Can someone explain the trend of bitcoin casinos creating altcoins ? - page 2.

maydna

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Quote from: erpbridge on July 13, 2017, 04:22:46 PM

Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

I think the owners following the trends, and he wants to get more money by creating an altcoin. But I am sure that he will accept bitcoin also like the regular investment because bitcoin gambling was too famous among us and he wants to get more and more profit. And if there is a change with the trend, I guess that the owners will change their strategy and they will follow the trends like before. I think they are smart to use the trends to gain more profit for themselves and some of them can make a lot of money from gambling industries.

Distinctin

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It's very simple, this issue tokens because they want you to be their investors.
The value of the token they issued will eventually rise once their casinos will become profitable, that's the new trend here, anyone can invest and anyone also has the right to liquidate as tokens can be traded in different exchanges.

People come, people go, it does not affect the casino and this is a win-win for both investors and operators.

MinerHQ

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Quote from: panjul07 on July 14, 2017, 10:28:55 AM

Quote from: machinek20 on July 14, 2017, 09:23:09 AM

For me if a casino accepting alt coin, it will be better for the player, we will have more coin to play, sometimes alt coin can be more suitable for gambling, like some coin gives cheaper transaction fee and some of the alt coin is cheaper so it is more afforable to used in gambling

I think you misunderstand what is the main point/idea of this thread. Afaik it is not about casino accepting altcoins but about casinos creates their own altcoins/tokens. I myself do not really understand whats the reason behind those casinos that create their own tokens but I think it is about "more profit" purpose nothing else. cmiiw

These casinos want to play very safely because if they invest money on bankroll there are chances that sometimes someone may win big amount and can lose money. But from the public you raise funds then owners are not risking much but they can still make a commission for maintaining a casino without any risk. Due to some reason if they need to close the casino still investors will lose money but not casino owners.

They prefer to play with their own tokens because each time anyone wants to gamble on their site then they need to exchange first with other coins. That's means to play and to withdraw money players need to pay commission for exchange.

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Quote from: Caladonian on July 26, 2017, 09:17:48 PM

Quote from: JL421 on July 26, 2017, 08:55:54 PM

There's nothing wrong with this idea I'm not a ico type giy as they can be a really risky investment but i have researched few of these ico and it was mentioned in their whitepaper that they would share 30% of profit throught some smart contract which isn't bad i think this works like some sort of bankroll

well if this will succeed it will be profitable for both ends and some of those ico gambling site already got attentions with investors, thinking that you will
be able to earn in two ways holding the coins and get your share dividends or sell the token when the value really went high. i think sparing some btc to
invest would not be a bad idea.

Yeah, having investment is actually profitable, we can have shares depending on the amount we invested and on the sites income, we can guarantee earning depending on the casino and the idea on how they will implement it if it is pleasing or not.

Caladonian

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Quote from: JL421 on July 26, 2017, 08:55:54 PM

There's nothing wrong with this idea I'm not a ico type giy as they can be a really risky investment but i have researched few of these ico and it was mentioned in their whitepaper that they would share 30% of profit throught some smart contract which isn't bad i think this works like some sort of bankroll

well if this will succeed it will be profitable for both ends and some of those ico gambling site already got attentions with investors, thinking that you will
be able to earn in two ways holding the coins and get your share dividends or sell the token when the value really went high. i think sparing some btc to
invest would not be a bad idea.

JL421

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There's nothing wrong with this idea I'm not a ico type giy as they can be a really risky investment but i have researched few of these ico and it was mentioned in their whitepaper that they would share 30% of profit throught some smart contract which isn't bad i think this works like some sort of bankroll

erpbridge

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Quote from: jualidbitmixer on July 26, 2017, 10:16:52 AM

Because ICO is the most easiest way to get money and investor in a fast way. I'm sure the success of betking ICO makes other gambling site want to try what betking do. Can you imagine Betking can easily raise the ico to $1m and keep raising till now, no doubt other gambling site will follow betking.

Technically all sites are following them. betking, Bitdice, bitcoinrush etc are all holding ICOs.

How easy will it be to cash out of these sites ? Will i have to rely on the market to buy my tokens if I wish to cash out ?

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Personally, I feel most of the ico's are created to scam people but there are some legit one. I think betking can be trustable and it's getting lots of hyip recently as the casino is one of the hottest place to visit.

Tenderino

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I think it's because bitcoin is already at a relatively high level and the chance that it will rise another 100% is relatively low.

People like to gamble and make money and with issuing a new token, that token can easiliy rise 1000% within a few months if that gambling site will be successful. If the gambling site fails, then the token will also fail, so there is a higher risk compared to bitcoin, but this business model appear to be successful.

jualidbitmixer

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Quote from: erpbridge on July 13, 2017, 04:22:46 PM

Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

Because ICO is the most easiest way to get money and investor in a fast way. I'm sure the success of betking ICO makes other gambling site want to try what betking do. Can you imagine Betking can easily raise the ico to $1m and keep raising till now, no doubt other gambling site will follow betking.

