Rollbit.com | Crypto's Most Rewarding Casino 👑 - page 173.

arallmuus

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Quote from: barbara44 on January 13, 2022, 04:44:27 PM

Let's assume that there is a buyer, who would he want to buy from? You, or rollbit itself? This is why the loan scheme could work, not because it makes sense in logic but because of the credibility rollbit has.

This is misconceptual. Credibility doesnt matter in the first place because you cant sell a fake NFT piece in Rollbit's NFT marketplace hence all the NFT pieces in Rollbits are legit. The fact that Rollbit launched this feature is probably because they believe that all defaulted NFT that they took will be sold with higher price or atleast at the same amount that the loan was taken

They are willing to spend half million dollars on NFT so that kinda shows that they do really believe that most NFT will be even more valuable in the future

barbara44

hero member

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Quote from: worle1bm on January 13, 2022, 02:35:18 AM

Quote from: Haunebu on January 12, 2022, 06:51:22 AM

This is a risky endeavour. NFTs themselves are gimmicks basically and taking loans by using them as collateral is absolutely insane if you ask me.

Rollbit is basically gambling using this high risk, high reward approach and I don't think it will be feasible in the long-term. On the other hand, the risk factor for NFT owners is way lower in comparison.

They might also be taking some precautionary measures before providing any collateral loan as why would they go in such high risk features that would turn them into loss? Like the laon could be given about 80% of the value of that particular NFT and later on non repayment of loan it could be sell again on the marketplace.The team might have thought about the same as they evaluate all the risk factors beforehand launching any feature.

I believe that if you owned the NFT and wanted to sell it, you would probably sell it for much lower than what rollbit would sell it. Let's assume that there is a buyer, who would he want to buy from? You, or rollbit itself? This is why the loan scheme could work, not because it makes sense in logic but because of the credibility rollbit has.

In this situation, we are talking about them getting something like a proper amount for the risk they are carrying only because they are rollbit. Try to do an NFT collateral based lending business yourself and you will end up with a big loss, whereas if Rollbit does it and only to their own NFT's as well, aka rollbots, then they could actually sell it for a decent money.

Hence, yeah the idea sucks and it should not work in most cases, but at the same time we are talking about something that could work only in this situation.

aysg76

legendary

Activity: 1960

Merit: 2124

There are some talks about rollbit NFT then here are some clarifications for the same.They have introduced this feature like you can borrow against your NFT for a period of 7 days only without any interest charges for which means pay the exact amount for the loan you have borrowed.

Speaking of risk factors then check it :

Quote

Currently, loans are offered for a duration of 7 days, there are no fees or interest charges and you can re-borrow as many times as you want. Note that if the loan is not repaid within 7 days, the NFT used as collateral will be automatically put up for sale in our marketplace.

But if you want to know more about these NFT loan feature then read this blog and you will have a proper idea about them and liked the concept

Rollbit NFT loans

worle1bm

full member

Activity: 1834

Merit: 166

Quote from: Haunebu on January 12, 2022, 06:51:22 AM

Quote from: Maus0728 on January 12, 2022, 12:48:15 AM

Agree! I know it sounds ridiculous, but wouldn't people with the listed NFT be able to take out a loan, receive actual money from Rollbit, then default on the loan and simply disappear? The issue of defaulting is not even mentioned or discussed in their article. In fact, this NFT Loan craze has the potential to be abused by money-hungry turds.

On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this^[1].

[1] https://www.theblockcrypto.com/post/123165/someone-took-out-a-1-4-million-loan-with-an-nft-as-collateral?utm_source=rss&utm_medium=rss

This is a risky endeavour. NFTs themselves are gimmicks basically and taking loans by using them as collateral is absolutely insane if you ask me.

Rollbit is basically gambling using this high risk, high reward approach and I don't think it will be feasible in the long-term. On the other hand, the risk factor for NFT owners is way lower in comparison.

