Altcoins in Gambling

[jamyr]

Hello.

I am not very knowledgeable with bitcoin and other altcoins but I have noticed that altcoins that can be used in popular gaming/gambling sites tend to be a solid coin-type unlike others that I really don't see the value in keeping.

My question now is how can a specific coin be included or played in gambling sites? Is it only because the owner of the gambling site and the developer of that coin agreed to or are there factors or qualities necessary before a coin can be added to the gambling site?

-jamyr

P.S.

The popularity of the coin comes first before you can gamble with it or gambling with it makes it popular?

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[RHavar]

I'm not aware of any altcoin that actually can or does impose restrictions on what the coin is used for. So any casino can generally offer gambling in any altcoin they see a market for.

Based on what I've seen though, most altcoin gambling sites have quite a bit of trouble getting traction and most altcoin users are either also bitcoin users, or have no problems converting back and forth. So you probably don't lose a huge amount of the market by purely accepting bitcoin.

[jamyr]

Hi.

Thank you for sharing your observation, it gave me a clearer picture of the industry. However, I just saw a thread "betking.io ico" that proposes making 100m tokens. So those tokens are only for gambling? Or can only be used on that site?

I'm sorry if I am not able to express what I want in a more understandable way.

[RHavar]

Hi.

Thank you for sharing your observation, it gave me a clearer picture of the industry. However, I just saw a thread "betking.io ico" that proposes making 100m tokens. So those tokens are only for gambling? Or can only be used on that site?

I'm sorry if I am not able to express what I want in a more understandable way.

When they talk about an ICO (initial coin offering), what they're actually doing is really just creating shares. Each coin just represents a % of the sites ownership / future profits. So in effect he's selling part of his company in exchange for money (in bitcoin) to expand/market/what ever.

This is quite different to altcoins, like say, ethereum which are designed to "compete" with bitcoin as a means of value.

[jamyr]

You know RHavar, you just saved me from having to dig into data/ideas in the forum. Thank you.

And just to make it clear, ICO - are shares of the company/site/app etc., that are divided via token/s. So the value of the token/s while ICO is currently taking place is gonna start from what the owner priced his company/site/app, and can eventually change base on the outcome of the development/expansion/whatever, and these shares are different from the Altcoin even if the company/app/site have their own currency?

Edit: I may have to move this topic to Altcoins.

[bbc.reporter]

Hi.

Thank you for sharing your observation, it gave me a clearer picture of the industry. However, I just saw a thread "betking.io ico" that proposes making 100m tokens. So those tokens are only for gambling? Or can only be used on that site?

I'm sorry if I am not able to express what I want in a more understandable way.

When they talk about an ICO (initial coin offering), what they're actually doing is really just creating shares. Each coin just represents a % of the sites ownership / future profits. So in effect he's selling part of his company in exchange for money (in bitcoin) to expand/market/what ever.

This is quite different to altcoins, like say, ethereum which are designed to "compete" with bitcoin as a means of value.

@jamyr. Please give a link to the Betking ICO thread. Let us see what they are offering in exchange for investing in their ICO. Be warned that ICO's are mostly a scam. Be careful before investing in those.

@RHavar. When you hold tokens from an ICO it does not necessarily mean that each token represents a % of the site's ownership and that it will incur future profits. ICO's are mostly a way to collect money from the community and the leave it up to them to hold or sell their tokens. Many people frown on this in the community because all it creates is a ponzi scheme.

[chaser15]

@jamyr. Please give a link to the Betking ICO thread. Let us see what they are offering in exchange for investing in their ICO. Be warned that ICO's are mostly a scam. Be careful before investing in those.

https://bitcointalk.org/index.php?topic=1697106.0

@RHavar. When you hold tokens from an ICO it does not necessarily mean that each token represents a % of the site's ownership and that it will incur future profits. ICO's are mostly a way to collect money from the community and the leave it up to them to hold or sell their tokens. Many people frown on this in the community because all it creates is a ponzi scheme.

Crowdfunding just like Vdice did. Different with other alts on ICO that usually will just shine the stage for just a few weeks. But if a person does manage to ride those altcoin manipulation, it's profitable. We all know that altcoin come and go so for a person that wants to do some risk then they can put some money and play with that alts. Besides coins offers on ICO does have a cheap price but don't expect of course a profit in terms of long term investment.

[dontryjustdoit]

@jamyr. Please give a link to the Betking ICO thread. Let us see what they are offering in exchange for investing in their ICO. Be warned that ICO's are mostly a scam. Be careful before investing in those.

https://bitcointalk.org/index.php?topic=1697106.0

@RHavar. When you hold tokens from an ICO it does not necessarily mean that each token represents a % of the site's ownership and that it will incur future profits. ICO's are mostly a way to collect money from the community and the leave it up to them to hold or sell their tokens. Many people frown on this in the community because all it creates is a ponzi scheme.

