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July 28, 2017, 01:09:22 PM *
News: BIP91 seems stable: there's probably only slightly increased risk of confirmations disappearing. You should still prepare for Aug 1.
 
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1  Economy / Gambling / Re: BetKing.io Relaunch - ICO - Earn BKB for bug reports on: July 26, 2017, 11:46:40 AM
Yea these threads were locked.

I'll sort it out later today.

Might need to just modify the bounty program.

2  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO][BKB] BetKing Bankroll Token Crowdsale! Casino - 7400 Bitcoin profit! on: July 25, 2017, 11:34:18 AM
Then it seems that you have quite a racket going. 

Betking will be taking the cumulative investors' profit to buyback tokens, reducing the bankroll, then Betking alone will be accumulating profits on those tokens to infinity with no benefit to remaining token holders. 

Eventually, Betking will have purchased the majority of tokens back with investors' money (Bankroll profits) - in essence diluting remaining token holders since Betking retains the re-purchased tokens and earns all future profits on those tokens.  Sounds like it's good to be Dean / Betking.

If I'm misunderstanding, please let me know.

I'm buying tokens back with my own profit, the 30 million tokens I keep from the ICO.
There's not going to be any significant reduction in bankroll, max 10% every 3 months.
Yes I will then be making a profit on the tokens I hold, the ones not being sold plus the ones I buy back, that's pretty normal and how most businesses work.

Remaining token holders have the benefit that their tokens have much more value the longer they hold them. They can choose to never sell them back to me for many years or if the site was to be sold.

There's no dilution going on at all.




Thank you for this answer.

Please hear me out on this, and hopefully this explains what I mean and hopefully a better situation for all. 

Hypothetical:

Money Raised:  $10,000,000
70% Bankroll:  $ 7,000,000
30% BetKing:   $ 3,000,000

Price per token:  $10,000,000/70,000,000  = $0.14

Q1 Profit:  $500,000
Bankroll at end of Q1:  $7,500,000

Buyback 10% of tokens: 71,000,000 x 10% = 7,100,000 (includes bounty token holders)

Buyback price:  $500,000/100,000,000 tokens = .005 + 0.14 = .145

Reduction to bankroll:  7,100,000 x .145 = $1,029,500.00

Bankroll value after buyback:  $7,500,000 - $1,029,500 = $6,470,500

Remaining Investor tokens outstanding:  71,000,000 - 7,100,000 = 63,900,000

Value of token after buyback as proposed:  $6,470,500 / 100,000,000 = 0.064705
(this is where the dilution comes into play, although not a typical dilution as in the stock market) - Q2 would need to overcome the deficit just to break even.

Value of token after buyback if repurchased tokens were burned:  $6,470,500 / (100,000,000 - 7,100,000 = 92,900,000) =  0.069650161


When companies buyback shares, the outstanding shares are reduced, thus raising the value of the remaining shares.  I understand that these are not shares, but the same theory applies.

Don't get me wrong, I'm not trying to dog your project, on the contrary, I'm still very interested under the right circumstances. I think there is value in your casino and profit to be made if done correctly.  I just think that by not burning the re-purchased shares it's a losing situation for the investor.

Please consider burning the re-purchased tokens, you would still always have the majority of tokens and they would be worth more and the more you burn, the higher percentage your 29,000,000  tokens represent (or whatever the final number is after all marketing and costs).  You would still achieve your goal of owning all tokens eventually.

Thanks for listening/considering.

Regards,
Dave

Correct except one thing.
My buy back price does not reduce after buying back. So if sa I bought 10% of tokens back for $1 or whatever after first quarter.
The remaining tokens are still worth $1 and then have the profit of next 3 months added on top of that
3  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO][BKB] BetKing Bankroll Token Crowdsale! Casino - 7400 Bitcoin profit! on: July 24, 2017, 02:26:42 PM
Then it seems that you have quite a racket going. 

Betking will be taking the cumulative investors' profit to buyback tokens, reducing the bankroll, then Betking alone will be accumulating profits on those tokens to infinity with no benefit to remaining token holders. 

Eventually, Betking will have purchased the majority of tokens back with investors' money (Bankroll profits) - in essence diluting remaining token holders since Betking retains the re-purchased tokens and earns all future profits on those tokens.  Sounds like it's good to be Dean / Betking.

If I'm misunderstanding, please let me know.

