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Topic: Proposal for BKCoin - BetKing.io profit sharing coin (Read 2787 times)

legendary
Activity: 1400
Merit: 1021
Why not just put it on counterparty and have all the security of BTC and a built in place to trade it. No need for exchanges etc

Hi
As mentioned in the chat and the thread I posted that is an option I'm considering other than an alt coin.
I'm not looking to rush into this by any means. I want to gauge interest overall then look at the best way to implement it.
legendary
Activity: 997
Merit: 1002
Gamdom.com
good idea, actually like the same principe as mcxnow had.
legendary
Activity: 930
Merit: 1010
Why not just put it on counterparty and have all the security of BTC and a built in place to trade it. No need for exchanges etc
elm
legendary
Activity: 1050
Merit: 1000


Why is BKCoin being created?

Plans for expansion include sports betting, betting exchange, poker, new casino games and an API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against.


colored coins sounds to be a good idea.

any ETA for API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against

That would depend on if investment is raised. If we manage to raise enough funds then that can be developed a lot faster than me working on everything alone.
It would be one of the top priorities though as it allows 3rd parties to also create their own poker sites in future and share the same player pool.

that sounds very interesting and caught my eye Smiley but it sounds still far away Sad

good luck and hope to see it offered very soon
legendary
Activity: 1400
Merit: 1021


Why is BKCoin being created?

Plans for expansion include sports betting, betting exchange, poker, new casino games and an API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against.


colored coins sounds to be a good idea.

any ETA for API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against

That would depend on if investment is raised. If we manage to raise enough funds then that can be developed a lot faster than me working on everything alone.
It would be one of the top priorities though as it allows 3rd parties to also create their own poker sites in future and share the same player pool.
elm
legendary
Activity: 1050
Merit: 1000


Why is BKCoin being created?

Plans for expansion include sports betting, betting exchange, poker, new casino games and an API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against.


colored coins sounds to be a good idea.

any ETA for API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against
legendary
Activity: 1400
Merit: 1021
After more discussion I am not sure if the shares will be issued via a new alt coin or not yet as there may be more suitable methods such as counterparty or colored coins.

I have started a new thread in the securities section to discuss investment in general instead of alt coin dev.

https://bitcointalksearch.org/topic/m.14144972
legendary
Activity: 1400
Merit: 1021
Very interesting, and I do think doing something like this is better than trading on havelock for instance (external single point of failure, and what not).

But if you have an altcoin, how are you planning on doing distributions? Let's say you make 1 BTC you want to distribute, how will you do so? Perhaps buy 1 BTC worth of BKCoin from the market and destroy it?

Have you by any chance looked into colored coins? It seems it would simplify a lot of this stuff, and be a lot less work/maintance, and you could get a fair bit of free publicity for being the first real business to actually use it.


(Although if I was doing it personally, I'd just use the account system, and store equity % in the database. There's not much advantage to being decentralized when people need to trust you 100% anyway)

Hi,
Yeah I agree there's other ways this could be done.
I had the idea to use an alt coin since you can list it on an exchange, build a community around it among other things.

I don't like the thought of havlock for the reason you mentioned.

I'm still debating if colored coins or counterparty would be better than an alt too.

As for the final option of just storing in the database and selling on site. Clearly the easiest. I am not sure of the legality in doing so and also if it would get as much attention from potential buyers.

I'll certainly be looking into all options before deciding.
legendary
Activity: 1463
Merit: 1886
Very interesting, and I do think doing something like this is better than trading on havelock for instance (external single point of failure, and what not).

But if you have an altcoin, how are you planning on doing distributions? Let's say you make 1 BTC you want to distribute, how will you do so? Perhaps buy 1 BTC worth of BKCoin from the market and destroy it?

Have you by any chance looked into colored coins? It seems it would simplify a lot of this stuff, and be a lot less work/maintance, and you could get a fair bit of free publicity for being the first real business to actually use it.


(Although if I was doing it personally, I'd just use the account system, and store equity % in the database. There's not much advantage to being decentralized when people need to trust you 100% anyway)
legendary
Activity: 1400
Merit: 1021
So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?

