What is your take on this crypto gambling use case idea?

dunfida

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Quote from: South Park on February 01, 2023, 03:11:36 PM

Quote from: pixie85 on February 01, 2023, 02:28:10 PM

Quote from: Pierre 2 on February 01, 2023, 05:02:44 AM

I think it can only work if their token has fixed rate to usd. Anyways if it's fixed rate, it doesn't matter at all to use their own token. I know there are some crypto casinos using their owm cryptocurrency that can be bought and sold in centralized exchanges. But I think nearly all of them added their coin/token as option. Making it mandatory to use in that specific exchange may damage their business in my personal opinion.

So you'd like a casino to issue a stable coin?

That would require big money just to support the peg and then additional money on top of that to have the bankroll. I don't think it's ever going to happen because if a business had so much money to launch a stable coin and keep it pegged to the dollar in a competitive market they'd be better off launching another casino like primedice did with stake. It's more profitable than a coin and a coin can fail on its own which will damage your casino business. Nobody would take that risk.

I agree that this would be too much of a risk for no gain at all, after all why a casino would need their own stable coin? If anything it would make way more sense for a casino which eventually wanted to release their own stable coin to release their own exchange first, this way not only they will enter in the one industry which is even more profitable than gambling while at the same time there would be a real need for them to eventually release their own stable coin.

If i would be a casino owner then i would be setting out aside on such idea on which im not really bothering or hassling myself on making my own casino stable coin and would be integrating it into the platform.

Having Bitcoin and other top altcoins are just enough to do their job or something that you would really be minding on accumulating from players and not to make use of something that is stable.

Im not really seeing that much of this idea to have been applied on current casinos that we do have today which does simply shows that this idea isnt really that effective at all.

wheelz1200

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Quote from: Crypt0Gore on January 21, 2023, 05:03:14 AM

Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?

There have been some toke s to have already done this. One that comes to mind is wagr. The problem you really have is people on boarding onto a casino that is just built. Second would be access to those tokens. People don't like to have to use sub par exchanges to get the token. So ypu alhave two on boarding issues. And a unique game I don't think would work, most new ways to bet are already around don't know unless we knew of what type of game you are talking about.

South Park

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Quote from: pixie85 on February 01, 2023, 02:28:10 PM

Quote from: Pierre 2 on February 01, 2023, 05:02:44 AM

I think it can only work if their token has fixed rate to usd. Anyways if it's fixed rate, it doesn't matter at all to use their own token. I know there are some crypto casinos using their owm cryptocurrency that can be bought and sold in centralized exchanges. But I think nearly all of them added their coin/token as option. Making it mandatory to use in that specific exchange may damage their business in my personal opinion.

So you'd like a casino to issue a stable coin?

That would require big money just to support the peg and then additional money on top of that to have the bankroll. I don't think it's ever going to happen because if a business had so much money to launch a stable coin and keep it pegged to the dollar in a competitive market they'd be better off launching another casino like primedice did with stake. It's more profitable than a coin and a coin can fail on its own which will damage your casino business. Nobody would take that risk.

I agree that this would be too much of a risk for no gain at all, after all why a casino would need their own stable coin? If anything it would make way more sense for a casino which eventually wanted to release their own stable coin to release their own exchange first, this way not only they will enter in the one industry which is even more profitable than gambling while at the same time there would be a real need for them to eventually release their own stable coin.

Casdinyard

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They'd have to invest a lot of money for that to happen, and it's a huge risk because most gamblers aren't the type to learn a new game only to lose to it over and over. I see the point of only having to use a single token for every form of transaction within that casino but on the other hand, people may think you are a scam site for not allowing established coins on your site, cause if that would be the case funding and deposit will go towards the liquidity of the token and you may easily rug it if you know what I mean. Although again, I can see the concept working on a more secure infrastructure.

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Quote from: Crypt0Gore on January 21, 2023, 05:03:14 AM

Do you think it makes sense if a crypto gambling platform only accepts it's own token for gambling and gambling on it's platform? If the games they offer are one-of-a-kind, new, and addictive wouldn't this make the gambling token very valuable? I am asking on behalf of a friend who wants to build his own crypto gambling project on the blockchain. Will this work? Will this fail? What's your take on this?

only one token makes sense if it brings additional profit in the form of dividends or any other benefits in the form of various bonuses.But only one token does not make sense because players like when there is an opportunity to play on different assets, it is more convenient for different players.

madnessteat

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Quote from: pixie85 on February 01, 2023, 02:28:10 PM

^

I agree with you. As practice shows, being an issuer of steblecoins is not an easy task at all, and the recent crashes of algorithmic steblecoins show that even overcollateralization is not safe.

The other day, the Cardano network released algorithmic stablcoin DJED with as much as 400% collateral. Let's see if it can withstand attacks.