I'm buying tokens back with my own profit, the 30 million tokens I keep from the ICO.
There's not going to be any significant reduction in bankroll, max 10% every 3 months.
Yes I will then be making a profit on the tokens I hold, the ones not being sold plus the ones I buy back, that's pretty normal and how most businesses work.

Remaining token holders have the benefit that their tokens have much more value the longer they hold them. They can choose to never sell them back to me for many years or if the site was to be sold.

There's no dilution going on at all.

4  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO][BKB] BetKing Bankroll Token Crowdsale! Casino - 7400 Bitcoin profit! on: July 24, 2017, 01:05:04 PM
The buy back price offered by BetKing will be based on the current total bankroll profit.So for example if the price of the token at the end of the crowdsale was $0.014 and the bankroll profit was $1,000,000 then the buy back price would be $0.024 (1,000,000/100,000,000 + 0.014).

Every quarter BetKing will offer to buy back up to 10% of a holders tokens at the current buy back price.
This means at least 90% of the bankroll profit stays within the site each quarter, raising the value of remaining tokens.
Will the tokens that are bought back by BetKing be re-sold again at some point, or are they off the market forever? If they aren't re-sold, the bankroll can only go up from bankroll profit.

They won't be re-sold no.
Will you burn or sit on them? If you burn them, will you provide proof of burn? Will the token be listed on exchanges?
Quote from: betking.io
I will hold them.

I am looking to be listed on exchanges but there's a few more things that need completed before I can make the applications.
Hopefully that will be taken care of by the time the main sale starts.



Hi Dean,

I'm very interested in your re-launch/ico.  Could you please go into more detail on the mathematics on future buybacks, after the first one?
How will the buyback price be determined on subsequent quarters - for instance, if the first quarter Betking buys back 5% of the 10% offered, or 5,000,000 BKB -  will the next quarter divide the profit by 95,000,000 outstanding BKB? Or will it always be divided by 100,000,000?  

Basically, what happens to the re-purchased shares? And how will that affect future profits for the investors?

If Betking is buying back with bankroll profits, will the investors that hold their tokens benefit from doing so?

Thanks,
Dave


if the first quarter Betking buys back 5% of the 10% offered, or 5,000,000 BKB -  with then next quarter divide the profit by 95,000,000 outstanding BKB? Or will it always be divided by 100,000,000? 

Basically, what happens to the re-purchased shares? And how will that affect future profits for the investors?

Surely: when shares are purchased they stop being owned by the seller, and start being owned by the buyer. If Dean buys 5 million shares from investors, Dean will have 5 million more shares than he had before, and so will get an extra 5% of the profit. Investors will get 5% less of the profit, but individual investors who don't sell won't be affected by those who do.

Thank you for trying to answer, but I think you're missing my point.
If the buyback is being purchased from the bankroll profits that all investors share in, but the shares are only going to Dean/Betking - then I see an issue, especially if future profits are still divided by the full 100,000,000 shares. 

While the bankroll will be reduced by 5% in this case, all those shares that are bought back are going to Betking and not the remaining investors.

Maybe I'm not understanding, or I'm missing something - hence the reason I'm asking.

Thanks,
Dave



I'll forward this question for Dean to answer when he has a chance!


Hi Dean,

Wondering if you were forwarded these questions by BetKing Support and if you could address them.  I highlighted my messages in bold for ease of reading.

Thanks,
Dave


Hi
I saw the question yeah but I thought dooglus answered it.

The buy back price will always be profit divided by 100,000,000 as there will always be that many tokens.
No tokens will be burned. Eventually I will hold all tokens at some time in the future, depeding on when holders want to sell.

Hope that clears that up

Thanks
5  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO][BKB] BetKing Bankroll Token - 465 BTC raised in pre-sale! on: July 24, 2017, 12:41:40 PM
Graphics for roulette look fantastic. Probably one of the best I have seen so far.

My translation bounty is not updated on my account, is it just me or will the stakes be updated on a later date?

Hi
Thanks

To be honest I'm confused why people are making a big deal about bounties.
No matter what your stakes or score shows now, a full audit will be done at the end of the ICO which is in Septmeber.

We have things that are automated and me and support do update things semi-often but it just doesn't seem like people should care too much about it in my oppinon.

If you are doing what is lised in the bounty rules you'll be fine.

Thanks
6  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO][BKB] BetKing Bankroll Token - 465 BTC raised in pre-sale! on: July 24, 2017, 09:29:16 AM
Well I wanna ask, Does Betking has a lucky game like fortuneja*k? Well that game is very good for us. 1 more question, I only play poker in facebook, can I join this game too? Or is it different way to play?

