eSports Live $10k, Bet on eSports & more with low fees or create your own casino

[BL46K 7193R]

Truly I have found this site very interesting to me. There are lots of arrangements to help provide the best experience of the user. I like the features of this site and the site's graphics design has been of good quality by visiting this site. There are also some interesting offers here which will attract people.

[livingfree]

We can do a Bitcoin backed coin if players would prefer to have the value of their in-game coins fluctuate with the value of BTC rather than dollars.  

There's no need for your casino to create a bitcoin backed coin because bitcoin itself suits as an accepted cryptocurrency for majority of the casinos. I understand that you're trying to save the value through this bucks you have which is just available on your exchange.

This is like buying an altcoin that has a utility for its own platform.

This is a platform which makes it easy to create a currency and betting functionality is built in at the protocol level for these currencies.

In eSports Live $10k, "bucks" run on Litecoin and each bet creates a Litecoin transaction.  We could run on Bitcoin instead but TX fees would be $1-$2 per TX, compared to Litecoin where we can get transactions with 20+ bets confirmed for 0.0001 LTC = 1 penny.

First time of hearing and seeing that there's this currency that runs on Litecoin. Because most of the tokens that were created on different platforms, if its not made of ethereum, it was made of EOS, TRX or Nano.

Why not just accept Litecoin directly instead of running it on with a name of 'bucks'?

[carlfebz2]

Has anyone tried placing a bet and willing to share their experience?

I think there no one on this forum did able to try the site and making a bet because at first,its never been an appealing thing if you don't really make bets directly with BTC.
You are still required to some conversion and I heavily agree on what said above that bitcoin is already capable on such manner.

Is the issue that no one wants to hold USD until their bet resolves, or that people are expecting to get ripped off on the conversion or something?

Based on the feedback here so far, I'm considering switching to a BTC pegged in-game currency called mBTC worth 1/1000 of a bitcoin each.  Deposits/withdrawals will no longer depend on the USD/BTC exchange rate so it will be easier to see that there's no deposit/withdrawal fees.  I want to make sure I understand your objection(s) first though.

Why would you really like to complicate things up? Just simply enable bitcoin deposits and let it do the job without boggling your mind.

[joey.rich]

We can do a Bitcoin backed coin if players would prefer to have the value of their in-game coins fluctuate with the value of BTC rather than dollars.  

There's no need for your casino to create a bitcoin backed coin because bitcoin itself suits as an accepted cryptocurrency for majority of the casinos. I understand that you're trying to save the value through this bucks you have which is just available on your exchange.

This is like buying an altcoin that has a utility for its own platform.

This is a platform which makes it easy to create a currency and betting functionality is built in at the protocol level for these currencies.

In eSports Live $10k, "bucks" run on Litecoin and each bet creates a Litecoin transaction.  We could run on Bitcoin instead but TX fees would be $1-$2 per TX, compared to Litecoin where we can get transactions with 20+ bets confirmed for 0.0001 LTC = 1 penny.

First time of hearing and seeing that there's this currency that runs on Litecoin. Because most of the tokens that were created on different platforms, if its not made of ethereum, it was made of EOS, TRX or Nano.

Why not just accept Litecoin directly instead of running it on with a name of 'bucks'?

I also don't know of any coins running on Litecoin. Maybe this is a first?

This is a protocol for colored coins.  This particular crypto asset is roughly pegged to the dollar hence the name "bucks" but uses trace amounts of litecoins to represent ownership.  Running on Bitcoin/Litecoin gives all the security and cryptographic functionality of those blockchains.  The colored coin protocol is needed for the decentralized betting functionality which relies on "burn addresses" where bets are placed by burning coins to your own address matching the format associated with the option that you're betting for.

Has anyone tried placing a bet and willing to share their experience?

I think there no one on this forum did able to try the site and making a bet because at first,its never been an appealing thing if you don't really make bets directly with BTC.
You are still required to some conversion and I heavily agree on what said above that bitcoin is already capable on such manner.

Is the issue that no one wants to hold USD until their bet resolves, or that people are expecting to get ripped off on the conversion or something?

Based on the feedback here so far, I'm considering switching to a BTC pegged in-game currency called mBTC worth 1/1000 of a bitcoin each.  Deposits/withdrawals will no longer depend on the USD/BTC exchange rate so it will be easier to see that there's no deposit/withdrawal fees.  I want to make sure I understand your objection(s) first though.

Why would you really like to complicate things up? Just simply enable bitcoin deposits and let it do the job without boggling your mind.

Bitcoin deposits and withdrawals are already enabled.

Buying in, placing bets and withdrawing are pretty simple at the UI level.  If it seems complicated to you, I recommend trying the software.  I'm hoping to refine my presentation on how to explain this so that people can understand it easily.

[kryptqnick]

To bet on eSports, you first need to acquire some bucks.  Bucks are not listed on any exchange, so for now, you'll need to purchase bucks by depositing BTC to one of the public nodes hosting the eSports Live $10k crypto asset, such as https://poly.cash.  Your BTC will immediately be converted to bucks based on the current USD/BTC exchange rate.

