Topic: Can someone explain the trend of bitcoin casinos creating altcoins ? (Read 1405 times)

Quote from: Ellen Adarna on March 30, 2019, 09:19:50 AM

I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.

It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.

A lot of online casino's who accepts bitcoin as payment really starts to create their own cryptocurrencies.

Along with bitcoin many casinos accepting reputed altcoin for example you may say they are ethereum, ripple, litecoin, Steller, bitcoin cash etc.

This is common with each and every crypto accepted casino. The casino itself has a coin that is specifically developed to use on their website. These coins will give good circulation as it gets used regularly on the gambling websites. Apart from this the casinos give the users the chance to stake and profit. More we hold stakes will get us big earning on each bet won by the casino.

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Quote from: ethereumhunter on April 03, 2019, 01:24:07 AM

Maybe the devs and the teams would think that if their tokens related to gambling, it is better that they created a gambling website, attract the investor to their site while the investor can play gambling and make an investment in the same time. It would be better for the teams so they can get double profit from the project. Maybe it's like a new trend among the dev, and I think we will see many more like them that will launch in this month or next month.

The main reason why a token built is to have a specific use . so if a token is a gambling based token , its normal for the devs of those token to create a gambling site . but i dont see that this kind of idea are getting trendy or indemand . i still see alot of popular casino and gambling sites that only accept btc , eth , bch and other top cryptos .

ethereumhunter

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Maybe the devs and the teams would think that if their tokens related to gambling, it is better that they created a gambling website, attract the investor to their site while the investor can play gambling and make an investment in the same time. It would be better for the teams so they can get double profit from the project. Maybe it's like a new trend among the dev, and I think we will see many more like them that will launch in this month or next month.

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Quote from: Ellen Adarna on March 30, 2019, 09:29:15 AM

Quote from: Ellen Adarna on March 30, 2019, 09:19:50 AM

I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.

It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.

A lot of online casino's who accepts bitcoin as payment really starts to create their own cryptocurrencies.

Along with bitcoin many casinos accepting reputed altcoin for example you may say they are ethereum, ripple, litecoin, Steller, bitcoin cash etc.

klaaas

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Quote from: carlfebz2 on March 31, 2019, 05:45:13 AM

Invest in general without a smart contract behind it.
Maybe not now but in time we may be surprised what will succeed and in what form. : )
Crypto casinos these days who wants a smart contract with tokens for discounts or as playtoken will make it anyway without fundraiser. LUCKY as example.

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Quote from: klaaas on March 31, 2019, 05:41:15 AM

It can give benefits but the few ICOs with good intents wont hold up against the profit only ICOs may it be gambling or lets say a game token.
The old fashion invest btc is still the way to go if you trust the owner of the casino with your crypto.

Those are just temporal as i say.We have seen some ICO's that do based on on developing an online casino and making their own tokens but look at them now? If they didnt failed then they are less popular compared to those who do just solely accept bitcoin and top altcoins in the market.This is why i dont see the trend or casinos that do focus out with their alts if they do want to gain traction into the market.

klaaas

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It can give benefits but the few ICOs with good intents wont hold up against the profit only ICOs may it be gambling or lets say a game token.
The old fashion invest btc is still the way to go if you trust the owner of the casino with your crypto.

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Quote from: Ellen Adarna on March 30, 2019, 09:29:15 AM

Quote from: Ellen Adarna on March 30, 2019, 09:19:50 AM

I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.

It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.

A lot of online casino's who accepts bitcoin as payment really starts to create their own cryptocurrencies.

I can give you many sites who are accepting Bitcoin and yet they haven't created their own tokens. Wonder how you are relating things Roll Eyes

Quote from: jualidbitmixer on July 26, 2017, 09:16:52 AM

It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.

I don't think so. I can give you some examples where it failed. The main motive of the ICO is to get money used in development of the gambling platform.

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Quote from: erpbridge on July 13, 2017, 03:22:46 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.

These days the trend of ICO is really on the rise. The big gambling companies have already big funds and they can even start their ico on exchanges like Binance launchpad. Not only they can gather million of dollar by this step but also their coin / token will be listed on the world biggest exhange making it more and more valuable.

