A cryptocurrency entirely dedicated to GAMBLING? - page 2.

skarais

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Quote from: The Cryptologist on October 04, 2019, 11:27:02 PM

In my opinion, most of it is yes. I am only talking on how it looks like at the moment because we are still not on the mainstream adoption. There are only two uses that I know that is very active in using cryptocurrency and that is online gambling and trading. Only on a very rare occassion that it used for payment and big percentage happens on the darknet or darkweb.

That is true, but in my opinion it depends on how the user uses their cryptocurency. Besides being used as a trading and investment instrument, cryptocurrency has also been used for gambling. Cryptocurrency makes it easy for users to make transactions anonymously. Perhaps for this reason many of them gamblers use cryptocurrency to bet.
In my opinion there are still many other reasons why cryptocurrency is not only dedicated to gambling.

The Cryptologist

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In my opinion, most of it is yes. I am only talking on how it looks like at the moment because we are still not on the mainstream adoption. There are only two uses that I know that is very active in using cryptocurrency and that is online gambling and trading. Only on a very rare occassion that it used for payment and big percentage happens on the darknet or darkweb.

Sadlife

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Quote from: Ailmand on October 03, 2019, 05:13:01 AM

Have played an online casino before where they have their own currency where you can buy using USD or other crypto. A certain amount of their coin represents 1$. So, I think it is not necessary for them to undergo ICO or what so ever if they do not intend to have any other function for their coin aside to be used as a currency in their platform.

There was also some kind of site that shared by me sometime ago in which they are using their own token to bet in their gambling site and this is EOSBET.io though not like others they already done ICO and what is good about them is they are giving dividends to those who holds their token.in one way or another players are in good position as the offerings is indeed

And about the OP?let the sites have their own currency to gamble because it’s every company’s rights to have own but in general?no I will never consider that because I love to play/bet using the currency/tokens I feel to bet at a certain moment as I have several of them ready to gamble

rizkyrz

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for gambling, I think altcoin is better because coins are cheaper and also have a very small fee compared to BTC. Gambling profit results using altcoin are exchanged for BTC, this I do as the final thing after gambling.

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I don't like using Bitcoin in gambling platforms, but other altcoins are great for me
and better than regular fiat money. Ethereum is one I use most of the times.
I also saw some tokens used for this but they loose value fast.

Janation

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Quote from: Ailmand on October 03, 2019, 05:13:01 AM

Have played an online casino before where they have their own currency where you can buy using USD or other crypto. A certain amount of their coin represents 1$. So, I think it is not necessary for them to undergo ICO or what so ever if they do not intend to have any other function for their coin aside to be used as a currency in their platform.

Maybe they know what will just happen if they undergo ICO so they did not bother.

I don't entirely know what is happening in ICOs but most of them failed.

The possibility that I see is the number of bounty hunters in the market and after receiving their salaries or maybe payments, if you all prefer it, sold it in the market with lower price than the project intended, after that it will be having a domino effect to the next sellers.

fortunecrypto

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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's positive for me it will advance the cause of Cryptocurrency, since your post was 2018 so many things already happens and it's positive there are now so many gambling sites using Cryptocurrency, in fact there are Cryptocurrency gambling sites that were created and many more coming
You should check those gaming and gambling sites bult on Dapps on Eos and Tron, they are interesting and geared to promote Crypto gaming

Pab

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There is not special currency dedicated to gambling.It has to be fast low transaction fee
I remember when i was betting on legendary betting service DirectBet.eu then i have been betting with dogecoin
Bitcoin was slow that time fee was much higher than dogecoin
Mostly cryptocurrencies gambling or betting services are giving opportunity to choose from few cryptocurrencies

Kasabus

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Quote from: TheCoinGrabber on October 04, 2019, 03:06:43 PM

I know this is an old thread but gonna reply anyway. I agree with many people here that this is completely unnecessary. Most major coins are accepted by gambling sites anyway. If they want to produce their own coins, then they are free to do so but I don't believe that's going to make any big difference.

They are going to make a big difference if they can get a lot of gamblers to play in their platform.
In order for them to do that, they need to offer something different or unique that is enjoyable to play, that's what gamblers are looking.

