Why do cryptocurrency casinos need an ICO?

Discussion in 'Bitcoin Casinos' started by PokerGod, Oct 20, 2017.

  1. PokerGod

    PokerGod Member

    ICO's or Initial Coin Offering are all the rage now and have raised hundreds of billions of dollars so far this year. The whole premise is that you receive a token instead of shares in the company. When the service or app that you funded is finally created, you can then use the token that you purchased to use the app.

    I have seen a ton of the these ICO's popping up in the online gambling sector as every week their seems to be a new ICO casino or poker room launched. My question is, why do I need a token to play at a casino or poker site? Why can't I just use bitcoin? I don't see the point in having to own a different token for every single service I use. That would get extremely confusing and wasteful because your wallet would be full of these coins/tokens that you never use.

    If a new casino or poker room has an interesting enough business plan then why don't they just look for investors and launch without a special token. I'll be much happier just gambling with bitcoin rather than having 10 ICO tokens in my wallet.
  2. Humble Servant

    Humble Servant Active Member Staff Member

    99% of ICO's are total scams. There are services online now to specialise in writing ICO white papers so you can launch one for just a few thousand dollars. All you need is a fancy logo, a cool name and a flashy website that's full of buzz words. Online gambling ICO's are no different. This is just an easy way for the unscrupulous to take money from idiots.
  3. Jake21

    Jake21 Member

    i suspect that many of the people behind these ICO's will be arrested in the coming years because the SEC will need these tokens as being securities.
  4. EthHead

    EthHead Member

    The SEC is cracking down now so I hope none of the ICO gangster live in the United States or they might find themselves spending a few years in jail.
  5. Jake21

    Jake21 Member

    the value of all ethereum tokens have taken a beating this year, far worse than the drop in bitcoin price, so i suspect that most investors know they will never get their money back and their selling.
  6. Humble Servant

    Humble Servant Active Member Staff Member

    The Lightning Network is also coming along nicely which I think will make most tokens redundant since people will be able to pay for services with satoshi's instead of some dumb token.
  7. Toast

    Toast Member

    because of the crypto bubble bursting in 2018 and the price collapsing, many ico's are already shutting down and this includes crypto gambling ico's. crypto casinos and poker rooms never needed their own tokens.
  8. uglymug

    uglymug Member

    Have any of these ICO casinos survived the cryptocurrency winter? I never hear anybody talking about them on the boards or on reddit. Were they just a scam?

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