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Quote from: Ellen Adarna on March 30, 2019, 09:19:50 AM

I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.

It's true that online casino's creates their own altcoins, so that people will play their site and their coin could increase reach it's price high just like bitcoin.

A lot of online casino's who accepts bitcoin as payment really starts to create their own cryptocurrencies.

Ellen Adarna

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I think online casino's are creating their own altcoins, so more people will buy their coin when they will start to play in their online casino. They also want to have a good coin just like bitcoin and other altcoins, so for more people will play in their online gambling site. I also think by these kind of trend crptocurrencies will become more famous and more people will be more interested in playing in online casino.

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Quote from: iram3130 on July 26, 2017, 02:06:53 PM

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.

Other than gambling based ICOs, many gambling houses are creating their own crypto coins for the purpose of gambling with them. OP is concerning about that. Because, that will not be for purpose of scamming you. As far as I have read betking is a crowd-funding based on casino and I'm not sure they are having their own crypto coin for the purpose of gambling with them.

semobo

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They also want to raise a coin like bitcoin so they were creating their own token but is not much successful until now and mkst of the reputed sites don't do this they are still happy with bitcoin so the reason why creation of gambling token is making money from it.

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There are two reasons for doing something like that. One is a quite obvious one, if the casino has their own coins of sorts that would mean it would require for you to change your bitcoins or whatever currency you have into the coin they allow you to gamble with which makes it harder for you to gamble there but also makes it harder for you to get out as well and casinos are always designed to make it harder for you to get out.

Second reason is the ease of use, if they control the blockchain and you gamble on their altcoins it would make it much faster and much easier for them to let you gamble, that way you can check provably fair better, you can bet smaller amounts better and it won't use bitcoin blockchain which is heavier and slower. So it works out for the casino both ways, they keep you in there and they make it easier for you to gamble.

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This is a delicate theme and honestly I believe more casinos whoch accepts investments in Bitcoin as their primary way, of course these casinos may add major altcoins and that is perfectly fine but I would stay away from casinos that try to make you invest in their ICO and add some subtle options like offering also unknown altcoins for your investments.

As a rule of thumb always do your own research, ask also here and only then make your decision.

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Quote from: erpbridge on July 13, 2017, 03:22:46 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.

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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.

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Quote from: panjul07 on July 14, 2017, 09:28:55 AM

Quote from: machinek20 on July 14, 2017, 08:23:09 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, 08:17:48 PM

Quote from: JL421 on July 26, 2017, 07:55:54 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.

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Quote from: JL421 on July 26, 2017, 07:55:54 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.

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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

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Quote from: jualidbitmixer on July 26, 2017, 09:16:52 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.

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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.

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Quote from: erpbridge on July 13, 2017, 03:22:46 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.

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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.

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Quote from: lite on July 23, 2017, 02:20:41 PM

Quote from: erpbridge on July 13, 2017, 03:22:46 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.

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Quote from: erpbridge on July 13, 2017, 03:22:46 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, 03:26:49 AM

Quote from: erpbridge on July 13, 2017, 03:22:46 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.

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Quote from: KennyR on July 21, 2017, 07:08:33 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.

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Quote from: iv4n on July 14, 2017, 02:05:48 PM

Quote from: erpbridge on July 13, 2017, 04:41:35 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 ?

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Quote from: erpbridge on July 13, 2017, 03:22:46 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.

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Quote from: kodes88 on July 19, 2017, 09:36:55 AM

Quote from: erpbridge on July 13, 2017, 03:22:46 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.

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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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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.

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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.

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Quote from: audaciousbeing on July 21, 2017, 03:26:49 AM

Quote from: erpbridge on July 13, 2017, 03:22:46 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.

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.

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Quote from: erpbridge on July 13, 2017, 03:22:46 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.

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Quote from: erpbridge on July 13, 2017, 03:22:46 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 ?

Anything cannot be scammy as long as there will be no breach of agreement !

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.

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Quote from: images on July 18, 2017, 05:54:08 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

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.

kodes88

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Quote from: erpbridge on July 13, 2017, 03:22:46 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.

images

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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

Hydrogen

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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.

