Topic: Community funded casino - page 4. (Read 735 times)

Those casinos worked nicely and were very successful for some years. However, nothing is static in this volatile crypto industry, so they were overcame by new casinos which brought more complete platforms for their users, offering a variety of games, besides sports betting. Inevitably the older and more limited casinos had a hard time to keep competitive against casinos which started investing heavily on marketing. That was when social influencers started playing an important role on this industry.

The public bought the idea offered by the new platforms and turned them into the most popular ones. Meanwhile, the old casinos which gave users the opportunity to earn by their side through bankroll investment shutted down their services.

It's also one of the reasons why this industry was so good in the beginning, full of opportunities for everyone.

Now the gambling business has grown and provides huge profits, I sure that casino owners when they need fresh funds for additional funds will not ask for investment openly, they will collaborate with people close to them such as friends or family who are also billionaires as investors and that way cooperation can be much easier to do.

And if here developing to building gambling site might be interesting and there will be many people interested in investing their money, but I not sure there will be such developments in the Bitcointalk forum even though this business provides huge profits for anyone who invests their money.

Yes i could but i didn't see any opportunity in this field during my long stay here since 2015.

I don’t expect anyone to have any objections to the concept, especially since the forum has an excellent reputation in the crypto-based gambling industry. However, this remains difficult to achieve due to structural and organizational problems in the first place. I see this as an opportunity for enthusiasts to develop the concept and propose it to investors, and their main incentive in doing so will be the project’s ability to compete.

DeFi and crypto with decentralization hasn't found a good way to make competition to centralized casinos.

The decentralized ones come and go but there's no stability or sense of security. Yes there are a few times that centralized ones have done so too, but even a decentralized one could have issues with development if the developers simply went away, so investments in it would become worthless overnight. It's a complicated issue and I think it's worth considering that maybe these features, decentralization and gambling, need to find s different mix than those that have already been tried in order to meet any success if they want to.

Any successful casino will want at one point to buy back those shares as they would have outgrown the need for financing and now sharing the profit becomes a liability they could cover with a normal bank loan.
It's just how things work, that's why a lot of companies do buybacks, to stop cutting the profit pie in so many pieces.

And if that's not enough, there are also regulations, a pain in the ass when you already have to deal with gambling laws in a hundred jurisdictions to add this nightmare on top of that for your accountants and lawyers to deal with. Not worth it for big players and little guys will also ditch you when they go big.


Hell will freeze first Epochtalk will be ready before that! 

Yeah, they didn't worked at all because the community doesn't like it with the DeFi. I think it's all about security and even if they are profitable, the same fate will happen if they are launched today. They'll be liked at the beginning but in the long run that'll change.

I might but not with a lot of money. If it's being started by a known and reputed guy here then for sure that there will be a lot of interested investors to come in. But as we all know, it's better to invest to the bankroll of a known casino than to a new one because the new one is likely to fail which we all know how these businesses come and go and have a difficult start, always.

Whatever happened to one of the casinos that had this type of business model on the forum. Yes it is no longer available. What happened? Why did they fail?

If Bitcointalk forum starts something like that how is it going to be operated. What is the profit sharing model. I know it is going to succeed as we already have some fantastic competitions that are ongoing being managed by some of the forum's most trusted but this is not going to be enough. It could grow to rival the normal casinos we have but it is  not going to happen immediately.

Would you still be comfortable if the management of the bankroll and initial investment was completely centralized, though. In the end, this is about whether you are okey with sending your investment to the wallet of someone you have never met face to face, and it is in charge of handling your capital to make it grow through time.
It would not be so different from depositing the bulk of one's money to a centralized platform like Blockfi, in exchange of juicy yield returns. It is all about trust.

I would be safer of the bankroll could be deposited in a smart contract and the code could be audited by anyone in the forum, to know how secure the funds are and how they are being used by the communitary casino. Some multi-signsture implementations would also come handy, if you asked me.

It would definitely get my attention. But while I love bitcointalk, when it comes to investments, I'll probably treat it the same way I do with other investments— I'd have to research first before jumping the gun lol. I mean, there has to be some sort of whitepaper detailing the plans, to start with. I would need to envision  a future, preferably.

Whatever the case, I'd surely support it in some other way. For instance, giving feedbacks or sharing to folks. Perhaps a small amount of donation could be in the picture, as well.

But I think it's more likely for some non-staff regulars to organize said thing rather than bitcointalk team.

The biggest source of success in most investments is due to their own ability to counteract economic crises.
That is why some go bankrupt, for not having this blessed economic benefit.
As for a casino on bitcointalk, I don't think it's a good idea, unless you want governments around here looking for their cut or investigating their members.

Businesses right now does need the collaboration of many partners to exist or be established. In fact the dynamism now is that most people that wants to go into partnership business prefer just lesser number of people to get involved, in many cases just two in order to avoid many different interests which could be another problem for the business growth.

