What Are Your Thoughts on Online Crypto Casinos with Their Own Cryptocurrencies - page 4.

ethereumhunter

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Quote from: TheUltraElite on October 20, 2024, 01:34:47 AM

Quote from: Zadicar on October 15, 2024, 11:33:52 AM

Most of the time the value of these tokens wont really be that going up that high. For those who had invested into these tokens will most likely be ending up on negative because these tokens doesnt really that fly to the moon no matter what the market trend would really be.

I agree on this one. The casinos have their own motive when launching the token. They are solving the investment query that many investors want to take advantage of and also generate marketing buzz, have their names on exchanges and bring in more big investors.

Ultimately, the token will never do that good that one can make 50-100x gains. In that sense casinos that accept investments as BTC/ETH and so on are better than those who ask their native token to be bought to be able to invest. Quite a few casinos are doing this, but just like the ICO bubble, this might end one day, who knows?

That can be happen some day especially gambling industry growing more than today. The casino maybe have their own motive launching the token so the investors needs to be careful when they want to invest in that token. Make sure they can research for more to find out what benefit that the investors can get from the token.

I agree that if the casino accept investment as BTC and other altcoin that can increase, it is better the investors use that coin to have the investment so they ca make a profit from that. But we know that the number of casino which have that feature is not many.

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Quote from: TheUltraElite on October 20, 2024, 01:34:47 AM

Quote from: Zadicar on October 15, 2024, 11:33:52 AM

Most of the time the value of these tokens wont really be that going up that high. For those who had invested into these tokens will most likely be ending up on negative because these tokens doesnt really that fly to the moon no matter what the market trend would really be.

I agree on this one. The casinos have their own motive when launching the token. They are solving the investment query that many investors want to take advantage of and also generate marketing buzz, have their names on exchanges and bring in more big investors.

Ultimately, the token will never do that good that one can make 50-100x gains. In that sense casinos that accept investments as BTC/ETH and so on are better than those who ask their native token to be bought to be able to invest. Quite a few casinos are doing this, but just like the ICO bubble, this might end one day, who knows?

Casino tokens are a way for the casinos to expand their businesses and an investment options for their gambling customers. If it's a reputable casino that have a lot of gamblers on their site, then it can serve as a utility for them. But the demerit of such tokens is that they'll most likely not have any utility outside of the casino. So far gamblers that are on a gambling site are not obligated to use and hold the native token, then it's ok. But I personally don't have high expectations for casino tokens, just like most altcoins in the crypto market.

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Quote from: mrust_mobile on July 27, 2024, 05:29:06 AM

I don’t like them. It looks fishy. These are not even crypto currencies. They are casino tokens and they don’t have any other use case. If a casino doesn’t like the high transaction fees of btc, it should implement a solid altcoin like litecoin or/and dogecoin. I can respect a casino that uses alts because that’s the right way to fix this problem. If a casino is coming up with its own token, I can only think they want to rip their customers off. I don’t see any other explanation.

It is not about high or low transaction fee, there are too many options for that and these online casinos know that, let's use Rollbit for example, this online casino token is been put to good use by the team, the token acts as an entry tickets that give holders the chances to win a share of the casino profit, to me it sounds like some kind of stock, though the token purchased must be staked.

This is a good opportunity for those looking for investing on a casino instead of using the money to gamble, if the casino continues to do so well it will drive value for the company, to me this is a more safer option than using the money to gamble and it is certain that you will lose the money.

The truth is not all online casinos have smart teams, if they can implement some good utility for the token it will surely survive and do so well, don't blame the tokens, blame the team.

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Quote from: Zadicar on October 15, 2024, 11:33:52 AM

Most of the time the value of these tokens wont really be that going up that high. For those who had invested into these tokens will most likely be ending up on negative because these tokens doesnt really that fly to the moon no matter what the market trend would really be.

I agree on this one. The casinos have their own motive when launching the token. They are solving the investment query that many investors want to take advantage of and also generate marketing buzz, have their names on exchanges and bring in more big investors.

Ultimately, the token will never do that good that one can make 50-100x gains. In that sense casinos that accept investments as BTC/ETH and so on are better than those who ask their native token to be bought to be able to invest. Quite a few casinos are doing this, but just like the ICO bubble, this might end one day, who knows?

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Quote from: joniboini on July 30, 2024, 03:09:51 AM

Quote from: dunfida on July 29, 2024, 03:08:47 PM

Yes, the creation of these tokens are specifically for its users, its never meant for investment purposes on which only a few of these casino based tokens did really have some value and the rest are really just simply like play tokens on which they could really be only be able to use on the said platform. So i dont know on why it would really be needing to emphasize in speaking about the utility of these coins or its value?