I think if you're going to wear the signature for my campaign you should at least read the original post.

7  Economy / Gambling / Re: BetKing.io Relaunch - ICO - Earn BKB for bug reports on: July 24, 2017, 09:25:31 AM
Is there something wrong with the captcha? I tried using my phone today on chrome but I can't even get the captcha right, it keeps saying that error and ask me to reenter it again and again. I do not know if this already fixed yet or not but I can't login just because of this

I don't think so.

I absolutely hate capcthas and will probably make it only show on a couple of failed attaempts instead of all the time.
8  Economy / Gambling / Re: BetKing.io Bug Report on: July 24, 2017, 12:53:19 AM
It appears that regardless of whether the site is betking.io or not, links do not open when posted in the chatbox.

Also, test.betking.io counts as an external link.



When logging off from an account, all actions (financial and user interactions) are from the new account but one is still able to chat in the account they were previously logged-in if it's in a new window.

Thanks. That last one is a top one for sure. Will get that looked at asap.

Also, for everyone, note that even though bugs might get reported it doesn't mean they will be fixed the next day.
Sometimes they might.
But the aim is to fix all before september 4th launch.

Thanks
9  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO][BKB] BetKing Bankroll Token - 465 BTC raised in pre-sale! on: July 23, 2017, 05:50:09 PM
twitter repost bot working great now. my post in w1 period reposts did not calculated correctly. but in nowadays working well.

It runs daily as a batch job and updates then. It doesn't count in realtime but still auto counts.
It takes a long time due to the amount of members and tweets.
10  Economy / Gambling / Re: BetKing.io Relaunch - ICO - Earn BKB for bug reports on: July 23, 2017, 05:00:14 PM
Could translators update their threads please?
Done for Dutch.

Thanks
11  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO][BKB] BetKing Bankroll Token - 465 BTC raised in pre-sale! on: July 23, 2017, 04:10:56 PM
New totals raised so far in the (extended) pre-sale

btc=337.49687818
eth=677.634523292

12  Economy / Gambling / Re: BetKing.io Relaunch - ICO - Earn BKB for bug reports on: July 23, 2017, 04:02:34 PM
Due to no participation in the media category for bounties it has been removed and replaced with bug bounties category instead.

New distribution looks like this:
  • Bitcointalk Signature Campaign (35%)
  • Twitter reposts (20%)
  • Bitcointalk translation threads (15%)
  • Bug Bounties (15%)
  • Blog articles (15%)


Bug Bounties

If you report a bug on the test website you can earn tokens.
Depending on the severity of the bug reported we will rank your report to determine your stakes. You can report via email (admin@betking.io), github  (https://github.com/BetKingIO/BetKing-issue-tracker) or post on the main thread (https://bitcointalk.org/index.php?topic=1842538.0).

Stakes:
  • Small UI or non security related bugs - 10 Stakes
  • Major bugs in major features - 35 Stakes
  • Security critical bugs (the type where you can access accounts or steal funds) - 100 Stakes

Note that your bug report may not be awarded stakes if it has already been reported or it is very low quality to make any difference to player experience.

Could translators update their threads please?
13  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO][BKB] BetKing Bankroll Token - 465 BTC raised in pre-sale! on: July 23, 2017, 03:57:18 PM
Due to no participation in the media category for bounties it has been removed and replaced with bug bounties category instead.

New distribution looks like this:
  • Bitcointalk Signature Campaign (35%)
  • Twitter reposts (20%)
  • Bitcointalk translation threads (15%)
  • Bug Bounties (15%)
  • Blog articles (15%)


Bug Bounties

If you report a bug on the test website you can earn tokens.
Depending on the severity of the bug reported we will rank your report to determine your stakes. You can report via email (admin@betking.io), github  (https://github.com/BetKingIO/BetKing-issue-tracker) or post on the main thread (https://bitcointalk.org/index.php?topic=1842538.0).

Stakes:
  • Small UI or non security related bugs - 10 Stakes
  • Major bugs in major features - 35 Stakes
  • Security critical bugs (the type where you can access accounts or steal funds) - 100 Stakes

Note that your bug report may not be awarded stakes if it has already been reported or it is very low quality to make any difference to player experience.

