You asked and we answered!
Thank you for taking part in our AMA and submitting your questions. Here are responses from John Caldwell (Director of Advocacy), Duncan Cameron (Technical Director) and Andre Jochems (Lead Developer). Get to know them better by visiting our
website.
To chat directly to our team join us on
Discord.
Nole34 (Reddit): How and where will this coin be used? Not meaning as in the network and relay nodes but by a user.
TwoproApps (Reddit): What are the benefits or incentives for casinos to use a crypto currency?
Whufc4life1 (Reddit): What would be the main advantages of using this coin, as an end user, instead of regular fiat currency?
We see CasinoCoin being used as a payment option right alongside USD, EUR, etc. There are many ways to use CasinoCoin, for the customer and the operator that represent tremendous advantages over traditional funding methods. For the customer, you will have to complete KYC once, then you will be able to play on multiple vendors in seconds, deposit and withdraw for a fraction of current rates and have a suite of tools at your disposal to manage and control your play. For the operator, you get a customer that is pre-vetted by a licensed, approved KYC vendor that lands at your door, deposits in seconds in a way where the deposit is permanently and transparently recorded and is not subject to chargebacks.
TwoproApps (Reddit): With the coin being potentially volatile in the future, could it affect casinos wanting to use it?
We don’t believe so. Like any payment instrument, the customer would deposit in CSC and withdraw in CSC - making volatility a non-factor for the casino in the short term, provided the casino maintains a sufficient balance of CSC.
TwoproApps (Reddit): How do casinos exchange CSC for fiat if they wanted to?
Casinos will have several options to acquire CSC, all of which will take treasury functions into account to mitigate possible volatility to the greatest extent possible. This will be done via traditional processing methods.
TwoproApps (Reddit): Will casinos have to make their CSC games payout in CSC or can they also pay in fiat and vise versa. Can a fiat gambler cash out in CSC if they wanted to?
This will eventually be possible, but it will be the choice of the operator. Once a casino starts to allow cashouts in different currencies, the volatility risks rise. We are designing CSC to be used in game, but our first step is to get casinos to adopt CSC as a payment method.
Lowmm (Reddit): Will you go into other trading markets, bittrex for example? Boyo (Reddit): will bittrex be adding CasinoCoin? after the swap?
Our focus is:
1.Designing the best product for the market, users & operators,
2.Compliance within regulated markets
3.Creating strong partnerships within the gaming industry.
We strongly feel if we work on the things we can control, all the external elements like exchanges will take care of themselves.
paulkt (Reddit): When can we expect to see the first Casino using Casinocoin?
We will be ready for real partner integration in Q1 of 2018. However, the actual timeline will be dictated more by potential partners, regulators, banks, and other external forces. We are under no illusion that getting to market with licensed operators in regulated markets (we’ll only operate under these conditions) will not be a quick process, but we are confident it will happen.
hurdamurda (Reddit): I had 50.000 CSC and then cryptsy stole them. :( I still believe
Anyone who has been in crypto for a year or more has a story to tell like this. We can’t control what happens at third party providers like exchanges, and can only encourage holders of any crypto to adopt best practices with respect to protecting your coins. Most of us have been in crypto for a long time, with our own stories like this, so we are building the CSC solution to provide maximum security to customers.
powpow44 (Reddit): In the roadmap you state "New CasinoCoin Brand & Website Launch". Can you share what the foundation has in mind for a rebrand?
The rebrand is more about the logo itself. Most of us really like the ‘button’ logo that has been with CSC since the beginning. However, we don’t love all elements of the logo, and the presentation from both a visual and format perspective is not ideal (ie: no proper graphical/vector files exist). We’re fixing that. It won’t change drastically.
rambroziak (Discord): I do not know, it's possible, CSC has the opportunity to develop !!! Now we have a more important problem !!! When Cryptopia urucchomi payouts CSC
Although the Cryptopia situation occurred before the formation of the foundation, members of the team have been working on collecting data from the CSC community to attempt to first establish how many coins may have been lost on Cryptopia. We have a reasonable idea of the figure now, but in our correspondence with Cryptopia, our figures don’t match. We’re currently waiting on a response from them to our latest email and we hope to have something to share with the community this month.
