Is Betdice and gambling dapps keeping the EOS price down?

Looking at all the investment and dapps getting developed on EOS you would think the price would be mooning. Right now all crypto prices pretty much follow Bitcoin but EOS Dumped way worst then alot of the top chains. The dump seems to of started when the FUD of Dan Larimer leaving EOS for shower coin, a few hacks and the whole FUD of EOS not being a blockchain all hitting at once. This made the price fall more then the rest but i think it might be more then just this, i have no proof of this its just a theory i randomly thought up.

As well all know EOS is dominated by gambling dapps most are just a rip off of BetDice easy money i guess. Looking at the BetDice daily pay outs we can calculate how much they make in profit per day. Recently they have had huge daily profits some days over 100k EOS payout so its probably safe to say they have averaged 25k payout since the start. Now the payout is 50 percent profits and they haven’t given out 100% of the tokens so they are easily getting 2 times more then they pay out daily. I think its safe to say they make about 50k EOS daily and after about 5 months or 152 days they have learnt 7.6 million EOS, plus all the other tokens and this is a very conservative calculation. So lets just say 10million EOS, This is just 1 gambling dapp there are about 200 of them this is a huge amount of EOS they are most likely dumping on the market for USD. Sure they have staked alot but with all these dapps we could be looking at over 5 percent of the total EOS supply in there hands and dumping every day.

First of all people should stop giving there money to these dapps and second this is just a theory i have thought up i have no proof of this so take it with a grain of salt. Let me know what you think.

Also Murmur an EOS twitter is giving away 10,000 free EOS accounts so if you want to get some friend into EOS this is the perfect way too., very generous of them as well.  https://murmurdapp.com/

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Responses

  1. Dukefish

    While gambling apps are potentially influencing EOS price, this is still all short term price value. I think the presence and adoption of these Gambling apps are providing a solid backbone for ongoing dapp devolplement and indicating the capacity, capability and activity that the EOS blockchain is able to currently process only 6 months into existence.

    The price of EOS seems to go down and up on wilder swings compared to rest of market and will signify that in the long run EOS has the potential to break away from the BTC following, as i think all coins over time will start to break away from BTC reliance but this is still several years away.

    These last couple of years has seen short term gains explode, i hope the market is maturing and finding reliable price values and will only grow as time goes on.

    Nice article regardless man, always a good read.

    (3)
    1. Cryptoslice Post author

      as you said they arnt all bad, they are helping adoption which is super important but it doesn’t help when they are dumping so much eos on the markets and i feel people who lose eos gambling arnt that likely to rebuy the eos they lost.

      (1)
  2. Zeus69

    Adoption is the main cure for EOS, gambling will always be around, but as soon as people realise the value of EOS besides gambling it will grow and overcome this. Thanks for sharing my friend.
    Regards,
    Mark (Zeus69)

    (0)
  3. BitcoinQuest

    Thats an interesting perspective on gambling apps. It is a shame, indeed, that EOS is being used for gambling mostly.

    While Exchanges are usually creating most volume, those are so tiny on EOS compared to the big gaming apps.

    (0)
  4. Infosion

    Wow, actually never thought about it like that! Actually somehow had some similiar thought today that the price of EOS is somehow related to the value of gambling tokens and payouts and kind of “stuck” to it currently because theres not really much other use cases on EOS so far. TRYBE for example is allready there but has lots of room to grow. Like that for lots of others EOS projects which might be relevant in the future.
    But to what you wrote I really can’t deny this being probably very true and a current big issue, especially when you think about where this has to end… In all the gambling DApps having almost all the EOS (super simplified..) or like you said probably selling it continously in masses which doesn’t do the price any good. This is some kind of weird eco system which has been creating himselve around these gambling DApps.
    Also I guess I’m pretty guilty too of hyping lots of this stuff. So far I think we were definitely in the hype trend of this. But now probably merging with issues like you adressed on a really big scale concerning EOS. Also I’m also awaiting problems of any kind for all of those gambling DApps concerning regulation and especially the proof of people being eglible to gamble in the future.
    Thanks for your post, this one really gets me thinking a little bit more I guess!

    (0)
    1. Cryptoslice Post author

      yeah it kind of sucks that gambling is all eos is getting used for atm but give it 6 months and real dapps will get built then it will change. i think gambling will always be huge on eos tho. my main concern is these dapps could become whales very fast so them dumping coins might actually be a good thing in the long run, but i have no idea if they are selling or hodling. And yeah i also think the regulations could come and bite them in the ass haha

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  5. firedream

    Trying to develop dApp on EOS, I realized that there is really not much you can do if you don’t make your own token.
    Since the dApp developer can not print EOS to give as reward, the money must come from other people.
    Some must lose money for some others to win.This directly gets us to a sort of gambling application.
    Making token is a good alternative but then, you really have to make a useful game or application to be hype.
    You approach on effect of these dApps on EOS price is rational.
    FD.

    (0)
  6. Conceptskip

    Intriguing food for thoughts, @cryptoslice it makes sense that the Casino’s actions make an impact on the market. One thing i am not entirely sure about: If the casinos have been impacted by hacks, the pressure on the market should reduce as well. Do you see that correlation?

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