I think it's understandable that some people think casino tokens are created for investment purpose when there are tons of similar 'usecase' from ICO/IEO/launchpad tokens, not to mention some marketing activity feel like they misled users to think that way. Personally, I don't mind if any platform release their own token as a loyalty feature, especially if they release it by airdropping to active users or something similar instead of doing an IEO/launchpad. You can't help but feel like they want to earn as much money as possible by enticing people with potential rewards if they do the later, regardless of what they put on the FAQs/sale conditions. CMIIW.

Sorry for bumping this up.

Casino based tokens are really just that intended for platform utility on which you could either farm and make money with it but of course it will really be that depending into the value of such tokens.
Usually they would really be having that ICO on it but usually its something that you could be able to obtain via wagering but i've seen some platforms which do have some gimmicks on trying out to
make people play more to get more of these tokens on which these are really that actually trash.

Most of the time the value of these tokens wont really be that going up that high. For those who had invested into these tokens will most likely be ending up on
negative because these tokens doesnt really that fly to the moon no matter what the market trend would really be.

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Quote from: dunfida on July 29, 2024, 03:08:47 PM

Yes, the creation of these tokens are specifically for its users, its never meant for investment purposes on which only a few of these casino based tokens did really have some value and the rest are really just simply like play tokens on which they could really be only be able to use on the said platform. So i dont know on why it would really be needing to emphasize in speaking about the utility of these coins or its value?

I think it's understandable that some people think casino tokens are created for investment purpose when there are tons of similar 'usecase' from ICO/IEO/launchpad tokens, not to mention some marketing activity feel like they misled users to think that way. Personally, I don't mind if any platform release their own token as a loyalty feature, especially if they release it by airdropping to active users or something similar instead of doing an IEO/launchpad. You can't help but feel like they want to earn as much money as possible by enticing people with potential rewards if they do the later, regardless of what they put on the FAQs/sale conditions. CMIIW.

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Quote from: len01 on July 27, 2024, 11:02:16 PM

Quote from: Pandorak on July 27, 2024, 05:38:30 AM

[...]

Not sure if anyone has known before or not but what is certain is that it is not only about the lottery but as far as I remember Rollbit gives benefits to bettors who hold the RLB token as a reduction in the fee from the future. But the amount of fee reduction depends on the number of tokens held by the bettor and as far as I remember the fee reduction is up to 60%. Correct me if I'm wrong. [...]

There are many advantages that Rollbit provides if we use & hold their native token, lottery & futures fee reduction is one of them. For fee reduction, holders will get a 5% discount if they hold at least >$100 in rollbit coin and the highest is 60% if holders hold rollbit coins worth >$2,500,000. There are many more advantages to holding rollbit coin, the official article from Rollbit ^[1] can help you find out more about it.

[1] https://blog.rollbit.com/rlb-utility-guide/

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Quote from: lixer on July 29, 2024, 03:00:51 PM

Quote from: Davidvictorson on July 27, 2024, 05:20:03 AM

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

There should be nothing wrong with them as long as the platforms are using them to incentivize their users and provide bonuses such as wagering bonuses, level bonuses, VIP bonuses, etc. If you are getting them from the official platforms as rewards and then getting to sell them and get some money, that's great, but I wouldn't recommend buying them.

Those who gamble on such platforms might have a bunch of their native tokens that they get when they gamble there, maybe as cashback or any other form of reward, but for those who aren't gambling with them, I don't see any point in having such tokens in their portfolio if they are traders.

So as a gambler, using a specific platform that has its native token, and the platform has some utility for the token, it's all good, but from a trading or profit point of view, I don't think it's worth it.

Yes, the creation of these tokens are specifically for its users, its never meant for investment purposes on which only a few of these casino based tokens did really have some value and the rest are really just simply
like play tokens on which they could really be only be able to use on the said platform. So i dont know on why it would really be needing to emphasize in speaking about the utility of these coins or its value?
Just let these casinos do their own thing and its been long time that there are platforms who do really that make or create their own tokens for whatever purpose that they do have in mind but usually it would
really be speaking about incentivize their users and adding up some more interest into the game on which they would be needing to grind up to get these tokens on which it is really that more interesting
if those tokens does have value.

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Quote from: Davidvictorson on July 27, 2024, 05:20:03 AM

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

There should be nothing wrong with them as long as the platforms are using them to incentivize their users and provide bonuses such as wagering bonuses, level bonuses, VIP bonuses, etc. If you are getting them from the official platforms as rewards and then getting to sell them and get some money, that's great, but I wouldn't recommend buying them.