They might also be taking some precautionary measures before providing any collateral loan as why would they go in such high risk features that would turn them into loss? Like the laon could be given about 80% of the value of that particular NFT and later on non repayment of loan it could be sell again on the marketplace.The team might have thought about the same as they evaluate all the risk factors beforehand launching any feature.

dezoel

legendary

Activity: 2002

Merit: 1072

Leading Crypto Sports Betting & Casino Platform

Quote from: Maus0728 on January 12, 2022, 12:48:15 AM

I know it sounds ridiculous, but wouldn't people with the listed NFT be able to take out a loan, receive actual money from Rollbit, then default on the loan and simply disappear? The issue of defaulting is not even mentioned or discussed in their article. In fact, this NFT Loan craze has the potential to be abused by money-hungry turds.

On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this^[1].

It is not here yet, so I am going to postpone my judgment until it happens. I want to see how NFT as collateral loans could work, because to me there is no possible way that it could ever work. There could be some examples here and there but I feel like Rollbit can't be selling for that much higher than what it was worth when they initially gave out the loan.

This is like giving out Mona Lisa as a collateral, I mean I have a certain amount of money, even if I give everything I own, I can't pay enough for it, but there could be "someone" out there who would. So, it means we just have to wait and see if that person would pay for that NFT in the end. If they would, then Rollbit is in the luck and this will work, if not then they are going to drop the price and they would have to handle this a lot more professionally than any other place and make a profit from it.

Haunebu

hero member

Activity: 3038

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www.Crypto.Games: Multiple coins, multiple games

Quote from: Maus0728 on January 12, 2022, 12:48:15 AM

Agree! I know it sounds ridiculous, but wouldn't people with the listed NFT be able to take out a loan, receive actual money from Rollbit, then default on the loan and simply disappear? The issue of defaulting is not even mentioned or discussed in their article. In fact, this NFT Loan craze has the potential to be abused by money-hungry turds.

On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this^[1].

[1] https://www.theblockcrypto.com/post/123165/someone-took-out-a-1-4-million-loan-with-an-nft-as-collateral?utm_source=rss&utm_medium=rss

This is a risky endeavour. NFTs themselves are gimmicks basically and taking loans by using them as collateral is absolutely insane if you ask me.

Rollbit is basically gambling using this high risk, high reward approach and I don't think it will be feasible in the long-term. On the other hand, the risk factor for NFT owners is way lower in comparison.

aysg76

legendary

Activity: 1960

Merit: 2124

Speaking about NFT then Rollbit is quite serious about them and putting up funds to have their hands on for different-different projects in order to giveaway and other purposes.Here have a look at it :

Quote

We have 165 ETH and want to buy more jpegs🤑

Let us know what projects you think we should invest in below and we'll be sweeping the floor on some 🧹

🧵 We'll post what we pick up below! https://t.co/nrHOqICVG7

Want to know what they are planning apart from the NFT collateral loan and giveaways to the gambling community.It is Looking good and they are coming up so many diversified things at one time which is engaging and entertaining for players.

worle1bm

full member

Activity: 1834

Merit: 166

Quote from: rhomelmabini on January 11, 2022, 11:39:24 AM

How could they be so diverse as a gambling site? I think this is a good addition for them considering how hyped their Rollbit NFT was and how nice to have 0 interest for a week, it's win-win thing I guess. NFT loans I think the next thing is NFT staking? I don't know if anyone has heard of it but anyone can learn it here from Binance.

We don't know their next plans but what they have disclosed at this time is already running quite successfully and they are mostly running different programmes related to NFT like this loan was great thing to me and think they are providing unique services to the gamblers and NFT holders.You can see on social media account they are giving away some of NFT and normal giveaways.

Maus0728

legendary

Activity: 1904

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Bitcoin Casino Est. 2013

Quote from: dezoel on January 11, 2022, 05:42:01 PM

The problem with getting a loan using your NFT is that you are giving something that has no value and a lot of value at the same time.
[snip...]