This is a maximally decentralized betting platform and there's no house taking a cut.  Instead, the 1% fee is destroyed, reducing the supply of bucks.  The supply of bucks decreases as more and more betting fees are paid.  But the $10k backing this currency remains constant, causing bucks to grow in value vs the US dollar.  PolyCash is a pioneer of a concept called the "fixed term token" in which pegged coins are wound down for the sake of transparency rather than living indefinitely. eSports Live $10k will not live forever, and at some point this stablecoin will be wound down and the $10,000 backing it will be paid out to the coin holders via the Litecoin network.  We have not yet set an end date for this $10k stablecoin, but will eventually do so based on feedback from coin holders.

If the house does not receive a but, what does it live off? Lost bets? And I find this concept of a cryptocurrency rather confusing. If it's a stable coin, the whole point of it is to be as stable as fiat while actually being crypto. What I am saying is that it's not supposed to rise or drop in terms of the price. You, on the other hand, say that this stable coin's supply is slowly destroyed, while the USD dollar backup remains. Where does this 'destroyed part' come from? I hope it's not people losing their coins, because of the system, right? And what's the point of making less of a coin that is growing in price (once it does)? I am not sure that the investors will find it appealing. Could you perhaps explain this part? I just never heard of anything like it.

[nakamura12]

Why would you really like to complicate things up? Just simply enable bitcoin deposits and let it do the job without boggling your mind.

Yes, I agree with you that instead of switching to bitcoin rather than adding or enable more cryptocurrency deposits would do the job smoothly and save some time in working to switch it to bitcoin. Enabling bitcoin deposits and other cryptocurrency is the same as switching to another cryptocurrency to use or pay for the game.

[livingfree]

First time of hearing and seeing that there's this currency that runs on Litecoin. Because most of the tokens that were created on different platforms, if its not made of ethereum, it was made of EOS, TRX or Nano.

Why not just accept Litecoin directly instead of running it on with a name of 'bucks'?

I also don't know of any coins running on Litecoin. Maybe this is a first?

This is a protocol for colored coins.  This particular crypto asset is roughly pegged to the dollar hence the name "bucks" but uses trace amounts of litecoins to represent ownership.  Running on Bitcoin/Litecoin gives all the security and cryptographic functionality of those blockchains.  The colored coin protocol is needed for the decentralized betting functionality which relies on "burn addresses" where bets are placed by burning coins to your own address matching the format associated with the option that you're betting for.

I don't know if that's the first because it's really the first of its kind that I've heard.

Yeah bitcoin's network is secured so that's why there's no problem of using it rather than other coins but you can't create your 'bucks' on its network. But if you really can create that with Litecoin, I'm not technically versed with it so it should be as you've said.

[joey.rich]

To bet on eSports, you first need to acquire some bucks.  Bucks are not listed on any exchange, so for now, you'll need to purchase bucks by depositing BTC to one of the public nodes hosting the eSports Live $10k crypto asset, such as https://poly.cash.  Your BTC will immediately be converted to bucks based on the current USD/BTC exchange rate.

This is a maximally decentralized betting platform and there's no house taking a cut.  Instead, the 1% fee is destroyed, reducing the supply of bucks.  The supply of bucks decreases as more and more betting fees are paid.  But the $10k backing this currency remains constant, causing bucks to grow in value vs the US dollar.  PolyCash is a pioneer of a concept called the "fixed term token" in which pegged coins are wound down for the sake of transparency rather than living indefinitely. eSports Live $10k will not live forever, and at some point this stablecoin will be wound down and the $10,000 backing it will be paid out to the coin holders via the Litecoin network.  We have not yet set an end date for this $10k stablecoin, but will eventually do so based on feedback from coin holders.

If the house does not receive a but, what does it live off? Lost bets? And I find this concept of a cryptocurrency rather confusing. If it's a stable coin, the whole point of it is to be as stable as fiat while actually being crypto. What I am saying is that it's not supposed to rise or drop in terms of the price. You, on the other hand, say that this stable coin's supply is slowly destroyed, while the USD dollar backup remains. Where does this 'destroyed part' come from? I hope it's not people losing their coins, because of the system, right? And what's the point of making less of a coin that is growing in price (once it does)? I am not sure that the investors will find it appealing. Could you perhaps explain this part? I just never heard of anything like it.

Money from lost bets goes to the winning players for each event rather than to a house.

As the one who issued the stablecoin and holds the $10k which is owed to the coin holders, the only way I make money is that until I sell them, I hold a large number of coins and so make money from the appreciation of those coins as fees reduce the coins in circulation.

But I see your point that having the coin slowly go up in price vs USD prevents it from being perfectly stable and is confusing.  There is a way I could change this so that fees go to the stablecoin operator rather than the coin holders.  This essentially makes the stablecoin operator into a house and so kind of goes against the original concept of creating a betting system with no house.  On the other hand this change gives the "house" a way to make money which helps make this into a sustainable business.  Betting still works without money being sent to a central party so this is still substantially more decentralized than a traditional betting system.