2018 was not an impressive year for the crypto market. It has been a year where Bitcoin (BTC) fell more than 70%, along with the other top crypto assets. With this downturn, it is no surprise that investors have lost enormous amounts of money. However, one mysterious industry participant managed to make a six-figure profit despite the ongoing bear market. How did this user manage to achieve the near impossible task?
Ethereum (ETH) Price Today – ETH / USD
Crypto Proponent Makes 856 ETH ($100,000) On Ethereum DApp
The Ethereum (ETH) user, who is only known by a string of 40 letters and numbers, scored over 856 ETH, valued at $100,000 (even valued much higher at the time). While this figure is outstanding, the near clairvoyant or accurate soothsayer made the $100,000 in only 177 trades, which amounted to a $564 average per prediction.
How the User Made That Sum of Economic Profit
According to Canadian crypto researcher Kevin Rooke, the trader managed to accomplish the feat via Augur. Augur is an Ethereum-based DApp designed to provide predictions. Following initial reports from NewsBTC, Augur, which ran arguably one of the first most successful ICOs, launched its offering in July 2018 to widespread media clamor.
The Augur trader who made over $100,000 (856 ETH) profits from more than 177 trades reportedly earned nearly 50% of Augur’s profits.
However, only six months on, the hype surrounding Augur, which according to optimists would revive Ethereum (ETH) single-handedly has derailed. Rooke insisted that the Ethereum (ETH) user who won six figures is probably the first ‘full-time Augur trader. For an initiative which token, Reputation (REP), boosts a $154 million market cap, cynics claim that the $200,000 in cumulative profits by Augur (despite happening in a well-extended bear market), is mediocre at best. Others have tagged it as dismal at worst.
Notwithstanding, the lack of Augur-related volume is likely going to change with the coming of a newfangled prediction offering, backed by group 1confirmation a crypto venture.
Peer-to-peer Prediction Platform Veil, May Encourage Augur Adoption
Veil is a peer-to-peer derivatives and prediction platform that uses smart contracts gotten from Augur & 0x, along with the Ethereum (ETH) Blockchain. The company started operations on January 15th. According to a blog post published by the company regarding the matter, Veil will support a number of markets in the space including the decentralized 5x leveraged virtual assets, futures on Ethereum’s hashrate and gas rate and trading Grin.
The upstart, which isn’t much different from Augur, wants to ensure that “peer-to-peer markets enter the mainstream.” In company Veil’s co-founder Paul Fletcher-Hill’s words:
“We are foreseeing a future around the corner where millions of users can create and trade in as many markets as possible running into the millions. We are happy to finally launch Veil on the Mainnet and bring this future a little closer than anticipated.”
However, in a matter of days, Veil, as a result of its venture capital-sourced chest, but Predictions.Global. Predictions.Global is a cryptocurrency predictions statistic provider. The deal was reportedly completed for an undisclosed fee. It appears that Veil has already started to jumpstart Augur. However, is the upstart’s costly emergency efforts going to be a success?