Re: PopCoin- The World's First Proof of Play Cryptocurrency - 2 ETH FREE!
First, just want to confirm we are launching today. We needed to make some last minute adjustments so we pushed back launch by a day. It will now be launching at 2am UTC.
Correct, it is similar to some of those games however also pretty different. The biggest difference is how we integrated our own mining algorithm into the game. The House takes a 3% rake of every bet made and puts it into a side pool just as a casino would in real life. This is how they make money and this is how The House in our contract makes money. However, unlike other games where the house is just the developers we instead wanted to make it so that The House were the people who added the most value to the game (ie the players) hence PoP - Proof of Play.
When you place a bet you mine PoPCoins which can be exchanged for that 3% rake the house takes. So by playing PoPCoin you are not only playing a game similar to the games you mentioned earlier but you are also becoming The House and are earning a portion of that 3% for every bet going forward. The game is not pre-mined and there is no way for the developers to change anything or remove money once it's launched.
PoPCoin is also different in that it is a framework of games all of them paying eth into The House that PoPCoins make you a part of. PoPCoin is essentially a decentralized casino with unique fun games and where the players own the earnings of the casino.
You did see 0 in the pool when you last checked because we had to make some last minute changes to the contract. It is true with no money in the contract there is no reason for players to play. That is why we are seeding the contract with 2 Eth which you will see later today.
If you want more information on how PoPCoin works you can checkout our videos or our pitch deck with outlines the economics of it: http://popcoin.gg/images/popcoinPitch.pdf
OK, this is another one of those ETH smart contract gamble games like those ExitScam and Fomo games getting popular now, right? I will admit, this one looks LESS complicated, and MORE easy to see and to win, but the problem is to attract the first few players.
You said you put in 2 ETH but I see there is 0 in the pool right now, meaning not a single player has played, meaning no one will risk until those ETH start building up.
You said you put in 2 ETH but I see there is 0 in the pool right now, meaning not a single player has played, meaning no one will risk until those ETH start building up.
Correct, it is similar to some of those games however also pretty different. The biggest difference is how we integrated our own mining algorithm into the game. The House takes a 3% rake of every bet made and puts it into a side pool just as a casino would in real life. This is how they make money and this is how The House in our contract makes money. However, unlike other games where the house is just the developers we instead wanted to make it so that The House were the people who added the most value to the game (ie the players) hence PoP - Proof of Play.
When you place a bet you mine PoPCoins which can be exchanged for that 3% rake the house takes. So by playing PoPCoin you are not only playing a game similar to the games you mentioned earlier but you are also becoming The House and are earning a portion of that 3% for every bet going forward. The game is not pre-mined and there is no way for the developers to change anything or remove money once it's launched.
PoPCoin is also different in that it is a framework of games all of them paying eth into The House that PoPCoins make you a part of. PoPCoin is essentially a decentralized casino with unique fun games and where the players own the earnings of the casino.
You did see 0 in the pool when you last checked because we had to make some last minute changes to the contract. It is true with no money in the contract there is no reason for players to play. That is why we are seeding the contract with 2 Eth which you will see later today.
If you want more information on how PoPCoin works you can checkout our videos or our pitch deck with outlines the economics of it: http://popcoin.gg/images/popcoinPitch.pdf
Thanks for the responses. It looks like you still had problems launching, I guess the announcement was premature. Idea is actually very good now that you have explained it because:
1. Mining by betting and proof of play is just like a casino rewarding the most active players or the ones who wager the most. I really like this concept.
2. 3% rake might be too high. Lower it to 1% for a start, maybe max 2% once established. No point being greedy, right?
Now your idea is excellent but you really need to get your smart contract looked at AND maybe touch up your design.
Thanks for your feedback! After collecting some additional last minute input we decided there were a few small features that should be added to the contract. Everything is in place now and we're just going through the final testing stages, feel optimistic for a launch early next week.
Regarding your point about rake, we agree 3% in a vacuum would seem high, but keep in mind the majority of this rake doesn't go to the game or the developers, it goes back to the players.
Because of this players, especially early players, have an interest in and benefit from a healthy rake. We're intending to launch with the percentage of PopCoins the developers mine (and thus percent of rake they're entitled to) set to 30%. This number is set in the contract itself and can possibly decrease but can never increase.
So: 3% * 0.3 = a total of a 0.9% rake for the game/developers which we think is very reasonable and below most dice sites or other popular forms of crypto gaming. The remaining rake the players are entitled to and can redeem their PopCoins for at any time. This is all enforced through the contract itself, no trust is required of us at any time.
Hope that answers your questions, and we'll keep working on the design too