Proposal for BKCoin - BetKing.io profit sharing coin

[BetKing.io]

About BetKing.io

https://betking.io is one of the oldest Bitcoin gambling sites, launched in April 2013 under the old name of Pocket Rockets Casino.
Since then BetKing has become one of the most popular Bitcoin casinos and dice sites with over 298,000 Bitcoin wagered.

The official thread can be found here https://bitcointalk.org/index.php?topic=910134.0

For the past 3 years I have worked alone to make BetKing.io a success.
2015 was a great year that saw BetKing became the most popular crowdfunded Bitcoin casino with 150,000 Bitcoin wagered, making a
profit of 2900 Bitcoin for the bankroll investors.

I am looking to make BetKing and Bitcoin gambling grow even bigger and inviting you to be part of it and share the success.

Introducing BKCoin

BKCoin will be an alt coin similar to Bitcoin.
The main difference is that BKCoins value is determined by the profit of BetKing.io.

Holders of BKCoin will receive a dividend each month from the profit of BetKing.io.
This will be paid in Bitcoin.

There will be 10 million BKCoins in supply, 100% of which are pre-mined by BetKing.io.

3,000,000 BKCoins will be available for sale on launch of the coin, equivalent to 30% of BetKing.io profit share.

Profit share is what BetKing.io makes after all expenses and is not the profit that the current bankroll providers make from player losses.

1 BKCoin will equal 0.0003 Bitcoin

100,000 BKCoin = 1% dividend of BetKing.io profit.


Why is BKCoin being created?

BKCoin is being created as a way to raise funds to continue to improve and grow BetKing.io.
All Bitcoin earned via the sale of BKCoin will go directly towards marketing and development of BetKing.io.

Plans for expansion include sports betting, betting exchange, poker, new casino games and an API to allow 3rd party developers
to create their own unique sites where their players can use the BetKing.io bankroll to bet against.
To help with the above BetKing.io will use the funds from sale of BKCoin to hire full time developers and
professional marketing staff as well as provide a monthly marketing budget for the next 2-3 years.


What is the dividend made up of?

The dividend will be a share of the total profit each month after all expenses.
BetKing.io profit currently is made up of:
25% of the edge on all wager amounts in dice and roulette.
1000 Bitcoin wagered on dice = 2.5 Bitcoin profit for BetKing.io.
1000 wagered on roulette = 6.75 Bitcoin profit.
BetKing.io also earns 25% commission on the weekly profit of the house bankroll profit.
The bankroll for Blackjack and slot games is provided by BetKing.io and so 100% of the profit from those games goes to BetKing.io.

In the future profit will also come from sports profit, betting exchange commission, poker rake and commission from 3rd party sites.
There may also be support for alt coin gambling adding another source of revenue.

Currently BetKing.io has server and related expenses of around £800 per month.

How did you determine the price of BKCoin?

In 2015 BetKing.io had over 150,000 Bitcoin wagered on dice alone and the bankroll providers made a profit of 2900 Bitcoin.
With the current commission setup that equates to a profit for BetKing.io of around 1100 Bitcoin.

BetKing.io is now 3 years old. Looking at long term plans I have valued the company at a little under 3x last years numbers, or 3000 Bitcoin

This is a modest evaluation and would be much higher if I or a buyer were to provide the
total bankroll for players to bet against since they would have made 2900 Bitcoin in one year.

With the future expansion that raised funds would allow, the value of BetKing.io would also increase significantly.

Note that this should be seen as a long term investment.

How can I buy BKCoin?

If I get enough interest I will work on developing the coin and wallets right away.
At launch I will put 3,000,000 BKCoin up for sale on the BetKing.io website.

I will be looking to get BKCoin listed on exchange websites so trading of BKCoin can be done easily.

There may be a minimum amount that one person can purchase but that is to be decided.

What about the remaining 7,000,000 coins?

These will be unlikely to ever be sold.
If after a year or so BetKing.io is looking to add a new feature or pivot into new markets then some of these may be sold if funds are required for the
development and marketing of these new products. There would be a large amount of discussion and warning before any were sold.


