UPDC has announced that you can now wager UPDC and receive stakeable UPDC on the Moolah platform. In addition, the Jackpot will be going live in about a week.
Here is the official announcement from the UPDC team.
Jackpot going live late next week.
UPDC wagering rewards now active.
We’re pleased to announce the ‘Set a new low’ jackpot is scheduled to go live late next week. For more details check the Moolah.bet whitepaper.
UPDC Wagering Rewards
After careful consideration, we’re pushing forward the release of UPDC wagering rewards. This provides an opportunity for existing UPDC holders to earn staking rights and take part in Moolah.bet dividends.
1. Staking rights will be locked at a rate of 1000 UPDC wagered = 1 UPDC staking right.
2. All past and future UPDC wagering will be eligible meaning staking rights will be applied retrospectively.
3. Staking rights will appear in your account starting from Wednesday 16th October, but you can start wagering anytime.
For existing Moolah.bet players this update will provide a boost to the daily UPDC mining rate.
Thanks, and happy betting!
My Thoughts About the Announcement from UPDC
The best part of this announcement is that it’s retroactive. Meaning that everyone who has wagered UPDC to date on Moolah will be credited with stakeable UPDC on October 16, 2019, based on the amount of UPDC that they wagered. We’ve known the update was coming for some time, but it was a surprise that it would be retroactive. So I’m happy that the team decided to go forward with that part.
For those that say 1000:1 wager rate is steep should understand that this is simply a choice that each holder needs to make. Some will say that UPDC will be more valuable to just hold and use it in the many opportunities which will be developed in the future. Or to hold and sell in the future for a much higher return. However, there are others who want money right now. This gives those people an opportunity to wager their ICO UPDC and receive stakeable UPDC in return. This will allow them to receive Tron (TRX) dividends daily. Those users can sell the Tron (TRX) at any time and basically, get a daily return on their investment.
My Experience and Some Items of Clarification when it Comes to UPDC to UPDC Mining
The first question which came up for me is. Is the UPDC that I win on the Moolah platform stakeable? I went to the core team to ask this and the answer at this time is no. So for example. If I wager 1,000 UPDC at a 95% win rate. If I lose I lose 1,000 UPDC and gain 1 stakeable UPDC. However, if I win I get 1,021 UPDC and 1 stakeable UPDC. So my question was is that additional 21 UPDC stakeable, and the answer is no. At this point in time, you get a 1,000:1 mining rate. I have some mixed feelings around this, but I support the team’s decision and have to trust that there is a big-picture reason for this. In addition, when the platform originally launched there was no UPDC to UPDC mining included. So something is better than nothing!
The fact is that you are gambling, and you have a chance to gain more UPDC by wagering your UPDC. But understand that you also have a chance of losing the UPDC that you wager, just like any other gambling site.
I did some testing and wagered some UPDC to see how well I could do. In the first run, I wagered 100 UPDC at a 95% win rate (just like mining Tron). I won a couple of times, and eventually lost and was upsidedown.
In my second approach, I changed my strategy a bit and started wagering 1,000 UPDC at a 95% win ratio, just to see if I could earn back some of the UPDC that I lost. I knew I had a chance to lose, but since I was wagering a higher amount of UPDC my returns on winning were higher, even at 95%. I rolled the dice about 34 times and didn’t lose, netting me about 700 UPDC +/-. This more than made up for the amount of UPDC I lost wagering 100 UPDC the night before.
You Need Tron (TRX) in your Wallet to Wager UPDC
On my first attempt, I only had about 20 Tron (TRX) in my TronLink wallet available to use. The rest was frozen for energy and bandwidth. I forgot about this and started rolling. After some time I thought the system locked up on me, but it was that I just simply ran out of Tron (TRX) to cover the fees. So please, make sure you have Tron (TRX) in your TronLink wallet to cover your gambling fees.
So far I’ve been pleased with Moolah as a whole. I think the UPDC team did a great job putting this first version together. I think the dividends are distributed in a fair manner, and I really like that they look at the big picture when making decisions about how the platform works. The excuse of this is how everyone else does it doesn’t cut it here. The team understands that just because it’s always been done a particular way doesn’t mean that it’s the right way to do something. Far too often projects get caught up in the “it’s always been done” way of thinking. The fact is that we’re breaking new ground in the new Crypto 2.0 era. Smart teams are learning from the failures of projects which came before them and applying new methods based on those failures.
Looking Ahead with Moolah
There is some much functionality yet to come in Moolah. They will be adding EOS and IOST wagering and dividends. The additional casino games, 1v1, and the one that I’m most excited about Sports Betting. So, if you’re excited about just how big this could be it might be time to open an account and take a look at Moolah or UPDC.