Funding project development through slot gaming token

[swogerino]

Unfortunately until now none of the casinos who raised such token were successful at large,the big reputable casinos don't really need this as they have a lot of user base and also they have all the funds needed for any development project they want to create.

I understand such funding from not well known casinos but the big ones as far as I know have not done something like this until now and I think they won't.I will make sure to stay away from such funding as many projects before have failed miserably,for me most of them were inside jobs but many claimed lost of wallet and all sort of justifications.

[Fortify]

I know some casinos have in the past created their own tokens to raise funds. Sometimes offering discounted fees, or other benefits for using the token on their site. The project I looked into is different.

The pitch at launch is that once the network they are building on goes live that this token will serve as the only means for participating in their deflationary odds based slot based game. This was created by a launchpad platform, and all prizes are in the form of their launched IDO's. The project is set up in a way that it isn't a money generator for the launch team but to support the ecosystem - I think this is aminly through buying and using launchpad tokens as the prizes.

I found this interesting as I was already invested in projects that were linked. I wanted to see what the gambling community thought. If you aren't already linked to these projects in some way does this sort of game interest you? If one of the prizes was a project you were interested in are you more likely to "invest". To make it a bit easier, currently they are on the ETH network, and plan to go live when Cardano mainet in launched. Not to say something similar couldn't be used on differnt networks.

Unfortunately the scope of this project seems far too narrow to be successful in the long term. Such a project does not seem like it would be beneficial to the actual gamblers as it is throwing up many unnecessary roadblocks in order to cash out when there are plenty of perfectly good cryptocurrencies out there that can do such a job. That leads to one conclusion - that the people who are trying to set it up have some sort of ulterior motive and that usually involves some sort of financial manipulation that will benefit a very small group of founders to the detriment of everyone else. Besides that there could be a whole swath of legal issues around a cryptocurrency (or derivative) that is set up purely for such a purpose, because it will never have the cover that unrelated transactions could provide in defence.

[just_Alice]

deflationary odds, launched IDO's.

IDO? Initial Deflationary Offering? Does it resemble the structure of an ICO (initial coin offering)? Not certain what country their launching out of. The united states regulated and limited ICOs to higher income brackets awhile ago. If IDO falls into a similar category regulatory restrictions could apply.

As a gambler, I favor games of skill that are somewhat deterministic. Gambling on sports where there is a degree of consistency that can be utilized to identify patterns is an interesting gambit.

Slots and algorithmic gambling are betting against whatever backend calculations occur. Everything interesting and informative about that process is normally concealed from view. There's no way to tell what you did right with your gambling approach or what you did wrong. The lack of skill, strategy and thought make it less appealing.

Afaik and, If I got this right, IDO stands for Initial DEX (=decentalized exhange) Offerring. It does resemble ICO, only the difference is that a certain decentalized exchange is responsible for issuing selling, and the deflationary odds based game is just a way of attraction of new clients in this case.

This one is interesting, but, IMO, pretty risky. We all know that for crowdfunding project to succeed we need a crowd and the main reason why ICOs lost their popularity was the lack of trust from people in the first place, because every other ICO was a scam. Now, considering that many people are already prejudiced against gambling, there's a big chance that too many people will be afraid to participate in such a project.

[ralle14]

If everything line's up where the team is reputable enough and there's enough people investing on the project then I might give it a go. As much as possible I don't want to get my hopes up because like what swogerino mentioned gambling projects rarely end well. On the other hand the way you mentioned their game makes it interesting though as I haven't heard a slot game with that type of description but i've played a few slots where you'd get a small incentive for playing longer.

[Steamtyme]

~snip~ Are you able to provide a link so we could look at it in greater detail?

There is definitely a gimmick factor involved, can usually be said about trying something new. I didn't want to drop the name or anything and have it seen as promotion. I'll drop it now though here on page 2, the link to the project being announced by the team.

You buy their native token to play in their slots. I'm assuming part of the tokens you bet will be burned when you said "deflationary".
This is where it becomes confusing. You will get some sort of a ticket to join their partner start up projects or you will be rewarded in another token if you win?

Correct on both accounts the link in the reply breaks it down. Iirc from the "profit" some is burned and some is reinvested in the jackpot prizepool. Yes the prizes are another token, which is a project that launched through their launchpad. That is how they say it funds the ecosystem/community.

~snip~There were so many good projects that failed like hell due to this. If this is different from them and has a risk management factor that allows us to see if their buyback strategy works out better, then I'd definitely be investing in it.

It definitely has it's differences, but is an early concept. There is two sides to this project from an investment standpoint and also how the word investment is used. The  first being one can gamble their tokens hoping for the jackpot, or one can buy and hold against the deflationary aspect and gamble on the success of this project being viable.

If the aim of the project is not to generate money but rather to support the ecosystem, as you said, then what's the profit in it for the users? ~snip~ But why would the players want to participate in this?

A few people touch on this a bit. I don't see a goal/endgame of building a massive user base. I believe hte "profit" or value for the userbase is going to be the same as someone putting a dollar in a slot machine and hoping to pull out 1000, on the other hand as I said above some can hold hoping the concept does appeal to enough users to allow the token value to appreciate.

The only thing that catch my attention is the bolded part, I dont think I have seen this ever or was there anything similar to this before?
Anyway this looks like a decent project and it is a new concept compared with all other gambling token that offer some sort of profit share so far however the crypto gambling market share is actually pretty small compared with fiat gambling market so this project might not actually take off unless it is some sort of unique breakthrough in this industry but this is a pretty interesting concept though

Me neither, that's why I thought it would be a good discussion. I don't know if this concept could work as a business model on it's own. I do think it works well as a small internal support mechanism to generate community involvement. It will be interesting to se if it does grow once it has the ability to launch.

I personally still think that we're quite a while away before we can have a mainstream casino through crowdfunding. The development team definitely needs to show a certain degree of competence and ability to commit capital themselves before any investor would jump into the ecosystem with them.

I completely agree, I just see this as different from running a casino. More borrowing from the widespread appeal of a bit of mindless slots to generate interest in their platform and projects.

IDO? Initial Deflationary Offering? Does it resemble the structure of an ICO (initial coin offering)? Not certain what country their launching out of. The united states regulated and limited ICOs to higher income brackets awhile ago. If IDO falls into a similar category regulatory restrictions could apply.

Initial Dex offering - Similar to ICO's but run through platforms usually creating a middleman and depending on the middleman some degree of security. In the token at least the projects still develop similar to ICO's. So the launchpad that created thids token we are discussing provides the service of offering IDO's. The prizes for this game are tokens from those IDO's that have launched through them. The restrictions only apply to participating in the IDO, not receving tokens after they are on the open market.  I definitely don't think they want to attract strategic gamblers more so use it as a shot take for people, and maybe create a buzz around this and their projects through the game.



So I'm no expert but a few other things to add to this. All the of the prizes and the token itself are curently ERC-20. So cashout and things of the sort are not really an issue, unless liquidity were to be removed from Uniswap. These are all projects built around the Cardano ecosystem, which will require succesful migration once everythig is live. Leading up to this there is a weekly lottery being held that requires staking, similar prizes being given compared to when it operates a slot game. This was announced afterwards, and will come with a 5% token burn upon unstaking.

I am interested to see how this plays out, as they have now created a fairly decent burn event leading into their main launch. Not advice or anything but my own experience I staked for the lottery, and will leave it staked right through, maybe I win a weekly prize maybe not but my opportunity cost for trying will be as low as possible.