Could translators update their threads please?
14  Economy / Gambling / Re: BetKing Online Casino Relaunching Platform Alongside ICO on: July 23, 2017, 03:09:28 PM
They don't want to take a risk and want to collect the most deposits so they are playing safe. If more number of days means many people get a chance to invest. Slowly all other big casinos will also follow similar ways to collect the money.

I mean there's almost no doubt the funds are safe and we believe Dean will turn us a profit.
What most bankroll investors probably wouldn't like to do is their bitcoins laying around doing nothing for a month, so that's the thing I'm saying.
I would understand if the money was being gathered for programmers or something, but bankroll investments for a month, damn  Cheesy

It is being gathered for programmers, marketing and other costs as well as to use as a bankroll. You just profit off the profit from the bankroll hence the name bankroll token.
15  Economy / Gambling / Re: BetKing.io Relaunch - ICO - Earn BKB for bug reports on: July 22, 2017, 10:37:03 PM
Moving forward, I will extend the pre-sale to make up for the 103 Bitcoin difference with the same 25% discount.

Feel free to ask any questions.

How much longer will the presale last?

I think until 103 is raised or maybe the 30th so it doesn't run in to the main sale?

Around 11 Bitcoin has been raised already towards it.
16  Economy / Gambling / Re: BetKing.io Relaunch - ICO - Earn BKB for bug reports on: July 22, 2017, 10:17:19 PM
Unfortunately a participant of the BetKing ICO pre-sale has had to pull out.

The person, an old BetKing investor, tried to withdraw 103 Bitcoin from MoneyPot to my wallet. He showed me the pending withdrawal.
However, Moneypot refused to process his withdrawal claiming that he had agreed to a deal to remain invested with them until December.

The deal was that, even though he had lost 35 Bitcoin as an investor with Moneypot, he would have to keep his funds there until
he made the loss back or Moneypot would refund him.

Moving forward, I will extend the pre-sale to make up for the 103 Bitcoin difference with the same 25% discount.

If we don't see 103 Bitcoin raised during the extended period, then I will use my own Bitcoin if people think that's the right thing to do.

Feel free to ask any questions.
17  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO][BKB] BetKing Bankroll Token - 465 BTC raised in pre-sale! on: July 22, 2017, 10:16:49 PM
Unfortunately a participant of the BetKing ICO pre-sale has had to pull out.

The person, an old BetKing investor, tried to withdraw 103 Bitcoin from MoneyPot to my wallet. He showed me the pending withdrawal.
However, Moneypot refused to process his withdrawal claiming that he had agreed to a deal to remain invested with them until December.

The deal was that, even though he had lost 35 Bitcoin as an investor with Moneypot, he would have to keep his funds there until
he made the loss back or Moneypot would refund him.

Moving forward, I will extend the pre-sale to make up for the 103 Bitcoin difference with the same 25% discount.

If we don't see 103 Bitcoin raised during the extended period, then I will use my own Bitcoin if people think that's the right thing to do.

Feel free to ask any questions.
18  Alternate cryptocurrencies / Announcements (Altcoins) / Re: [ANN][ICO][BKB] BetKing Bankroll Token - 465 BTC raised in pre-sale! on: July 22, 2017, 09:54:32 PM
Some more updates tonight on http://test.betking.io
- You can tip a user
- Disable betting on your account in account page
- Captcha on login/register
- Chat mods can ban users
- Email verified status shown in account page with ability to resend verification
19  Economy / Gambling / Re: BetKing.io Relaunch - ICO - Earn BKB for bug reports on: July 22, 2017, 09:53:20 PM
Some more updates tonight on http://test.betking.io
- You can tip a user
- Disable betting on your account in account page
- Captcha on login/register
- Chat mods can ban users
- Email verified status shown in account page with ability to resend verification
20  Economy / Gambling / Re: BetKing.io Relaunch - ICO - Earn BKB for bug reports on: July 22, 2017, 09:47:56 PM
Some small updates on http://test.betking.io

- betting changes focus to my bets tab but only on first bet. If you are focussed on chat etc it won't change tab
- transaction history is split into pages
- bet filerinf by username or currency

After next build uploads user tipping will be live too, click a users name in chat or on bets list.

Updating the bounty program to include bug bounties. These will take a while to list all users and stakes as I need to go through the log of past few months of people reporting things Smiley


Nice update dean.
found a bug/issue(i guess), high roller bets disappears after a refresh from chat.

Hi thanks!
I'm not sure if that's a bug or not Smiley
It's how it was on old BetKing. Will see if others also think it should stay.
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