What is your take on this crypto gambling use case idea? - page 6.

bitbollo

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the token could have a whole series of problems.
it can be deflationary, and above all it would have an isolated and well-defined "use case"!
What do you do if such an issue occurs?

In short, on balance it would practically make no sense ... I would never use a site that forces me to play exclusively with their token Roll Eyes

BenCodie

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Quote from: Crypt0Gore on January 21, 2023, 06:03:14 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?

Unless there is a large amount of buzz and excitement for the token from the beginning, I do not think it will be successful. The only thing that can work better than good buzz and marketing, is a lot of liquidity. This way, players can have confidence that their winnings will be honored and also that their actions on the market will not sway their results too much.

Mauser

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Quote from: Crypt0Gore on January 21, 2023, 06:03:14 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?

I don't think this is going to be a profitable strategy for a casino. Limiting the whole operation to only use their own token puts a lot of pressure on possible clients. For example there are people who are only interested in bitcoins and don't own why alt coins, would you really want to force them into using your own tokens? I would expect them to rather stay away from your casino then to buy the token. Even if the casino is a one of a kind with their own new game that nobody else has. Then is still the question how will new customers come and try out your new games. If you don't allow fiat money and other crypto currencies you are limiting your reach of new customers a lot. It would make much more sense to give incentives to the gamblers to use your token than blocking all other cryptos. One idea could be to run special promotions that can only be withdrawn in your casino tokens, or you could give an extra deposit bonus for anybody who deposits your own token. The more crypto currencies you accept the more customers will come in my opinion.

Fullcoinese

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Quote from: cydrix on January 23, 2023, 10:19:45 AM

A crypto gambling having its own currency only will not be successful since most of the users prefers different crypto currency like Bitcoin, usdt and etc.

Most of the gambling sites uses different types of cryptocurrency for a bigger chance of having more players. A casino must be open for different coins for easy and better gambling experience. Using native token will only go to failure of your project.

yes, I've seen casinos with their tokens running bounty campaigns on forums. although they have their token, I also don't see how the casino token is useful. while tokens cannot be used to play at the casino. they still use deposits and withdrawals using other popular coins.

I don't know whether or not a gambling platform that will run on its coin will work. because they also have to prepare a swap feature on the platform for those who make deposits using other coins to buy their tokens before playing.

Pandu Geddon

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Quote from: Crypt0Gore on January 21, 2023, 06:03:14 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?

many gamblers don't want to be bothered with deposit issues. even casinos now accept more coin alternatives to make deposits and withdrawals. it is solely to make it easier for gamblers. if they had to be taken to a specific exchange belonging to a casino or another exchange platform to get tokens from the casino, it would be quite complicated. although the idea is to grow the value of the casino token itself.
So far, few casinos have made their tokens, I don't know if it's a good asset to have. but not many of them have benefits for their holders.

cydrix

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A crypto gambling having its own currency only will not be successful since most of the users prefers different crypto currency like Bitcoin, usdt and etc.

Most of the gambling sites uses different types of cryptocurrency for a bigger chance of having more players. A casino must be open for different coins for easy and better gambling experience. Using native token will only go to failure of your project.

YOSHIE

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Quote from: Crypt0Gore on January 21, 2023, 06:03:14 AM

What's your take on this?

Total failure, if your friend implements a payment feature/method on their crypto gambling platform with their own token.

My feedback on crypto gambling.
• The type of game offered by that friend, new or unique, there is no guarantee that their gambling tokens are valuable. The crypto market is currently not very interested in gambling tokens, it's a fact from what we've seen, many gamblers are creating their own tokens without a price in the crypto market, besides that users are more comfortable using crypto types such as Bitcoin, Ethereum, USDT, LTC and so on, they are more comfortable using that, rather than their own tokens.

I've seen several crypto gambling sites that offer unique games with deposit and withdrawal methods with their own tokens, instead these gambling sites don't develop and close.

