A cryptocurrency entirely dedicated to GAMBLING? - page 11.

ausbit

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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.

It has been tried many many times before and never really took off. The reason for failure was almost always the fact that bitcoin is already great for gambling and people never needed another coin dedicated to gambling.

I mean what can a crypto that is dedicated to gambling could offer to public and gamblers and casinos that regular bitcoin can not offer? That is why people always went with bitcoin instead. There has been a lot of places that started to accept stuff like ethereum and doge but thats only because of popularity and not for utility.

Just-dice has used clam as far as I can remember but that's because they wanted to legalize their place and if they provided bitcoin gambling that was a trouble so they went with clam instead. Hence any crypto dedicated for gambling needs to provide something other coins can't.

lemipawa

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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.

STT

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I dont know about dedicated but recently FortuneJack was asking for cooperation from blockchains on mutual promotion and usage of an alt coin in their operations. Most of the teams approached did not really respond positively or at all to requests to get something between a blockchain team and a casino for good use and holding of a coin for gambling. However maybe I just havent heard back on it, I'm not sure on where people are focusing for revenue but its a really important question to find something real and in demand

I do know theres is ETH tokens that are just for gambling, PLAY is the name of one token purely designed to pay a yield on gambling of about 1% I think it is to all holders of their token. The main site that uses it presently is herosphere.gg but I believe its open to anyone if they offer their own games with it

shield132

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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.

leowonderful

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I invested into Wagerr about a year ago, and if I recall correctly, the coin was primarily designed for use in casinos and gambling, and it fits your thread title of a crypto dedicated entirely to gambling, albeit decentralized gambling. I haven't used the platform in a while and sold off my tokens a few months ago, but if you're interested in the project, the link above works as well as this one to the Bitcointalk thread for the coin.

Barbut

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Some casinos have their tokens that you can use for gambling. BitDice started with that, their csno token can be used for gambling on their site. There is chp token for playing poker on their coin poker platform. This tokens can be used for gambling, you can trade with them, casino can pay you dividends for holding. Look at my signature, eos jack allows staking their token on their platform.
Like bitcoin this tokens suffered from a great drop to, for now they are not so successful investments, I have some tokens from several casinos. I can`t say that coinpoker attracts many players there, their token also dropped a lot. All in all we will see what will future bring for this casinos.

izanagi narukami

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Gambling industry and cryptocurrency are perfect combination but is it dedicated or not aren't relevant.
Gambling already old and crypto still new but it's attract people especially for transaction purpose.
Every people aware , both of them are risky but it's yield some unexpected profit.

So it's depend on people's objective

sunsilk

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Bitcoin as my main currency for gambling and not. Mass adoption for crypto casino's already done few years ago and it keeps getting stronger each year when there are new casino's established.

If there will be a dedicated 'secondary' crypto for gambling, I guess the crowd's choice would be Doge. Believe me that everyone loves this coin and hatred is too low for this coin as that type of crypto used for gambling.

Findingnemo

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Why not bitcoin? It is also very much perfect for the gambling purpose and it made the gambling business to a next level after the creation of bitcoin so we don't need any new crypto currencies for the purpose of gambling when we have 1800 crypto currencies is in usage.

zupdawg

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If I remember correctly, there are few coins that are only intent are to be used on a gambling site and there is no real value, you can't send it to an exchange. The only thing you can do to it is to exchange it onsite so its like a playmoney

Betwrong

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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.

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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 know a gambling platform like Edgeless where they have EDG token for gambling, and of course there are also others in the market.
However, I don't think it's wise to just dedicate a certain coin for gambling only, because it might not help for an aggressive growth of a certain coin.
I hope I was able to give an opinion to your idea, in the end, projects do improvement based on people's demand and they can change if necessary.

slaman29

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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.

maydna

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I never think that cryptocurrency will be used for gambling only because the function of cryptocurrency will bigger than just playing gambling. But we know that bitcoin, litecoin, dogecoin is the famous coin in the gambling games, and people like to use that coins as their bets. I think there are one or more coins that specifically for gambling purposes so when people want to play gambling, they only need to buy that coin only and they can save the bitcoin and the other coins for another purpose.

FlightyPouch

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Never heard of this kind of crypto currency since most of the cryptos I am using in gambling sites are Bitcoin and Litecoin, sometimes Ethereum, Doge and others. I do hear other gambling sites releasing their own cryptos but I don't think they're sole purpose is gambling and I don't thimk they'd been used on that gambling site as well. It might work if there will be a huge number of people that will be investing on it and will be using it but I think that will be very hard to accomplish.

dupee419

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Well, you guys are definitely right, thanks for bringing out all of your insights and everything, thanks for clarifying my idea, thank you for taking this up in a polite way though ans I really do understand that if you are to build your own cryptocurrency entirely used for gambling then it would really turn out bad since a single currency cannot stand up to only one activity, thank you for enlightening me.

adaseb

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There was a coin a few years ago that I used to mine called Jackpot Coin. It was basically a regular coin like LTC but it had a unique feature where every few blocks there was a jackpot that kept growing and growing and eventually one lucky miner or pool would get the block reward, fees, and the jackpot. The jackpot was larger and larger if it took longer and longer to hit the winning block.

Another purpose of that coin was suppose to be that it would get used by casinos because it had almost free network blocks and fees. However long story short, the coin had a good period where it had a high price on Poloniex but then kept tanking and eventually went to 0 Sats and don't think any major casino used it.

And this is the same reason why a cryptocurrency devoted to gambling wouldn't really work since the value of the altcoin could fall in relation to BTC or USD and nobody would use it.

Janation

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I don't know if that will work.

We all know that these cryptocurrencies has their values changed quickly because they are volatile and it depends on the demand of that certain crypto. That means if that crypto is just dedicated to gambling, it will be having a hard time to increase its price and I don't think people or gamblers will buy them as you can already use a lot of cryptos to gamble like Bitcoin, Ethereum and Doge. Also, these crypto currencies has their values, gamblers will want to earn more of these since they want to have a good amount of it to be sold in the future.

wuvdoll

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

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.

How it will be beneficial to gamblers ? Instead of any benefits, gamblers will get another head ache for converting their bitcoins or fiats into that new for-gambling-only altcoin. You sound just like altcoins are being created for no in-depth purposes and with any light idea too. Why we are having bitcoin ? It may help all human to have only one money. I guess, now you understand a gambling only money will not be wise idea.

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.

You must have done that before having this discussion. There were 100s of coins and tokens based on gambling and casino. Edgeless is one quick example here. It is eth based token and their casio is using this token as a base money for all the gambling activities.

playboy654

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It won't make any difference if we create a separate coin for gambling purpose,I think we have some tokens for certain gambling sites but it is not used much so people don't like this idea much,better use BTC anywhere will be my choice.

Topic: A cryptocurrency entirely dedicated to GAMBLING? - page 11. (Read 18588 times)