Agree! I know it sounds ridiculous, but wouldn't people with the listed NFT be able to take out a loan, receive actual money from Rollbit, then default on the loan and simply disappear? The issue of defaulting is not even mentioned or discussed in their article. In fact, this NFT Loan craze has the potential to be abused by money-hungry turds.

On the bright side, if someone intentionally defaulted on a loan with their NFT as collateral, they could end up losing hundreds or even thousands of dollars if Rollbit successfully sold an artwork worth far more than the loaned NFT. One example is this^[1].

[1] https://www.theblockcrypto.com/post/123165/someone-took-out-a-1-4-million-loan-with-an-nft-as-collateral?utm_source=rss&utm_medium=rss

Mahanton

hero member

Activity: 2688

Merit: 625

Quote from: dezoel on January 11, 2022, 05:42:01 PM

Quote from: worle1bm on January 11, 2022, 01:40:44 AM

Quote from: arallmuus on January 10, 2022, 03:43:18 PM

Anyway, Rollbit launched NFT loans on their site. Basically you can put up your NFT as collateral and borrow some amount from the site with 7 days free interest, cool stuff huh and I dont think that there is any gambling site out there that has similar feature. It seems that Rollbit is trying to launch as many new feature as they can that revolve around the NFT hype

https://blog.rollbit.com/introducing-nft-loans/

Saw it few days back and really like the concept of collateral loan against your NFT and above of that if you can repay it within a week no interest for the same is good approach to help and boost the new addition.They are one of type because i think they are first one to launch their own NFT so they are coming up with these new ideas.

The problem with getting a loan using your NFT is that you are giving something that has no value and a lot of value at the same time. These NFT's do not have value to some people, it means zero to them, like a house does have value for all, but a painting? Not so sure about it. Same here as well, I doubt that it would be the same for everyone and the value fluctuates because of this, I personally believe that we should definitely look at this as a problem of collateral and not the lending idea itself.

In any case, rollbit could use this to get a lot of NFT back and that could be used as a store of "value" for them since when they sell it, they will make money one way or another, maybe a lot, maybe not so much but at least they would and that's something quite important for a casino to have some back up plan in case someone wins a big amount.

Come to think that casinos specially long time running do able to withstand those challenges specially if there are big wins but still until now they are completely operational and running since they do know on how to handle the business well and made out some limits which might cause them to get bankrupt which it is understandable or common sense that they would able to do so and now that NFT trend is on add up then
this would be always act as an option at least but i dont see that Rollbit does rely on this one much.

dezoel

legendary

Activity: 2002

Merit: 1072

Leading Crypto Sports Betting & Casino Platform

Quote from: worle1bm on January 11, 2022, 01:40:44 AM

Quote from: arallmuus on January 10, 2022, 03:43:18 PM

Anyway, Rollbit launched NFT loans on their site. Basically you can put up your NFT as collateral and borrow some amount from the site with 7 days free interest, cool stuff huh and I dont think that there is any gambling site out there that has similar feature. It seems that Rollbit is trying to launch as many new feature as they can that revolve around the NFT hype

https://blog.rollbit.com/introducing-nft-loans/

Saw it few days back and really like the concept of collateral loan against your NFT and above of that if you can repay it within a week no interest for the same is good approach to help and boost the new addition.They are one of type because i think they are first one to launch their own NFT so they are coming up with these new ideas.

The problem with getting a loan using your NFT is that you are giving something that has no value and a lot of value at the same time. These NFT's do not have value to some people, it means zero to them, like a house does have value for all, but a painting? Not so sure about it. Same here as well, I doubt that it would be the same for everyone and the value fluctuates because of this, I personally believe that we should definitely look at this as a problem of collateral and not the lending idea itself.

