Topic: Funding project development through slot gaming token (Read 185 times)

There is definitely a gimmick factor involved, can usually be said about trying something new. I didn't want to drop the name or anything and have it seen as promotion. I'll drop it now though here on page 2, the link to the project being announced by the team.

Correct on both accounts the link in the reply breaks it down. Iirc from the "profit" some is burned and some is reinvested in the jackpot prizepool. Yes the prizes are another token, which is a project that launched through their launchpad. That is how they say it funds the ecosystem/community.

It definitely has it's differences, but is an early concept. There is two sides to this project from an investment standpoint and also how the word investment is used. The  first being one can gamble their tokens hoping for the jackpot, or one can buy and hold against the deflationary aspect and gamble on the success of this project being viable.

A few people touch on this a bit. I don't see a goal/endgame of building a massive user base. I believe hte "profit" or value for the userbase is going to be the same as someone putting a dollar in a slot machine and hoping to pull out 1000, on the other hand as I said above some can hold hoping the concept does appeal to enough users to allow the token value to appreciate.

Me neither, that's why I thought it would be a good discussion. I don't know if this concept could work as a business model on it's own. I do think it works well as a small internal support mechanism to generate community involvement. It will be interesting to se if it does grow once it has the ability to launch.

I completely agree, I just see this as different from running a casino. More borrowing from the widespread appeal of a bit of mindless slots to generate interest in their platform and projects.

Initial Dex offering - Similar to ICO's but run through platforms usually creating a middleman and depending on the middleman some degree of security. In the token at least the projects still develop similar to ICO's. So the launchpad that created thids token we are discussing provides the service of offering IDO's. The prizes for this game are tokens from those IDO's that have launched through them. The restrictions only apply to participating in the IDO, not receving tokens after they are on the open market.  I definitely don't think they want to attract strategic gamblers more so use it as a shot take for people, and maybe create a buzz around this and their projects through the game.



So I'm no expert but a few other things to add to this. All the of the prizes and the token itself are curently ERC-20. So cashout and things of the sort are not really an issue, unless liquidity were to be removed from Uniswap. These are all projects built around the Cardano ecosystem, which will require succesful migration once everythig is live. Leading up to this there is a weekly lottery being held that requires staking, similar prizes being given compared to when it operates a slot game. This was announced afterwards, and will come with a 5% token burn upon unstaking.

I am interested to see how this plays out, as they have now created a fairly decent burn event leading into their main launch. Not advice or anything but my own experience I staked for the lottery, and will leave it staked right through, maybe I win a weekly prize maybe not but my opportunity cost for trying will be as low as possible.

If everything line's up where the team is reputable enough and there's enough people investing on the project then I might give it a go. As much as possible I don't want to get my hopes up because like what swogerino mentioned gambling projects rarely end well. On the other hand the way you mentioned their game makes it interesting though as I haven't heard a slot game with that type of description but i've played a few slots where you'd get a small incentive for playing longer.

Afaik and, If I got this right, IDO stands for Initial DEX (=decentalized exhange) Offerring. It does resemble ICO, only the difference is that a certain decentalized exchange is responsible for issuing selling, and the deflationary odds based game is just a way of attraction of new clients in this case.

This one is interesting, but, IMO, pretty risky. We all know that for crowdfunding project to succeed we need a crowd and the main reason why ICOs lost their popularity was the lack of trust from people in the first place, because every other ICO was a scam. Now, considering that many people are already prejudiced against gambling, there's a big chance that too many people will be afraid to participate in such a project.

Unfortunately the scope of this project seems far too narrow to be successful in the long term. Such a project does not seem like it would be beneficial to the actual gamblers as it is throwing up many unnecessary roadblocks in order to cash out when there are plenty of perfectly good cryptocurrencies out there that can do such a job. That leads to one conclusion - that the people who are trying to set it up have some sort of ulterior motive and that usually involves some sort of financial manipulation that will benefit a very small group of founders to the detriment of everyone else. Besides that there could be a whole swath of legal issues around a cryptocurrency (or derivative) that is set up purely for such a purpose, because it will never have the cover that unrelated transactions could provide in defence.

Unfortunately until now none of the casinos who raised such token were successful at large,the big reputable casinos don't really need this as they have a lot of user base and also they have all the funds needed for any development project they want to create.

I understand such funding from not well known casinos but the big ones as far as I know have not done something like this until now and I think they won't.I will make sure to stay away from such funding as many projects before have failed miserably,for me most of them were inside jobs but many claimed lost of wallet and all sort of justifications.

It makes sense for the developers and probably that's why a new term is coined as IDO! Not sure about it though. But yes, it's a developed version of ICOs where the developers team is raising funds by selling their own token against a payment through bitcoin or other known cryptos. The promise here is that when their platform goes live, this token will be the sole method of play money. The concept is not new!

So I would suggest you to invest in such projects only if you know the developers are trustworthy and capable enough to successfully run the project they are thinking about. Otherwise it's better to stay away!

We've got more number of similar gambling platforms having their own tokens for usage. These kind of usage help with the circulation of the respective tokens when the gambling site starts to get more and more traffic and users. It is an investment, and we're getting the access to gamble which is quite interesting. By the time if we loss, then it is gonna be a wasted money.

