A new cryptocurrency poker site claims it’s set to revolutionize the industry as Bitcoin’s price reaches record highs. But the invention is seen by some as something taking us back.
CoinPoker, a 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 site’s real money gaming options won’t officially launch until January.
The specially designed cryptocurrency is based on Ethereum contracts that are smart and will, according to the site’s promotional literature, help create a fairer, more accessible form of online poker.
Support from Tony G
Ahead of the sale,has shown his support for the site when criticizing systems used by present online poker operators.
“Poker is my passion,” Guoga tweeted on Guoga wrote on Sunday. “I really like this game. But #poker that is online is sick & some things need 2 be changed there. Blockchain & crypto currencies could make poker trustworthy again.”
The notion of utilizing blockchain technology verify a site’s random number generator and to process payments is based on principles, some think it will regress the industry.
While there is clearly some interest in the, it seems that opinions are still divided over its use and standing in the online gaming market.
Commenting on the development of betting sites and regulations, Investopedia’s Joe Liebkind suggested that gaming regulations could see websites implement new payment methods.
Liebkind opined that this could result in a amount of poker websites and, thus, a higher chance of players accessing platforms that were unregulated. He also noted a crucial issue is anonymity even though the writer points to increased taxation on licensed regulators as a matter to consider.
According to Liebkind, this is why “bitcoin was built, and will remain, an unregulated solution” not just in the world at large, but especially in the gambling community.
What supporters believe is not up for discussion is the level of transparency and security that blockchain technology supplies. Because each block of information is timestamped and connected to a block with a pointer, instances of fraud are perceived as impossible, and can be easily pinpointed when and where they do occur.
If you still aren’t quite sure what to make of Bitcoin, Ethereum, or some other decentralized, virtual money alternative, watch this video by financial journalist and author of Moneyball Michael Lewis to feel better about this invention, adored by radical anarchists, he says, that might be passing you by.