So, my advice is a unique game, payment and withdrawal methods with many types of crypto and a good reputation, will make your friend's crypto gambling site a success.

Tell your friends, keep up with the times, if they want to open a crypto gambling site.

Hispo

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Quote from: inthelongrun on January 23, 2023, 09:02:14 AM

In the past, there were casinos that started their own tokens and they also accept other coins like bitcoin and ethereum among others. Now they are all gone, let alone if a casino mandates all of its players to use their own tokens for their games.

Yes, exactly.
Issuing a native token it would be something which could even make more sense if this was about a smart contract casino or a decentralized one (even those would not need them in a mandatory way), but starting a new casino by restringing oneself that way is a bad idea.

Also, OP. Consider that if you run a casino which only uses a native token, it would mean you will need to have a lot of reserves of that token (to pay gamblers), and if you are the issuer of the token and a whale at the same time, people will see you have the power to dump the price by yourself whenever you want, that may scare off investors and holders.

AicecreaME

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Quote from: ethereumhunter on January 21, 2023, 09:50:42 AM

It's normal for casinos to do that because it's their business and they can offer gamblers to use their tokens to gamble. But they also have to provide an exchange in their casino so that gamblers who deposit money using other coins can exchange their coins for the casino's tokens. Regardless if it's a casino that has a unique set that differs from other casinos, it's their business. It may work because the casino can give a different casino than most. And this requires a good promotion to become one of the recommended casinos.

I agree with this.

There are already existing casinos that offer their own tokens to their players However, not all players like using tokens so it just means that most probably, half or more than half of the players population will rather choose using other crypto coins or depositing directly to be able to play. This is because they are avoiding the unnecessary hassle of undergoing exchanger when they can opt not to use it in the first place. So having a token, a casinos should really be prepared with all the responsibilities that come along with it such as the maintenance of the exchanger they will provide, since after all, a downtime of such in a span of time could cause big trouble and inconvenience to the patronages.

inthelongrun

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In the past, there were casinos that started their own tokens and they also accept other coins like bitcoin and ethereum among others. Now they are all gone, let alone if a casino mandates all of its players to use their own tokens for their games. I don't think it works well unless the casino has deep funds in order to have a lot of promotions that are way better than most casinos in order to entice gamblers to register. But still in the long run those casinos that offer multiple coins for gamblers to select will prevail.

I would also prefer to use bitcoin and maybe some other top coins for my bets.

maydna

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Quote from: Alisha-k on January 23, 2023, 03:50:39 AM

What if the casino runs out of liquidity, what if the token crashes, what if the value of the token keeps reducing. Setting up a casino that only accepts the token of the casino is a self centre decision. Giving the customers the privilege to make their choice of deposit and withdrawal will attract more gamblers. Maybe he can add more bonus when withdrawing with the casino token and it will increase the use of the token.

If that happened, the casino would go bankrupt and could not continue its business, and many people would suffer losses because they deposited their money to buy the casino tokens. If the casino can enter into the exchange and the members can buy and sell the casino token, it will be profitable for the casino. There are times when the price can increase, and that means the casino token can attract traders and gamblers to use the token to gamble. Giving bonuses is a must for casinos to attract more gamblers to gamble at the casino.

EarnOnVictor

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Business-wise, this is not good, it's actually unwise if I must say. You are developing a new business and at the same time introducing a new token that is alien to the potential customers in whom you are still at their mercy. This is not business sense in any way, a company must have been well established before putting up a stringent condition like that. Even the well-established casinos would still be careful because of competition sakes to offer what more customers are used to as deposit and withdrawal methods instead of putting their business in danger.

Even if your friend has a new invention, it will not be long before the competitors that were met in the business would steal it from him/her.

