[ANN] BetKing.io ICO - Bitcoin Gambling website - 581.4 BTC raised so far

[Lanzador]

Why do you say like that?

I was just responding to the guy before me explaining why returning the previous bankroll doesn't mean BetKing is more trustworthy - given how trustworthy they already are, it would be difficult to make them even more trustworthy at all

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[igigme77]

Why do you say like that?

I was just responding to the guy before me explaining why returning the previous bankroll doesn't mean BetKing is more trustworthy - given how trustworthy they already are, it would be difficult to make them even more trustworthy at all

I dont think that should be difficult. In my mind they are trustworthy with 10's of thousands of btc.

I dont see them running off when they have a good business going.

[newIndia]

Without Escrow this ICO is just too risky (at least for me)

Just to understand, what difference do you see between trusting an escrow and any other site?

An escrow is an escrow because he is trusted and has a long solid trade history. I believe OP is trustworthy, but I will prefer an escrow for 2000BTC if I am interested.

I doubt any escrow on this forum can be trusted to hold 2000BTC. Professionals outside of this forum with real world identity and legally incorporated may be trusted for such amount.

[BetKing.io]

Without Escrow this ICO is just too risky (at least for me)

Just to understand, what difference do you see between trusting an escrow and any other site?

An escrow is an escrow because he is trusted and has a long solid trade history. I believe OP is trustworthy, but I will prefer an escrow for 2000BTC if I am interested.

I doubt any escrow on this forum can be trusted to hold 2000BTC. Professionals outside of this forum with real world identity and legally incorporated may be trusted for such amount.

Already been said there's no escrow going to be used. I've held more for previous investors.

[igigme77]

Without Escrow this ICO is just too risky (at least for me)

Just to understand, what difference do you see between trusting an escrow and any other site?

An escrow is an escrow because he is trusted and has a long solid trade history. I believe OP is trustworthy, but I will prefer an escrow for 2000BTC if I am interested.

I doubt any escrow on this forum can be trusted to hold 2000BTC. Professionals outside of this forum with real world identity and legally incorporated may be trusted for such amount.

Already been said there's no escrow going to be used. I've held more for previous investors.

You should just ignore the people who demand escrow. Your business has been around for long enough that an escrow is not needed in this situation. If betking.io was brand new it would be a different discussion we would be having.

[BetKing.io]

So I'm used to investing in businesses.

I usually see a financial statement.

Showing revenue, expenses and profit/loss.

Do you have anything like this available Dean?

For all we know you as the CEO could get paid 3000 BTC a year, and there is nothing any of us could really say about it.

Without a clear picture of the revenue and expenses its really hard to invest.

So this isn't exactly like a typical business (up to this point so far) so there was no traditional business plan and the business model changes as soon as the ICO is over, from already changing on the 1st of December where we had a crowdfunded bankroll to now private bankroll.

For profit you can see the profit in the original post is > 7200 Bitcoin.
Fixed expenses are around £1000 per month for Cloudflare, server hosting etc.
Obviously there will be extra expenses after the ICO for marketing/dev etc otherwise there would be no point in doing this but then also we should see more volume and revenue due to this.

I am not and won't be paying myself 3000 a year. I would be taking a minimal salary, this is to be decided this week after meeting with accountant as to how we best do this as well as clear up some other questions. Also meeting with lawyer this week to clear some things up and we should be able to finalise on dividend distribution asap.

Lastly the final amount raised so far is now 481.29162755. Will top up the address in next 30 mins.

Thanks

[igigme77]

What was the ultimate goal?

[BetKing.io]

Added a new term for investor safety under the exit strategy terms in the original post:


"if BetKing was forced to close suddenly within 3 months of the ICO then all existing funds in the business at that point would be used to pay investors back as close to their full initial investment as possible before I took any share."

[RedGolpe]

If I invest 20 btc today, how many shares will I end up with betking?

Since the aim of the ICO is to raise 2,000 BTC and only 30% of the Company is going pseudo-public, you'd end up at most with 0.3% of the company shares.

[RedGolpe]

Lastly the final amount raised so far is now 481.29162755. Will top up the address in next 30 mins.

For what it's worth, that's 1/4 of the amount in 1/4 of the time.

[Loepuenkyou]

fantastic in ico selling
so the next betking coin can added to exchanger or not
and any bounty to get betking coin

[WhyThisICOSucks]

So I'm used to investing in businesses.

I usually see a financial statement.

Showing revenue, expenses and profit/loss.

Do you have anything like this available Dean?

For all we know you as the CEO could get paid 3000 BTC a year, and there is nothing any of us could really say about it.

Without a clear picture of the revenue and expenses its really hard to invest.

So this isn't exactly like a typical business (up to this point so far) so there was no traditional business plan and the business model changes as soon as the ICO is over, from already changing on the 1st of December where we had a crowdfunded bankroll to now private bankroll.

For profit you can see the profit in the original post is > 7200 Bitcoin.
Fixed expenses are around £1000 per month for Cloudflare, server hosting etc.
Obviously there will be extra expenses after the ICO for marketing/dev etc otherwise there would be no point in doing this but then also we should see more volume and revenue due to this.