Catmony

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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.

hatshepsut93

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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 ?

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.

piloder

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Quote from: erpbridge on July 13, 2017, 03:22:46 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.

Mike Mayor

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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 !!!

phr0stbyt3

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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

iv4n

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There is some off-topic comments in this thread that make a little confusion. I will try to keep it simple.

Quote from: Oilacris on July 14, 2017, 04:03:59 AM

Quote from: iv4n on July 13, 2017, 03:49:17 PM

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.

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.

Quote from: erpbridge on July 13, 2017, 04:41:35 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.

Quote from: machinek20 on July 14, 2017, 08:23:09 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.

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.

panjul07

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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

machinek20

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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

flower1024

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Quote from: shintosai on July 14, 2017, 06:23:30 AM

Quote from: Bitcoinsummoner on July 14, 2017, 04:17:20 AM

Quote from: BlockEye on July 14, 2017, 03:46:56 AM

Quote from: Bitcoinsummoner on July 14, 2017, 04:17:20 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.
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.

This is another way of any casino just to promote the ICO altcoins that can distribute easily..
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..

this concept was been created before by rbies i don't know why they didn't materialized or why they are now quite but yes its the easiest ways
to promote the site itself and giving profit sharing will attract more investors and gamblers to join the business.

Yes, this is a new way of approaching investors and promoting there ICO and site. This will help them to get more players, and it takes few time to know all people in the market. And you are right alt coins is attracting people more than bitcoins. This is an advantage for owners, but how it will help for players, i don't know.

masterzino

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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.

Red-Apple

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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.

shintosai

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Quote from: BlockEye on July 14, 2017, 03:46:56 AM

Quote from: BlockEye on July 14, 2017, 03:46:56 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.
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.

This is another way of any casino just to promote the ICO altcoins that can distribute easily..
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..

this concept was been created before by rbies i don't know why they didn't materialized or why they are now quite but yes its the easiest ways
to promote the site itself and giving profit sharing will attract more investors and gamblers to join the business.

Bitcoinsummoner

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Maintain Social Distance, Stay safe.

Quote from: iv4n on July 13, 2017, 03:49:17 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.

They could still pay those even without tokens or altcoins by lowering the investors profit like what cg did to their investments.
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.

This is another way of any casino just to promote the ICO altcoins that can distribute easily..
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..

Oilacris

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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.

BlockEye

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Bounty Mngr & Article Writer https://goo.gl/p4Agsh

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.
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.

ralle14

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Shuffle.com

Quote from: BitcoinSupremo on July 14, 2017, 01:17:15 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.
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.

LuanX3

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Quote from: erpbridge on July 13, 2017, 03:22:46 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 ?

Great casinos which accepts investments are still accepting them in bitcoin. I am talking about Cryptogames , this is one of the oldest standing casinos here in the forum and they still continue to accept investments in bitcoin, minimum 0.01 bitcoin to invest if I remember it correctly. They just need to add a few more games as they have very few games compared with other casinos.

Not even sure why you brought up cryptogames here. The OP is not questioning every casino that accept investments, not all of them create their own coins. He is wondering why new casinos (and probably some old ones) are creating altcoins for their casinos and consider it as their investment method to the casinos bank roll.

BitcoinSupremo

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Quote from: erpbridge on July 13, 2017, 03:22:46 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 ?

Great casinos which accepts investments are still accepting them in bitcoin. I am talking about Cryptogames , this is one of the oldest standing casinos here in the forum and they still continue to accept investments in bitcoin, minimum 0.01 bitcoin to invest if I remember it correctly. They just need to add a few more games as they have very few games compared with other casinos.

LuanX3

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Quote from: erpbridge on July 13, 2017, 03:22:46 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 guess, well there are a lot of shitty coins anyway. They are adding more to it. The coins don't really convert to parts of the casino, like how stocks work on corporation. So I don't know why they are offering coins as a way to raise funds. The coins don't mean anything but coins that we trade on the exchanges. It will not be equivalent to any assets of the casino.

erpbridge

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Quote from: iv4n on July 13, 2017, 03:49:17 PM

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.

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