I have a hard time loading the image too. Better if they would add some text explanation so that those user who have a problem in internet connection can easily read the description. The new to this project, I think is that it can be bought directly using fiat currency. But hoping it would also add an exchange from token to fiat.
If i have not misunderstood, as they said at the picture that we can buy Dragon Coin Token a both way altcoins: BTC, ETH, LTC, XRP and credit card?1- Purchase DRG from an Exchange
A Player purchases our DRG ERC20 Token from a Cryptocurrency Exchange.
2- Exchange DRG for DGC
The DRG ERC20 Tokens are then exchanged for DGC (Dragon Global Chips) at our partner Casinos & Junkets, to be used in the Casino.
3-Winnings
Winnings that are paid out to the Player can be converted back to DRG, another cryptocurrency or the Player has the option of receiving a pay-out in FIAT.
Isnt that way way way too much effort for gambling though? I'd rather just gamble with cash and cashout in cash. Then use the cash I won to buy whatever I want instead of going through that convoluted mess
That's' why this project is likely to fail.
Can you imagine a VIP in casino making some shady deals with crypto: exchanging, transferring and etc.?
Once offered he would likely never come back.
Actually your concern could be unfounded. While it is possible for a VIP gambler to be making some shady deals... This apply for any crypto currency especially for the anonymous currency like Monero.
In dragon's case, they will have AML/KYC in place for the members who want to be on the Dragon platform.. so shady deals would not be anonymous and would be deterred
I guess you've understood my "unfounded"(?) concerns wrong.
When you have a cash to gamble it's stupid to transfer it to crypto. It's a useless option for gamblers much less for VIP ones.
But, maybe, it could work for people who came into casino already having some DCs, but who will transfer it initially, that's a question for me.
Think you understood "VIP gamblers" wrongly... when VIP gamblers go to junket to gamble, they "do not" have cash nor do they bring cash.
These VIP gamblers just rely on a line of credit from Junket operators which provide gambling chips to them from the casino. These junket operators have to rely on their own capital or credit from finance agents who charge the junket operators a percentage of the credit.. typically 5%.
Hence the main buyers and users of the DRG will be junket operators. Especially when they have collected the "losses" from the VIP gamblers from their home countries after the gambling trips, these money can be converted to crypto and then transfer back to the junket operators who could be in Macau or anywhere in the world. It could also just be maintained as DRG so that it can be "rolled" into capital for the next gambling trips for the next group of VIP gamblers.
junket operations is not as simple as bringing cash to the casino and gamble.. the complexities are the financing systems, the debt collections and the remittance of large sums (winnings and losses) across borders.
Hope you do understand now.
I've undestood it from the very begining, but seems you didn't.
Here's an extract from the WP:
"Whenever necessary, the gamer could e ortlessly convert
his Dragon Coins (DRG) to fixed-value digital Dragon Global
Chips (DGC) for use in the junket. After gaming, DGC could
be converted back into DRG and further converted to at
money or any other digital currency when needed, all on
demand and via the touch screen on a smartphone. If
gamers choose to keep stake monies and winnings in digital
form ready for the next visit to the gaming tables, they could
do so, securely and at minimal cost."
One more
"Through connectivity with our digital value platform,
namely the Dragon Platform, elite gamers wishing to visit a
junket could easily convert at money into digital tokens,
that would be securely registered on a blockchain underpinning
the platform. A numerical representation of the tokens
held at any one time would be shown in the gamer’s smart
phone wallet."
My point eventually was not about either bringing cash or using credit line or whatsoever, my point is: no one needs this mumbo jumbo with transfering cash into some tokens or vice versa. VIP gamblers will very likely avoid such offers.
That is only for the gamers who are interested to hold DRG to take advantage of the rising prices. Do you really think today VIP gamers bring millions into the junket?
Elite gamers do not bother to bring cash like normal gamblers.. if they have to do so, it will be too much of a bother for them. Junket operators currently provide the credit line for elite gamers for gambling in the junket.
But in the future, when DRG is available.. it is possible for elite gamblers to also possess DRG (either bought or from previous winnings)..
Anyway, since you are reading the WP.. do see the same page (a few paras before the one you read), you will read "A junket often needs to arrange stake money of several million dollars to be on hand when each elite gamer arrives in Macau. The current cost to a junket in making the necessary financial arrangements is a minimum of 5%. As for the players, they are typically forced to suffer fees of between 5%-7% for costs related to repatriation of their winnings."
So you can understand what I mean..
DRG is to solve the cost of providing credit and also money transfer (winnings and losses etc) for junkets and VIP gamblers.
You may not believe in the potential of such a system and a token to facilitate the junket industry, but to many, this is revolutionary and
4 junket operators have already committed $265 millions to it... that speaks louder than words.
Seriously I am not here to argue with anyone.. I just want to help clarify the questions that anyone has.
Uh... I'm not a goosey, I can read very well.
To enhance our dialogue with more substantiality, could you please answer the following:
1) How those VIPs claim their winnings?
2) Who bear the fee costs of claiming winnings, VIPs or Junkets (those 5-7% you've mentioned)?
3) How does a process of acquiring winnings for VIPs usually look like? Literaly, how do they get the ownership of money?
All these questions are related to NOW, not to how it is going to be
4 junket operators have already committed $265 millions to it... that speaks louder than words.
Can you provide proofs?
1) When you win at the table, they can change their chips for their winnings
2) cost of sending your winnings back to yourself will be borne by the gamblers themselves
3) I am not a VIP gambler unfortunately .... but you can join the Dragon telegram group and you can ask the CEO directly. he is online daily
4) for the junket operators who have committed their 256 millions... it is written in the WP; like how you have read.
Do join their telegram group to ask the detailed questions to the CEO and moderator directly https://t.me/DragonOfficialENG
I am not against direct questions. I myself have asked the CEO many specific questions and he has answered me clearly too.