I am not and won't be paying myself 3000 a year. I would be taking a minimal salary, this is to be decided this week after meeting with accountant as to how we best do this as well as clear up some other questions. Also meeting with lawyer this week to clear some things up and we should be able to finalise on dividend distribution asap.

Lastly the final amount raised so far is now 481.29162755. Will top up the address in next 30 mins.

Thanks

Hold on: You are paying yourself a salary? On top of keeping 70%? Seems you are trying to double dip in every possible scenario. Trying to keep 70% of the edge so to speak (along with 70% ownership of 2k BTC you previously did not have) is just crazy.

Now onto the ICO: This would not be a bad ICO, if the valuation was much lower. Even a 4kBTC would be generous. BetKing is unique in the sense it doesn't have many players, but the players it does have are whales. Its hard to believe there are many whales out there that will be losing the massive sums they have in the past. Just as it happened with PrimeDice (AKminer), it will happen with Bet King. They will eventually lose everything, or they will quit. As others have pointed out, Bet King previously had slots, a sportsbook etc and they did not perform well. How does Bet King plan on acquiring users for a sportsbook? A bankroll of 2500 BTC is of suspect size for a sportsbook. For many casinos, sportsbooks actually lose money, and they are merely draws to attract users to their other games. It adds a whole new element of risk to the bankroll, and the swings would be massive. Unlike with dice where a player can impulsively instantly place another bet and lose out, that is not the case with a sportsbook. Then there are regulatory concerns that should not be swept under the carpet. To price Bet King at 4x last years revenue is... just wow. After taxes, all of the development you plan on doing etc, the number quickly stacks up to an even longer period of time for ROI.

Sum it up: Not the worst ICO you could invest in by any means. Unfortunately, the valuation puts this at a completely unacceptable risk/return ratio.

[rafajunior99]

success for the site betking.io hopefully more cool its future

[RichGang]

Mods keep deleting my posts for no reason.

But the total raised is now 423.31418701

(apparently that isn't important information?)

THE REAL MODS KNOW U ARE ABOUT PUTTING UP THE GREATEST SCAM IN BTC HISTORY. you should be banned from this forum cos you gonna destroy some btctalk members life for ever. this is like someone seeing fire and walking straight into it

He could have walked away with much more by just exit scamming a while ago, so I doubt it's a regular scam. Doesn't mean it's a good investment though.

Either way, could not be the biggest scam ever. Far from it.

yes he could have walked away when he had more but didnt. thats because he needed to have you guys trust him. this is a very systematic scam technique. he plays with your mind. makes you trust him, then have you put in all u got. thats when he walks away with the money.
i can tell you this clearly looks like those type of scams. the real mods know this that why they keep deleting his post.
i wont advice anyone to invest in this. BTW DID YOU READ THE PART WHERE HE CLEARLY STATED THAT ONCE YOU INVEST, YOU CANT WITHDRAW OR GET REFUNDED? no many shady thins about this new scheme

[RichGang]

So I'm used to investing in businesses.

I usually see a financial statement.

Showing revenue, expenses and profit/loss.

Do you have anything like this available Dean?

For all we know you as the CEO could get paid 3000 BTC a year, and there is nothing any of us could really say about it.

Without a clear picture of the revenue and expenses its really hard to invest.

So this isn't exactly like a typical business (up to this point so far) so there was no traditional business plan and the business model changes as soon as the ICO is over, from already changing on the 1st of December where we had a crowdfunded bankroll to now private bankroll.

For profit you can see the profit in the original post is > 7200 Bitcoin.
Fixed expenses are around £1000 per month for Cloudflare, server hosting etc.
Obviously there will be extra expenses after the ICO for marketing/dev etc otherwise there would be no point in doing this but then also we should see more volume and revenue due to this.

I am not and won't be paying myself 3000 a year. I would be taking a minimal salary, this is to be decided this week after meeting with accountant as to how we best do this as well as clear up some other questions. Also meeting with lawyer this week to clear some things up and we should be able to finalise on dividend distribution asap.

Lastly the final amount raised so far is now 481.29162755. Will top up the address in next 30 mins.

Thanks

Hold on: You are paying yourself a salary? On top of keeping 70%? Seems you are trying to double dip in every possible scenario. Trying to keep 70% of the edge so to speak (along with 70% ownership of 2k BTC you previously did not have) is just crazy.

Now onto the ICO: This would not be a bad ICO, if the valuation was much lower. Even a 4kBTC would be generous. BetKing is unique in the sense it doesn't have many players, but the players it does have are whales. Its hard to believe there are many whales out there that will be losing the massive sums they have in the past. Just as it happened with PrimeDice (AKminer), it will happen with Bet King. They will eventually lose everything, or they will quit. As others have pointed out, Bet King previously had slots, a sportsbook etc and they did not perform well. How does Bet King plan on acquiring users for a sportsbook? A bankroll of 2500 BTC is of suspect size for a sportsbook. For many casinos, sportsbooks actually lose money, and they are merely draws to attract users to their other games. It adds a whole new element of risk to the bankroll, and the swings would be massive. Unlike with dice where a player can impulsively instantly place another bet and lose out, that is not the case with a sportsbook. Then there are regulatory concerns that should not be swept under the carpet. To price Bet King at 4x last years revenue is... just wow. After taxes, all of the development you plan on doing etc, the number quickly stacks up to an even longer period of time for ROI.