Feeback wanted

If you have any questions, concerns or suggestions then post a comment and I will reply.
I am looking for positive interest before starting this.
A new admin panel would be made for BKCoin holders to login and see profit/expense reports as well as roadmap of dev and marketing plans

If you would like to reserve BKCoin then email admin@betking.io

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[Panadacoin]

How will you keep the chain moving if there is no mining, and no POS?

[BetKing.io]

How will you keep the chain moving if there is no mining, and no POS?

The specifics of the coin still need to be finalised but most likely I will choose a POS implementation.

[Bluewaffle]

So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?

[BetKing.io]

So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?

The value of the coin is directly related the the value of BetKing.io. As profit for BetKing.io increases so does the value of the coin

[Bluewaffle]

are we gonna be gambling with the alt coin or is it just gonna be like a token for investors or .?

[BetKing.io]

are we gonna be gambling with the alt coin or is it just gonna be like a token for investors or .?

It's for use more as a token. I've no plans currently to allow gambling of the coin on the site but if enough buyers wanted then it might be an option in future.

[cptmooseinc]

So a 30BTC investment nets a 1% dividend.

Based off of last year's numbers of an 1100BTC profit for BetKing, that's an 11BTC ROI, or 36%, over the course of one calendar year. So three years to get my investment back (in BTC, not USD equiv.) at current levels in a highly volatile crypto-currency that could be worth $1000+ or $10 at any one time.

This is a very risky investment to make from what I'm seeing, and I was one of the ones who orchestrated the LTC option trades back when the coin traded at $.03-$.05.

Why not list shares to raise the funds you seek using Havelock Investments? No alt-chain to maintain or anything.

-Moose

[ranlo]

So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?

The value of the coin is directly related the the value of BetKing.io. As profit for BetKing.io increases so does the value of the coin

I don't follow how this works though. Are the coins only meant to be sold and bought from the site itself, rather than traded (i.e., on exchanges)? Or how are the prices sustained to keep people from buying up (rising price) and dumping (lowering it)?

[BetKing.io]

So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?

The value of the coin is directly related the the value of BetKing.io. As profit for BetKing.io increases so does the value of the coin

I don't follow how this works though. Are the coins only meant to be sold and bought from the site itself, rather than traded (i.e., on exchanges)? Or how are the prices sustained to keep people from buying up (rising price) and dumping (lowering it)?

The initial offering will be purchased from BetKing.io. I will then be looking to get them on an exchange for people to trade.

[ranlo]

So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?

The value of the coin is directly related the the value of BetKing.io. As profit for BetKing.io increases so does the value of the coin

I don't follow how this works though. Are the coins only meant to be sold and bought from the site itself, rather than traded (i.e., on exchanges)? Or how are the prices sustained to keep people from buying up (rising price) and dumping (lowering it)?

The initial offering will be purchased from BetKing.io. I will then be looking to get them on an exchange for people to trade.

How do you counter the market forces then? Basically, I guess the best way to ask the question is... if each coin is going to have a set value based on the profit of BK, that means users themselves have no influence on the price. If they do, it can't have a set value since each person will value theirs differently. So how do you ensure the coins remain at the proper valuation?

[BetKing.io]

So what exactly is gonna keep the coin worth any btc..like if someone buys in at .0003 whats gonna keep it at or above .0003?

The value of the coin is directly related the the value of BetKing.io. As profit for BetKing.io increases so does the value of the coin

I don't follow how this works though. Are the coins only meant to be sold and bought from the site itself, rather than traded (i.e., on exchanges)? Or how are the prices sustained to keep people from buying up (rising price) and dumping (lowering it)?

The initial offering will be purchased from BetKing.io. I will then be looking to get them on an exchange for people to trade.

How do you counter the market forces then? Basically, I guess the best way to ask the question is... if each coin is going to have a set value based on the profit of BK, that means users themselves have no influence on the price. If they do, it can't have a set value since each person will value theirs differently. So how do you ensure the coins remain at the proper valuation?

I sell 3 million BKCoins at 0.0003 Btc to set the initial value.

No matter what people may sell the coins for on a market after that, 100,000 BKCoins will still earn you 1% of BetKing.io profit as a dividend.