I don't think casino owners are interested in issuing stablcoins because they don't need any extra risk and hassle.

pixie85

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Quote from: Pierre 2 on February 01, 2023, 05:02:44 AM

I think it can only work if their token has fixed rate to usd. Anyways if it's fixed rate, it doesn't matter at all to use their own token. I know there are some crypto casinos using their owm cryptocurrency that can be bought and sold in centralized exchanges. But I think nearly all of them added their coin/token as option. Making it mandatory to use in that specific exchange may damage their business in my personal opinion.

So you'd like a casino to issue a stable coin?

That would require big money just to support the peg and then additional money on top of that to have the bankroll. I don't think it's ever going to happen because if a business had so much money to launch a stable coin and keep it pegged to the dollar in a competitive market they'd be better off launching another casino like primedice did with stake. It's more profitable than a coin and a coin can fail on its own which will damage your casino business. Nobody would take that risk.

stomachgrowls

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Quote from: uneng on February 01, 2023, 01:58:43 PM

Quote from: Hispo on February 01, 2023, 12:46:16 PM

Another thing about this idea:
Using a native token exclusively could make the casino to highly depend on the speculative market to handle their bankroll.

In short, if they token is having a good month in the market, then in theory the casino is having a good month, it also works in an inverse way. More than a casino chip, the token would behave like a share of the casino itself.

Even if the casino decided to keep some reserves in USDT, those are likely to be obtained by selling the native token itself, which could discourage people from buying in fear of a big sell by the casino (which is a whale as I previously stated).

It is better just to stick to Bitcoin and popular alcoins which people are happy to use already.

This idea is really too risky. If the casino isn't able to maintain a stable routine of gamblers on their platform they are going to suffer with severe volatility, what will definitely discourage gamblers from playing there or from holding their native token for long periods of time.

Casinos' projects which developed native tokens and promoted it as a good investment for holders have already failed before, if I remember correctly it happened with a titan casino from the early years of crypto called BetKing.

On the other hand, if the developer has a very creative idea of a gambling game, which can become popular in an unique way, I still think the idea of launching a native token can be successful.

Volatility of such native token isnt something that cant be avoided neither if there would be lots of players who had been acquiring and holding it and also depends if the certain token being listed on various exchange which lots of factors could really affect out on that tokens value.We know that people would really be that conservative when it comes to that because if they do find out that it wont really be worth it on holding
or acquiring it then it wont really be getting that much attention.Im aware on several coins like CSNO and on that Betking too which it did really give out those negative results i must say.
Lots of investors or supporters of those tokens had suffered huge loss.

uneng

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Quote from: Hispo on February 01, 2023, 12:46:16 PM

Another thing about this idea:
Using a native token exclusively could make the casino to highly depend on the speculative market to handle their bankroll.

In short, if they token is having a good month in the market, then in theory the casino is having a good month, it also works in an inverse way. More than a casino chip, the token would behave like a share of the casino itself.

Even if the casino decided to keep some reserves in USDT, those are likely to be obtained by selling the native token itself, which could discourage people from buying in fear of a big sell by the casino (which is a whale as I previously stated).

It is better just to stick to Bitcoin and popular alcoins which people are happy to use already.

This idea is really too risky. If the casino isn't able to maintain a stable routine of gamblers on their platform they are going to suffer with severe volatility, what will definitely discourage gamblers from playing there or from holding their native token for long periods of time.

Casinos' projects which developed native tokens and promoted it as a good investment for holders have already failed before, if I remember correctly it happened with a titan casino from the early years of crypto called BetKing.

On the other hand, if the developer has a very creative idea of a gambling game, which can become popular in an unique way, I still think the idea of launching a native token can be successful.

Hispo

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Another thing about this idea:
Using a native token exclusively could make the casino to highly depend on the speculative market to handle their bankroll.

In short, if they token is having a good month in the market, then in theory the casino is having a good month, it also works in an inverse way. More than a casino chip, the token would behave like a share of the casino itself.

Even if the casino decided to keep some reserves in USDT, those are likely to be obtained by selling the native token itself, which could discourage people from buying in fear of a big sell by the casino (which is a whale as I previously stated).

It is better just to stick to Bitcoin and popular alcoins which people are happy to use already.

darewaller

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Quote from: Blitzboy on February 01, 2023, 07:02:32 AM

It's smart to make a game that's so exciting and entertaining that people can't help but be pulled to it, as you suggest. There's potential in the thought of trying out a brand-new, original casino game. However, I do get your point; it is challenging to think of anything that is both novel and likely to find widespread acceptance.

But I still believe it's worth a chance if you ask me! A lot of things may happen in the gaming industry, and you never know whether your proposal will be the one that takes the industry by storm. Try new things and expand your understanding of what is feasible; don't give up if at first you don't succeed. After all, that's the only way to discover the next great thing in gaming! Furthermore, I believe that trying new things is preferable than accepting the status quo.

