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RE: This week I Interviewed Dean the founder of BetKing. Couldn't believe he run the site completely by himself making $287k/month!
Ok, so Dean will introduce a token, a casino chip so to say, for gamblers to use in his online casino. Great idea, since BTC dominance is under 50%, transaction fees are high, so many people would want to use some other cryptos to top up their online casino's accounts.
But hold on, he launches an ICO for BetKing token for the purpose of BetKing token becoming an independent crypto? Then the tokens price would fluctuate, owning it would itself become a gamble.
Why not just just introduce a fixed exchange rate for the token and tie it to BTC price for instance?
Gamblers will gamble with cryptocoins (BTC, LTC, ETH, etc) not the ICO of Betking.
So the tokens are created for the sole purpose of speculation.
So let's say Bob, a possible ICO participant, would want to buy those tokens from Betking in order to resell them back to Betking a month later. Bob may receive more money than he invested if Betking shows profits within that month.
However Dean also mentions that Bob might want to sell those tokens in the open market, however the true value of the tokens remains unclear to Bob since according to Betking's website, those tokens are not shares within the company.
So the tokens that Bob bought only have value if betking sticks to its promise to rebuy those tokens later at the initial price + dividends.
So basically Bob gave Betking a loan that may or may not earn interest and will be repaid if Betking stays solvent.
What? They will be traded on an exchange as well Lisa.
When a new token is being introduced to the market, every cautious investor has the following questions in mind: "why is this token being introduced?", "what makes it different? " and" what purpose is it going to serve?"
There is more explanation on what purpose the tokens are going to serve on betking.io website. This info wasn't covered in your interview.
Here's an extract from the website:
So these tokens are bonds and that is what Lisa's comment was about.
They are like bonds correct Lisa, but unlike a bond you will get a share of the profit and losses of the site. Like the last 6000 BTCs of profit he paid out to the last investors.
Essentially it is a more complicated way of investing in the bankroll like all the other sites I have done here - https://bitcoingamblingreviews.com/bitcoin-gambling-investment/