Bounty: What is the value prop of NoLimitCoin
I have met a few people that are huge fan of NoLimitCoin. So I would like to take a look into it and do some research.
So far my understanding is:
- There is a POS blockchain, with a coin NLC2. One can stake coins for 4% per year
- They offer fantasy sports and poker so far.
- If my understanding is correct the services are not run on the blockchain or blockchain based.
- The coin is used to bet
- They seem to have a great product and good development
- they are partnering with steemmonsters somehow
Given the above, I see very little reason why this coin can succeed. There is little advantage this project has over traditional services. They could simply offer to use a crypto and would be able to have all the same advantages as NLC2.
On the other hand starting a project like this without user base is very tough and needing a certain currency to play is a huge disadvantage for players.
The product itself here becomes useless if there is no reason for players to actually play there....
My understanding is very rough so I would like some help if you know this project understanding the fundamental value and business model.
What am I missing?
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@steem-bounty , @knircky
Thank you very much. I have "re-invested" my 9 steem and made my first steem-bounty.
Just a question: i sent 9 steem to steem-bounty but on the website it says 18 steem. Why is that?
I just want to clarify that Steem Monsters has no formal partnership with NLC. One of our team members runs a regular poker tournament there and gives out Steem Monsters cards as prizes, and we have discussed potentially doing some cross promotion with them, but that is the extent of it really.
Other than that your points are all correct. Ultimately though, I think their success (just like most projects) will come down to their marketing. Even the crappiest project can be successful through good marketing. NLC has a long way to go on that front though, so the question really comes down to whether you think they can execute or not.
Thanks Matt. I think its great that different projects and teams are working together!
I think some of the execution has been great and impressive. Ive been playing on the poker app and ita works fantastically.
I just dont get the business model just yet.
"If my understanding is correct the services are not run on the blockchain or blockchain based."
That is also my understanding after reading the whitepaper. Nolimitcoin basically serves as an utility token that can be used on their platform. When you use their utility token instead of fiat they give discount on the fees with faster transactions and accelerated verification (kyc).
"Given the above, I see very little reason why this coin can succeed."
I agree, i do like the fact that they offer almost free and fast transactions. Because that's something that you need with games, people are not wanting to pay fees for every transaction they make in a game. And transactions need to go fast in order to have a good gaming experience. (That's why Ethereum is a nightmare to build games on.)
"What am I missing?"
There is nothing special about this project. I like the steem blockchain more to build games on. We already have a big community + transactions are free and fast.
"I have met a few people that are huge fan of NoLimitCoin."
Nolimitcoin has an affiliate program where people are paid to get someone investing in this project. That's often the main reason why some projects get a huge following and others don't. People like to promote with their affiliate links to earn some extra tokens for themselves.
After read the whitepaper, I am also think Nolimitcoin is not blockchain , it is utility token of their platform.
This coin now only could let transactions faster and discount on the fees, but maybe in the future, they Will pay interest .
You are right, this coin now would not successful, but if she pays interest later, etc.?
Because there are a few coins in my country, they have not been successful, but because major changes - changed to blockchain or pay interest, the result was a great success, and they did not Discard the original coin, let those original coin of user Value added > hundred multiple.
So sometimes, hopeless coin, some people will hold it, as long as she does not close down and there is no risk of bankruptcy.
Someone will support it.
Hi @knircky,
I don't know what to make of it either. According to the whitepaper it is first of all one of many crypto currencies, which in the end is dedicated to online gaming, and nothing new in itself. That all crypto currencies are slowly coming into the area of application can also be seen here on Steem, through e.g. games like Drug-Wars, etc..
The coin puts the focus on virtual sport games and next to that on a poker platform. Hm, nothing really new. The attempt to open a poker platform, which is based on a crypto currency, there were already plenty tries, such as CoinPoker, Bitpoker, Virtuel Poker etc.. Here, of course, the previous huge platforms such as 888Poker, TigerGaming, Pokerstars, etc. already exist! (Sure with the restrictions that it is illegal in different countries to use these platforms).
The coin has grabbed some familiar faces, such as JOHNNY CHAN (a professional poker player) and JOE THEISMANN (a former American football player). PR-wise a clever move and that probably could make the coin known faster and "easier to accept" between all the other coins. Furthermore, CEO RAFAEL GROSWIRT already has experience in PR/ App development with his own company/platform at www.MyItContractors.com But I really miss the innovation behind this coin. Just because it's a crypto currency (well, it's more like a utility token to pay for) and the money transfer is easier to display, it's nothing special in my eyes.
This focus on gaming is opposed by a number of previous "Fiat" online games, such as FIFA/ Fortnite with their own online shops. These top dogs would first have to be displaced. Here is the question why people should jump on this platform now? I don't see any reason for that.
In addition, there are thousands of coins that are considered "gaming coins" that want to revolutionize the gaming industry, such as FirstBlood, ENJIN, MobileGo, etc..
And besides all these coins NoLimitCoin has to find its niche. In my opinion the chance is very small.
I don't need to say anything about the profit made from speculations with this coin. In the current bear market it simply goes under.
NoLimitCoin is just another useless token. As Gambling DApps become more popular running off of Eth, Tron, Eos, Steem, Xlm, etc. this coin will fade into the abyss. I used to watch FunCoin (FUN) which was targeting actual online Casinos however DApps are going to kill this space and eventually a Binance of internet gambling will come along.
There is no need to trust a centralized gambling coin even with a snazzy website like NLC2. I'll stick with @magicdice https://magic-dice.com/?ref=crypticat and @steem-bet https://steem-bet.com?ref=crypticat for now. Hopefully these websites will improve, add poker, blackjack, etc. and start accepting other cryptos while making Steem a central part of the industry. Online gambling is one of the best use cases for crypto and NLC2 is just attempting to grab a slice of the pie. Poor investment IMO.
Edit: Joined your vote exchange club!
I can only comment on the Poker part, and although they have a "pretty" website, it is exactly as you mentioned, they don´t have a community to play and not many favorable points to mention.
Personally, I joined expecting much more (I guess we can say they have good marketing), but I'm involved for some months now and nothing has changed or developed...
Whenever I see a project like this I just feel like they're trying to create an alternative to a centralised version of the application gain some users and then sell it off to the highest bidder.
As a standalone project I agree I don't see No Limit being a success but if it were to gain enough traction that merits an offer from a large gambling site they could be in for a major pay day
As for the gambling site they acquire a new set of daily active users and can even offer it as an alternative to keep people who have defected from their centralised system to try no limit.
We've seen this type of strategy with many tech startups and I think many blockchain projects will go the same way
Being apart of the poker industry for many years and seeing what has become known as Black Friday transpire, I would have to say that if this business is allowing US players to play online poker legally then that is where the value comes in. Legal US online poker sites (that pay out in a timely manner or at all) are not in abundance so any gambling related site that does has a chance at success.
How can i inveet and get profit from this cryptocurrency.