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Thread: Virtue Poker, P2P Ethereum Poker Sites launches in US

  1. #1

    Virtue Poker, P2P Ethereum Poker Sites launches in US

    "Donk down, that’s what you say to someone after they have lost 28K straight?" - Phil Hellmuth, online

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    Last edited by Crowe Diddly; 09-06-2017 at 09:14 PM.
    @CursedDiamonds on twitter

  4. #4
    Gold ftpjesus's Avatar
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    Mar 2012
    Mesa AZ
    Laugh.. Well there goes that theory of honest P2P poker.. A Wallet you control but we setup and will pilfer on you without warning someday.. BTW the next question is about them Raking it.. and finally cashing out. I'm sure some glitch will come out and you wouldn't be able to transfer back to your regular wallet.. Yeah watched the video and thought hey that's cool and then the fact the supposed office is some ghetto location that makes no sense.. Yep big red flag there..
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    Noticed Brian Rast sporting this patch on Pokergo fwiw

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    Received this via email today...

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    Dan Colman in the 2014 World Series of Poker “Big One for One-Drop” Photo Credit: PokerNews

    Virtue Poker, a decentralized peer-to-peer online poker platform, has teamed up with poker professionals Dan Colman and Brian Rast to upend the online poker industry in building a blockchain-based poker application built using Ethereum.

    ConsenSys began incubating Virtue Poker in May 2015. Virtue Poker aims to address the vulnerabilities that plague the online poker industry, such as mishandling player deposits and tampering with the integrity of games, by using a combination of a P2P card-shuffling protocol called Mental Poker and smart contracts on Ethereum.

    "The lack of transparency and accountability in the practices of many online poker companies presents a great opportunity for blockchain technology to showcase its utility in a manner that will satisfy both players and regulators,” says Virtue’s Co-Founder, Ryan Gittleson. Joseph Lubin, Founder of ConsenSys, said “Combining advanced techniques from cryptography with the Ethereum blockchain architecture which provides a shared source of truth for any application built on it, Virtue Poker represents a much needed breakthrough for the online poker industry.”

    Brian Rast, known online as "tsarrast, is a 3-time World Series of Poker Bracelet winner, and is joining the team as an advisor to the company. Brian won the $1,5000 Pot-Limit Hold’em event in 2011; and won the $50,000 Player’s Championship twice in 2011 and 2016, with heads-up victories against Phil Hellmuth and Justin Bonomo respectively. He ranks 10th all-time with over $20 million in live earnings over his career. “I’ve become very interested in the cryptocurrency space this year and am excited to work with the Virtue Poker team to bring this new type of poker platform to market.”

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    Brian Rast on Poker After Dark, Photo Credit: PokerGo

    Also joining as an advisor is Dan Colman, best known for beating Daniel Negreanu and winning the $1,000,000 buy-in Big One for One Drop at the 2014 World Series of Poker. Dan has made over $28 million in live earnings in his career, sitting 3rd all-time. “Virtue Poker is an innovative solution that I believe can add a lot of value to online poker, I’m excited to be a part of the team.”

    Virtue Poker is planning a token launch and will announce further details in the upcoming weeks. Anyone who is interested in Virtue Poker or its token launch can visit the Virtue Poker website and sign-up for updates. The Virtue Poker white paper can found be here.

    Interested viewers can check out Brian Rast on PokerGo in the “Poker Masters” beginning next week on September 13th.

  7. #7
    Platinum mulva's Avatar
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    Mar 2012
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    lol @ sponsorship

    how much would they have to pay any of you to wear a BLM patch
    Quote Originally Posted by bottomset_69 View Post
    Johnny Manziel will be the 1st pick in the draft. I truly believe not only will Johnny Manziel be rookie of the year, quite possibly he will be MVP as his style will shock defensive coordinators. Manziel may only be 6 feet tall, but he has size 15 feet. And he has HUGE hands. I know some NFL scouts so I know what I am talking about.

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    This Summer’s Hottest WSOP Patch: Cryptocurrency Site Virtue Poker

    Virtue Poker in the US?

    You probably won’t see Virtue Poker in the US for a couple years, at least.

    First of all, owners are taking the cautious, legal approach to operation, so they’ll initially launch into regulated markets abroad.

    “Our strategy isn’t to circumvent the laws and regulations that have been put in place around the world,” Gittleson said. The company’s first gaming license is currently pending approval in Malta.

    Of course, there are a few markets open for business in the US right now. New Jersey, Nevada, and Delaware have all regulated online poker, and Pennsylvania will join the pool shortly.

