Well I just finally got how it works, sort of.
Their ICOs are ethereum tokens where if the sites profits they would have a smart contract that would distribute the profits to their investors/coin holders.
It is really like stocks, where the corporation distributes their profits through dividends and the stocks can be sold depending on how well the corporation is doing.
Topic: Can someone explain the trend of bitcoin casinos creating altcoins ? - page 3. (Read 1371 times)
July 21, 2017, 07:15:05 AM
July 21, 2017, 05:14:36 AM
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 ?
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.
There are different type of them.
1. Site/s like betking.io are doing a fundraiser for the construction and bankroll of the site and they are using tokens as stocks. They would handle both in and out payment on bitcoins while their internal transfer may be tokens.
2. Alt coin based sites like Dao casino are also using ICO of their ether based token as fundraiser. They are advertising with some reputed people but they can't be evaluated early. They might use their coins in both in and out transfers.
3. There are many so called gambling sites that have used the term ICO of Token to lure fool people to buy their worthless tokens. Which are a total scam.
July 21, 2017, 04:26:49 AM
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 ?
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.
July 21, 2017, 03:43:41 AM
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 ?
Anything cannot be scammy as long as there will be no breach of agreement ! 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 ?
They have the edge with ICO over any other methods for raising funds for their what ever needs in the name of market fluctuations. If they want to raise more they will start bumping their own coins and if they want to cash out they will dump into bitcoins still you cannot blame anyone for those fluctuations.
After profit sharing programs, now it seems era of issuing new trade-able tokens in the name of new altcoin project and achieving what they were actually doing in the name of profit sharing programs. New trend, decisions on its fate might need long run.
July 20, 2017, 08:26:15 PM
maybe they need held ICO for make their gambling site better
but it's good for investors at ICO too they will get divided profits from their casino
but it's good for investors at ICO too they will get divided profits from their casino
Doing the math behind operations and the commisions they have been charging, it should be more than enough for a good pay plus any pay for running the day to day operations. I don't think thats the sole reason behind it.
July 19, 2017, 10:36:55 AM
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. It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.
July 18, 2017, 06:54:08 PM
maybe they need held ICO for make their gambling site better
but it's good for investors at ICO too they will get divided profits from their casino
but it's good for investors at ICO too they will get divided profits from their casino
July 18, 2017, 06:26:11 PM
AFAIK facebook and other IT based platforms rolled out their own digital currency years ago.
Bitcoin casinos are only following trends set by facebook and other web platforms utilizing their own proprietary digital currency.
Bitcoin casinos are only following trends set by facebook and other web platforms utilizing their own proprietary digital currency.
July 18, 2017, 03:14:47 PM
Might be they are just trying to cash in ICO boom we are seeing every day, even a small project is collecting millions of dollar in crowdfunding without delivering anything upfront.
I personally don't think this form of ICO will be stable in future and we might not see any profit sharing like they have promised from many of those casino in future.
I personally don't think this form of ICO will be stable in future and we might not see any profit sharing like they have promised from many of those casino in future.
July 18, 2017, 02:28:41 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 ?
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 ?
We're currently witnessing the ICO hype, it has cooled down a bit when alts crashed 2-3 times, but it still has a lot of momentum. In this hype everyone is launching ICO's - startups, casinos, exchanges, other services, etc. Many of those ICO's are just plain scams, others eventually just fail to deliver. ICO's created a loophole that allows its creators to avoid any responsibilities, as they can always claim that they can't control the open market and it's not their fault that their token is falling. So, yes, it's better to stay away from ICO's unless you definitely knows what you are doing and know how to play those markets. There are plenty of casinos who accept regular Bitcoin investments, and it's relatively safe to stick with them and get some constant profits.
July 18, 2017, 02:06:09 PM
Isn't that scammy ? Why can't they just accept bitcoins as regular investments ?
I think its just a greed from the casino owner, anybody who don't have enough cash to start their own casino now can issue tokens based on ETH and collect whatever amount they want to first build their platform so that they can run it in future. If the owner runs without developing anything than all investors will be f### up. To be in safe side, never invest in such ICO which doesn't use escrow with proper fund release terms.
July 18, 2017, 01:59:24 PM
It just a new different way of introducing altcoins to the world. There many gamblers so it makes alot of sense. It's also something different from the same old useless does nothing coin. It has a reason to be and is backed by that reason with real world value outside of coarse of the trade value on the market. To me I think it's clever. I would invest in some of these and I have so let's see how it goes and which of the altcoins following this trend does the best. AntiMania !!!
July 14, 2017, 05:13:51 PM
This is a new trend starting a gambling site isn't cheap and easy if you are serious about gambling sites and you can't just ask people for money and be like you will get your money which is risky for the users and no one will invest , so instead they can raise funds and issue tokens on ether platform and share profits with it token holders easily and allowing them to trade on exchanges even opens more opportunities as people don't want the profit and nowadays all ico coins sells for 4 times the price in ico , so the funders can have 2 options trade for profit or earn site profit. Nothing's wrong with this idea
July 14, 2017, 03:05:48 PM
There is some off-topic comments in this thread that make a little confusion. I will try to keep it simple.
