A cryptocurrency entirely dedicated to GAMBLING? - page 10.

pixie85

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Quote from: Shenzou on December 30, 2018, 02:12:43 PM

If a cryptocurrency was to be created for gambling it has to be accepted by a large number of online casinos for it to be relevant, and in this case why bother using it if you already have bitcoin and ethereum, and as many people have pointed that there are a lot of casinos who sell their own token for you to use them for gambling on their sites.

I think so too. There are cryptocurrencies that are accepted everywhere and can be later exchanged at the exchange of your choice and you know they won't go down by 50% all of a sudden like some of the altcoins do. I don't see any feature a new cryptocurrency would have that would make it accepted at every casino.

Shenzou

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If a cryptocurrency was to be created for gambling it has to be accepted by a large number of online casinos for it to be relevant, and in this case why bother using it if you already have bitcoin and ethereum, and as many people have pointed that there are a lot of casinos who sell their own token for you to use them for gambling on their sites.

hatshepsut93

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Quote from: dupee419 on December 15, 2018, 10:57:36 AM

An idea came onto my mind, and it consists about a currency that is entirely dedicated onto gambling and also betting, I did not search through the web if there is actually a crypto that has done this. Gambling is a thing that the people love to do, whether if it is in the casino or online, but have you ever thought of a crypto that will serve as your main currency whether if it is in the casino or it is on online, I think this could also be beneficial for the gamblers as well, I wanna know about what you think of my idea, whether if it is a positive or negative opinion, I will still take it.

There were many coins like that, and most of them are probably dead by now. In general, specialized currency is a bad idea, because the whole point of currency is to be very liquid, and you are intentionally removing this property to get what? There are no benefits for players here, only inconveniences. You don't go to store with "groceries coins" and then to gas station with "gasoline coins", that would be ridiculous, so why would you pay in casino with "gambling coins"?

Betwrong

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Quote from: raven7886 on December 22, 2018, 10:52:12 AM

Quote from: Betwrong on December 22, 2018, 08:00:26 AM

Any land based casino of an acceptable quality level has chips of its own, and those chips can only be spent on the casino premises. Also you can exchange the chips for fiat currencies exclusively inside that particular casino or, in some cases, inside a casino belonging to the same chain, but nowhere else. So, there's no problem with having your own coin, and it has been practiced already by many online gambling sites, as you can see from the comments above.

~

Yes, it is already in practice so not a big thing for any gambling houses. But, we need to consider the big differences between having a dedicated cryptocurrency and having such tokens.

These casino tokens are just to representing local fiats and its value is not depending on the performance of the casino but it is being used only for the purpose of easy handling of fiats whereas having a own crypto is completely different thing as its value may fluctuate as per the revenue generation of that house. Or, house may go for stablecoin kind of crypto to give gamblers some peace of mind but in that case it again sound like casino tokens.

Actually the value of those tokens depends on the performance of the casino in a way. Imagine a situation when you, after returning from your trip to Vegas, discover several casino tokens in your pocket. If the casino went bankrupt before your next visit, you wouldn't be able to do much with those tokens except for throwing them away. If it were $100 worth of tokens, you wouldn't go back to Vegas to exchange them earlier, because the trip would surely cost you more than $100. Maybe it would be a good practice if land based casinos were allowing you to send them the chips back by mail in exchange for your money, but as far as I know, no land based casino does that.

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Quote from: cluit on December 22, 2018, 12:47:13 PM

It has become a fashion like everyone want to have their own crypto hence why not a casino ? Being useful or convenient are not a constrain but I guess most gambling houses may come up with their own coins dedicated gamble with them. This fashion has already started with many crypto exchanges and it might be a time for casinos to copy that useless idea.

Basically I hate the idea of having numerous altcoins which are having repeated concepts backed and not having any value in rest of the world. As an innovation to have a common border-less momentary system, we have bitcoins but it seems we are again going back due to such purpose specific coins.

Maybe if they make up something that is special about it, like when you convert BTC to their specific token where they could use that only there and have some bonuses with it. I agree that it's somewhat useless, knowing that there's no reason to add it, only if like i said, the bonuses that could come with it.

It's definitely not a good thing to have so much alt coins, everything almost has the same technology in it and it's the applications that are the different but basically the same thing. I think there is more diversity with that compared to money in different countries. Some are going to be useless, some are going to stay, overall, no one could take bitcoin down.

cluit

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Quote from: crwth on December 22, 2018, 11:20:57 AM

I agree with the others have said that they Should have value. I think there is no point in doing that because there is no thing dedicated for gambling except the chips that has a corresponding value. Maybe the acceptance of different coin could be a better option.