In any case, rollbit could use this to get a lot of NFT back and that could be used as a store of "value" for them since when they sell it, they will make money one way or another, maybe a lot, maybe not so much but at least they would and that's something quite important for a casino to have some back up plan in case someone wins a big amount.

rhomelmabini

hero member

Activity: 2002

Merit: 578

Quote from: arallmuus on January 11, 2022, 02:13:09 PM

NFT staking is already available on Rollbit since a month ago iirc, well its not really 'NFT' but only limited to Rollbot. You can stake your Rollbot to receive 50% share of the NFT marketplace fee on Rollbit ( well small amount unless you have a decent number of percentage share ), thats quite awesome rather than storing your NFT in either your wallet or list it on marketplace with no utility at all

Well, that make sense that they will only allow Rollbots to be staked since it's their project, I guess that's still NFT staking. I do NFT staking on one project and it's really awesome to know that you can still have the utility over it and I'd rather do it than just stuck it on my wallet, the only hindrance sometimes was the gas fees since it's on Ethereum network.

arallmuus

legendary

Activity: 2520

Merit: 1403

Quote from: rhomelmabini on January 11, 2022, 11:39:24 AM

NFT loans I think the next thing is NFT staking?

NFT staking is already available on Rollbit since a month ago iirc, well its not really 'NFT' but only limited to Rollbot. You can stake your Rollbot to receive 50% share of the NFT marketplace fee on Rollbit ( well small amount unless you have a decent number of percentage share ), thats quite awesome rather than storing your NFT in either your wallet or list it on marketplace with no utility at all

SquirrelJulietGarden

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Quote from: arallmuus on January 10, 2022, 03:43:18 PM

Anyway, Rollbit launched NFT loans on their site. Basically you can put up your NFT as collateral and borrow some amount from the site with 7 days free interest, cool stuff huh and I dont think that there is any gambling site out there that has similar feature. It seems that Rollbit is trying to launch as many new feature as they can that revolve around the NFT hype

https://blog.rollbit.com/introducing-nft-loans/

It's a smart strategy to create more use cases for Rollbit NFTs which are helpful to convince people who are cautious about NFT trend. Such as what will happen when the trend ends? Don't worry, it is what Rollbit team said. With Rollbit and Rollbit NFTs, there are multiple use cases so Rollbit NFTs won't become useless like NFTs from many projects.

It's a strong backing forces for future of Rollbit NFTs. If you believe in Rollbit casino, why do you not believe in Rollbit NFTs?

rhomelmabini

hero member

Activity: 2002

Merit: 578

Quote from: worle1bm on January 11, 2022, 01:40:44 AM

Quote from: arallmuus on January 10, 2022, 03:43:18 PM

Anyway, Rollbit launched NFT loans on their site. Basically you can put up your NFT as collateral and borrow some amount from the site with 7 days free interest, cool stuff huh and I dont think that there is any gambling site out there that has similar feature. It seems that Rollbit is trying to launch as many new feature as they can that revolve around the NFT hype

https://blog.rollbit.com/introducing-nft-loans/

Saw it few days back and really like the concept of collateral loan against your NFT and above of that if you can repay it within a week no interest for the same is good approach to help and boost the new addition.They are one of type because i think they are first one to launch their own NFT so they are coming up with these new ideas.

How could they be so diverse as a gambling site? I think this is a good addition for them considering how hyped their Rollbit NFT was and how nice to have 0 interest for a week, it's win-win thing I guess. NFT loans I think the next thing is NFT staking? I don't know if anyone has heard of it but anyone can learn it here from Binance.

worle1bm

full member

Activity: 1834

Merit: 166

Quote from: arallmuus on January 10, 2022, 03:43:18 PM

Anyway, Rollbit launched NFT loans on their site. Basically you can put up your NFT as collateral and borrow some amount from the site with 7 days free interest, cool stuff huh and I dont think that there is any gambling site out there that has similar feature. It seems that Rollbit is trying to launch as many new feature as they can that revolve around the NFT hype

https://blog.rollbit.com/introducing-nft-loans/

Saw it few days back and really like the concept of collateral loan against your NFT and above of that if you can repay it within a week no interest for the same is good approach to help and boost the new addition.They are one of type because i think they are first one to launch their own NFT so they are coming up with these new ideas.