And with the spike of self made millionaires and billionaires just two persons can afford funds needed to open and well-run a casino. Times are changing and which moat persons nowadays don't actually buy the idea of community ownerships. A lot of bottlenecks in decisions making process are always involved and therefore not good for proactive response situations. So it's not surprising they are fading or have faded away.

Your context seems very similar to the way buying shares in a company actually works. nevertheless the fact is people don't seem to invest in things or show interest in things that will not give them profit immediately or later in the long run. Some casinos may actually offer shares but it may not be more like what the op is referring to which is the case of a community funded casino because in the end those who invest in a particular organization or company want returns in first place and without those returns they won't see it worth investing in.
The chances of having something like a community funded casino is a little low especially these days still because of my previous explanation about end returns.

I guess you are misunderstanding what O.P meant, because I literally don't see how owning a casino will stop the forum from no longer being the official Bitcoin forum, because the forum has always been the official forum for Bitcoin right from 2009, and will always be, not minding whatever decision anybody makes. But on the contrary, when it comes to the issue of revenue sharing, I don't think that will be possible, since the forum already has enough revenue to finance the smooth launching and operations of a casino.

However, owning a casino by the forum will discouraged other investors from coming to the forum, hence, it's best if the forum do not own any business, so as to give room to oligopoly.

Look at some of the past project when it came to investors. You had Betking (scammed), then Betterbets(scammed), Bitdice(scammed), Bitvest(unsure about lightlord), Bustadice(successful), Moneypot(scammed) and I am sure there are others but look at the pattern. Most ended up scamming investors.

It's hard to trust a group of people without having protocols in place to protect the money. Sometimes those protocols make it more trouble them they might be worth, but people want assurances these days. A community funded casino could work as long as the people holding the funds couldn't be corrupted and take off with everyones money.

it depends on how they will run the casino and how it performs, personally, I wouldn't invest in it on its initial launch/release, using "community-funded casino" as a sales pitch is just not enough, I would like to see first how it performs for at least a year or so, it is important for me to see me how they plan to manage and compete with other casino.

This entirely depends on how they run the casino and how they present it to the investors.

Why should it be decentralized when this forum is not decentralized but centralized. If you noticed something about this forum, you will notice that they try not to go against the law which is the reason mixers are banned. If taking about decentralized system, count this forum out. A casino can be community funded and yet not decentralized. This forum will also not be interested in anything like this. What this forum is interested in is discussion about bitcoin.

The average gambler does not care about DeFI casinos because they are not truly decentralized. Rather they just use the word "Defi" or "Web3" as a marketing strategy. Casinos always have centralized elements, otherwise they could not follow regulations and would get into trouble rather quickly with law enforcement. In other words, they need control of who gets to cash out.

I think you are looking for the term DAO (Decentralized Autonomous Organisation)

Knowing how profitable casinos are, I might invest in it. But you would need to make it truly decentralised- without a freeze button on users funds and profits. But there is always the question of the legality of such a casino.

Bustadice/Bustabit did really indeed have that bankroll investment on which it turned out to be successful yet we've been able to see on how long they've been able to operate or existing into this market. They are the ones or OG of crashgames . So far i havent checked out if they are still running or not on which they did really make out that bankroll investment but majority of new casinos doesnt open up any investment when it comes to bankroll since they can already provide now and they arent opening it out on which they are already that providing their own on which they do know that they can solo out the revenue but thats if that certain owner does have that bigger revenue when they do go solo. When it comes on making some community funded casino then its a bit chaotic on which considers out on whose the one will really be that holding the funds? For sure there would really be that trust issues on which we know that making up a casino is never been that cheap or does really need up that bigger amount on which anyone could might that be tempted on running those funds. This is why there would be that not possible kind of set up on trying out build a casino on community based. There might be some people or investors would be able to see this as a viable option or approach but in overall this wont be that be applied.

Most casinos are owned by one or more companies and these companies are not owned by a single person. There are various levels of shareholders that invested into these companies and are taking profits from the various business ventures of those companies including owning a casino if they deem it fit. I doubt there is ever a casino owned by a single entity.

While this might be a good idea, but not a very effective one. This forum aims to propagate the adoption of bitcoin by many firms, businesses and even casinos and having its own casino would be a direct competition with the companies that currently advertise theirs here and would possibly mean a shift from the original intent of creating the forum which is for useful interaction and spreading awareness of Bitcoin and other related subject. Personally I would not support that.

Truly regulations might be the real problem why those casinos go into extinction. The government want to be involved in everything and every sector. Which i know that when it has to do with community funding those involved dont really like the government to also be a part of it. That brings us to the main cause which is personal interest. People are no longer interested in funding casinos anymore since they have little or no say when the time reach for decision making. Like we all know community funding allows for community decisions.