Alisha-k

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What if the casino runs out of liquidity, what if the token crashes, what if the value of the token keeps reducing. Setting up a casino that only accepts the token of the casino is a self centre decision. Giving the customers the privilege to make their choice of deposit and withdrawal will attract more gamblers. Maybe he can add more bonus when withdrawing with the casino token and it will increase the use of the token.

ethereumhunter

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Quote from: virasisog on January 22, 2023, 09:09:34 AM

I think the demand for their own token will depend on the interest of the gamblers in their own unique game because if they will only offer normal games, players will still prefer casinos that accept different coins.
It's hard to think of unique games nowadays but they will only be addictive if more players are making a good amount of profit from them. Gamblers will surely get hooked on games that have good bonuses and I think that's what most gamblers want.

One thing that the casino should keep in mind is that if they are really good at promoting their casino, surely there will be a lot of gamblers who will come to the casino so they won't mind buying the tokens just to use them for gambling. But this is not easy for casinos that have just launched their casinos because they have to gain gamblers' trust before they can start their plans. Casinos should have thought about this before they launched their casinos so they could own major coins like bitcoins besides adding their own tokens to use for gambling.

Mate2237

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Quote from: Crypt0Gore on January 21, 2023, 06:03:14 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?

That should be a decision by the casino's platform, any method they apply and it makes profit for the company then they have to adopt it. But spreading the payment method would have been better because not everyone might be interested to use the casino token. Even the games are most interesting, it is better to cut across the payment method.

As for personally I don't like to use casino token because to withdraw issue is always there. There is always a problem to withdraw or transfer with the token. I have suffered like that before so I am not really interested to use casino token the matter what.

virasisog

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I think the demand for their own token will depend on the interest of the gamblers in their own unique game because if they will only offer normal games, players will still prefer casinos that accept different coins.
It's hard to think of unique games nowadays but they will only be addictive if more players are making a good amount of profit from them. Gamblers will surely get hooked on games that have good bonuses and I think that's what most gamblers want.

BobK71

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I have seen few projects they have been working for a long time and they have own tokens. They are trying to bring it to the high but it is totally depends on the gamblers. If gamblers find good games on that platform and the service is good enough then they will conduct gambling there as well as their site's own token will increase in demand and price. Such as Betfury and Owl Games who have native tokens. If the market reached in reliable position, the price of those tokens can also increase. But in this case, definitely needed long time planing.

coinerer

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Quote from: Crypt0Gore on January 21, 2023, 06:03:14 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?

People only trust and use a token when its value is high. But no one will ever use a new token when it can only be used for gambling. Why do people gamble? Although many play for fun, everyone dreams of winning a huge prize. So if that casino only accepts their own token for gambling and if that token is not at least as trustworthy as BNB, POLYGON, ETH, DOT, SOL etc then I don't think anyone would be interested in gambling at that casino.

danherbias07

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So, it will be more like your own game and your own currency, just like NFT games and Metaverse MMOs too.
It will depend on the uniqueness of what you will create. Then, with how will try to present it to the market. Because I have seen a lot of projects that are almost the same as that fell with a lack of support from investors and creativity of their developers. It may not be a gambling game but it also relies on investors paying real cash to buy their coins and use them in the game. They also took the risk and they met a horrible ending like rug pull, I was once a victim of that scheme.
It could work but the lack of availability of payment options might become the wall to what you are trying to make. If it won't be an expensive project then you could probably create a test run and get people to try it out.

Ryker1

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Quote from: Crypt0Gore on January 21, 2023, 06:03:14 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?

Well this depends on how they will market their casino, every casino I think started from the crash and now has been successfully running their business. This is a part of a business that perhaps involves risk, just try and do some effort on marketing your gambling casino. Just prepare financial support on this because advertising a casino seems hard from the start. This is not financial advice because I was not yet in that kind of business. Perhaps it is worth it to try and have a business here for the marketing ads.

Another piece of advice, multiple coins that are accepted makes them convenient and I think that makes 1 plus factor for this kind of business.

Topic: What is your take on this crypto gambling use case idea? - page 6. (Read 1054 times)