Not smart but it is mandatory so that you can get a customer that will play on your gambling site because no one will ever gamble on a gambling site that has a boring game even if they will only play for profit. There are existing games which are entertaining and it's not wrong to just copy them if creating a new and unique game is likely impossible because there are so many gambling sites created already and almost all ideas are already seen but it only boils down on how you make a template or design for those games.

@OP it's not a bad idea as long as your gambling site is one of a kind but if it's not really then considering adding some established cryptos.

Fivestar4everMVP

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Quote from: worle1bm on February 01, 2023, 07:50:59 AM

It depends on how addictive the games are or what are their marketing strategy as we see there are lot of projects which asks for people to invest in their coins or say in new NFT projects also with gaming meta people have invested the money in those coins so it could work with a casino also but as said depends on how gambling industry perceive this in fun way or boring way.

Game has to be interesting before we talk of marketing, if the game is interesting, marketing will be very easy as those who try the game for the first time will easily get hooked to it and even bring their friends to join the game.

But on the other hand, if game is not interesting, good marketing can do the job of bringing as many user as possible and possibly creating a hype, but all this will be temporary, in a matter of small time, every body will leave, hype will die and the game will be forgotten.
I believe the above also applies to crypto and Nft projects as well.

madnessteat

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Quote from: worle1bm on February 01, 2023, 07:50:59 AM

^

If a gambler is used to using a certain coin or token to play casino games, he will not even think about buying some of his own casino token because of mistrust. Most likely he will prefer one of those casinos he is used to.

You have to understand that if you come into some industry, there are already a sufficient number of sites providing services and you will need to entice users to you in some way. The ability to make deposits in various coins and tokens is quite an important option in a casino without which you won't even be able to compete.

worle1bm

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It depends on how addictive the games are or what are their marketing strategy as we see there are lot of projects which asks for people to invest in their coins or say in new NFT projects also with gaming meta people have invested the money in those coins so it could work with a casino also but as said depends on how gambling industry perceive this in fun way or boring way.

Blitzboy

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Quote from: xSkylarx on February 01, 2023, 05:59:11 AM

Quote from: Betwrong on February 01, 2023, 05:21:12 AM

Quote from: Fiatless on January 29, 2023, 03:00:49 PM

~
I don't know how your friend intends to attract gambleers to his website but I think is not a good business strategy. Most people want to have a variety of currencies they could use for gambling. Restricting the gambling site currency to a private token would discourage people from using it. But like I said, if your friend does the right publicity and the games on his platform are interesting he might end up attracting customers that would have no choice but to abide by his rules.

Exactly. In the end it all depends on the game they are going to offer. I personally think that the probability of the game being better than anything online is extremely small, but if you think of it, it's kinda possible. I mean, not for everyone, but for a relatively small group of people, a million people, for example. It's possible that for them in particular this game will be the best game ever, and, of course, buying a token to play it won't be a problem for them.

It should be a golden idea of a game that is so good and addicting that those new gamblers would try to play it. Though the possibility of having this kind of game is too low, as we all know, most of the games are already in the casino, and if there are any new innovations to the games, most gamblers are not interested in playing them. But there is nothing wrong with trying it; if it doesn't work, then adopt it so that it will work.

It's smart to make a game that's so exciting and entertaining that people can't help but be pulled to it, as you suggest. There's potential in the thought of trying out a brand-new, original casino game. However, I do get your point; it is challenging to think of anything that is both novel and likely to find widespread acceptance.

But I still believe it's worth a chance if you ask me! A lot of things may happen in the gaming industry, and you never know whether your proposal will be the one that takes the industry by storm. Try new things and expand your understanding of what is feasible; don't give up if at first you don't succeed. After all, that's the only way to discover the next great thing in gaming! Furthermore, I believe that trying new things is preferable than accepting the status quo.

mak013

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Quote from: maydna on February 01, 2023, 06:04:50 AM

Quote from: mak013 on January 29, 2023, 08:59:10 AM

Just for example. Today i deposit $500 and convert it in the casino token for gamble, let it be 5000 tokens. At the end of the day the result is 10000 tokens and i decide to withdraw it. But the price changed and the result of withdrawal $300. Do you think it can be normal result to gambler?
When i deposit BTC and withdraw it, i can be sure that the price don`t change seriously per day, and with the token it is possible situation.

It remains normal because they should have realized that the price movement of the token will depend on how the price of bitcoin will move. And if the price of bitcoin somehow decreases, it will affect the price of altcoins and tokens so that the price condition will also decrease. And it will also be the same if you deposit BTC, but a few minutes later, the price decreases, which reduces the amount of your USDT value because the casino automatically applies the conversion to fiat. The amount of BTC you have remains unchanged, but the value will change according to the market price, and it also happens with altcoins and tokens.