Whufc4life1 (Discord): Just wondering - how are you guys planning to handle KYC/AML procedures across different jurisdictions?
With a licensed KYC provider, the visibility/transparency of a blockchain and a GLI compliant product, AML issues will be to the highest standard possible. This is actually an area where blockchain is a significant upgrade over current best practices.
nioConisaC (Discord): Will the Bankroll Manager wallet offer feature of bridge currency?
We will not use that feature from the start but it does allow us to implement customer specific reward programs in the future where points/rewards are being issued and linked to CSC.
Boyo (Discord): have the devs contact coinmarketcap to add the new csc?
CoinMarketCap has been contacted and will update CSC to the new network once an already connected exchange implements it.
mark (Discord): I’m still curious how the csc revival came about, I recognise a few of you from the bitcointalk forum a few years ago, but how did the likes of john and the rest of the board come about?
John: It’s really about timing. When I left PokerStars in ‘14, I took some much needed time off. I studied the crypto markets (including CSC) at that time, and felt that the market/world wasn’t ready yet. Then, in early 2016, my wife started really getting into crypto. This got me back into it on a regular basis. The possibility of starting the Foundation was broached to me summer of this year and I felt the timing was right.
With respect to the June 2017 issue involving Cryptopia and the prior version of CasinoCoin, this statement will be the Foundation's only communication on the issue.
Despite numerous attempts to work with Cryptopia on this matter, we have run the course on this and we don't believe Cryptopia will ever do the right thing.
In summary: In June of 2017, an unknown attacker(s) exploited a flaw in Cryptopia's system that resulted in multiple users losing their balance of old CasinoCoin, now known as CXX. A detailed summary of the issue appears below this statement.
When (what would later become) the new CasinoCoin Foundation approached the old CasinoCoin developers, with the mindset of taking over the coin, we did so with full visibility into the Cryptopia attack. We conducted a significant amount of diligence on the issue and determined the fault lay with Cryptopia.
Even though this happened before the Foundation was formed, we took on the resolution of the Cryptopia issue on behalf of the community. We tried very hard to get them to come through on behalf of holders of the old CasinoCoin, and we were hopeful we could get them to do the right thing. Cryptopia were not interested in any solution other than additional
new CasinoCoin be ‘invented’ out of thin air. This would have been completely unfair to existing coin holders, and a solution where Cryptopia takes zero responsibility for their own error.
95% of the energy to get this resolved was put forward by the Foundation. Cryptopia’s response time was glacial, at best, and it was clear they had no interest in setting a precedent where they compensate for their own mistake. If they did this for CasinoCoin, they would have to do it for all the coins affected in the attack.
We have spent a great amount of time and resources on this issue, but as Cryptopia have made it clear they are unwilling to compensate affected users, there is nothing more we can do. We consider the matter closed, and suggest those affected by the attack chase Cryptopia for a resolution.
The CasinoCoin Foundation
Detailed summary of the Cryptopia issue: In June of 2017 various cryptocurrencies with low hash rates were subjected to a
51% attack. This included the old CasinoCoin, now known as CXX. The attacker(s) were able to manipulate Cryptopia’s system, which required a low number of confirmations, and conduct transactions for coins that didn’t exist.