First thing that we have to consider is that they won't operate if they don't get success from raising funds as mostly in this kind of platform, they raise their money through crowdsale, so that alone would say that they have believers who invested on them.

stadus

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Quote from: stadus on October 02, 2019, 02:09:42 AM

Quote from: mich on October 01, 2019, 09:58:40 PM

I really dont see a reason to buy another currency with BITCOIN when BITCOIN alone is good for gambling
Things just become more complicated going back and forth between CRYPTOS
BITCOIN is the best and good enough for gambling.

If you study the gambling sites that issues tokens, they treat the holders as investors as they could offer dividends or some perks when you are gambling using their tokens, although its risky as you are holding a token that solely depend on the site performance but that's what you get in return, if it is successful you will benefit.

However, personally I don't invest in this kind of projects as I have bad experience in the past, I'd rather just buy btc and gambling, thats it, no more and no less.

Crypto market does have a lot of coins that we can use to gamble best coin in this regard is bitcoin and Ethereum. It has good market value and a safe coin to invest your money. For me as well it is not really safe to gamble with new projects and new coin is not that we want to have as investing for gambling, i personally believe in Bitcoin or ethereum only.

That's why we see those kind of projects struggle as people would prefer to gamble with BTC and ETH, at least this option should be present in any gambling sites so they can attract more gamblers. People just want a simple website that has a good reputation to gamble on, deposit and withdraw their BTC, they don't usually focus on the rewards as most gamblers does not spend long hours in gambling especially those sports bettors.

TheCoinGrabber

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I know this is an old thread but gonna reply anyway. I agree with many people here that this is completely unnecessary. Most major coins are accepted by gambling sites anyway. If they want to produce their own coins, then they are free to do so but I don't believe that's going to make any big difference.

sunsilk

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Quote from: deisik on October 03, 2019, 06:26:57 AM

Quote from: sunsilk on October 03, 2019, 06:02:42 AM

But as a universal cryptocurrency, we don't actually need more of them. That's why bitcoin has existed because it's one of the use that it can be applied. As a gambler, you have the choice if that casino has existing token, you can use it if you want but most of us still prefer bitcoin

That largely depends on your gambling preferences

For example, if you bet rarely but squarely (I mean, make big stakes), then Bitcoin might be the best choice for you. On the other hand, for people who prefer to run different martingale setups (like myself), Bitcoin would be the worst choice specifically of its expensiveness. We, simple martingalers, need a cheap coin that would allow us to start small and withstand long losing streaks without busting. So we choose Dogecoin, and its popularity among casinos pretty much speaks for itself even if it wasn't created with this purpose in mind

There are situations like this that all of us has to encounter. We feel sorry for using our bitcoin as we bet but this all would depend of your acceptance and decision making. As you've said about preference, we all have the choice to bet with it or not.

Likewise, as I've said, you can use their utility token if you want. Because just like the days of 4th quarter of 2017, the price of bitcoin was so high and we don't feel of using it nor trading it because we just want to save the value.

RivAngE

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Quote from: mich on October 01, 2019, 09:58:40 PM

I really dont see a reason to buy another currency with BITCOIN when BITCOIN alone is good for gambling
Things just become more complicated going back and forth between CRYPTOS
BITCOIN is the best and good enough for gambling.

Exactly, a coin for only gambling would offer nothing and only lose value quickly without any good usage.
On the other hand, a 1:1 token backed by BTC only for the purpose of fast on-chain transactions inside a platform would be fine, but that's done by each platform/provider individually.

South Park

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Quote from: Rikafip on October 01, 2019, 03:06:58 AM

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.

We certainly do not need another currency for something specific as gambling.
There are plenty currencies on the market that could be used for that purpose, beside, all those useless currencies for basically everything imaginable didn't bring much good to anyone. Except maybe those that made those useless currencies and then dumped them on naive people.

Imagine if there is specific fiat currency for buying bread, then another one for buying gas, then 3rd one for buying alcohol. Does that seems practical to you?

