What happens to the purchasing power of players bankrolls when their cryptocurrency undergoes 30% swings in market value in a couple of hours, or drops by half over a week's time?

Virtue Poker now has their own account and thread over in Internet Poker:

https://forumserver.twoplustwo.com/2...ereum-1688689/

The choice of pro players they signed to rep the brand is great choice imo, BRast and Dan Colman!

Great job Virtue poker!

It goes down?

If it is decentralized, requires no servers and uses players own currency in a side river of free trade, what would be the rake and why would Virtue Poker be entitled to charge rake? Just asking.

this is a cool idea but unfortunately they are going to do a "token launch" to fund their operation, which is super duper lame.

here's how it works:

they create their own digital currency, "virtue dollars" or whatever they will call it. let's call it VD for short which is a great analogy.

sometime in the next few months, they will offer VD for sale. you will use VD to play the games on virtue poker, but there's no reason for you to buy VD now (because they don't have a product) so they will offer an incentive to buy VD before you can use it. a percentage bonus or something like that.

they will use this money to fund their business. pay employees, coders, advertising, themselves.

amazingly, there will probably be plenty of people willing to buy VD with the hope that virtue poker creates some kind of proprietary technology that causes the price of VD to rise over time.

or, virtue poker could just never launch, they will have spent the money, and that will be that.

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.

So this alternate Ether crypto network allows the creation of secondary currency that is only usable between users of a certain part of the network? And then if anyone chooses to "buy" this sub-currency the value is just whatever anyone is willing to pay? Basically Virtue Dollars are only good on Virtue poker right?

Wow, um, I would rather not ever participate in this particular endeavor, but I agree that P2P poker using crypto currency is an interesting idea.

virtue will either set the price of VD, or sell X number of tokens, collect as much money as they can, and the price of VD will be based on how much money they collect.

Regarding LOLSecurity: https://medium.freecodecamp.org/a-ha...m-9e5dc29e33ce

Isn't Stars already selling playmoney?

The posts in this thread by Augie should be stickyed somewhere on TP2.
What he's describing is what's currently happening all over the place in the alt coin market with the massive amount of ICOs.

come play at augiepoker.com! games on augiepoker.com are played with augietokens which is the best cryptocurrency ever.

buy augietokens with bitcoin, and i'll sell that bitcoin for USD, and then i'll use that USD to hire a programmer to create augiepoker.com. soon, we will all be having tons of fun winning huge amounts of augietokens on augiepoker.com!

wait, here's the best part: augietokens are totally untraceable and anonymous, so you can buy heroin, child porn, or human slaves!

https://betking.io/

An ico that just finished. It will offer poker too but it is different.

edit: This looks like fun.. Urubu1111

ballin' out of control! it's a high level scam for sure, getting people to give you 6 million dollars in exchange for nothing but your homemade worthless currency.

Dayum. We gotta make a 2p2 ICO. Malmuth likes monies too, for sure. Currency rises in value for every thread in BBV/NVG that gets trolled. We will call them Sklansky bucks lol!

I threw bunch of ETHs into several projects already. Some that I actually believed in, some that I just wanted to make a quick buck from. But there's no way I'm buying "VD" ICOs

Can't blame them tho. I would try to capitalize this ICO hype too if I were them. People investing in every project that has >10 pages in whitepaper.

Typical herd mentality, mainstream media propaganda.^^^^
Your wrong! Heroin, child porn, and human slavery is all funded by the USD, Amerikkkan government and the elites.

Have you ever heard about award winning journalist Ben Swann's Pizza Gate Video? After which him and his entire network of media were completely erased from the face of the planet for speaking too much truth

Have you ever research Sandusky selling children to wealthy donors?

augie, what's your proposal for them raising money to do all the work?

I know there's a lot of scams happening in the ICO-sphere currently but that doesn't mean the mechanism of an ICO isn't legit. As with all start ups, they need capital to operate. VC's aren't going to bother investing in a dying market such as online poker, especially considering all the regulatory troubles. So ICO is ideal for these guys and it's regs like 2p2 that believe in the future of poker who will invest.

A traditional startup who takes on VC money, can use it, burn it and not deliver either. I'm not sure why you're so against this.

generally, i applaud everyone skimming from the top on the crypto market. get your money, there are plenty of morons who fancy themselves currency traders giving it away. if i had the capital i'd jump in on this action.

i don't mind an ICO if the sole purpose of your company is to create a currency. nobody is gonna mine your ****coin that's worth nothing. you have to distribute it somehow.

i get annoyed when companies don't need their own currency, but create one and shoehorn it into their business so that they can sell it as an ICO.

it seems equivalent to blatantly telling a lie in order to get funded when you otherwise wouldn't get funded.

Most altcoins are not mineable

right, but not because it isn't a good model, because nobody would mine them.

the kik ICO coming up is a good example of an ICO i don't have a problem with. could even be one of the few that's a good investment!

HAHAHA

man creates a joke currency and people pump it up to 400M. topical!

http://economictimes.indiatimes.com/...w/60707996.cms