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

[BetKing.io]

Just a question - the stats you have on the front post:

397,500 Bitcoin wagered
7258 Bitcoin profit
353,000,000 bets

None of those match up with the stats you released on a monthly basis?

I count:
274,110 Bitcoin Wagered
6,308 Bitcoin Profit
336,077,409 Bets placed

Obviously some of that can be excused by having an incomplete December, but that's off by as much as 28% on some stuff? What's going on here?

I asked NLNico from dicesites.com for to send those stats quickly as I would need to check old databases.

I don't know if he has complete stats or not.
Also his stats went back to some point in november 2014. The main stats I posted would be from june 2014

[Lanzador]

Just a question - the stats you have on the front post:

397,500 Bitcoin wagered
7258 Bitcoin profit
353,000,000 bets

None of those match up with the stats you released on a monthly basis?

I count:
274,110 Bitcoin Wagered
6,308 Bitcoin Profit
336,077,409 Bets placed

Obviously some of that can be excused by having an incomplete December, but that's off by as much as 28% on some stuff? What's going on here?

I asked NLNico from dicesites.com for to send those stats quickly as I would need to check old databases.

I don't know if he has complete stats or not.
Also his stats went back to some point in november 2014. The main stats I posted would be from june 2014

Ah, ok, that would explain it. Thanks!

[BetKing.io]

581.4 invested.
Still time to get the 5% bonus shares if you invest before Wednesday.

[BetKing.io]

There is still a lot of ambiguity here. how much is the bankroll after ICO? How much of the funds go towards development (sportsbook, poker?) and marketing?

It already means the coins are mine due to the fact that it is the company you are buying a share of from me.

Eh? The coins belong to the company. OP and all your (other) statements clearly imply this.

Shares:
BetKing will create 100,000,000 tokens (100 million) to represent 100% shares of BetKing.
No new tokens will be created.

30,000,000 (30%) of these tokens will be distributed to investors at the end of the ICO.

How are there so many uneducated people in here?

Depressing, isn't it!

Yep

Not very professional no, but neither are people like RichGang are they? I should also not post when I first wake up

RichGang isn't doing an ICO.

I've explained this already but here goes.

The full amount raised will be used for bankroll. 2000 coins in the bankroll if target is met. 1-2x kelly seems reasonable for a 20-40 Bitcoin max bet.

When we pay for anything else like marketing, server etc that comes out of the bankroll. Any profit/loss on dice game gets added/subtracted from bankroll.

There isn't a clear marketing/dev plan yet as it depends on how much is raised and what we decide to prioritise first.

I said mine yes, in reference to RichGangs scam accusations because I could have legitimately listed the ICO as me taking 2000 Bitcoin, paying myself all of it for the troubles and work so far and then everyone else gets dividends off an already successful business.
However I stated that it would be used as capital instead in the company, of which I own 70% of.

[BetKing.io]

Latest news:

Spoke with my lawyer a few days ago and the plan would be to setup a new company in a jurisdiction that doesn't require all shareholders to be listed. Like how ICONAMI and Intellisys Capital do.

Your BetKing account will show your number of shares you own on the BetKing website which you can trade with other people on the BetKing website.

When it is time to pay dividends Bitcoin will be added to you BetKing account.

This seems the fastest, easiest and most secure way to set this up at this time.

Maybe in future we can do an alt coin and you would receive the amount of coins equal to the shares you own in your BetKing account but that's not the plan right now.

Total invested sitting at 581.4 Bitcoin

Last few days for your 5% bonus.

Thanks

[Lanzador]

Latest news:

Spoke with my lawyer a few days ago and the plan would be to setup a new company in a jurisdiction that doesn't require all shareholders to be listed. Like how ICONAMI and Intellisys Capital do.

Your BetKing account will show your number of shares you own on the BetKing website which you can trade with other people on the BetKing website.

When it is time to pay dividends Bitcoin will be added to you BetKing account.

This seems the fastest, easiest and most secure way to set this up at this time.

Maybe in future we can do an alt coin and you would receive the amount of coins equal to the shares you own in your BetKing account but that's not the plan right now.

Total invested sitting at 581.4 Bitcoin

Last few days for your 5% bonus.

