Topic: BetKing.io - BKB token REFUNDS - $70k refunded so far - page 6. (Read 27690 times)

I remember recently asking Dean about the licencing of software and why an ICO was needed for that but he said the gaming was custom coded and needed paying for. He also said that it was just some sporting event part that he was licencing (I think).

I am confused.

By the way what was the total raised in US$ in the ICO?

Yeah you are dead wrong. Phone them up and ask how much it is to setup and pay every month.

Also, you obviously didn't notice but BetKing has made as much profit or more than most other dice sites in tha past 9 months. Hardly abandoned.

I've heard Cubeia poker software costs ~$500. Could be wrong, even way off. Even if it was $10000 though (it's not) that's a tiny, tiny fraction of what you raised.

Go ahead and focus on semantics to distract from my overall point though. And yes, I do keep up with this because I invested time into trying to stop people from investing in this ICO from the beginning because I knew better. The fact the site is basically abandoned and people lost very large sums of money in the process really sucks for those people. You try to justify it by going on about the USD token value when it's just completely absurd and disingenuous. Then again, you've gotta be able to sleep at night after taking all their crypto so I understand it.

Sorry to all those who invested out there.

You're embarrassing yourself now.
You have no clue what things cost and make terrible assumptions. Not got work to do on Grindabit instead of moaning in here?

If money was spent, what's to show for it? Anything done by outside people or did you basically raise several million dollars worth of Bitcoin to pay yourself to buy Cubeia poker software for a few hundred bucks and develop a roulette game and license a sportsbetting option? Where is all the marketing? Where's the advisors?

actually yes, money was spent on all of the above.

Your jealousy after all these years is astonishing. I'd have thought you'd move on by now

Was there a way to buy tokens with USD directly? Can you use USD directly to gamble on the site? Did you receive Bitcoin/crypto or USD when people invested? Had the site not always accepted investment in Bitcoin and other cryptos exclusively before the ICO?

If not, it's disingenuous to use USD to value the tokens. People lost their ass off on your ICO and you promised investors many things, some of which STILL haven't been implemented, then you slap investors in the face again by considering adding back the bankroll investment feature. I tried my hardest to warn people about this ICO when it first happened, but you smartly were able to take advantage of the people who were less informed (aka, valuing the website/ICO by the profit rather than the EV, not acknowledging a huge majority of the wagered and profit amount was from right after JD closed and BTC price had gone way up, plus other things you can find in a thread I started).

Did you ever invest in marketing outside of the same old signature campaigns or giveaways? Did you ever hire anybody to work on the site? Any of the new features, were they built by somebody you hired (as outlined in the ICO) or did you just build them yourself (if so, you basically had members pay you to work on your own website)? Did you ever invest in the platform to have third party websites connect to Betking? Bunch of other broken promises I just don't want to spend the time looking up.

Congrats Dean, it worked beautifully.

Thank you I understand now

Ouch.


I fully understood how the ICO worked. Am I wrong in pointing out that I technically lost money? This isn't me buying BKB with fiat instead of BTC or something else, this is straight up exchanging an investment with another investment.

Nor am I complaining about a loss; I'm simply pointing out that I am at a loss in BTC terms, which I clearly stated. All I have posted are facts.



I'm sure all of your investors were very happy when Bitcoin hit 19k and their BTC value was worth half the amount, and the fiat value near stagnant.

Read back what he just said. If 12% of tokens were deposited he would buy 10% of the 12% ie. 1.2% of all tokens. Everyone always gets to sell 10% of what they deposit.

That sounds good but what if 12% of all tokens out there are deposited at the buy back date? How do you decide or select who gets their tokens cashed and who does not?

I buy back 10% of all tokens out there. To sell back to me you need to deposit 10x the tokens you wish to sell on the site at buy back date.

Are you buying back 10% of each investors holdings? Or 10% of total tokens out there? If those selling tokens exceed 10% how do you decide on which ones to buy and which to defer until the next 3 months?

Correct, I buy back 10% every 3 months (though I actually own 70% now with buying back more than needed, hence why i'm selling).

Thank you for the information. So apart from being able to bet using the tokens you can also cash the tokens in the buy-back right?

People complaining about a loss obviously didn't understand the ico.

No one has lost money buying tokens. The tokens were always priced in $, btc and eth and ltc was just the mechanism to pay.
The token is up > 7.5%. So no one is at a loss.

They may have an opportunity loss in that they could invest in something else.
But then you can just say "If only I invested in Apple in the 90's" or "If only I bought more Bitcoin when it was < $1".

No one else complains about the ico, just people on this forum. Other people read and understood how the ICO worked before taking part.

Sorry for the misunderstanding here but let me say this clearly that I do not have the intention of saying that. What I mean about boosting the ICO is about distributing the ICO and asking for more investors for buying it. In this way every shareholders will get higher profit

So you are saying from the first time you bought until this day, you are already in negative? So how is this might turns then? If this ICO does not get boosted then you guys will just stay on that negativity

You can trade the tokens on a few exchanges.

E.g. at HitBTC:
https://hitbtc.com/BKB-to-BTC

However, the trading volume is pretty dismal and therefore it might be hard
to get rid of bigger amounts of BKB. Besides, it is possible to gamble with the tokens
on BetKing and you are also able to sell the tokens to other investors.

So what do you think is the solution to your situation and that of other investors?

If you and they were all better off keeping BTC rather than buy Betking tokens what is the next step? Just to keep the tokens hoping for a meaningful profit or to cut losses?

Can the tokens be sold to other investors or are they just buy-back on the Betking website?

Nah. In BTC terms, I make a profit if:
a) BTC goes up, and the site profits more
b) BTC stays the same, and the site profits
c) BTC goes down, and the site profits, or doesn't profit at all

In fiat terms, I make a profit if:
a) The site profits