If you Have many coins that you could gamble chances are you would have more customers, Especially if that time has a lot of users in it.I see a lot of gambling sites that integrated exchanges To make players easily convert to whatever kind Of coin they want

It has become a fashion like everyone want to have their own crypto hence why not a casino ? Being useful or convenient are not a constrain but I guess most gambling houses may come up with their own coins dedicated gamble with them. This fashion has already started with many crypto exchanges and it might be a time for casinos to copy that useless idea.

Basically I hate the idea of having numerous altcoins which are having repeated concepts backed and not having any value in rest of the world. As an innovation to have a common border-less momentary system, we have bitcoins but it seems we are again going back due to such purpose specific coins.

crwth

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I agree with the others have said that they Should have value. I think there is no point in doing that because there is no thing dedicated for gambling except the chips that has a corresponding value. Maybe the acceptance of different coin could be a better option.

If you Have many coins that you could gamble chances are you would have more customers, Especially if that time has a lot of users in it.I see a lot of gambling sites that integrated exchanges To make players easily convert to whatever kind Of coin they want

raven7886

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Quote from: Betwrong on December 22, 2018, 08:00:26 AM

Any land based casino of an acceptable quality level has chips of its own, and those chips can only be spent on the casino premises. Also you can exchange the chips for fiat currencies exclusively inside that particular casino or, in some cases, inside a casino belonging to the same chain, but nowhere else. So, there's no problem with having your own coin, and it has been practiced already by many online gambling sites, as you can see from the comments above.

Those chips were well demonstrated in final scenes of the movie hangout part-1.

Here is the wiki article on those casino chips : https://en.wikipedia.org/wiki/Casino_token

Yes, it is already in practice so not a big thing for any gambling houses. But, we need to consider the big differences between having a dedicated cryptocurrency and having such tokens.

These casino tokens are just to representing local fiats and its value is not depending on the performance of the casino but it is being used only for the purpose of easy handling of fiats whereas having a own crypto is completely different thing as its value may fluctuate as per the revenue generation of that house. Or, house may go for stablecoin kind of crypto to give gamblers some peace of mind but in that case it again sound like casino tokens.

Betwrong

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Quote from: lemipawa on December 16, 2018, 10:55:43 PM

Problem that I see with creating a cryptocurrency for gambling only is site owner will have to create a separate group to operate and maintain the site for gambling and the development of the coin. Even in the real life casinos, they did not adapt this kind of concept, they will accept different currencies from different countries but they will not have their own currency that will only be spent in the casino premises.

~

Don't you think that the situation is exactly the opposite? Any land based casino of an acceptable quality level has chips of its own, and those chips can only be spent on the casino premises. Also you can exchange the chips for fiat currencies exclusively inside that particular casino or, in some cases, inside a casino belonging to the same chain, but nowhere else. So, there's no problem with having your own coin, and it has been practiced already by many online gambling sites, as you can see from the comments above.

sweetbet

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Most online casinos that accept crypto payments will take BTC, and some will take other cryptos like ETH & LTC, but only a very small percentage of online casinos accept gambling related coins like FunFair (FUN), etc. It's good to offer such tokens, but most gamblers will not be familiar with them.

Indrawan77

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It may be a good idea, but we need to be more specific about the features and the benefit of using this coin for gambling, if it is only act as usual coin same like bitcoin, then its better to used bitcoin, bitcoin already being implemented in many casino, adding new coin without a great feature is going to be useless for the community

Indamuck

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There is no point for a separate gambling coin to exist, we can just use bitcoin for everything because it has by far the most secure network. I know a lot of failed ICOs tried to start a gambling coin but they all failed miserably or were outright scams. We already have enough coins and the last thing we need is more altcoins.

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Quote from: emberbekas on December 19, 2018, 01:51:17 AM

There are tokens with gambling platform out there but I don't follow the development of such projects. From my point of view, there is no need to create such crypto. They can use the already exist coins instead of using their own tokens for gambling. It won't give an additional benefit I guess. Meanwhile, creating and maintaning own coins will require a huge efforts and money as well.

Right.We don't need other currency just for gambling alone,bitcoin is already here which is the most trusted coin not just for gamblers but for all types of people.But if we insist creating a cryptocurrency just for gambling,i think it does not bring any essence or even changes at all.Gamblers would still stick to the crypto that is already proven and trusted by the majority.

swogerino

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This will not give to the specific casino who implements this an advantage or edge over another casinos. In fact this would lead to less players for this casino and many players will stick to the standard way of playing with crypto by using major coins.