This is right, a currency cannot be limited to a single activity or business because this will decrease its utility, this is why despite the enormous distances between communities in the past and the difficulty to communicate with one another gold and silver were chosen as the main forms of money due to their characteristics, so if someone created a currency with the only intention of being used in gambling but it was by far the best cryptocurrency you can be sure that very quickly people will use it for stuff unrelated to gambling.

deisik

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Quote from: sunsilk on October 03, 2019, 06:02:42 AM

But as a universal cryptocurrency, we don't actually need more of them. That's why bitcoin has existed because it's one of the use that it can be applied. As a gambler, you have the choice if that casino has existing token, you can use it if you want but most of us still prefer bitcoin

That largely depends on your gambling preferences

For example, if you bet rarely but squarely (I mean, make big stakes), then Bitcoin might be the best choice for you. On the other hand, for people who prefer to run different martingale setups (like myself), Bitcoin would be the worst choice specifically of its expensiveness. We, simple martingalers, need a cheap coin that would allow us to start small and withstand long losing streaks without busting. So we choose Dogecoin, and its popularity among casinos pretty much speaks for itself even if it wasn't created with this purpose in mind

sunsilk

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Quote from: iMark on October 03, 2019, 01:41:03 AM

Quote from: sunsilk on October 02, 2019, 12:11:46 PM

I think it all started when some of the casinos launched their own utility token during 2017. They offer decent features and benefits having their very own token on the platform.

And that's why others until now are simply following the path, they find success to the early ones who have collected a decent amount of money and funded their token which determined the value.

I think there were lots of cryptos that were made specifically for gambling, and there were even cryptos that were made specifically for currency for playing online games? Bitcoin is not made specifically for gambling, yeah even though you're already comfortable using bitcoin in gambling, but what if a token or project offers bonuses and facilities that are better than bitcoin when you play gambling? I think there will be a lot of players who want to use it, depending on the specifications and facilities that you bring from the coins you want to make, not just ordinary crypto.

There's no difference between the two that you have mentioned both are being used as a currency for a casino then. About the bonuses, it is what I've said about having feautres and benefits that's why they are making it. In return for their investors and also to their loyal customers.

But as a universal cryptocurrency, we don't actually need more of them. That's why bitcoin has existed because it's one of the use that it can be applied. As a gambler, you have the choice if that casino has existing token, you can use it if you want but most of us still prefer bitcoin.

Ailmand

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Have played an online casino before where they have their own currency where you can buy using USD or other crypto. A certain amount of their coin represents 1$. So, I think it is not necessary for them to undergo ICO or what so ever if they do not intend to have any other function for their coin aside to be used as a currency in their platform.

iMark

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Quote from: sunsilk on October 02, 2019, 12:11:46 PM

Quote from: mich on October 01, 2019, 09:58:40 PM

I really dont see a reason to buy another currency with BITCOIN when BITCOIN alone is good for gambling
Things just become more complicated going back and forth between CRYPTOS
BITCOIN is the best and good enough for gambling.

I think it all started when some of the casinos launched their own utility token during 2017. They offer decent features and benefits having their very own token on the platform.

And that's why others until now are simply following the path, they find success to the early ones who have collected a decent amount of money and funded their token which determined the value.

I think there were lots of cryptos that were made specifically for gambling, and there were even cryptos that were made specifically for currency for playing online games? Bitcoin is not made specifically for gambling, yeah even though you're already comfortable using bitcoin in gambling, but what if a token or project offers bonuses and facilities that are better than bitcoin when you play gambling? I think there will be a lot of players who want to use it, depending on the specifications and facilities that you bring from the coins you want to make, not just ordinary crypto.

Rune

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These currencies that are just created only to be used for a single purpose never seem to be a good idea.
they always seem to not be used as a currency by stores and the nice use it was getting just becomes more and more obscure until it is not used at all.
Like Namecoin such a good idea but you can just do it on top of ethereum and ethereum can do so much more

There is just no reason to use a crypto thats for one thing when you can do everything on top of bitcoin or in ethereum

sunsilk

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Quote from: mich on October 01, 2019, 09:58:40 PM

I really dont see a reason to buy another currency with BITCOIN when BITCOIN alone is good for gambling
Things just become more complicated going back and forth between CRYPTOS
BITCOIN is the best and good enough for gambling.

I think it all started when some of the casinos launched their own utility token during 2017. They offer decent features and benefits having their very own token on the platform.

And that's why others until now are simply following the path, they find success to the early ones who have collected a decent amount of money and funded their token which determined the value.

Topic: A cryptocurrency entirely dedicated to GAMBLING? - page 2. (Read 18588 times)