Lanatsa

hero member

Activity: 2786

Merit: 646

Quote from: babygun on January 10, 2022, 12:50:47 PM

Quote from: aysg76 on January 10, 2022, 05:14:53 AM

That could be the reason why they are wagering so much amounts on single casino and house must be providing them some good experience to bind them to that particular casino because one whale who is wagering more than $1 billion will give them so much profits and they know this fact.The slots are similar on most of them and they might be enjoying playing over and over and winning out of it or anything but the main point is they are wagering at good pace.

All casinos have systems in house to reward there high rollers. Whether it is with exclusive promotions; higher rakebacks; unique VIP bonuses (including full travel packages), ... If they don't do this, the high rollers loose interest and would quickly move to other casinos.

As a business then you would really be needing to put up these perks so that interest or motivation of those high stake players or rollers would really remain or something that there is something that

they would really be needing to hit up rather than have nothing at all that's why its really understandable on why casinos should really make things interesting to sustain or retain those numbers for long term.
They do know or as a business owner you would definitely do such thing.

arallmuus

legendary

Activity: 2520

Merit: 1403

Quote from: babygun on January 10, 2022, 12:50:47 PM

Whether it is with exclusive promotions; higher rakebacks; unique VIP bonuses (including full travel packages)

Straight cash could be another option on top of regular cash from the cashback or basically anything that the site can offer to keep high rollers in check because the site doesnt want any of their high roller to move away

Anyway, Rollbit launched NFT loans on their site. Basically you can put up your NFT as collateral and borrow some amount from the site with 7 days free interest, cool stuff huh and I dont think that there is any gambling site out there that has similar feature. It seems that Rollbit is trying to launch as many new feature as they can that revolve around the NFT hype

https://blog.rollbit.com/introducing-nft-loans/

dezoel

legendary

Activity: 2002

Merit: 1072

Leading Crypto Sports Betting & Casino Platform

Quote from: lienfaye on January 10, 2022, 02:02:51 AM

Quote from: arallmuus on January 09, 2022, 02:54:59 PM

We could probably get one but not a huge whale that is able to wager $1B for sure and it seems that these kind of whales are probably self contacted by the site themselves to offer major bonuses for them to play on the site. Otherwise I dont see how they would change from one site to another unless there is alot more benefit for them

Most sites are using the same slots provider though so basically no reason for whales to move to another site

Self contacted or not the fact is, this kind of whale is a gem of a casino. A total wager of $1B is really something, he is probably a very rich person. I wonder where this player usually wager? Im not visiting the leaderboard so im curious to know.

I honestly think that he is also a quite big trouble as well (probably). I mean just because he has 1+ billion wagering doesn't mean that he lost so much, could mean he won as well at times. Which means that the casino has to keep a ton of money at the bankroll, even on hot wallet just to satisfy him. Imagine the dude withdrawing millions at a time whenever he wants to, we can see his gambling but we can't see him deposit or withdraw neither.

It means if one rich person decides to put 100 million dollars into their account today, they will do it to hot wallet, if the casino withdraws that and puts it on cold wallet then they are making sure that the whale can't withdraw, which is not alright, whale or not everyone should be able to withdraw, which will result with a problem if hot wallet is that filled because one hacked wallet and so much money would be gone. It is a risky thing.

babygun

sr. member

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Quote from: aysg76 on January 10, 2022, 05:14:53 AM

That could be the reason why they are wagering so much amounts on single casino and house must be providing them some good experience to bind them to that particular casino because one whale who is wagering more than $1 billion will give them so much profits and they know this fact.The slots are similar on most of them and they might be enjoying playing over and over and winning out of it or anything but the main point is they are wagering at good pace.

All casinos have systems in house to reward there high rollers. Whether it is with exclusive promotions; higher rakebacks; unique VIP bonuses (including full travel packages), ... If they don't do this, the high rollers loose interest and would quickly move to other casinos.

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