Bitcoingiver

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You know business change and the way some people chose to run Thiers makes it look scamy most at times, and they try to make more profit than they should. Casinos in general make a lot of money and if you're not careful the way you play them then you will be bankrupt.

erpbridge

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Quote from: lite on July 23, 2017, 03:20:41 PM

Quote from: erpbridge on July 13, 2017, 04:22:46 PM

Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

Because they need money to hire developers, for promotion etc.. i think ico is a good idea to do that. even bitdice is going for ico, because they need more money for development and promotion.

They can still run all those promotions and hire staff with the commision money easily. From what I remember casinos like these make close to 100 bitcoins in just a matter of months. That should alone be enough to sustain all the expenses.

lite

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Quote from: erpbridge on July 13, 2017, 04:22:46 PM

Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

Because they need money to hire developers, for promotion etc.. i think ico is a good idea to do that. even bitdice is going for ico, because they need more money for development and promotion.

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Quote from: audaciousbeing on July 21, 2017, 04:26:49 AM

Quote from: erpbridge on July 13, 2017, 04:22:46 PM

Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

It actually depends on how you see it. Most people who are interested in invested their money, don't want to bother about what the site is going to use it for so far the site is known, the only question they are bothered about is when will it be listed on the exchange and how they can push it on poloniex so the price will increase and they dump nothing more nothing else. Whether the site now keep the money and fail to develop what they intended to a large scale, no one cares and no one holds them responsible. So, they continue to have their way. Its unfortunate but its the situation of things.

It truly depends on the way you look to it. It is at the same time an opportunity for the website users who after listing it on exchange can get profit from it with the same time involving them in a risk if the token don’t work and don’t stand at the desired position can be a reason to push them away. If it is continuously practice of the casinos then it could take the use in a horrible condition.

Skarner21

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Quote from: KennyR on July 21, 2017, 08:08:33 AM

ICO's were a platform for multiplying their profits. Already those gambling websites were highly profiting and ICO implementation will multiply their usage, in specific by the coming days if the ICO gains good value they'll be easily promoted through the gambling houses as the accepted token for gambling. This increases the circulation and causes further growth.

And also is just a help i think just to promote their ICO this is a new way to promote ico because mostly the use of altcoin is for gambling activity only . other use of altcoin i don't see any other use of altcoin except for well know altcoin that actually using payment method in some business online..
So those ICO who release and use in gambling like you said its profitable from them and increasing the use of ICO to their business.

erpbridge

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Quote from: iv4n on July 14, 2017, 03:05:48 PM

Quote from: erpbridge on July 13, 2017, 05:41:35 PM

Yes these are examples I am talking about. Yeah plans and all look good but why not just accept investments the usual way ?

Like you I also thought about why not the usual way, and I will try to explain my opinion.
Before you invested in site and that is all, there is a tracker how much you invested your percents in profit and loss of the casino and that is probably all about it. But on other side with altcoin, which is actually investment in casino bankroll, you can trade on exchanges yes? As I understand their tokens will be traded as stocks and that can make this alt even more valuable.
I`m not sure am I close to something, or this is just some stupidity.

That actually brings up one more question. Can I divest ? Because the only way I see divesting can happen is if someone happens to buy my share of investment by buying into my tokens. And if no one buys at that price, would I be stuck holding onto the tokens or be at a loss ?

And as for your main point, how does exchange my investment on an exchange bring any extra value ?

marlboroza

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Quote from: erpbridge on July 13, 2017, 04:22:46 PM

Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

Lack of money perhaps?
They don't accept bitcoin as investment because they need money to build something or upgrade their casino, add new games etc etc and they can't really take money from investors and do that.
When they launch tokens and do crowdsale they can.

raven7886

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Quote from: kodes88 on July 19, 2017, 10:36:55 AM

Quote from: NorrisK on July 13, 2017, 05:04:28 PM

I guess the main reason is to be able to pay rakeback or loss back or affiliate rewards without actually spending money.

It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.

yup,its why casino site always rich,keep long life and have many users,they create new way to close their loss with profit from another program beside betting,they create altcoin to pay it,so they keep earn profit,and not only casino,exchange like yobit also do same way.

This is actually a smart move that the casino owners take to tackle their losses and to earn more than the regular earnings. This not something bad to the customers and even they get a chance in the alts if the price of the given alts increases their net worth increases at the same time when casino is getting benefits from the alts. I think we should appreciate the casino for innovation of such activities.

KennyR

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ICO's were a platform for multiplying their profits. Already those gambling websites were highly profiting and ICO implementation will multiply their usage, in specific by the coming days if the ICO gains good value they'll be easily promoted through the gambling houses as the accepted token for gambling. This increases the circulation and causes further growth.

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Quote from: erpbridge on July 13, 2017, 04:22:46 PM

Till date all the casinos which have wanted to raise money or have an invest feature used to do it by launching a casino accepting investments in bitcoins and charging a commission on bets.

But now I see casinos like creating an altcoin, accepting investments and issuing tokens to be traded on an exchange and keeping all the money raised upfront in the ICO.

Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?

I don't think it will be scammy if the gambling site already popular such betking and bitdice. Do you see Betking ico ? They almost complete their ico on pre-ico, i'm sure that's make other gambling site want to try like that, it such an easy money for the dev though. But yeah, if both ico success, i'm sure it will be more next.

Topic: Can someone explain the trend of bitcoin casinos creating altcoins ? - page 2. (Read 1371 times)