The value of the coin is directly related the the value of BetKing.io. As profit for BetKing.io increases so does the value of the coin

I don't follow how this works though. Are the coins only meant to be sold and bought from the site itself, rather than traded (i.e., on exchanges)? Or how are the prices sustained to keep people from buying up (rising price) and dumping (lowering it)?

The initial offering will be purchased from BetKing.io. I will then be looking to get them on an exchange for people to trade.

How do you counter the market forces then? Basically, I guess the best way to ask the question is... if each coin is going to have a set value based on the profit of BK, that means users themselves have no influence on the price. If they do, it can't have a set value since each person will value theirs differently. So how do you ensure the coins remain at the proper valuation?

I sell 3 million BKCoins at 0.0003 Btc to set the initial value.

No matter what people may sell the coins for on a market after that, 100,000 BKCoins will still earn you 1% of BetKing.io profit as a dividend.

Obviously if on an exchange people may sell BKCoin higher or lower than 0.0003 based on what they see the profit of BetKing over the past month or whatever but no matter what, the new owner still gets the proper share of BetKing profit.

Essentially pump and dump makes 0 difference to BetKing.io. Anyone looking to purchase BKCoins on an exchange should research if the price reflects the actual performance of the site like they would with any stock.

legendary
Activity: 1988
Merit: 1007
So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?

The value of the coin is directly related the the value of BetKing.io. As profit for BetKing.io increases so does the value of the coin

I don't follow how this works though. Are the coins only meant to be sold and bought from the site itself, rather than traded (i.e., on exchanges)? Or how are the prices sustained to keep people from buying up (rising price) and dumping (lowering it)?

The initial offering will be purchased from BetKing.io. I will then be looking to get them on an exchange for people to trade.

How do you counter the market forces then? Basically, I guess the best way to ask the question is... if each coin is going to have a set value based on the profit of BK, that means users themselves have no influence on the price. If they do, it can't have a set value since each person will value theirs differently. So how do you ensure the coins remain at the proper valuation?
legendary
Activity: 1400
Merit: 1021
So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?

The value of the coin is directly related the the value of BetKing.io. As profit for BetKing.io increases so does the value of the coin

I don't follow how this works though. Are the coins only meant to be sold and bought from the site itself, rather than traded (i.e., on exchanges)? Or how are the prices sustained to keep people from buying up (rising price) and dumping (lowering it)?

The initial offering will be purchased from BetKing.io. I will then be looking to get them on an exchange for people to trade.
legendary
Activity: 1988
Merit: 1007
So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?

The value of the coin is directly related the the value of BetKing.io. As profit for BetKing.io increases so does the value of the coin

I don't follow how this works though. Are the coins only meant to be sold and bought from the site itself, rather than traded (i.e., on exchanges)? Or how are the prices sustained to keep people from buying up (rising price) and dumping (lowering it)?
sr. member
Activity: 396
Merit: 250
So a 30BTC investment nets a 1% dividend.

Based off of last year's numbers of an 1100BTC profit for BetKing, that's an 11BTC ROI, or 36%, over the course of one calendar year. So three years to get my investment back (in BTC, not USD equiv.) at current levels in a highly volatile crypto-currency that could be worth $1000+ or $10 at any one time.

This is a very risky investment to make from what I'm seeing, and I was one of the ones who orchestrated the LTC option trades back when the coin traded at $.03-$.05.

Why not list shares to raise the funds you seek using Havelock Investments? No alt-chain to maintain or anything.

-Moose
legendary
Activity: 1400
Merit: 1021
are we gonna be gambling with the alt coin or is it just gonna be like a token for investors or .?

It's for use more as a token. I've no plans currently to allow gambling of the coin on the site but if enough buyers wanted then it might be an option in future.
full member
Activity: 291
Merit: 108
are we gonna be gambling with the alt coin or is it just gonna be like a token for investors or .?
legendary
Activity: 1400
Merit: 1021
So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?

The value of the coin is directly related the the value of BetKing.io. As profit for BetKing.io increases so does the value of the coin
full member
Activity: 291
Merit: 108
So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?
legendary
Activity: 1400
Merit: 1021
How will you keep the chain moving if there is no mining, and no POS?

The specifics of the coin still need to be finalised but most likely I will choose a POS implementation.
sr. member
Activity: 296
Merit: 251
How will you keep the chain moving if there is no mining, and no POS?
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