Thanks

Are dividend rights the only thing coming with share ownership?

[BetKing.io]

Latest news:

Spoke with my lawyer a few days ago and the plan would be to setup a new company in a jurisdiction that doesn't require all shareholders to be listed. Like how ICONAMI and Intellisys Capital do.

Your BetKing account will show your number of shares you own on the BetKing website which you can trade with other people on the BetKing website.

When it is time to pay dividends Bitcoin will be added to you BetKing account.

This seems the fastest, easiest and most secure way to set this up at this time.

Maybe in future we can do an alt coin and you would receive the amount of coins equal to the shares you own in your BetKing account but that's not the plan right now.

Total invested sitting at 581.4 Bitcoin

Last few days for your 5% bonus.

Thanks

Are dividend rights the only thing coming with share ownership?

Yes.
I will take other's ideas into consideration but any final decision will be mine. There will be no voting rights with shares.

[Lanzador]

Latest news:

Spoke with my lawyer a few days ago and the plan would be to setup a new company in a jurisdiction that doesn't require all shareholders to be listed. Like how ICONAMI and Intellisys Capital do.

Your BetKing account will show your number of shares you own on the BetKing website which you can trade with other people on the BetKing website.

When it is time to pay dividends Bitcoin will be added to you BetKing account.

This seems the fastest, easiest and most secure way to set this up at this time.

Maybe in future we can do an alt coin and you would receive the amount of coins equal to the shares you own in your BetKing account but that's not the plan right now.

Total invested sitting at 581.4 Bitcoin

Last few days for your 5% bonus.

Thanks

Are dividend rights the only thing coming with share ownership?

Yes.
I will take other's ideas into consideration but any final decision will be mine. There will be no voting rights with shares.

Will there be any record of of our share ownership outside of what's on the website?

[ndnh]

There is still a lot of ambiguity here. how much is the bankroll after ICO? How much of the funds go towards development (sportsbook, poker?) and marketing?

It already means the coins are mine due to the fact that it is the company you are buying a share of from me.

Eh? The coins belong to the company. OP and all your (other) statements clearly imply this.

Shares:
BetKing will create 100,000,000 tokens (100 million) to represent 100% shares of BetKing.
No new tokens will be created.

30,000,000 (30%) of these tokens will be distributed to investors at the end of the ICO.

How are there so many uneducated people in here?

Depressing, isn't it!

Yep

Not very professional no, but neither are people like RichGang are they? I should also not post when I first wake up

RichGang isn't doing an ICO.

I've explained this already but here goes.

The full amount raised will be used for bankroll. 2000 coins in the bankroll if target is met. 1-2x kelly seems reasonable for a 20-40 Bitcoin max bet.

When we pay for anything else like marketing, server etc that comes out of the bankroll. Any profit/loss on dice game gets added/subtracted from bankroll.

There isn't a clear marketing/dev plan yet as it depends on how much is raised and what we decide to prioritise first.

I said mine yes, in reference to RichGangs scam accusations because I could have legitimately listed the ICO as me taking 2000 Bitcoin, paying myself all of it for the troubles and work so far and then everyone else gets dividends off an already successful business.
However I stated that it would be used as capital instead in the company, of which I own 70% of.

Okay. A 2500BTC bankroll if 2500BTC is raised. Sportsbook and poker addition not in the cards for now.

Why do you say "Any profit/loss on dice game gets added/subtracted from bankroll."?
If they are added to bankroll, at the end of the month, are the dividends subtracted from the bankroll? If so, what of the profits from other games?
Or do you mean the profit from dice game are not available for dividend, but the profit from other games are?

I said mine yes, in reference to RichGangs scam accusations because I could have legitimately listed the ICO as me taking 2000 Bitcoin, paying myself all of it for the troubles and work so far and then everyone else gets dividends off an already successful business.
However I stated that it would be used as capital instead in the company, of which I own 70% of.

Well, the money still belongs to the company, so that statement is misleading. In that alternative, who funds the bankroll?

In my understanding, selling your stake to others is an entirely different thing, not IPO or ICO.

