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[iv4n]

Looks like the Season of Legends campaign is getting popular fast. The €512,000 prize pool is hard to ignore.

Well, this is not a BetFury promotion, or some other casino promotion... even though you are sharing the same post in different casino ANN threads. This is different. Half a million prize pool sounds amazing, but in reality, it's hard to win anything. Too many participants across all casinos, zero transparency... Provider promotions are tricky as hell, and I can only add that I never saw anyone winning a nice prize from provider promotions. I gave it a try a few times...

[terrific]

Of all the popular crypto gambling platforms, I believe that crypto loans were introduced exclusively on Betfury. Personally, I don’t recall seeing anything similar on other gambling platforms. And I think the Betfury team decided to experiment with adding this feature not so much to generate more revenue, but rather to attract additional user attention.

I am trying to recall if I've seen the same feature with other casinos but I can't.
I agree that it's sort of an experiment and if the demand asks for it, they're going to have it remain.
Although there is no need to remove it even if there will be little demand for it because, we don't know how demands will be in the future for such features.

[AHOYBRAUSE]

Of all the popular crypto gambling platforms, I believe that crypto loans were introduced exclusively on Betfury. Personally, I don’t recall seeing anything similar on other gambling platforms. And I think the Betfury team decided to experiment with adding this feature not so much to generate more revenue, but rather to attract additional user attention.

I am trying to recall if I've seen the same feature with other casinos but I can't.
I agree that it's sort of an experiment and if the demand asks for it, they're going to have it remain.
Although there is no need to remove it even if there will be little demand for it because, we don't know how demands will be in the future for such features.

Is't this the most useless feature ever? Why would anyone use this and also pay fees on this nonsense. The only reason to get a loan is because you need money. If you have crypto you don't have to put this crypto up as collateral and then gamble, doesn't make any sense. I wonder if there are people stupid enough to use this feature. I honestly doubt it!

[dwyane36]

Is't this the most useless feature ever? Why would anyone use this and also pay fees on this nonsense. The only reason to get a loan is because you need money. If you have crypto you don't have to put this crypto up as collateral and then gamble, doesn't make any sense. I wonder if there are people stupid enough to use this feature. I honestly doubt it!

In my opinion, features like this can only be useful for users who need extra funds for a short period but don’t want to sell their assets. This is mostly relevant for traders or investors on exchanges, but clearly not for users on a gambling platform. As I suggested earlier, Betfury likely added this feature just to attract users’ attention, which in the end turned out to be a failed idea.

[examplens]

Is't this the most useless feature ever? Why would anyone use this and also pay fees on this nonsense. The only reason to get a loan is because you need money. If you have crypto you don't have to put this crypto up as collateral and then gamble, doesn't make any sense. I wonder if there are people stupid enough to use this feature. I honestly doubt it!

Don't judge only by your needs. What is useless to you or me may provide an additional opportunity to someone else.
For example, I may have bought Bitcoin at $83k, and now I don't want to sell it at a loss, but I need the money to realize something else. So why not take a fair loan while I certainly wait for my investment in Bitcoin to return at least to positive zero.
It's also stupid for someone to lose their life savings gambling, and it happens all too often. Many who are already on the gambling platform tend to take risks.

[AHOYBRAUSE]

Is't this the most useless feature ever? Why would anyone use this and also pay fees on this nonsense. The only reason to get a loan is because you need money. If you have crypto you don't have to put this crypto up as collateral and then gamble, doesn't make any sense. I wonder if there are people stupid enough to use this feature. I honestly doubt it!

Don't judge only by your needs. What is useless to you or me may provide an additional opportunity to someone else.
For example, I may have bought Bitcoin at $83k, and now I don't want to sell it at a loss, but I need the money to realize something else. So why not take a fair loan while I certainly wait for my investment in Bitcoin to return at least to positive zero.
It's also stupid for someone to lose their life savings gambling, and it happens all too often. Many who are already on the gambling platform tend to take risks.

