We reported recently on the CoinPoker ICO – a new poker site that is aiming to bring transparency and trust back to the online poker world through the use of blockchain technology.
Well the ICO closed successfully on 26th January with over 350 million CHP raised. That is the equivalent of around $70 million contributed to the ICO.
The site is already up and running and you can play in live poker tournaments right now by downloading the CoinPoker app.
And to thank the community for their amazing support, Coinpoker are currently giving a portion of the funds raised during the ICO back to the players in massive tournament giveaways.
In fact, they are giving away an astonishing 5 MILLION CHP tokens in tournament giveaways right now.
There are numerous tournaments happening every day with free buy-ins and prizes of 2,000, 2,500 or even 3,000 CHP given away for FREE!
Plus they regularly add in extra CHP tokens to normal buy-in tournaments, so you are constantly getting added value by playing on the CoinPoker platform.
There are also special high-roller events with 10,000 CHP added to the prize pool, although you will need 1,000 CHP to buy in to those special events.
So some great bonuses there, but of course these won’t be around forever, so don’t miss out on all these giveaways.
CoinPoker ICO – Revolutionizing Online Poker
25th January 2018
CoinPoker is a new blockchain-based poker platform that is aiming to revolutionize the way poker is played online.
It is currently having its ICO (Initial Coin Offering) and has raised over $40m so far.
CoinPoker’s aim is to tackle many of the problems of trust and transparency that have dogged the online poker world in recent years.
Here is a video explaining a bit more about CoinPoker and the problems it is trying to solve with its new platform:
One of the key problems with modern poker sites is that confidence in the system has been greatly eroded.
This is a result of:
- – Problems with the deposit and withdrawal process, with delays and issues in players being able to withdraw their funds;
- – There are increasing KYC (verification) requirements, blocking of transactions and in some cases accounts have been banned and funds frozen or confiscated altogether;
- – Scandals such as the Ponzi scheme ran by Full Tilt Poker;
- – Rampant manipulation by bots that prey on recreational players and teams colluding by having more than one player at a table.
- – Winning accounts are often fueled by rakeback incentives and other loyalty based promotions, further exacerbating their advantage.
Overall, a great deal of trust in the online poker industry has been lost.
CoinPoker aims to change all this by utilizing blockchain technology to create a fully transparent, secure and accountable system. This will include:
- – Instant Withdrawals – Coin Poker will have their own coin (CHP) which will be instantly withdrawable via the blockchain, rather than having problems of banks blocking transfers or taking days to process them;
- – Fair Play – they will employ systems to eliminate bots and provide fair play on their platform;
- – Shuffle will be Correct– random number generators which are used for card distribution will also be placed on the blockchain, thus providing guarantees that the shuffle is fair;
- – Security – smart contracts will be used to make sure token holders’ funds are secure and their data is protected.
So all of this should provide players with much greater peace of mind when playing on the CoinPoker platform.
At the same time, they have some massive plans for the platform in terms of prizes and incentives. Already they have given away a Tesla Model S in a competition and much more is planned for when they launch:-
- – 15% of the total ICO funds will be returned to the community in prize pools, which is likely to be equivalent to over $5m. This has the potential to be the largest giveaway in poker history!
- – Every month, 25% of the total fees and rake collected will be returned to the players, increasing the value and attractiveness of the games.
- – Over time, they will develop other types of poker as liquidity builds including 5-Card Omaha, limit games or Open Face Chinese Poker.
All of this should make CoinPoker an attractive place to play poker.
What is really clever though is that there is significant potential for the CoinPoker tokens (CHP) to grow in value over time.
This is because you will need these tokens to play poker on the platform – they are its currency. But there will be a fixed amount of the tokens. If the site grows, so will the price of the CHP coins, which will result in more utility and use on the platform.
Here’s a simple example: there are 1,000 coins in the market spread evenly between 20 players with 50 coins each. Statistically if 5% of poker players are winners in online poker, eventually all the coins will end up in one player’s wallet. So the remaining 19 players will have to buy additional tokens in order to play and this demand will increase the value of all tokens.
This is a very clever idea and could result in a steadily increasing value of the CHP tokens if they are able to exetute their plans and grow the site successfully.
So we think this is a very interesting project and have invested some funds in the ICO.
The downside is that the ICO closes tomorrow 26 January at 10am (GMT).
Disclaimer: we are not financial advisors and the above article should not be taken as financial advice. Please do your own due diligence and research and take professional financial advice before investing. All cryptocurrencies are risky ventures so please only invest money you can afford to lose. Your capital is at risk.