Topic: [ANN] BetKing.io ICO - Bitcoin Gambling website - 581.4 BTC raised so far - page 12. (Read 29690 times)

I've laid out exactly what I'm doing though.
I'm selling 30% of the company for a minimum of 2000 Bitcoin.
Instead of me taking the 2000 Bitcoin for myself I am leaving it in the business and using it for bankroll, marketing, dev, expenses, promo etc.
I am not sure why no one understands that as it's in the OP.

The token distribution as explained a few times is to be decided soon. It's not even an important part how that is implemented at this stage.

Also the main audience for this was the previous BetKing bankroll investors (maybe I should have kept it to private chat instead of dealing with the scum in here) who have been supportive so far and I think around another 1000 coins will come from them once they have time to make their decision.
There has been new investors from here though so it's not all bad

Again if you are not interested just move on. There's actual real scams going on in this forum you could be warning people of.

I think the main problem with you is that some people just don't get what are you doing here. Basically, you seem to be willing to sell shares of your company but you don't want to use regular IPO. Instead, your proposal is a token that has no clear definition (yet), but you call it InitialCoinOffering and relate it to crypto by announcing it on altcoins related forum. So, your message seem to be ambiguous, at least for some people here (including me). You're right though, that if anyone has problem with your offer then it's easy to ignore and move on.

BTW, those 514.6 BTC raised doesn't mean people think your proposal is valued correctly, as the "correct value" doesn't exist - they just accepted your valuation.

I see there are a few retarded people in this thread now

Anyway, no there is no partners before.

Lastly, I'm selling 30% of my COMPANY here. Not the bankroll share or anything, COMPANY. That's a share of ALL future revenue streams.

How could I run with funds? It already means the coins are mine due to the fact that it is the company you are buying a share of from me.

I however have decided these coins will stay in and be used to grow the business instead of just taking them and putting in my own bank but anyone who knows business knows that I could have worded the ad to say give me 2000 Bitcoin for 30% and I WON'T use it for anything other than my own pay day.

How are there so many uneducated people in here?

Anyway, it's pretty simple. If you don't want to invest, don't

There's now 514.6 raised from people who clearly think it is valued correctly. If you don't think so just ignore and move on.

How much of the profit (82% more than EV) came from unlucky whales with very high bets? And how likely is that to happen again since Max Profit dropped to 37 Bitcoin? I've seen it higher than 400 Bitcoin at some point.

Do you have any evidence at all for that claim?

If he had partners, why would they let him speak for the site?

i am making total sense. when betking had 6000btc, it wasnt solely handled by him. if for example he wantED to run with the coins THEN, the other partners wont let him do it. in this scenario , he is the only one handling the site. HE WILL RUN WITH THE CASH AND NO ONE WILL SAY ANYTHING .
now, thats the difference between then and now

He want to collect 2000 btc to play in casino?

18% per year does not look so bad to me.

You're not making any sense.

He had 6000 BTC in his hands. He has given it back, and is now asking for 2000 BTC, and quite possibly won't get that much.

If he's a scammer, he's a very bad one. Why would a scammer give back 6000 BTC to his victims in the hope of stealing 2000 BTC? The obvious "best move" is just to keep the 6000 BTC. Previously people had trusted him with ~6k for 50% of the profits with the option of divesting at any time. No way are they now going to trust him with the same ~6k for just 30% of the profits and no option to divest. He'll end up holding less than 6k, and so will be able to "run off" with less.

You seem to be suggesting that his plan is to show that he can be trusted with 6000 BTC so that he can steal 2000 BTC. That is clearly nonsense.


I wouldn't either, but not because it's a scam. He's selling 30% of the profits for 2000 BTC or more. That seems like too much. It looks like the site saw around 120k BTC wagered in the last year. The expected profit from that volume would be 1200 BTC. 30% of that would be 360 BTC. At that rate it would take a little over 5.5 years to break even on your investment. I'm ignoring lots of factors here, but that's a very rough estimate.