Nope. Such tokens are low cap tokens and it means that it is easy to manipulate them. And it means that the price doens`t depends on BTC price movement. And even if it was no manipulation and the price changes same with the BTC, the BTC lose 5% and the altcoins loses 30-40%. Of course it is possible that the price will grow up, but in both situation the gambler must be a trader.

maydna

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Quote from: mak013 on January 29, 2023, 08:59:10 AM

Quote from: maydna on January 28, 2023, 06:26:44 AM

Quote from: mak013 on January 28, 2023, 03:55:59 AM

Quote from: maydna on January 27, 2023, 08:00:47 AM

Quote from: mak013 on January 27, 2023, 06:03:48 AM

When some casino decides to create their token from start, most times it means that it hasn`t enough money and they want to get it selling this token. The token holders usually gas some advantages but the main problem that the price of this token falls down too often. In other ways the gamblers have to make additional actions before the game and it is a bad way to attract gamblers.

If the casino can operate well, even if the casino tokens fall frequently, it won't be a problem because it benefits investors to buy the casino tokens at low prices. They can use it for gambling or staking if the casino provides this feature so investors can get more returns later. It depends on how the casino manages to maintain the price of its token, which is often a tool for pumping and dumping investors or traders who have large capital in search of additional profits.

It becomes the market manipulation instrument, but not so interesting for gamblers. Or it must be like a stable coin with some bonuses for holders. Anyway i try to make total research such casino before deposit.

Gamblers will continue to gamble without thinking about the situation in the market, whether it is being manipulated or not. What you are going to do is what we should do before depositing so that we don't make the wrong decision. Researching will give much information to us before we decide. Besides, we will not waste the money we use to gamble in the wrong casino.

Just for example. Today i deposit $500 and convert it in the casino token for gamble, let it be 5000 tokens. At the end of the day the result is 10000 tokens and i decide to withdraw it. But the price changed and the result of withdrawal $300. Do you think it can be normal result to gambler?
When i deposit BTC and withdraw it, i can be sure that the price don`t change seriously per day, and with the token it is possible situation.

It remains normal because they should have realized that the price movement of the token will depend on how the price of bitcoin will move. And if the price of bitcoin somehow decreases, it will affect the price of altcoins and tokens so that the price condition will also decrease. And it will also be the same if you deposit BTC, but a few minutes later, the price decreases, which reduces the amount of your USDT value because the casino automatically applies the conversion to fiat. The amount of BTC you have remains unchanged, but the value will change according to the market price, and it also happens with altcoins and tokens.

xSkylarx

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Quote from: Betwrong on February 01, 2023, 05:21:12 AM

Quote from: Fiatless on January 29, 2023, 03:00:49 PM

~
I don't know how your friend intends to attract gambleers to his website but I think is not a good business strategy. Most people want to have a variety of currencies they could use for gambling. Restricting the gambling site currency to a private token would discourage people from using it. But like I said, if your friend does the right publicity and the games on his platform are interesting he might end up attracting customers that would have no choice but to abide by his rules.

Exactly. In the end it all depends on the game they are going to offer. I personally think that the probability of the game being better than anything online is extremely small, but if you think of it, it's kinda possible. I mean, not for everyone, but for a relatively small group of people, a million people, for example. It's possible that for them in particular this game will be the best game ever, and, of course, buying a token to play it won't be a problem for them.

It should be a golden idea of a game that is so good and addicting that those new gamblers would try to play it. Though the possibility of having this kind of game is too low, as we all know, most of the games are already in the casino, and if there are any new innovations to the games, most gamblers are not interested in playing them. But there is nothing wrong with trying it; if it doesn't work, then adopt it so that it will work.

Betwrong

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Quote from: Fiatless on January 29, 2023, 03:00:49 PM

~
I don't know how your friend intends to attract gambleers to his website but I think is not a good business strategy. Most people want to have a variety of currencies they could use for gambling. Restricting the gambling site currency to a private token would discourage people from using it. But like I said, if your friend does the right publicity and the games on his platform are interesting he might end up attracting customers that would have no choice but to abide by his rules.

Exactly. In the end it all depends on the game they are going to offer. I personally think that the probability of the game being better than anything online is extremely small, but if you think of it, it's kinda possible. I mean, not for everyone, but for a relatively small group of people, a million people, for example. It's possible that for them in particular this game will be the best game ever, and, of course, buying a token to play it won't be a problem for them.

Pierre 2

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I think it can only work if their token has fixed rate to usd. Anyways if it's fixed rate, it doesn't matter at all to use their own token. I know there are some crypto casinos using their owm cryptocurrency that can be bought and sold in centralized exchanges. But I think nearly all of them added their coin/token as option. Making it mandatory to use in that specific exchange may damage their business in my personal opinion.

Topic: What is your take on this crypto gambling use case idea? (Read 1096 times)