[dooglus]

Sorry Dean, but I still don't think this is clear. Originally you said that profits from the dice game would be paid as dividends to shareholders:

We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin every 3 months.

but now you're saying that profits from the dice game will be added to the bankroll (ie. your 2k BTC):

Any profit/loss on dice game gets added/subtracted from bankroll.

Are you saying that the public's 30% share of the profits are paid out and your 70% share of the profits stay in the bankroll? Or how can I understand both statements at the same time?

It's hard to decide whether to invest with such confusing and apparently conflicting statements from you.

[BetKing.io]

Sorry Dean, but I still don't think this is clear. Originally you said that profits from the dice game would be paid as dividends to shareholders:

We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin every 3 months.

but now you're saying that profits from the dice game will be added to the bankroll (ie. your 2k BTC):

Any profit/loss on dice game gets added/subtracted from bankroll.

Are you saying that the public's 30% share of the profits are paid out and your 70% share of the profits stay in the bankroll? Or how can I understand both statements at the same time?

It's hard to decide whether to invest with such confusing and apparently conflicting statements from you.

Let me clear this up in next post. Maybe I have written it in too confusing a way or crossed terms here.....

[BetKing.io]

Sorry Dean, but I still don't think this is clear. Originally you said that profits from the dice game would be paid as dividends to shareholders:

We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin every 3 months.

but now you're saying that profits from the dice game will be added to the bankroll (ie. your 2k BTC):

Any profit/loss on dice game gets added/subtracted from bankroll.

Are you saying that the public's 30% share of the profits are paid out and your 70% share of the profits stay in the bankroll? Or how can I understand both statements at the same time?

It's hard to decide whether to invest with such confusing and apparently conflicting statements from you.

OK so what I mean by this is:

Assume the ICO meets the target of 2000 Bitcoin raised as investment.

The business would have 2000 Bitcoin capital. There are no other funds from me, other investors or any type of private bankroll option.

At first the main product would still be dice.

I would set the max payout on dice 20 Bitcoin (this could change) as if there were a 2000 Bitcoin dice bankroll with 1% kelly as the risk setting.

If someone lost 1 Bitcoin playing dice we would have 2001 Bitcoin in the company.

If someone won 1 Bitcoin playing dice we would have 1999 Bitcoin in the company.

I guess the confusion is that I have said bankroll, capital and investment when we should be thinking of it as capital right?

Expenses come out of this capital too.

So lets have two examples to see what dividends would be after three months under different circumstances. Note these numbers are only for example
and are under assumption we add no new games/products in first 3 months to keep it easier to understand.

1)
We start with 2000 Bitcoin from the ICO.
In 3 months players lose 300 Bitcoin playing dice.
We paid 5 Bitcoin as fixed expenses (server, cloudflare etc).
We spent 10 Bitcoin on some banner ads.
We spent 10 Bitcoin on a contract developer.

After the 3 months we have 2000+300-5-10-10=2275.
275 profit.

So the investors from the ICO would get a dividend share of 82.5 (30% of 275) paid into their BetKing account.
I would be paid 192.5 (70%)

The business would have 2000 Bitcoin left in it. The dice betting limits would remain the same.


2)
We start with 2000 Bitcoin from the ICO.
In 3 months players win 100 Bitcoin playing dice.
We paid 5 Bitcoin as fixed expenses (server, cloudflare etc).
We spent 10 Bitcoin on some banner ads.
We spent 10 Bitcoin on a contract developer.

After the 3 months we have 2000-100-5-10-10=1875.
-125 profit.

So there are no dividends to be paid as there was no profit in this time.

The business would have 1875 Bitcoin left in it. The dice betting limits would be lowered.

Does that clear things up?

Feel free to ask any other questions.

[Lanzador]

So investors are paying all expenses out of their 30%?

[BetKing.io]

So investors are paying all expenses out of their 30%?

The company is paying them all. From the working capital we raise during the ICO

[Lanzador]

So investors are paying all expenses out of their 30%?

The company is paying them all. From the working capital we raise during the ICO

Right, but all working capital is coming from investors?

[BetKing.io]

So investors are paying all expenses out of their 30%?

The company is paying them all. From the working capital we raise during the ICO

Right, but all working capital is coming from investors?