Crowdfunding just like Vdice did. Different with other alts on ICO that usually will just shine the stage for just a few weeks. But if a person does manage to ride those altcoin manipulation, it's profitable. We all know that altcoin come and go so for a person that wants to do some risk then they can put some money and play with that alts. Besides coins offers on ICO does have a cheap price but don't expect of course a profit in terms of long term investment.

Are cynical or is really like that "manipulation".

[jamyr]

Hi.

This reminds of me the wolf of wall street. If you are familiar with the movie, they are selling products of their imagination, products that doesn't really exist. Is it the same here with altcoins, and to be honest, the future of altcoins seem to be just if they can be used as "chip" for casinos/gambling sites/betsites. I have not seen an altcoin aside from bitcoin that went successful that is not used in gambling, what I mean by successful is really successful, not just because of hype, etc.

And again, I think(correct me if I'm wrong) the value of Bitcoin/Altcoin is still depending on broke people(most of the time got broke gambling).

[veleten]

nowadays altcoins are used in gambling in parallel to bitcoins
there are many casinos that allow players to convert on site
most of them are using shapeshift.io API so you can convert your,lets say,etherium to bitcoins and gamble away
bitsler.com (check my signature  ) allows to gamble using DOGE,ETH,LTC and of course,bitcoins
the more popular a cryptocurrency is the more casinos and sites are using it
https://dicesites.com/ here is a list of dice sites with volumes,check yourself which coin is popular

another honorary mention -justdice as it allows pundits to bet with their CLAMs(not extremely useful otherwise)
there are DASH casinos,LTC casinos in a form of the most poular dice game and so on and so forth
basically,if you have any cryptocurrency and you want to risk it-there is always a place to accomodate your gambling needs
simply search this forum or google and you are all set

[ultrloa]

Hello.

I am not very knowledgeable with bitcoin and other altcoins but I have noticed that altcoins that can be used in popular gaming/gambling sites tend to be a solid coin-type unlike others that I really don't see the value in keeping.

My question now is how can a specific coin be included or played in gambling sites? Is it only because the owner of the gambling site and the developer of that coin agreed to or are there factors or qualities necessary before a coin can be added to the gambling site?

-jamyr

P.S.

The popularity of the coin comes first before you can gamble with it or gambling with it makes it popular?

Actually its dev/owners decision if they want to add some altcoins in there site since they are just listening to the pulse of people and watch the market for the players to play with alts, but i only see few sites who's accepting alts since it can cost them money and time since it needs more time to upload it to there system,


And i don't see any point why alts can get popularity when it added on gambling sites since there are numerous alt that been added but still got on stable state and sometimes doesnt even bother to look at by gamblers.

[BoXXoB]

Hi.

Thank you for sharing your observation, it gave me a clearer picture of the industry. However, I just saw a thread "betking.io ico" that proposes making 100m tokens. So those tokens are only for gambling? Or can only be used on that site?

I'm sorry if I am not able to express what I want in a more understandable way.

When they talk about an ICO (initial coin offering), what they're actually doing is really just creating shares. Each coin just represents a % of the sites ownership / future profits. So in effect he's selling part of his company in exchange for money (in bitcoin) to expand/market/what ever.

This is quite different to altcoins, like say, ethereum which are designed to "compete" with bitcoin as a means of value.

@jamyr. Please give a link to the Betking ICO thread. Let us see what they are offering in exchange for investing in their ICO. Be warned that ICO's are mostly a scam. Be careful before investing in those.

@RHavar. When you hold tokens from an ICO it does not necessarily mean that each token represents a % of the site's ownership and that it will incur future profits. ICO's are mostly a way to collect money from the community and the leave it up to them to hold or sell their tokens. Many people frown on this in the community because all it creates is a ponzi scheme.

ICOs are indeed often a scam but I doubt that's the case with BetKing. The owner held thousands (6k+) BTC of users and there were no issues. The site just recently decided to turn into a privately funded site which is now looking to raise funds for marketing etc.

[NLNico]

nowadays altcoins are used in gambling in parallel to bitcoins
bitsler.com (check my signature   ) allows to gamble using DOGE,ETH,LTC and of course,bitcoins
the more popular a cryptocurrency is the more casinos and sites are using it
https://dicesites.com/ here is a list of dice sites with volumes,check yourself which coin is popular

Yeh, my site is missing some sites like bitsler and crypto-games that accept alt coins. The latter did have some ETH volume (5k btc worth vs 27k actual btc wagered.) But overall the alt coin gambling volumes are not much compared to bitcoin gambling AFAIK.