Dean reputation is out of the question here! And this time he is not alone, he have a team. As far as I know from their ANN thread they have plans for their coin to be listed on some exchanges and exchanged for btc, they didn`t said which one, but they are still not ready for that.
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.
I`m not sure how they provide founds for paying rake back, loss back or affiliate rewards. In one of Dean comments he said that he wish to increase casino bankroll and with that to attract high rollers, as I know from investments if casino win you have a share of profit, if casino lose you also have a share in that too.
Do you think about DAO and BetKing? Many people are interested in this, or they just spamming to get tokens from bounties. My facebook page is full with people that advertise this two ICO`s, and many others of course.
BetKing was a good site, I even participated in their signature campaign a long time ago. Dean is honest guy, he had many chances to run away with big money, but he always return funds if something is not right. He is a guy worth to be followed, and as I saw that he is making a much better casino, with more games, I saw plans for poker and sports book, all that looks very nice.
He probably mean about that 2 sites since it's the only one who do make ICO as of now and do have its own token and I do agree on what you have said about dean. I'm once a player on the site and I know the transparency and credibility of the site the same on its owner and there's nothing wrong if they would create their own token as long it can be exchange to btc then it won't really be a big problem.BetKing was a good site, I even participated in their signature campaign a long time ago. Dean is honest guy, he had many chances to run away with big money, but he always return funds if something is not right. He is a guy worth to be followed, and as I saw that he is making a much better casino, with more games, I saw plans for poker and sports book, all that looks very nice.
Dean reputation is out of the question here! And this time he is not alone, he have a team. As far as I know from their ANN thread they have plans for their coin to be listed on some exchanges and exchanged for btc, they didn`t said which one, but they are still not ready for that.
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.
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.
It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.
I`m not sure how they provide founds for paying rake back, loss back or affiliate rewards. In one of Dean comments he said that he wish to increase casino bankroll and with that to attract high rollers, as I know from investments if casino win you have a share of profit, if casino lose you also have a share in that too.
July 14, 2017, 10:28:55 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
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
July 14, 2017, 09:04:17 AM
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.
They could still pay those even without tokens or altcoins by lowering the investors profit like what cg did to their investments.It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.
Maybe dean doesn't want to hold the investor's bitcoin anymore so he won't have any problems incase something bad happens to him.
Token is the best to distribute easily the share of a casino, It can be also sold in the market that made the pull out of shares easily.Adaptation of Altcoin token by casino is very good and wise idea on easy profit sharing, Anyone can participate on investment even on small amount of money.
That was another way i think that can push the value of the coin fast..
Look at almost post new thread and updates every day almost ICO and altcoins thread flood daily in altcoin section every minute there are new posted about altcoin and i think altcoin is more active than bitcoin these days and casino is one of their first target to start ICO trend..
to promote the site itself and giving profit sharing will attract more investors and gamblers to join the business.
July 14, 2017, 08:37:51 AM
In most cases they are not creating coins, but tokes.
And they are doing it with a single purpose: to raise funds for them. Usually in every ANN topic have a description how they will use the funds. Common practice is devs to keep 10-20% and the rest to be used for project development, jackpots, marketing, etc.
And they are doing it with a single purpose: to raise funds for them. Usually in every ANN topic have a description how they will use the funds. Common practice is devs to keep 10-20% and the rest to be used for project development, jackpots, marketing, etc.
July 14, 2017, 08:29:28 AM
it seems like the ICO mania has reached everywhere and is becoming global in the cryptocurrency space!
to answer your question: yes i find it scammy. if they want investment then they can simply do what other casinos have been doing for years to accept investors. simple and clean.
creating a token to pump and dump it on exchanges and get some initial free money is not really an honest way of conducting business in my opinion.
to answer your question: yes i find it scammy. if they want investment then they can simply do what other casinos have been doing for years to accept investors. simple and clean.
creating a token to pump and dump it on exchanges and get some initial free money is not really an honest way of conducting business in my opinion.
July 14, 2017, 07:23:30 AM
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.
They could still pay those even without tokens or altcoins by lowering the investors profit like what cg did to their investments.It's pretty smart acutally, especially if they do a profit share based on how many of their tokens you hold.
Maybe dean doesn't want to hold the investor's bitcoin anymore so he won't have any problems incase something bad happens to him.
Token is the best to distribute easily the share of a casino, It can be also sold in the market that made the pull out of shares easily.Adaptation of Altcoin token by casino is very good and wise idea on easy profit sharing, Anyone can participate on investment even on small amount of money.
That was another way i think that can push the value of the coin fast..
Look at almost post new thread and updates every day almost ICO and altcoins thread flood daily in altcoin section every minute there are new posted about altcoin and i think altcoin is more active than bitcoin these days and casino is one of their first target to start ICO trend..
to promote the site itself and giving profit sharing will attract more investors and gamblers to join the business.
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