Those who gamble on such platforms might have a bunch of their native tokens that they get when they gamble there, maybe as cashback or any other form of reward, but for those who aren't gambling with them, I don't see any point in having such tokens in their portfolio if they are traders.

So as a gambler, using a specific platform that has its native token, and the platform has some utility for the token, it's all good, but from a trading or profit point of view, I don't think it's worth it.

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Quote from: Cookdata on July 28, 2024, 04:09:17 PM

Quote from: Davidvictorson on July 27, 2024, 05:20:03 AM

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

Thank you.

I think my time of working with Rollbit, they had Rollbit NFTs then if I'm not wrong and they have their tokwn launch which if you buy, it gives you access to some VIP privileges and that time, the token was below 2m market cap and one day I just woke up and saw the token trending on coingecko, somehow the whales found tye coin and they did their thing do make the project become the most sorted casino tokens.

There could be other valuable once but most of them don't turn out well and it doesn't even guarantee any winning in the casino but gives access to some privileges that ordinary other users might see in the casino such as the bonuses.

There are some exemptions and it would really be basing up on how they would really be trying out to utilize those tokens + NFT on which it could really be seen on Rollbit. I do have some rollbots and when it comes to usage or utility then you could really say that it is something interesting. RLB value isnt really that on the ground too. If you do really just that know on how to timing on buying up when they are really that on dip or correction then you could make some profits
but just like on what everyone been saying on here that tokens made out by casinos arent something that would be interesting for most investors if we do speak
about potential gains.

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Quote from: Davidvictorson on July 27, 2024, 05:20:03 AM

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

Thank you.

I think my time of working with Rollbit, they had Rollbit NFTs then if I'm not wrong and they have their tokwn launch which if you buy, it gives you access to some VIP privileges and that time, the token was below 2m market cap and one day I just woke up and saw the token trending on coingecko, somehow the whales found tye coin and they did their thing do make the project become the most sorted casino tokens.

There could be other valuable once but most of them don't turn out well and it doesn't even guarantee any winning in the casino but gives access to some privileges that ordinary other users might see in the casino such as the bonuses.

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Quote from: Davidvictorson on July 27, 2024, 05:20:03 AM

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

Thank you.

I've probably seen something like that. A coin of some casino or something like that. I can probably remember the name but I'm not sure if it's okay to write it here, so that it's not considered advertising or something like that. I think it's not uncommon, but not everyone will want to invest their money in a project based on gambling. Secondly, I'm not sure that this type of cryptocurrency can be banned in some countries. As for your question, most likely your favorite casino and its owners themselves know that there is such a function and they can create their own token

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Quote from: mrust_mobile on July 27, 2024, 05:29:06 AM

I don’t like them. It looks fishy. These are not even crypto currencies. They are casino tokens and they don’t have any other use case.
-cut-

Quote from: Sandra_hakeem on July 28, 2024, 02:12:59 PM

Those coins are worthless... Unless otherwise, you can't make use of 'em shit coins outside the casino. Most times, if you're being awarded free spins and little task to complete, you're rewarded with it and, nothing more.

Granted, that majority of them have been pointless, i find it interesting why that is, because they wouldn't have to be. It's all matter of designing the purpose and sustainable tokenomics.

And i don't understand what people are basing this "token needs to have an use case", especially when it's out of a casino, because what that even means?

Majority of coins and tokens are used for either trading, which is hardly an use case, because that can be said about any token that has any buy support,
Or they are used for "staking", and when "staking" is not used to secure the chain, but it's just a lame excuse of an "use case" that's really hard to justify. It just reminds me of some weird crypto version of multi level marketing scheme, where early birds are rewarded for doing literally nothing.

And if someone accepts that token in their physical or webshop, to me that doesn't qualify as an use case, because they are most likely using a converter that changes it automatically to money, so that buyer doesn't even see the crypto. So it's basically same as trading your money for money and using that money to buy.

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Quote from: Pi-network314159 on July 27, 2024, 11:59:09 PM

Quote from: mrust_mobile on July 27, 2024, 05:29:06 AM

I don’t like them. It looks fishy. These are not even crypto currencies. They are casino tokens and they don’t have any other use case. If a casino doesn’t like the high transaction fees of btc, it should implement a solid altcoin like litecoin or/and dogecoin. I can respect a casino that uses alts because that’s the right way to fix this problem. If a casino is coming up with its own token, I can only think they want to rip their customers off. I don’t see any other explanation.

That's true, if BTC fee is too high then they can as well use USDT as a standard crypto depositor coin or use TRX apart from your suggested litecoin or doge. Meanwhile I haven't heard of crypto casino coming up with their own token, if it's true then I don't buy the idea of using it, because I feel it's not genuine. There must be a sole porpos for it.