The fact that many ICO have failed is a strong pointer that this will not bring any real benefit to a casino who may decide to go this unusual route.

avikz

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Quote from: dupee419 on December 15, 2018, 10:57:36 AM

An idea came onto my mind, and it consists about a currency that is entirely dedicated onto gambling and also betting, I did not search through the web if there is actually a crypto that has done this. Gambling is a thing that the people love to do, whether if it is in the casino or online, but have you ever thought of a crypto that will serve as your main currency whether if it is in the casino or it is on online, I think this could also be beneficial for the gamblers as well, I wanna know about what you think of my idea, whether if it is a positive or negative opinion, I will still take it.

I am sure I have seen some similar initiatives from some ICO those who are trying to build a cryptocurrency for casinos. However, they were not received well by the mass because we are being spoilt with choice. Today's crypto market is overrun with the number of cryptocurrencies with zero real world utility and I am sure people don't need more here! Existing cryptos are doing splendidly well!

davinchi

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There is no need for such thing. There is a coin that is being easily accepted and well supported - Bitcoin. There are plenty of casinos out there (good example) that support it and have urge to help you out if you have any questions about the coin. Huge variety of stuff to play, engaging staff that actually cares and payouts fast as lightning. Why use something that people never heard of and why would it be interesting for them? It wont.... Use bitcoin

Everyone want to be king in their kingdom that is the reason, few of them are creating their own coin. So, we cannot say there will be no need for such thing.

Even plenty of casinos are accepting bitcoin, there will be many advantages for a gambling house when they will be having their own coin. You cannot compare a business when it will be done using bitcoin and using your own token. When a business will be happening, in your house along with your own coin, it means you have already done one successful deal with them as they are using your coin for the actual business.

emberbekas

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There are tokens with gambling platform out there but I don't follow the development of such projects. From my point of view, there is no need to create such crypto. They can use the already exist coins instead of using their own tokens for gambling. It won't give an additional benefit I guess. Meanwhile, creating and maintaning own coins will require a huge efforts and money as well.

bitgolden

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Quote from: lemipawa on December 16, 2018, 10:55:43 PM

Problem that I see with creating a cryptocurrency for gambling only is site owner will have to create a separate group to operate and maintain the site for gambling and the development of the coin. Even in the real life casinos, they did not adapt this kind of concept, they will accept different currencies from different countries but they will not have their own currency that will only be spent in the casino premises.

Bitsler recently started their own token that will be rewarded to regular players.

I do not think maintaining an altcoin is not a big business when considering a dev team which is already having a gambling business. I am saying this, because every John and Albert are having their own coins and maintaining them, the success of such coins is not a concern here but I mean to say it is not a big head ache to have separate coin for their own gambling purposes.

But, I do believe every gambling house will prefer to have their own coin as it will provide another income stream within their businesses. That is the reason why some exchanges have started their own coin. I guess trend will change in future like let us see how many gambling houses are going to have their own coin.

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Quote from: Betwrong on December 16, 2018, 07:56:49 AM

Quote from: slaman29 on December 16, 2018, 07:08:37 AM

Maybe I don't really understand OP's question but haven't we already seen so many crypto and blockchain projects dedicated specifically for gambling? Augur is probably one of the most famous, it's all about prediction markets last I checked. And on this forum itself, several casinos have launched ICOs just to create a token that revolves around gambling. Bitdice has CSNO tokens that issues dividends as the casino makes profit. I believe Betking also launched their ICO for BKB tokens. Lots more if you look around.

That's right, many online casinos have their own currency, which are called either Play Money or something with a casino's name in it. In some cases they are exchangeable for other crypto currencies on the site and in other cases they are not, but it's not a new idea overall. Maybe OP meant something else though, so it would be interesting to see his/her reply to our comments.

Agree, and I think this is the answer to the OP, because there seems to be no more meaning than the OP question besides your answer. The more crypto develops, we will see a lot of coins that are made by other companies and not just gambling and in my opinion this is a positive idea too because indeed many coins have been released.

GregH37

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Quote from: shield132 on December 16, 2018, 04:01:40 PM

Oh can't remember name but there was gambling website specially made for one specific coin. Also burstcoin was added on bitsler because of high demand from people for gambling. But there isn't any specific coin for only gambling because there is no demand for it and I highly doubt anyone would invest much if there would be ICO of similar coin. Oh, there is also bitdice (it's btc casino) coin but don't know much about it, check yourself.

Do not worry, I also could not remember an altcoin which is having gambling as it prime objective. I believe there could be more such coins are existing that is the reason we are not unable to recall them. Yes, gambling is a prime business for many ICOs as far as I have checked into altcoin/tokens announcement.

Moreover, what OP is trying to say here is not at all a new thing. But, at the same time I'm not seeing any coin or token is getting popular just due to having its core objective for gambling purposes. Being used only for gambling may not be a good idea for investor perspective that may be a reason why such coins are not getting popular.

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