Topic: What is your take on this crypto gambling use case idea? - page 2. (Read 1081 times)
If the casino only accept their own token, it's mean they're want to manipulate the market and they have a plan to pull an exit scam. This is because they're force the gamblers to adopt their token, so the price will depends on the gambler and they can create their own token out of thin air. It's possible when the price is really high, they will add a lot supply and then sell all the token on the exchange, so it will make the casino's token price become worthless.
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?
It doesn't make sense to me for a casino to only accept only its own token, I mean what is the use of Bitcoin and other used coins and tokens? The Casinos I have seen around usually don't do this, they will rather create a token for their casino as a utility and also make some important features for users and players who hold their tokens, and this, directly and indirectly, creates demand for their tokens. The casino can also choose to allow some discount wager in some games when a player owned their token, this will create demand for the tokens, even the centralized exchange does something similar but they don't reject other coins and tokens.
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?
It will depend on how successful the gambling platform/site will be.If the owners have a good marketing team, and it really has addictive games then there is a chance that the native token of the site will be valuable.
The problem that I'm seeing with this one is how liquid the gambling token it will be. How will the gamblers convert it into other cryptocurrency they wanted to. Will the gambling token be accepted on many exchanges? What if that token will be a victim of a pump and dump scheme? That might affect the whole winnings of the gambler because if you are holding an X number of that gambling tokens worth $500 and then suddenly, it became $400 because of pump and dump then the gambler already lost money just by it's volatility alone.
After all, I don't see any popular online gambling sites right now that has their own native token. I'm not saying that it will be bad, but having a native token doesn't increase the chances of the website becoming successful.
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 is already one casino that has its own casino token and only accepts this token as a payment option at their casino dplay casino sister site of freebitcoin, indeed it is not a token that they have developed from the start, this casino only took over tokens that were already under development and only have these tokens in their casino and also now they have another which is sports betting.Success will greatly depend on how the casino owner also develops the gambling business otherwise both will fail.
Not to put you off, but casinos have a much more segmented niche and no matter how good the games are, users want to be able to easily make deposits and withdrawals without having to convert their funds.
Loquity and security are paramount, I find it difficult to get such an innovative service that can counterbalance these requirements.
It has its own economy and a game that's built around that economy, hence why it was successful. It only lost its value because the team behind it failed to account to the sudden influx of players, but enough of that, I don't think it's enough as a sample in the first place anw. Loquity and security are paramount, I find it difficult to get such an innovative service that can counterbalance these requirements.
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.
I actually think OP mistook the chips irl casinos use for something like what he wanted to present, just the fact that the value could depreciate or appreciate without cause is enough for them to stray away from such coins. I hardly think anyone would agree to use it unless they put out some insane advantages if they were to start using said coin/gamble in their casino, but no casino owner would probably do that, that's just a loss for them. 
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?
Well, looking outside of gambling, we had great successes like for example Axie Infinity, which had its own currency, despite running on the Ethereum platform, but even so in the end it lost practically all its value.
Not to put you off, but casinos have a much more segmented niche and no matter how good the games are, users want to be able to easily make deposits and withdrawals without having to convert their funds.
Loquity and security are paramount, I find it difficult to get such an innovative service that can counterbalance these requirements.
The concept is good, but I'm not sure of its success. Just try to work it out, only then you'll get to know whether gamblers are interested into it or not. The success depends on the way the game is being developed and the smoothness experienced while using it. Users always prefer to have multiple deposit option than sticking to the same token.
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?
Success or failure is something that cant really be determined on which we dont know on what would be the outcome whether it would really be recognized or what.We do know that Bitcoin is the main coin on which crypto people would really be preferring for them to play on and for them to accumulate on which we do know that it does have value.For the time that we do gamble then we do prefer on using Bitcoin and other top altcoins and not some sort or gambling platform token which isnt really able to touch up on exchangers or being traded or simply does have a value.
They wont really be that interested on something which doesnt really have any value.
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.
You said it. The truth is that, most gamblers want to feel free and liveable if a casino do accept a lot of cryptocurrencies and they're not just limiting it to their very own token.
I think OP's friend has to focus first with building the casino and the games to be enjoyable and more attractive rather than thinking of its own tokens economics.
That's how the other casinos that did focused on their tokenomics eventually lost their popularity and they never liked it.
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?
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.
I absolutely agree with you. Each gambler has his own preferences in assets that are convenient for him to deposit. Someone chooses Bitcoin for gambling, and someone chooses Stablecoin. Therefore, restricting the deposit to their own token of the gambling site, it will lose customers. And this business is very client-oriented, so it is better to give them the opportunity to choose, and to use their own token for various rewards and bonuses.
When we look at an industry and we see that everyone is doing something we need to wonder if this is because that is the best way for the industry to work or if there is an oversight? On this particular case it seems obvious that this is the way casinos must work, there are thousands of coins in this market and there is not really any sign this will change, so if casinos want to maximize their profits they have no other option but to accept as many coins as they possibly can, or they risk losing money and clients to other casinos.
Casinos, imo, should accept as many payment methods as possible, including bitcoins. This allows them to reach a larger audience and maybe increase their revenue. However, keep in mind that taking new forms of payment incurs additional costs and potential risks, such as the volatility of bitcoin prices. Furthermore, casinos must abide by all relevant laws governing the use of cryptocurrencies. Overall, although accepting many forms of payment may be helpful for casinos, it is vital for them to weigh the advantages and downsides and make informed decisions.