That's correct yes.

[sulfurtank]

Sorry Dean, but I still don't think this is clear. Originally you said that profits from the dice game would be paid as dividends to shareholders:

We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin every 3 months.

but now you're saying that profits from the dice game will be added to the bankroll (ie. your 2k BTC):

Any profit/loss on dice game gets added/subtracted from bankroll.

Are you saying that the public's 30% share of the profits are paid out and your 70% share of the profits stay in the bankroll? Or how can I understand both statements at the same time?

It's hard to decide whether to invest with such confusing and apparently conflicting statements from you.

Acquisition of damn 2 kilobitcoins by ICO scam artist is nothing new to the town, is a risk-readjustment of the net capital: first he boasts of being trustworthy in public with funds he gets from da game, second he turns the tides and spits into ur face. That's normal for that kind of gambling business management.

[Lanzador]

Sorry Dean, but I still don't think this is clear. Originally you said that profits from the dice game would be paid as dividends to shareholders:

We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin every 3 months.

but now you're saying that profits from the dice game will be added to the bankroll (ie. your 2k BTC):

Any profit/loss on dice game gets added/subtracted from bankroll.

Are you saying that the public's 30% share of the profits are paid out and your 70% share of the profits stay in the bankroll? Or how can I understand both statements at the same time?

It's hard to decide whether to invest with such confusing and apparently conflicting statements from you.

Acquisition of damn 2 kilobitcoins by ICO scam artist is nothing new to the town, is a risk-readjustment of the net capital: first he boasts of being trustworthy in public with funds he gets from da game, second he turns the tides and spits into ur face. That's normal for that kind of gambling business management.

It is not the usual practice, but given how small the costs are compared to everything else, it doesn't really make much of a difference

[BetKing.io]

Sorry Dean, but I still don't think this is clear. Originally you said that profits from the dice game would be paid as dividends to shareholders:

We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin every 3 months.

but now you're saying that profits from the dice game will be added to the bankroll (ie. your 2k BTC):

Any profit/loss on dice game gets added/subtracted from bankroll.

Are you saying that the public's 30% share of the profits are paid out and your 70% share of the profits stay in the bankroll? Or how can I understand both statements at the same time?

It's hard to decide whether to invest with such confusing and apparently conflicting statements from you.

Acquisition of damn 2 kilobitcoins by ICO scam artist is nothing new to the town, is a risk-readjustment of the net capital: first he boasts of being trustworthy in public with funds he gets from da game, second he turns the tides and spits into ur face. That's normal for that kind of gambling business management.

It is not the usual practice, but given how small the costs are compared to everything else, it doesn't really make much of a difference

It's only unusual if you are thinking in terms of "investing" in dice bankrolls. Which is not the norm and not really investing.

This is how investing in businesses usually works.

Note that you would not only be getting a share of profit generated by dice but all future products

[Lanzador]

Sorry Dean, but I still don't think this is clear. Originally you said that profits from the dice game would be paid as dividends to shareholders:

We will pay dividends as a share of the total profit (revenue-expenses) generated by BetKing in Bitcoin every 3 months.

but now you're saying that profits from the dice game will be added to the bankroll (ie. your 2k BTC):

Any profit/loss on dice game gets added/subtracted from bankroll.

Are you saying that the public's 30% share of the profits are paid out and your 70% share of the profits stay in the bankroll? Or how can I understand both statements at the same time?

It's hard to decide whether to invest with such confusing and apparently conflicting statements from you.

Acquisition of damn 2 kilobitcoins by ICO scam artist is nothing new to the town, is a risk-readjustment of the net capital: first he boasts of being trustworthy in public with funds he gets from da game, second he turns the tides and spits into ur face. That's normal for that kind of gambling business management.

It is not the usual practice, but given how small the costs are compared to everything else, it doesn't really make much of a difference

It's only unusual if you are thinking in terms of "investing" in dice bankrolls. Which is not the norm and not really investing.

This is how investing in businesses usually works.

Note that you would not only be getting a share of profit generated by dice but all future products

Well, not quite...it's a simple line swap in terms of a P&L statement, but if your expenses were ~30% of your revenues, then investors would have zero incentive to invest.