The reason for the token is not just for it to serve as an alternative option for customers to use and fund their betting account, but it has also given holders some advantages, which depend on the casino in question.

There are some situations where, using the token to fund your account, you will be eligible for a certain amount of deposit, which varies depending on the casino.

If they can keep the token to be used for good reasons, then I don't mind using it, but if they have other hidden motives to use it as another means of generating income, then I will completely stand against the idea myself too.

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Quote from: Davidvictorson on July 27, 2024, 05:20:03 AM

Do you think it's a feature worth recommending to your favorite online casino?

Yes, it's a pretty useful feature worth recommending to your favorite online casino in fact they can earn profits by making their own crypto coin if they already have enough members at their site. Let's say a casino makes their own coin and promote it via their site with multiple promotions for the gamblers who deposit with that coin then ultimately the value of that coin grow overtime and that can be profitable for the casino because they can hold enough quantity of that coin or implement a fee taking mechanism to take 0.5-1% fee for the transactions.

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I have always thought about this and I think they treat these casino tokens more like NFTs & usually only place these hold value are on their platforms Roll Eyes

..or perphaps the reason for having these tokens its an internal thing to keep tabs of who has been given a bonus or any kind of incentives and also to some extent this might be used as a failsafe to stop users from abusing promotions and so forth...

Otherwise nothing wrong with casino's or bookies going this route as long as they are cash equivalent and can be swapped for other tokens or coins then no harm caused.

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Quote from: Davidvictorson on July 27, 2024, 05:20:03 AM

I am learning today that some online crypto casinos have their own cryptocurrencies.

Those coins are worthless... Unless otherwise, you can't make use of 'em shit coins outside the casino. Most times, if you're being awarded free spins and little task to complete, you're rewarded with it and, nothing more.

Quote

Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino?

The reasons why you haven't seen 'em frequently is because it's not a common adoption...
For the last part, No. I don't seen any reason why a casino that's doing just fine without them should introduce them in. Although collectively, they can be used as a "staking power"

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Quote from: Findingnemo on July 28, 2024, 01:50:28 PM

Quote from: Davidvictorson on July 27, 2024, 05:20:03 AM

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

Thank you.

There could be some bonuses or other extra perks when you have them or use it for betting but I am pretty much sure it will not bring any changes in the results. Basically casinos own token is just another shitcoin which means I am trusting my money on their token which is not a good idea so I'll always prefer BTC over their tokens if it's exist and this model isn't even a successful one cause it could damage the reputation of casino due to the volatility nature of cryptos so casinos doesn't even want to have them one to concentrate more on their casino revenue generation.

If we do really to look around for those casino based tokens then you would really be able to see their prices are really that low or getting dumped.. Those tokens are really just that good to be used
into the site and i dont know on why investors would really considering on putting up money on this. Also, its something that would be farmed or be obtained by wagering then it would really be that
understandable the the price or value wont really be that going high but of course everything would really be depending on the investor or to those people who would really be making some investing
but actually this is really been made for the utility and also as on investors point of view then i wouldnt really be touching up these tokens.

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Quote from: Davidvictorson on July 27, 2024, 05:20:03 AM

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

Thank you.

There could be some bonuses or other extra perks when you have them or use it for betting but I am pretty much sure it will not bring any changes in the results. Basically casinos own token is just another shitcoin which means I am trusting my money on their token which is not a good idea so I'll always prefer BTC over their tokens if it's exist and this model isn't even a successful one cause it could damage the reputation of casino due to the volatility nature of cryptos so casinos doesn't even want to have them one to concentrate more on their casino revenue generation.

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Quote from: Davidvictorson on July 27, 2024, 05:20:03 AM

I am learning today that some online crypto casinos have their own cryptocurrencies. I have not seen it on any of my favorite online casino. Just very curious about it. What do you guys think about it. Any experience benefit in using them? Are they worth it. Do you think it's a feature worth recommending to your favorite online casino? Share your insights and opinions in the comments below

My favourite casinos does not have a token but only use Bitcoin or stablecoin and I do not have a problem with that because this two coins are less volatile than how their own token will be. If they want to have their own token, we can not stop them but they have to provide us with an instant exchange to trade to their own token or from their own token to Bitcoin and stablecoin to prevent losses when the market is dipping and we have our coins on the casino. Casino tokens are like chips we get at physical casino therefore they are not bad but having too many of them would not be looking very good for casino business in the industry. It will make us to have more tokens that do not have any usefulness outside their casinos. Casino should just adopt Bitcoin and stablecoin instead more tokens.

Topic: What Are Your Thoughts on Online Crypto Casinos with Their Own Cryptocurrencies - page 4. (Read 1105 times)