Wrong approach my friend. While in normal life this would work, we are talking about a casino here. Also, if the price of the collateral coin goes down the site will also liquidate it if necessary, so there is still a chance to lose your coin (obviously you could buy back in as as well).

But hey, all the discussion is useless anyway since:

[serjent05]

Is't this the most useless feature ever? Why would anyone use this and also pay fees on this nonsense. The only reason to get a loan is because you need money. If you have crypto you don't have to put this crypto up as collateral and then gamble, doesn't make any sense. I wonder if there are people stupid enough to use this feature. I honestly doubt it!

I don't think it does not make sense, just look at the lending board, there are people who applied for a loan in USDT, having their altcoin or Bitcoin as collateral.  The reason for this is that the person doesn't want to part with the said cryptocurrency because he thinks that there is a possibility that it may increase in value.  

I believe the same logic is applied in this service.  There are gamblers who don't want to part with their cryptocurrency for the same reason but want to gamble.  So instead of selling their cryptocurrency and possibly missing out on profit if their crypto surges, they avail for a loan and use their crypto as collateral, which they can redeem anytime they have the funds to pay for the loan.

[terrific]

I am trying to recall if I've seen the same feature with other casinos but I can't.
I agree that it's sort of an experiment and if the demand asks for it, they're going to have it remain.
Although there is no need to remove it even if there will be little demand for it because, we don't know how demands will be in the future for such features.

Is't this the most useless feature ever? Why would anyone use this and also pay fees on this nonsense. The only reason to get a loan is because you need money. If you have crypto you don't have to put this crypto up as collateral and then gamble, doesn't make any sense. I wonder if there are people stupid enough to use this feature. I honestly doubt it!

There are gamblers who likes to gamble with stablecoins and want to test their luck while don't want to lose entirely the coin they're holding.
You're right that it's a feature that if someone wants to gamble, they should just gamble and deposit that crypto.
But anyway, as you've said discussing it further is no longer making any sense, this feature is about to get discontinued and it probably didn't get that much demand.

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[Mahdirakib]

~ and talking about crypto loans, seems they are going to be discontinued soon, so i guess it wasn't popular enough to justify keeping that feature.

Crypto loans would have been very popular at BetFury or any other platform if there was no collateral . They were taking a higher amount as collateral and giving a lower amount as loan. Why would a gambler do that!

I can see some people in this thread saying that gamblers use other crypto as collateral to borrow USDT, as they expect the crypto’s price to rise. I think none of them are regular gamblers.

[dwyane36]

Crypto loans would have been very popular at BetFury or any other platform if there was no collateral .

This would likely be popular among users, but it wouldn’t last long, as it would ultimately lead to the platform’s collapse. If BetFury or any other gambling platform were to offer unsecured loans to gamblers, including those with gambling addictions, it would effectively be the same as giving those funds away for free. The outcome would be obvious.
Incidentally, the cases of Celsius and BlockFi are clear examples of how unsecured and risky loans can be one of the causes of collapse.

[slackovic]

Crypto loans would have been very popular at BetFury or any other platform if there was no collateral . They were taking a higher amount as collateral and giving a lower amount as loan. Why would a gambler do that!

I can see some people in this thread saying that gamblers use other crypto as collateral to borrow USDT, as they expect the crypto’s price to rise. I think none of them are regular gamblers.

I don't understand why would a person take a loan just to gamble it away. It's not like it's free money - you still have to return it eventually. I didn't know that anyone offers a loan without a collateral. How does it work? I mean, if someone doesn't pay back the loan, how can a company make him pay back?

[Taskford]

Crypto loans would have been very popular at BetFury or any other platform if there was no collateral . They were taking a higher amount as collateral and giving a lower amount as loan. Why would a gambler do that!

I can see some people in this thread saying that gamblers use other crypto as collateral to borrow USDT, as they expect the crypto’s price to rise. I think none of them are regular gamblers.