Obviously if on an exchange people may sell BKCoin higher or lower than 0.0003 based on what they see the profit of BetKing over the past month or whatever but no matter what, the new owner still gets the proper share of BetKing profit.

Essentially pump and dump makes 0 difference to BetKing.io. Anyone looking to purchase BKCoins on an exchange should research if the price reflects the actual performance of the site like they would with any stock.

[RHavar]

Very interesting, and I do think doing something like this is better than trading on havelock for instance (external single point of failure, and what not).

But if you have an altcoin, how are you planning on doing distributions? Let's say you make 1 BTC you want to distribute, how will you do so? Perhaps buy 1 BTC worth of BKCoin from the market and destroy it?

Have you by any chance looked into colored coins? It seems it would simplify a lot of this stuff, and be a lot less work/maintance, and you could get a fair bit of free publicity for being the first real business to actually use it.


(Although if I was doing it personally, I'd just use the account system, and store equity % in the database. There's not much advantage to being decentralized when people need to trust you 100% anyway)

[BetKing.io]

Very interesting, and I do think doing something like this is better than trading on havelock for instance (external single point of failure, and what not).

But if you have an altcoin, how are you planning on doing distributions? Let's say you make 1 BTC you want to distribute, how will you do so? Perhaps buy 1 BTC worth of BKCoin from the market and destroy it?

Have you by any chance looked into colored coins? It seems it would simplify a lot of this stuff, and be a lot less work/maintance, and you could get a fair bit of free publicity for being the first real business to actually use it.


(Although if I was doing it personally, I'd just use the account system, and store equity % in the database. There's not much advantage to being decentralized when people need to trust you 100% anyway)

Hi,
Yeah I agree there's other ways this could be done.
I had the idea to use an alt coin since you can list it on an exchange, build a community around it among other things.

I don't like the thought of havlock for the reason you mentioned.

I'm still debating if colored coins or counterparty would be better than an alt too.

As for the final option of just storing in the database and selling on site. Clearly the easiest. I am not sure of the legality in doing so and also if it would get as much attention from potential buyers.

I'll certainly be looking into all options before deciding.

[BetKing.io]

After more discussion I am not sure if the shares will be issued via a new alt coin or not yet as there may be more suitable methods such as counterparty or colored coins.

I have started a new thread in the securities section to discuss investment in general instead of alt coin dev.

https://bitcointalk.org/index.php?topic=1392600.msg14144972#msg14144972

[elm]

Why is BKCoin being created?

Plans for expansion include sports betting, betting exchange, poker, new casino games and an API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against.

colored coins sounds to be a good idea.

any ETA for API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against

[BetKing.io]

Why is BKCoin being created?

Plans for expansion include sports betting, betting exchange, poker, new casino games and an API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against.

colored coins sounds to be a good idea.

any ETA for API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against

That would depend on if investment is raised. If we manage to raise enough funds then that can be developed a lot faster than me working on everything alone.
It would be one of the top priorities though as it allows 3rd parties to also create their own poker sites in future and share the same player pool.

[elm]

Why is BKCoin being created?

Plans for expansion include sports betting, betting exchange, poker, new casino games and an API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against.

colored coins sounds to be a good idea.

any ETA for API to allow 3rd party developers to create their own unique sites where their players can use the BetKing.io bankroll to bet against

That would depend on if investment is raised. If we manage to raise enough funds then that can be developed a lot faster than me working on everything alone.
It would be one of the top priorities though as it allows 3rd parties to also create their own poker sites in future and share the same player pool.

that sounds very interesting and caught my eye but it sounds still far away

good luck and hope to see it offered very soon

[Jungian]

Why not just put it on counterparty and have all the security of BTC and a built in place to trade it. No need for exchanges etc

[cryptasm]

good idea, actually like the same principe as mcxnow had.

[BetKing.io]

Why not just put it on counterparty and have all the security of BTC and a built in place to trade it. No need for exchanges etc

Hi
As mentioned in the chat and the thread I posted that is an option I'm considering other than an alt coin.
I'm not looking to rush into this by any means. I want to gauge interest overall then look at the best way to implement it.