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?
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.
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?
No it doesn't work. Casinos want to minimize and reduce all the barriers to entry when it comes to new customers, they don't want to make it more difficult for people to hand over money by forcing them to use a certain deposit method. People look for the most convenient places to play, it doesn't matter how supposedly addictive and original the content is - if you make it so hard to play then you'll never get people hooked. It's a bit of a waste of time to be honest, why re-invent a cryptocurrency (when there are already thousands) when you get just focus on the content. Your friend has big dreams but is unlikely to succeed because they are trying to do too much and frankly, they're unlikely to come up with many unique games like you describe.
It doesn't make sense for a gambling site to accept only its own coin no matter how valuable and scalable the native coins are, casino need multiple deposits of currency to stay up-to-date with demand in transactions which is a most important aspect of running casinos as anythimg that limit the inflow of cash flow will definitely hampered the activities of the casino.
I dont know of any casino that accept only their own native coins and this is the first time I am seeing such a level of availability centralization in the gambling industry toady.
When we look at an industry and we see that everyone is doing something we need to wonder if this is because that is the best way for the industry to work or if there is an oversight? On this particular case it seems obvious that this is the way casinos must work, there are thousands of coins in this market and there is not really any sign this will change, so if casinos want to maximize their profits they have no other option but to accept as many coins as they possibly can, or they risk losing money and clients to other casinos.I dont know of any casino that accept only their own native coins and this is the first time I am seeing such a level of availability centralization in the gambling industry toady.
I dont know of any casino that accept only their own native coins and this is the first time I am seeing such a level of availability centralization in the gambling industry toady.
I believe it will be difficult to develop a casino with such a financial design. What happened might be more complicated. because maybe their players are supporters or part of a small casino community that does hold casino coins themselves.
Casinos with more choices of coin alternatives for deposits and withdrawals make it easier for them to absorb more players which will indeed be very instant when they can deposit their assets without having to convert to certain tokens.
I think some of the casinos that are active on forums and have their tokens are also thinking about how their tokens can be used in games. but it will not hinder how users will use other crypto assets to make deposits.
- I noticed that too mate, it seems that I rarely see crypto gambling using their token because usually other cryptocurrencies are chosen by other gamblers who play on a gambling platform.
The only one I see that uses its gambling token is Betfury but I don't know if it is also compatible with real money on their platform.
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.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.
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.Some gamblers are not traders so provably they might not care about on what value they bought their used coins and what figure they are pulling it out since most provably the one they care is about what type of game they want to play and the strategy they want to use. Research is the best action we need to do since its really bad for us to fall on bad casino since even if they create a token that doesn't give any sense at all since they could just manipulate anything with this or worst they could abandon it and continue their casino operation.
It doesn't make sense for a gambling site to accept only its own coin no matter how valuable and scalable the native coins are, casino need multiple deposits of currency to stay up-to-date with demand in transactions which is a most important aspect of running casinos as anythimg that limit the inflow of cash flow will definitely hampered the activities of the casino.
I dont know of any casino that accept only their own native coins and this is the first time I am seeing such a level of availability centralization in the gambling industry toady.
When we look at an industry and we see that everyone is doing something we need to wonder if this is because that is the best way for the industry to work or if there is an oversight? On this particular case it seems obvious that this is the way casinos must work, there are thousands of coins in this market and there is not really any sign this will change, so if casinos want to maximize their profits they have no other option but to accept as many coins as they possibly can, or they risk losing money and clients to other casinos. I dont know of any casino that accept only their own native coins and this is the first time I am seeing such a level of availability centralization in the gambling industry toady.
I dont know of any casino that accept only their own native coins and this is the first time I am seeing such a level of availability centralization in the gambling industry toady.
I believe it will be difficult to develop a casino with such a financial design. What happened might be more complicated. because maybe their players are supporters or part of a small casino community that does hold casino coins themselves.
Casinos with more choices of coin alternatives for deposits and withdrawals make it easier for them to absorb more players which will indeed be very instant when they can deposit their assets without having to convert to certain tokens.
I think some of the casinos that are active on forums and have their tokens are also thinking about how their tokens can be used in games. but it will not hinder how users will use other crypto assets to make deposits.
It doesn't make sense for a gambling site to accept only its own coin no matter how valuable and scalable the native coins are, casino need multiple deposits of currency to stay up-to-date with demand in transactions which is a most important aspect of running casinos as anythimg that limit the inflow of cash flow will definitely hampered the activities of the casino.
I dont know of any casino that accept only their own native coins and this is the first time I am seeing such a level of availability centralization in the gambling industry toady.
I would also like to cancel, which is quite important is the size of the transaction fee for various coins. This is especially important for those countries and regions where the population does not have a high standard of living and, accordingly, low incomes compared, for example, with European countries, USA and Canada. In these countries, the amount of transaction fees can be very critical. And, of course, casinos should take into account the regional preferences of people in using certain cryptocurrencies. Nalrimer is a well-spread TRON in Latin America. I dont know of any casino that accept only their own native coins and this is the first time I am seeing such a level of availability centralization in the gambling industry toady.
And these aspects should also be taken into account
Jump to: