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Author Topic: Why use cryptocurrency blockchains to gamble?  (Read 72 times)
TimtheYoutuber
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April 04, 2018, 06:01:08 AM
 #1

Why is it beneficial to use a token to gamble, when it doesn't have high liquidity, and very violent. No one playing poker wants to take on speculation of the sites coin while playing in a tournament.


I understand playing poker or gambling using bitcoin. But why are people playing poker using (ex: Pokercoin )



What makes blockchains better? Provably fair, guaranteed payouts ( which already happen on any major site )

These blockchain sites look worse as well. 

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April 04, 2018, 11:22:35 AM
 #2

they made some altcoin or tokens just to pump and dump it and make money, they didn't really make a token (eg pokercoin) to solve any problem that didn't even exist. that is why they are useless in nature and that is why the websites that are created for these are looking worse because the people who make these things put the least amount of thought in them to increase their efficiency.
it has been like a factory creating something and that thing is new ICOs, they spend least amount of time, put the least amount of effort in and make as many tokens as possible to maximize the amount of money they get from gullible people.

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April 04, 2018, 05:39:58 PM
 #3

they made some altcoin or tokens just to pump and dump it and make money, they didn't really make a token (eg pokercoin) to solve any problem that didn't even exist. that is why they are useless in nature and that is why the websites that are created for these are looking worse because the people who make these things put the least amount of thought in them to increase their efficiency.
it has been like a factory creating something and that thing is new ICOs, they spend least amount of time, put the least amount of effort in and make as many tokens as possible to maximize the amount of money they get from gullible people.

I totally agree, and the whole idea of having "encrypted whole cards that are verified by the users" seems unreal.

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April 04, 2018, 05:53:36 PM
 #4


These also just another strategy to make money and some gambling site have their own tokens too so if you get them tokens at the ICO sale then you can have more amount tokens for the same amount of bitcoin.But the problem is the most tokens will lose its value when it got listed on exchanges.SO I think the gambling ICOs are also the part of money making idea.Still the popular exchanges accepts the bitcoin then you just can play with bitcoin itself.

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April 04, 2018, 06:04:52 PM
 #5

But why are people playing poker using (ex: Pokercoin )
It's just for money. Like you are going to an amusement park and you have to buy their token to take any ride you want or you can take those specific rides with that certain token. Nothing is really upgraded with these new tokens / blockchains that they are developing about gambling. They are all the same and does only have one thing to do, and that is to make money out of those tokens that are totally zero value in the beginning. But because of the service it becomes valuable.
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April 04, 2018, 06:06:01 PM
 #6

Blockchain has certain advantages in the world of gambling. First of all, you get to play with untraceable (at least, in some way) money. Thus, you can gamble without your family members or bank knowing that the money disappears. Secondly, by gambling with coins you sort of have this double gambling situation, because not only you bet on some specific things like sports of dices, but in a way you also bet on the coin you choose for gambling. This way the whole experience becomes riskier and you might win more in case of success.

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April 04, 2018, 06:28:29 PM
 #7

Why is it beneficial to use a token to gamble, when it doesn't have high liquidity, and very violent. No one playing poker wants to take on speculation of the sites coin while playing in a tournament.


I understand playing poker or gambling using bitcoin. But why are people playing poker using (ex: Pokercoin )



What makes blockchains better? Provably fair, guaranteed payouts ( which already happen on any major site )

These blockchain sites look worse as well. 

Frequent time you will find the gambling website banning happening the various countries but bitcoin gambling websites are not such like that. Since it is not legal or legal in many places they does not have about concern BTC. For gamblers side it is good one for being anonymous.

None of the gambling asking your KYC details while you are signing up. Hence you security will remains safe always dude.
Website build up would be same like other sites but payouts can be easy to receive here in crypto optional gambling site but some are scammers also here.

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April 04, 2018, 06:44:52 PM
 #8

You can do that to be like 100% sure that it is provably fair.
Don't believe all the sites that promise that. Sure, they have some kind of proof, but a blockchain proof is a way to go.
The problem is that is kinda slow and not many people use D casinos.

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April 04, 2018, 06:52:45 PM
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These also just another strategy to make money and some gambling site have their own tokens too so if you get them tokens at the ICO sale then you can have more amount tokens for the same amount of bitcoin.But the problem is the most tokens will lose its value when it got listed on exchanges.SO I think the gambling ICOs are also the part of money making idea.Still the popular exchanges accepts the bitcoin then you just can play with bitcoin itself.
Everything do involves on making money and even myself do see into those gambling based tokens is just an another shitcoin in my opinion.Its not really necessary to create their own token since theres already bitcoin that is being commonly used when it comes to online gambling,there might be several tokens too.I dont even see the difference or the edge on using their own tokens,its all the same story the thing here is that they do only just create their own coin either for the sake on exposing their appearance in the market or do for the sake on making money even more.No matter what would be the reason those tokens arent really necessary.You are right, most of them do dump out because its normal for investors to take their profits once it do hits on exchangers.

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April 04, 2018, 07:23:40 PM
 #10

For the ICOs, it comes with a low cost for providing with tokens. I think others gamble with it because similar to how chips work in a casino or tokens in an amusement park, it seems like you’re not using you’re own money when in reality you are because it holds a certain value. As compared to the actual use of fiat, it deems as “less harmful” but it is only psychological for the buyer.

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April 04, 2018, 07:36:30 PM
 #11

Why is it beneficial to use a token to gamble, when it doesn't have high liquidity, and very violent. No one playing poker wants to take on speculation of the sites coin while playing in a tournament.


I understand playing poker or gambling using bitcoin. But why are people playing poker using (ex: Pokercoin )



What makes blockchains better? Provably fair, guaranteed payouts ( which already happen on any major site )

These blockchain sites look worse as well. 

I think that you mean `CoinPoker, they had ico month ago, great promotion before that ico with many free roll tournaments where you could earn some CHP. Do you understand that online gambling is something new for this world and it will be much more popular in the future. Poker is a great game, I love to play it and I do, often. I play at 888 for dollars but I prefer to play for bitcoins. Now we come why so many different sites, well they are fighting for their place in the world, they need to be different and to offer something new, and that is a good thing cause all of them are have problems with bots, with provably fair, with cheaters, and each site is deal with that in some way. New sites offers good promotions in the beginning to attract players, and if they are good players will stay.

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April 04, 2018, 07:42:02 PM
 #12

Why is it beneficial to use a token to gamble, when it doesn't have high liquidity, and very violent. No one playing poker wants to take on speculation of the sites coin while playing in a tournament.


I understand playing poker or gambling using bitcoin. But why are people playing poker using (ex: Pokercoin )



What makes blockchains better? Provably fair, guaranteed payouts ( which already happen on any major site )

These blockchain sites look worse as well. 

I don't see any reason why it cannot be used. In real life casinos you don't go to the table with raw cash or your ATM cards neither do you offer to do bank transfer but you change all of those into those little slates in various denominations and the moment winnings is ascertained, its converted to cash or any means you want. For the use of blockchain, its the privacy that is the game chnager and would continued to be used.
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April 04, 2018, 07:49:28 PM
 #13

I understand playing poker or gambling using bitcoin. But why are people playing poker using (ex: Pokercoin )
I looked up their page on what pokercoin is about and after a quick glimpse there's really no objective behind it. There's no whitepaper when you click the logo on their home page nothing shows up. Anyone can make their own coin nowadays and the people behind it just want to make their own for no reason. I just saw they have a faucet maybe those players you saw are just using coins from the faucet.

How many people are playing poker using their coins ?

You can do that to be like 100% sure that it is provably fair.
They could also do it with bitcoin and still have a provably fair casino.

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April 04, 2018, 08:58:28 PM
 #14

So many misconceptions in this thread.


I understand you can go under regulation using coins/tokens etc, however, I am wondering why people are in need of a decentralized game. Pokerstars is huge, and people love it. SO why would people switch from it to a decentralized platform?


Tokens are basically worthless, so if a poker platform has an ico then it is essentially worthless. Why not make a decentralized platform that accepts ethereum directly?


The main advantage is that these blockchains are provably fair, which isn't a big deal in my eyes. Regulated sites work just fine in this aspect, and they pay out just fine. So what would the actual advantages be?

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April 04, 2018, 10:53:26 PM
 #15

Few decentralized gambling platform creates token to support the smart contract for fair and transparent betting.
Majority of other tokens which are coming out on daily basis in the name of revolutionizing the whole crypto gambling space with big promises are just scam. They will use old casino scripts and just implement their own token as method of payment instead of bitcoin and claim it to be more fair than the traditional casino which is kinda stupid.


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April 04, 2018, 11:42:30 PM
 #16

Few decentralized gambling platform creates token to support the smart contract for fair and transparent betting.
Majority of other tokens which are coming out on daily basis in the name of revolutionizing the whole crypto gambling space with big promises are just scam. They will use old casino scripts and just implement their own token as method of payment instead of bitcoin and claim it to be more fair than the traditional casino which is kinda stupid.


I think the transparency is what makes it possible and attract more people to play using cryptocurrencies. I also think that in a traditional Casino it has a high percent of house Edge making it more hard to win there. Big promises and too good to be true things are probably what it is, scams like you said.



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April 05, 2018, 02:06:18 AM
 #17

maybe it's just like in the gambling offline which we need to exchange our money for the chips and then we can play the games. and if there are any coins that represented for playing gambling besides of using bitcoin as a bet then maybe people will try this so they need to exchange their bitcoin for the coin. but I don't know about provably fair because I see that almost all gambling sites using this word and maybe it's for attracting the gamblers to play on their site.

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April 05, 2018, 09:49:53 AM
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maybe it's just like in the gambling offline which we need to exchange our money for the chips and then we can play the games. and if there are any coins that represented for playing gambling besides of using bitcoin as a bet then maybe people will try this so they need to exchange their bitcoin for the coin. but I don't know about provably fair because I see that almost all gambling sites using this word and maybe it's for attracting the gamblers to play on their site.
If you really want to use bitcoins for buying chips while you are online gambling, dude you are going nothing. Believe me these bitcoins are so hard to earn, so don’t let them be a heap with such foolish activities. How you can even think of that to use bitcoins for buying snacks and chocolates just to amaze yourself while gambling? This is really non-understandable to me right now.

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