you guys keep talking about the trust betking had of holding thousands of coins and not run without taking a few things into consideration.
betking was own and managed buy a few guys. not just dean. it was owned and managed by 4 people. dean was just the highest staker and a maybe the brain behind betking. they had more trust worthy people as owners one of them wont just run with the cash.
presently, the other owners decided to withdraw from the investment and the only person left was dean, thats why he devested everybody. because thats the terms and condition of the 4 original owners. now u know why dean couldnt run with thousands of btcs before divesting investors.
PRESENTLY, the only investor and owner of betking is dean, he can do anything he wants and the other formal owners have no say because they are no more owner or even investors.
now is the best time for him to run with funds. he got all the trust he needed, got no one to oppose his actions and decisions etc etc.
i wont put my money here if i was you.
like i will always say, this is going to be one of the greatest scams in btctalk

well said man.
also to sum this up. this dude will eventually run with all the coins. all he is doing is just to build a reputation that will eventaully make guys trust him with all their cash and then he will disappear.
i expect people to be wiser with shady investments like this one.

yes he could have walked away when he had more but didnt. thats because he needed to have you guys trust him. this is a very systematic scam technique. he plays with your mind. makes you trust him, then have you put in all u got. thats when he walks away with the money.
i can tell you this clearly looks like those type of scams. the real mods know this that why they keep deleting his post.
i wont advice anyone to invest in this. BTW DID YOU READ THE PART WHERE HE CLEARLY STATED THAT ONCE YOU INVEST, YOU CANT WITHDRAW OR GET REFUNDED? no many shady thins about this new scheme

success for the site betking.io hopefully more cool its future

Hold on: You are paying yourself a salary? On top of keeping 70%? Seems you are trying to double dip in every possible scenario. Trying to keep 70% of the edge so to speak (along with 70% ownership of 2k BTC you previously did not have) is just crazy.

Now onto the ICO: This would not be a bad ICO, if the valuation was much lower. Even a 4kBTC would be generous. BetKing is unique in the sense it doesn't have many players, but the players it does have are whales. Its hard to believe there are many whales out there that will be losing the massive sums they have in the past. Just as it happened with PrimeDice (AKminer), it will happen with Bet King. They will eventually lose everything, or they will quit. As others have pointed out, Bet King previously had slots, a sportsbook etc and they did not perform well. How does Bet King plan on acquiring users for a sportsbook? A bankroll of 2500 BTC is of suspect size for a sportsbook. For many casinos, sportsbooks actually lose money, and they are merely draws to attract users to their other games. It adds a whole new element of risk to the bankroll, and the swings would be massive. Unlike with dice where a player can impulsively instantly place another bet and lose out, that is not the case with a sportsbook. Then there are regulatory concerns that should not be swept under the carpet. To price Bet King at 4x last years revenue is... just wow. After taxes, all of the development you plan on doing etc, the number quickly stacks up to an even longer period of time for ROI.

Sum it up: Not the worst ICO you could invest in by any means. Unfortunately, the valuation puts this at a completely unacceptable risk/return ratio.

fantastic in ico selling
so the next betking coin can added to exchanger or not
and any bounty to get betking coin

For what it's worth, that's 1/4 of the amount in 1/4 of the time.

Since the aim of the ICO is to raise 2,000 BTC and only 30% of the Company is going pseudo-public, you'd end up at most with 0.3% of the company shares.

Added a new term for investor safety under the exit strategy terms in the original post:


"if BetKing was forced to close suddenly within 3 months of the ICO then all existing funds in the business at that point would be used to pay investors back as close to their full initial investment as possible before I took any share."

What was the ultimate goal?

So this isn't exactly like a typical business (up to this point so far) so there was no traditional business plan and the business model changes as soon as the ICO is over, from already changing on the 1st of December where we had a crowdfunded bankroll to now private bankroll.

For profit you can see the profit in the original post is > 7200 Bitcoin.
Fixed expenses are around £1000 per month for Cloudflare, server hosting etc.
Obviously there will be extra expenses after the ICO for marketing/dev etc otherwise there would be no point in doing this but then also we should see more volume and revenue due to this.

I am not and won't be paying myself 3000 a year. I would be taking a minimal salary, this is to be decided this week after meeting with accountant as to how we best do this as well as clear up some other questions. Also meeting with lawyer this week to clear some things up and we should be able to finalise on dividend distribution asap.

Lastly the final amount raised so far is now 481.29162755. Will top up the address in next 30 mins.

Thanks