I don't understand why would a person take a loan just to gamble it away. It's not like it's free money - you still have to return it eventually. I didn't know that anyone offers a loan without a collateral. How does it work? I mean, if someone doesn't pay back the loan, how can a company make him pay back?

But actually its happening not all people have same level of discipline. There are gamblers will came to the point borrowing since they have this feeling that their luck will came and they eventually recover. Lots of people do that end up losing and they get lots of problem.

Also I agree with @AHOYBRAUSE its useless to talk about that feature anymore, since Betfury discontinued that feature.

[slackovic]

But actually its happening not all people have same level of discipline. There are gamblers will came to the point borrowing since they have this feeling that their luck will came and they eventually recover. Lots of people do that end up losing and they get lots of problem.

Also I agree with @AHOYBRAUSE its useless to talk about that feature anymore, since Betfury discontinued that feature.

Yeah, I understand that some people doesn't have discipline and try to win back the lost money by using loans. But I'm not sure how a collateral free loan works. Maybe I wasn't that clear in the earlier post, but I'm wondering how can a company provide these kind of loans and then make users pay it back.

[joeperry]

Yeah, I understand that some people doesn't have discipline and try to win back the lost money by using loans. But I'm not sure how a collateral free loan works. Maybe I wasn't that clear in the earlier post, but I'm wondering how can a company provide these kind of loans and then make users pay it back.

Me too I'm not sure how it works and I really haven't been able to at least test it but they are business people and they won't just do a free loan without collateral. I'm sure there's some form of collateral required, and if that's the case, it would probably be equal to or greater than the amount being borrowed. Then that actually defeats the purpose of the loan, since the user already has money on the first place. Now, if that's not how it works and collateral is not required, then I'm curious too how would would the borrower would pay it back and how will the site will try to get it from them. It's sounds risky, maybe that's why they stop it?

[Zwei]

~ and talking about crypto loans, seems they are going to be discontinued soon, so i guess it wasn't popular enough to justify keeping that feature.

Crypto loans would have been very popular at BetFury or any other platform if there was no collateral . They were taking a higher amount as collateral and giving a lower amount as loan. Why would a gambler do that!

i don't think loans were targeted at people who gamble imo, i think betfury were just trying to find another source of profit, but it was never gonna work out for obvious reasons.
one of them is the 1x wager (as i found out when i staked some USDT on betfury before), they don't separate the balances, so let's say someone deposited BTC and wanted to take a loan in USDT, when they pay it back + interest, they would have to wager the collateral before they can ask for a withdrawal, like why would anyone go thru all that, when they can get better interest rates and no extra requirements on other sites.

but i saw another gambling website that offers "no collateral" loans to their players (clash.gg), they use the player VIP level as collateral, if they don't pay it back, they lose the levels and the rewards that come with them. it's honestly an interesting concept, it could work out on betfury if they use a similar system.

I can see some people in this thread saying that gamblers use other crypto as collateral to borrow USDT, as they expect the crypto’s price to rise. I think none of them are regular gamblers.

not only it makes no sense for someone to take a loan against coins they don't want to sell to gamble with, also i have not seen a single person who who takes collateralized loans to gamble, they usually try to take loans when they lost all their money (goobr is a prefect example lol).

[slackovic]

i don't think loans were targeted at people who gamble imo, i think betfury were just trying to find another source of profit, but it was never gonna work out for obvious reasons.
one of them is the 1x wager (as i found out when i staked some USDT on betfury before), they don't separate the balances, so let's say someone deposited BTC and wanted to take a loan in USDT, when they pay it back + interest, they would have to wager the collateral before they can ask for a withdrawal, like why would anyone go thru all that, when they can get better interest rates and no extra requirements on other sites.

but i saw another gambling website that offers "no collateral" loans to their players (clash.gg), they use the player VIP level as collateral, if they don't pay it back, they lose the levels and the rewards that come with them. it's honestly an interesting concept, it could work out on betfury if they use a similar system.

