Quote:
Originally Posted by robert_utk
If you have to catch VD to play, then what makes this approach any better than using BTC on established sites? The LOLsecurity?
well they will write a long and confusing paper about why their technology is the best possible way to play poker online. i couldn't tell you why it would be better or worse than using BTC to play on WPN. i highly doubt it will be better, but that's not my problem. the token sale is my problem.
i skimmed the white paper and read the part about game security which is obviously one of the biggest issues. instead of hiring a staff to monitor game security, they're going to farm it out to random people online and reward them with VD.
what they really need these people for is additional nodes on their network (like miners for bitcoin), pretending they will help catch colluders is a clever way to disguise it.
the idea of a poker room using a blockchain and smart contracts is a great idea. i don't want to crap on that idea. but the fact that they're using a token sale to fund their business is where it becomes a quasi-scam.
they're going to create VD, virtue dollars, but they won't sell all of them. for example, let's say they create 1 million virtue dollars. they might sell 300k VD in their token sale and then keep 700k in a piggy bank. once a bunch of people pump real currency into VD, the 700k VD they created out of thin air now gains actual value.
a token sale is a form of fundraising but they sell you a lie. they pretend they are selling you an item that has value but it's an item that
might have value, 10 years down the line, if the best case scenario plays itself out. in the mean time, they will use your real currency to fund their business, and you may or may not hear from them any time in the next 3 years.
they do it this way because nobody will give them money via the traditional methods because they don't have anything close to a functioning product, proven idea, or apparently, a full staff.
Last edited by augie_; 09-14-2017 at 11:14 AM.