[smyslov]

Hello.

I am not very knowledgeable with bitcoin and other altcoins but I have noticed that altcoins that can be used in popular gaming/gambling sites tend to be a solid coin-type unlike others that I really don't see the value in keeping.

My question now is how can a specific coin be included or played in gambling sites? Is it only because the owner of the gambling site and the developer of that coin agreed to or are there factors or qualities necessary before a coin can be added to the gambling site?

-jamyr

P.S.

The popularity of the coin comes first before you can gamble with it or gambling with it makes it popular?

Of course the popularity of the coin should come first ,if you are going to run a gambling site,you'll want a community participation and a coin that has no popularity or no community support will not get you playing in their site,in the end people will ask popular coins to be added

[BoXXoB]

nowadays altcoins are used in gambling in parallel to bitcoins
bitsler.com (check my signature   ) allows to gamble using DOGE,ETH,LTC and of course,bitcoins
the more popular a cryptocurrency is the more casinos and sites are using it
https://dicesites.com/ here is a list of dice sites with volumes,check yourself which coin is popular

Yeh, my site is missing some sites like bitsler and crypto-games that accept alt coins. The latter did have some ETH volume (5k btc worth vs 27k actual btc wagered.) But overall the alt coin gambling volumes are not much compared to bitcoin gambling AFAIK.

The volume is certainly not even close to the bitcoin volume in most cases. Guess doge has managed to keep up a decent volume but still pretty low in comparison. I doubt altcoin gambling will grow much bigger unless altcoins with bigger adaptation will pop up. As it is most altcoins are just traded with. Just simply holding alts is a gamble after all.

[BTCLovingDude]

Hello.
I am not very knowledgeable with bitcoin and other altcoins but I have noticed that altcoins that can be used in popular gaming/gambling sites tend to be a solid coin-type unlike others that I really don't see the value in keeping.
My question now is how can a specific coin be included or played in gambling sites? Is it only because the owner of the gambling site and the developer of that coin agreed to or are there factors or qualities necessary before a coin can be added to the gambling site?
The popularity of the coin comes first before you can gamble with it or gambling with it makes it popular?

if you look at the altcoins that all these gambling sites have included in their website for you to deposit you can see that these altcoins are mostly coins that are popular. because there is no point in adding a random altcoin that nobody even knows about.

having that altcoin means spending your server resources for running their wallet and that is expensive and you should only do it if people are willing to make bets with those altcoins.

[xuan87]

usually big gambling site will use some alt coins as the betting token, it is because they see the potential of the coin to grow and there are a lot user using the coins, so the coins need to be famous then the site will adopt it, for the small gambling site usually they don't prefer this because there are not a lot of alt coin gamblers and they need extra capital to deposit different coins and also larger database to store extra wallet address

[Oilacris]

usually big gambling site will use some alt coins as the betting token, it is because they see the potential of the coin to grow and there are a lot user using the coins, so the coins need to be famous then the site will adopt it, for the small gambling site usually they don't prefer this because there are not a lot of alt coin gamblers and they need extra capital to deposit different coins and also larger database to store extra wallet address

This is right and i agree with you bi gambling site or some other sites will only adopt a particular altcoin which they seem its popular enough because they can assure that people will use it on playing on their sites because if they do tend to put a non famous and trash altcoin on their website they are just wasting up their space and they could not able to generate profits with it.

[jacktheking]

The popularity of the coin comes first before you can gamble with it or gambling with it makes it popular?

I really like this question. It is very similar to the popular chicken and egg question.

Well, interesting indeed. I agree that most Altcoin that is used for gambling purpose tend to be more popular than others that have not been featured on gambling site. So here come the question ... and the answer (form my perspective) would most probably be that an Altcoin need to have a big community before they can get added to established online gambling platform. In other words, an Altcoin need to have a big community before they can grow bigger (somewhat like words of mouth I guess).

I am very interested in others opinion/answer too. Again, the above response is just from my own perspective and I am not sure how far from truth is it.

[Sponsoredby15]

Hello.

I am not very knowledgeable with bitcoin and other altcoins but I have noticed that altcoins that can be used in popular gaming/gambling sites tend to be a solid coin-type unlike others that I really don't see the value in keeping.

My question now is how can a specific coin be included or played in gambling sites? Is it only because the owner of the gambling site and the developer of that coin agreed to or are there factors or qualities necessary before a coin can be added to the gambling site?

-jamyr

P.S.

The popularity of the coin comes first before you can gamble with it or gambling with it makes it popular?

I don't use altcoins when i gambled even most of users now are using them and lot's of gambling site are implementing / impose altcoins to be use in there websites. There doing this because they also want to advertise the coins or what so ever they want a multiple profit.