IDO? Initial Deflationary Offering? Does it resemble the structure of an ICO (initial coin offering)? Not certain what country their launching out of. The united states regulated and limited ICOs to higher income brackets awhile ago. If IDO falls into a similar category regulatory restrictions could apply.

As a gambler, I favor games of skill that are somewhat deterministic. Gambling on sports where there is a degree of consistency that can be utilized to identify patterns is an interesting gambit.

Slots and algorithmic gambling are betting against whatever backend calculations occur. Everything interesting and informative about that process is normally concealed from view. There's no way to tell what you did right with your gambling approach or what you did wrong. The lack of skill, strategy and thought make it less appealing.

For me it depends on guaranteeing this project when it first launches. because there are not a few gambling sites that offer past projects with crypto bonuses or their own tokens. In the end it has shown a profit in 2x greater. With a record of their crypto projects succeeding in the market. especially the IDO program which of course has brought their crypto to a sales system that recruits many investors.
I will certainly put some capital in it with a compatible profit of above 10x.

If you want a full consensus a poll will serve this, for me, it sounds interesting but we know gamblers want rewards in tradeable tokens if you can get it in the market with liquidity there's no issue inviting gamblers to play, we'll wait for the update of that project, gamblers are always on the look for something new, interesting and profitable, one of this is Betfury, but a new concept is very much welcome in the gambling community.

Then the token will be useless because that token is only available in that casino and only can be used for gambling. That will be different if the casino has its own exchange so when people win so many token amounts, they can sell it and convert it into ethereum or even bitcoin. I think that token is hard to expand to the exchange, but they can list their token in the exchange to attract more investors and buyers.

the benefit of having their token is just so we can participate in their games and also profit when the token is on the market. it sounded no different to other projects actually. there are even casino tokens like that today. betfury, bethash or the earnbet tokens has these properties which are also created by the casino which also have a slot game.

there has to be a new feature for it just to hype it up. but why chose cardano?

I wanna know what the rewards are though. Cause if it's just the same tokens, then I don't think there's a sense for them to use the tokens as methods to participate in the game. Are they trying to create an economy based/centered around the game? If so It's still kind of confusing on how it would actually go since it's a slot game and not really the usual ones like an rpg experience or something similar. Or is it that they're planning to create one centered around their projects? If so, then that might be interesting.

What if this tokens aren't listed on any exchange yet how do you utilize them? I'm considering this mostly for newer projects except the gambling site comes up with it's own exchange so that winnings could be withdrawn but of course before a gambling site should think of generating tokens an exchange should be available. I guess  the project supporting the ecosystem should possibly mean every gambler has a stake in the project just thinking.

I haven't seen an offer as this so I'm trying to wrap my head around the pros and crons of this offer given

Inevitably, a lot of the benefits from the token still would flow onto the development team.

That in itself is nothing wrong. But when you have large amounts of capital from the initial offering flowing developers who give you a gimmicky product in return that didn't take half an hour to whip up, that becomes a problem.

I personally still think that we're quite a while away before we can have a mainstream casino through crowdfunding. The development team definitely needs to show a certain degree of competence and ability to commit capital themselves before any investor would jump into the ecosystem with them.

The only thing that catch my attention is the bolded part, I dont think I have seen this ever or was there anything similar to this before?

Anyway this looks like a decent project and it is a new concept compared with all other gambling token that offer some sort of profit share so far however the crypto gambling market share is actually pretty small compared with fiat gambling market so this project might not actually take off unless it is some sort of unique breakthrough in this industry but this is a pretty interesting concept though


Well this is a token so once if you participate in the early IDO then there is a good chance that you can sell those token at higher price at some point if the project is a good one

If the aim of the project is not to generate money but rather to support the ecosystem, as you said, then what's the profit in it for the users? I get how this is convenient for the platform, they get customers by making certain slot games privileged and available only for those in the network, and through it they reach stability. But why would the players want to participate in this?

Its just a redirection but totally an another way of funding out projects through this kind of gimmick and people wont be finding it interesting since those slot gaming token wouldnt really be valuable at all.
This do just act like that people are paying up into something into their leisure time and wont really be getting anything at all.You cant really even be sure if those tokens would really
be having some value after that and as an investor you would really be minding off about that.

Most of the time.. in house tokens are just pure shit.

Does it pay other crypto when you withdraw or not?. Well, if the use of their own token is for their site alone then I don't think I would love to play but if they support other crypto as payment in withdrawal then why not give it a try to invest or play. It would also be good if you can deposit eth since they are on ethereum network and able to buy tokens on their site and when you withdraw, you can choose either the token or eth then it's good to go. If it is their tokens only that is used to play then In my opinion this is going to be so hard to attract people to play slots as they only used their own tokens unless they want their own tokens used to play but players are able to deposit other crypto and then need to use it to buy tokens then play and to withdraw they need to sell their token to cryptocurrency they want to withdraw. More like a gambling site with a feature to exchange crypto to play and withdraw.

I had been into some projects where I used to earn interest through farms and pools, but there's just one thing that I've seen, either most of them rug-pulled their investors or the other way around, where investors duped their money quickly. There were so many good projects that failed like hell due to this. If this is different from them and has a risk management factor that allows us to see if their buyback strategy works out better, then I'd definitely be investing in it.