As the price of Bitcoin reaches record highs, a new poker site that is cryptocurrency claims it’s set to revolutionize the industry. But the innovation is seen by some as something taking us back into a more unregulated industry.
CoinPoker, a brand new online poker site utilizing blockchain technology, has gone live for free play gambling ahead of a pre-initial coin offering (ICO) on Nov. 16. The real money gaming options of the site will not officially launch until January.
The cryptocurrency is based and will, according to the website’s promotional literature, help create a fairer, more accessible form of poker.
Support from Tony G
Ahead of this sale,has shown his support for the site when criticizing systems used by present internet poker operators.
“Poker is my passion,” Guoga tweeted on Guoga composed on Sunday. “I really like this game. But online #poker is sick & some things need 2 be changed there. Blockchain & crypto currencies could make poker trustworthy again.”
The idea of utilizing blockchain technology verify the random number generator of a site and to process payments is based on solid principles, some believe it will regress the industry.
While there is clearly some interest in the, it appears that opinions are still divided over its usage and standing in the online gaming industry.
Commenting on the emergence of regulations and betting sites, Investopedia’s Joe Liebkind suggested that online gaming regulations could see new payment methods are implemented by websites.
Liebkind opined that this would result in a amount of poker websites that were cryptocurrency and, thus, platforms being accessed by a greater chance of gamers. In addition, he noted there is a key issue anonymity, although the author points to increased taxation on regulators as a thing to consider.
In accordance with Liebkind, this is why “bitcoin was constructed, and will remain, an unregulated solution” not just in the world at large, but particularly in the gambling community.
What supporters believe is not up for discussion is the amount of security and transparency that blockchain technology supplies. Because each block of information is timestamped and connected to a block by a pointer, cases of fraud are perceived as virtually impossible, and can be easily pinpointed when and where they do occur.
If you still aren’t quite certain what to make of Bitcoin, Ethereum, or some other decentralized, virtual currency alternative, watch this movie by financial journalist and author of Moneyball Michael Lewis to feel better about this invention, loved by revolutionary anarchists, he says, that might be passing you by.