After thorough analysis, we concluded that the attacker(s) were able to falsely deposit some 9.7 million CXX to Cryptopia without actually having those coins in their possession. While Cryptopia tells its users that the coin developers are responsible for the loss, analysis of the blockchain shows a different story:
- More than 200 double spent deposits took place
- 41 of those deposits were successful
- All double spent transactions were automatically rolled back by the CasinoCoin blockchain and there was no successful fork
- Most transactions rolled back within 1-2 blocks, the double spends that succeeded had rollbacks between 10-60 blocks
- The attack continued for eight days
- Cryptopia claims block rollbacks of 300 blocks took place, this is not true
- Cryptopia claims there was 1.2 Thash involved, this is not true, there was a max of about 800 MHash during the attack
- Cryptopia had set block confirmations to only six blocks for deposits
- Cryptopia had no checks of their wallet against the blockchain at any time
- Cryptopia only depends on its own database instead of the coin’s blockchain after the six confirmations
- Cryptopia allowed for 25% of CXX total market capital to be deposited by a user(s), without that setting off any flags as a potentially suspicious transaction
- Only when a large withdrawal request was no longer possible did they detect something was wrong
- We tried to work out a solution with Cryptopia but they demanded we deposited the missing 9.7 million coins or alter the blockchain. It is obvious that neither were viable options for the CasinoCoin team
- As an alternative we asked for a detailed list of BTC buys that would be required to rollback the malicious transactions and return the original BTC to the users. Cryptopia refused to supply this
- Cryptopia decided to walk away, de-list CasinoCoin from their exchange and leave users with their losses
The CasinoCoin Foundation provides support for CasinoCoin — an open source, peer-to-peer cryptocurrency designed for the regulated online gambling industry. Who’s Behind CasinoCoin And The Double C Foundation? CasinoCoin was acquired by the Double C Foundation in spring 2017. The Foundation’s team consists of former PokerStars Marketing Executive John Caldwell and ex-Senior Project Manager of Research & Development for Rational Group, Duncan Cameron. You can contact the team using the online form at the official website. CasinoCoin Conclusion ... The CasinoCoin Foundation has confirmed a refreshed board of advisors and hired a head of operations to position it for the next phase of its growth. As has already been announced in recent weeks, the advisory board has added Richard Cammegh, Brandon Knowles and Oliver Wu. Also joining the CasinoCoin Foundation’s core team as head of operations is former PokerStars staffer Shoba Haridas ... Top 100 - Current Balance . Address Balance (CSC) % 1: cERKUMRxtgW2asds7Z8Sd1KWazgtENbWEH bitrue.com: 6,386,040,906.30667000 CasinoCoin Foundation 295 followers on LinkedIn. The blockchain for gaming CasinoCoin (ticker: CSC) is a cryptocurrency, designed specifically for the regulated online gambling industry. It's ... Today, we are excited to announce we have opened a second CasinoCoin Foundation office in Malta. This is an important step for us; as we continue to refine the development of the Bankroll Manager (BRM) Wallet app, it’s all hands on deck to create strong and long lasting relationships with gaming regulators and operators. Malta is considered one of the top online gaming regulatory ... Casinocoin Foundation Level 5 Quantum House 75 Abate Rigord Street Ta' Xbiex XBX1120 : Serial Number: 88456670: Filing Date: June 3, 2019: Registration Number: 6087383: Registration Date: June 23, 2020: Status: Registered: Status Date: June 23, 2020: Case File Details: Attorney Name: Alan Behr: Attorney Docket Number: 89218.00002: Correspondent: Alan Behr Phillips Nizer Llp 485 Lexington ... The CasinoCoin Foundation has been working hard to bring innovation to the regulated gambling sector; the beginning of 2018 was a whirlwind of activity that saw us accomplish the goals we set out ... CasinoCoin is a digital currency, designed specifically for the regulated online gaming industry. Utilising the latest in blockchain technology, Casinocoin Foundation: Foundation: Original Applicant: Malta: Level 5 Quantum House 75 Abate Rigord Street Ta' Xbiex XBX1120 : Case File Statements: CODE: DESCRIPTION: CC0000: Color Is Not Claimed As A Feature Of The Mark. DM0000: The Mark Consists Of A Stylized Letter "C" Depicted As A Chip Symbol With A Spade Inside The Letter "C". GS0361 : Financial Services, Namely, Electronic Fund ...
Role's of Database Administrators. This video is unavailable. Watch Queue Queue This video is unavailable. Watch Queue Queue. Watch Queue Queue Joining sub-unit for IMI G4/MS unit. This video is unavailable. Watch Queue Queue This video is unavailable. Watch Queue Queue. Watch Queue Queue A continuation of things. Unfortunately since this video was made, NLexch.com is shutting down. This part discusses where to buy and store your casinocoin. Casinocoin set for relaunch courtesy of the double c foundationCasinocoin set for relaunch courtesy of the double c foundationCasinoCoin CSC has been taken o... Apologies about the poor audio. The audio gets better in the next few videos. This video is unavailable. Watch Queue Queue. Watch Queue Queue Topic: Quick Sort. This video is unavailable. Watch Queue Queue The Official CasinoCoin YouTube Channel. CasinoCoin is a digital currency, designed specifically for the regulated online gaming industry. Utilising the latest in blockchain technology, CasinoCoin ...