Sum it up: Not the worst ICO you could invest in by any means. Unfortunately, the valuation puts this at a completely unacceptable risk/return ratio.

well said man.
also to sum this up. this dude will eventually run with all the coins. all he is doing is just to build a reputation that will eventaully make guys trust him with all their cash and then he will disappear.
i expect people to be wiser with shady investments like this one.

[RichGang]

you guys keep talking about the trust betking had of holding thousands of coins and not run without taking a few things into consideration.
betking was own and managed buy a few guys. not just dean. it was owned and managed by 4 people. dean was just the highest staker and a maybe the brain behind betking. they had more trust worthy people as owners one of them wont just run with the cash.
presently, the other owners decided to withdraw from the investment and the only person left was dean, thats why he devested everybody. because thats the terms and condition of the 4 original owners. now u know why dean couldnt run with thousands of btcs before divesting investors.
PRESENTLY, the only investor and owner of betking is dean, he can do anything he wants and the other formal owners have no say because they are no more owner or even investors.
now is the best time for him to run with funds. he got all the trust he needed, got no one to oppose his actions and decisions etc etc.
i wont put my money here if i was you.
like i will always say, this is going to be one of the greatest scams in btctalk

[dooglus]

yes he could have walked away when he had more but didnt. thats because he needed to have you guys trust him. this is a very systematic scam technique. he plays with your mind. makes you trust him, then have you put in all u got. thats when he walks away with the money.

You're not making any sense.

He had 6000 BTC in his hands. He has given it back, and is now asking for 2000 BTC, and quite possibly won't get that much.

If he's a scammer, he's a very bad one. Why would a scammer give back 6000 BTC to his victims in the hope of stealing 2000 BTC? The obvious "best move" is just to keep the 6000 BTC. Previously people had trusted him with ~6k for 50% of the profits with the option of divesting at any time. No way are they now going to trust him with the same ~6k for just 30% of the profits and no option to divest. He'll end up holding less than 6k, and so will be able to "run off" with less.

You seem to be suggesting that his plan is to show that he can be trusted with 6000 BTC so that he can steal 2000 BTC. That is clearly nonsense.

i wont advice anyone to invest in this. BTW DID YOU READ THE PART WHERE HE CLEARLY STATED THAT ONCE YOU INVEST, YOU CANT WITHDRAW OR GET REFUNDED? no many shady thins about this new scheme

I wouldn't either, but not because it's a scam. He's selling 30% of the profits for 2000 BTC or more. That seems like too much. It looks like the site saw around 120k BTC wagered in the last year. The expected profit from that volume would be 1200 BTC. 30% of that would be 360 BTC. At that rate it would take a little over 5.5 years to break even on your investment. I'm ignoring lots of factors here, but that's a very rough estimate.

[RedGolpe]

At that rate it would take a little over 5.5 years to break even on your investment.

18% per year does not look so bad to me.

[szachta]

He want to collect 2000 btc to play in casino?

[RichGang]

yes he could have walked away when he had more but didnt. thats because he needed to have you guys trust him. this is a very systematic scam technique. he plays with your mind. makes you trust him, then have you put in all u got. thats when he walks away with the money.

You're not making any sense.

He had 6000 BTC in his hands. He has given it back, and is now asking for 2000 BTC, and quite possibly won't get that much.

If he's a scammer, he's a very bad one. Why would a scammer give back 6000 BTC to his victims in the hope of stealing 2000 BTC? The obvious "best move" is just to keep the 6000 BTC. Previously people had trusted him with ~6k for 50% of the profits with the option of divesting at any time. No way are they now going to trust him with the same ~6k for just 30% of the profits and no option to divest. He'll end up holding less than 6k, and so will be able to "run off" with less.

You seem to be suggesting that his plan is to show that he can be trusted with 6000 BTC so that he can steal 2000 BTC. That is clearly nonsense.

i wont advice anyone to invest in this. BTW DID YOU READ THE PART WHERE HE CLEARLY STATED THAT ONCE YOU INVEST, YOU CANT WITHDRAW OR GET REFUNDED? no many shady thins about this new scheme

I wouldn't either, but not because it's a scam. He's selling 30% of the profits for 2000 BTC or more. That seems like too much. It looks like the site saw around 120k BTC wagered in the last year. The expected profit from that volume would be 1200 BTC. 30% of that would be 360 BTC. At that rate it would take a little over 5.5 years to break even on your investment. I'm ignoring lots of factors here, but that's a very rough estimate.

i am making total sense. when betking had 6000btc, it wasnt solely handled by him. if for example he wantED to run with the coins THEN, the other partners wont let him do it. in this scenario , he is the only one handling the site. HE WILL RUN WITH THE CASH AND NO ONE WILL SAY ANYTHING .
now, thats the difference between then and now