/snip

I think that gambling sites must have the 1x minimum wager requirement because of the money laundering rules. Otherwise someone who wants to launder their money could deposit, take a loan, immediately pay it back and withdraw the money. I'm not sure if that's the reason, but it makes sense like that.

[Obim34]

Yeah, I understand that some people doesn't have discipline and try to win back the lost money by using loans. But I'm not sure how a collateral free loan works. Maybe I wasn't that clear in the earlier post, but I'm wondering how can a company provide these kind of loans and then make users pay it back.

Such people should be left to perish for wrong behavior. How can someone be taking loans on something that is based on probability of winning, gambling doesn't have a guaranteed profits, taking loans to fulfil gambling urge is actually a stupid plan that one can barely recover from. Gamblers who do this needs strict therapy, I hardly will consider taking loans on certain investment, what more on gambling that is barely luck based.

[Slow death]

Crypto loans would have been very popular at BetFury or any other platform if there was no collateral . They were taking a higher amount as collateral and giving a lower amount as loan. Why would a gambler do that!

I can see some people in this thread saying that gamblers use other crypto as collateral to borrow USDT, as they expect the crypto’s price to rise. I think none of them are regular gamblers.

I don't understand why would a person take a loan just to gamble it away. It's not like it's free money - you still have to return it eventually. I didn't know that anyone offers a loan without a collateral. How does it work? I mean, if someone doesn't pay back the loan, how can a company make him pay back?

In my case, I'm more intrigued by the idea that someone would take out a loan when they have the same amount of money in their wallet and offer that same amount as collateral. I mean, it doesn't make sense to me. If I had 1 BTC worth $70,000, why would I give my 1 BTC to a casino as collateral to borrow $70,000 USDT when I could simply take the 1 BTC and gamble at the casino?

And in my mind, money placed in a casino to gamble rarely becomes very large and rarely returns. Therefore, following my reasoning that money placed in a casino has a higher probability of being lost than won, I don't see why people would take out loans and offer their cryptocurrencies as collateral. I wonder how many people who took out loans and offered their cryptocurrencies as collateral managed to win and get their cryptocurrencies back.

I highly doubt there will be many people there. At the end of the day, the casino will come out ahead because the person who puts $20 in Bitcoin as collateral to get 15 USDT and loses all 15 USDT will also lose the $20 in Bitcoin. They'll lose a lot. If they put the $20 in Bitcoin to gamble, they would have more money in their bankroll.

[serjent05]

In my case, I'm more intrigued by the idea that someone would take out a loan when they have the same amount of money in their wallet and offer that same amount as collateral. I mean, it doesn't make sense to me. If I had 1 BTC worth $70,000, why would I give my 1 BTC to a casino as collateral to borrow $70,000 USDT when I could simply take the 1 BTC and gamble at the casino?

Indeed it is very interesting why people take loan when they have the same amount of BTC.  But just like some loan request I read in the lending area where collateral is needed, some don't sell their coins because they believe it will increase in price and they have fund incoming but they are in need of fund.

I also agree that it makes no sense for a person to take a loan and gamble it but the thing is there are lots of nonsensical things that happen every day, so we should not be surprised if these things happen too.

And in my mind, money placed in a casino to gamble rarely becomes very large and rarely returns. Therefore, following my reasoning that money placed in a casino has a higher probability of being lost than won, I don't see why people would take out loans and offer their cryptocurrencies as collateral.

They take a loan because they want to gamble, it is as simple as that.  They may be addicted to gambling or have funds coming in a week or two, but they wanted to play that moment.

I wonder how many people who took out loans and offered their cryptocurrencies as collateral managed to win and get their cryptocurrencies back.

I am also interested in these statistics, but in my experience as I do once applied a loan from some ewallet service, gambled it and not only recovered my losses but actually won a good sum of money.  Though I do not advice such act because it can eventually lead us to financial problems.