but I think it will go back up some eventually. I made sure I had all of mine purchased before the genesis snapshot. You should move yours into EOSVoter so you can stake it and vote. Your voice though small still has an impact!

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Nice in-depth run down on this, unfortunately I never got on board @bozz hope it flourishes into what you really expecting.

Thanks! I hope so too. It is a great concept and although they have had a couple hiccups along the way there is still a good future for them. Like I said, $5 could be a really good buy in price, it isn't too late :)

I have a few hundred eos laying around in my hardware wallet that I never do anything with, maybe i should put them to work and make a small passive income.. I mean something is better than nothing right?

That's right, I totally would. When I checked again today the rate for a 14 day loan was more favorable to the lender than a 21 day. Yesterday it was the opposite. It's really in volumes where you see the best returns, but that's how it always is right...

Still have to get into EOS, but I think I'm gonna go ahead and buy for like $100. This really seems interesting though, big fan of passive income here :)

Me too! Like I said, I think EOS has a lot of potential and now is a good time to get in!

I might try to make a least to buy some equipment for EOSKnights.

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