Bitnplay: The Beginning of the Asymptotic Decline of the Centralized Poker Site Model

A new pokersite model has arisen through a project called BitnPlay which is much like the beginning of the implementation of Naj Coin. BitnPlay realizes that the evolving poker population naturally seeks sites with lower effective rake and so they have built an interesting promotion that facilitates this desire:

Bitnplay Bitcoin Poker Site To Debut In EU With A Twist

“Being a startup, Bitnplay is attempting to grow a pool of investors using what’s called Bitnpartners. Intended as a kind of crowdfunding method, Bitnplay is offering 200 “partner tokens” available for purchase. One token is available for two Bitcoins each, setting the current value at around $630. As of this writing, only one token has been sold, but if all are purchased, Bitnplay could generate around $125,000 in seed money.

Any player or would-be investor holding the token will then receive 100 percent rakeback on Bitnplay for life. The partner tokens are generally free from restrictions. Though they can only be associated with one account at a time, the tokens can be traded or sold. One person could own multiple tokens spread across different accounts or even trade tokens with a small group of friends.”

Furthermore and what is bound to be a revolutionary change in the current industry model BitnPlay does not at anytime hold players funds:
Our vision is to decentralize online poker, and offer the first trust-free platform. You do not need to trust Bitnplay with managing your funds. Our payment system is revolutionary in its transparency, security and simplicity. On Bitnplay, there are no deposits required—buy-in to the tournament of your choice, directly through your Bitcoin wallet. Upon finishing the tournament, you’ll earn your winnings back to your wallet.
This is certainly the kind of security the players deserve and should want, and in the future it will no doubt be the kind of security the players demand.  There are many questions this model brings to the collective consciousness of the players, and it is exactly these types of venture that will cause the players ask begin to ask “What is the value of my money in exchange for chips on site X?
Does the author expect this site to be successful and is the investment in their tokens +ev? For the individual player they certainly are as they already put pressure on other sites to offer a superior product, and for the player or investor in Bitnplay tokens it is certainly an interesting opportunity especially while bitcoin is seemingly undervalued.

Other interesting questions might be, will comparable sites such as Seals with Clubs offer such a rakeback token deal?  And how long until all sites recognize the inevitable changes coming to the economy of the game?

See here for discussion on 2 + 2 forum.

Good Luck to the BitnPlay team!

Note: the author is not affiliated with the BitnPlay team but has had some (favorable) correspondence with them.  At this point it seems they are certainly ahead of the curve!


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