    As a whole, though, the limited US market is still unappealing for young operators. The cost of state-by-state licensure is simply too prohibitive for all but the largest sites, like PokerStars. An online poker license in PA, for example, costs $4 million.

    “Hopefully the legislation over time enables smaller startups to also participate at the state level,” Gittleson said.

    Virtue Poker retains legal counsel from one of the firms that has done the most work surrounding online gambling, Ifrah Law.

    Can they ban all advertising of foreign online poker sites that don't allow Americans to play?

    Who the fuck do they think they are targeting when they wear patches, appearing at the WSOP and on PokerGo?

    Well go ahead and pay $4 million for licencing online poker in Pennsylvania.

    I'm sure that they will make a fortune there.

    Last edited by TheXFactor; 09-23-2018 at 10:11 AM.

  9. #9
    Gold ftpjesus's Avatar
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    Mar 2012
    Mesa AZ
    To me that's the criminal thuggery aspect of these states.. There is no way in bloody hell an online poker license should cost that damn much.. Hell in Antigua its around $10-$15k atleast that's recoupable if you can get traffic and start raking cash and tournaments.. Malta is around $75k (yes Ive looked into it a few times in order to "go legit" as it were if I wanted to run a site once I had the overhead to do so because I still think the market for an honest site that isn't raping err I mean raking the shit out of its customer base for all they can squeeze ala PS and doesn't have cheating issues like ACR and others or shady financial issues that have shown up like Global).. Everytime we think there is a viable semi legal or grey site out there we find out once again shady shit is going on.. My honest opinion is crypto is a viable option but the root of the problem with it continues to be the significant volatility of the value of said Cryptos.. If the prices rise a poker site can make money secondarily with the rise of the value of the currency assuming they do a value transfer but risk taking losses if the values drop.. Now obviously you can do a straight chip value ratio to crypto say 1 chip is worth hypothetically 1mBTC or 1/100th of a bitcoin that puts a single chip value at $6 and change now and fractionally minimally .01 would be 6 cts.. That's an option but I can tell you dealing with a crypto merchant account like that's not as easy as you think depending as normally it requires a "fiat" value often times and calculates the crypto value.. Sorry to go off on a tangent... The original commentary is thus.. With online Poker licenses being ridiculously high vs actual likely return on investment it not only limits consumer choice because the startup prices are prohibitively high compared to likely ROI and thus to recoup costs the poker provider has to charge high rake to make any semblance of some small profit and limits to only large companies like Pokerstars who can eat such upfront costs to get into the market..

    If it was a regular online gaming site such as an online casino (like NJ is able to offer) I might agree $4M is reasonable because overhead is small even hardwarewise for many online casino software (The top end products Ive looked at and priced run from $120k to as much as over $500k for the software depending on source code inclusion as well as removal of the developers own branding (internal advertising essentially) but once a casino site is up and running you can automate almost everything from deposits to payouts, they tend to run on open source OS like Linux vs Windows and actual server hardware requirements mostly focus on a reasonable connection to the internet and a server that can handle technically moderate web server type traffic at most..

    Ok said my peace but I think 2 things need to happen to fix and make online poker viable in the states.. #1 Until bigger markets like NY, CA, FL legalize it to provide much higher player pools and thus liquidity at the tables sites aren't going to see major traffic and it will remain a fail.. Yes integrating interstate poker thus Nevada, NJ and DE can now play together in a single pool thus expanding online pool that's no comparison and makes the player pool a puddle compared to the potential Olympic swimming pool of adding say NY or a huge Lake like Florida and ultimately an Ocean adding California.. #2.. There needs to be a tiered system of licensure for online sites. Does the start up cost require more initially sure.. Criminal background checks and financials need to be reviewed to allow an entity to conduct legal safe gaming operations but it does not cost $4M to do so I don't care who you are especially when revenue to break even is nearly impossible to reach that in Year 1.

    Online Poker licensure SHOULD not be as much as a Casino.. Its a single process operation and the software has likely been tested by true certified evaluators and shouldn't be demanded every single time a new site goes up (Prime example is Enterra Poker software which several sites already use including the new version of SealsWithClubs).. By doing what these states have done it literally stifles competition which quite frankly the argument for anti-trust violations could be made that the State Govts have/are conspiring to keep limit competition in what should still be a free market system .. Besides by making it easier to go legal without undercutting protections for consumers one could argue that the states are missing out on gaming tax revenue and more competition is good for the consumers as it would likely keep rape err I mean rake prices down to reasonable levels since players would have a choice where to spend their time and money.. Damnit that whole making logical sense stuff,,
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