Let bet ico review and details
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According lớn a company press release, LetBet wants lớn do-away with the middleman altogether by building a platkhung allowing users khổng lồ bet with one another using blockchain-based smart contracts that are executed automatically. Smart contracts make it so that bets are accepted automatically, funds from both sides of any wager held in escrow and the winner is paid automatically when the conditions are met khổng lồ determine the outcome of the sporting event in question.
If none of this even resembles English to you, check out this handy guide explaining the basic idea behind smart contracts. The main thing lớn underst& is smart contracts allow bets lớn be placed và then paid out automatically with no middleman involved.
This means there is no opportunity for a corrupt bookmaker to lớn cancel your bet or someone else lớn baông xã out when the bet doesn’t go their way. In other words, smart contracts are the ultimate handshake. Once you “shake hands” & book your bet, the bet is locked in. If you win, you will be paid. If you thua trận, well, at least you know you had a fair shot.
That’s the idea, anyways. LetBet is not the first betting platform of this type lớn emerge in recent times. Other platforms of this type that we have discussed recently include Unikrn and BetterBetting.
LetBet ICO Announced
The LetBet company introduced itself khổng lồ the Bitcointalk.org forums on 3 January with an announcement that LetBet will be holding an initial coin offering (ICO) beginning 25 February 2018. This ICO will allow anyone interested to lớn buy LetBet tokens (LBT) for speculative purposes or simply khổng lồ have them early at a hopefully discounted rate before the betting platsize goes live sầu.
According to lớn the press release, LetBet has mix a total cap of 199 million tokens for sale during the ICO. Twenty million LBT will be issued during the pre-sale and 70 million will be issued during the crowdsale.
The pre-sale begins đôi mươi January 2018 và will run through 14 February. During that time, LetBet tokens will be sold at a price $0.5 per LBT with a 70% bonus offered on all first purchases. The price per LBT is scheduled lớn increase each day during the 30-day ICO. Purchases of LBT can be made with Bitcoin và Ethereum.
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LetBet also states that any leftover coin after the initial ICO will be burned. This will be done khổng lồ protect the value of all LBT purchased during the ICO.
Potential Investors: Proceed with Caution
Something you should keep in mind before participating is that ICOs are highly speculative sầu & are completely unregulated. This company could very well be legit, but you should proceed with extreme caution. Do your due diligence.
ICOs are not my specialty, but I vày understand enough from past experience that certain red flags should be noted – and I vày see some red flags with LetBet. These may or may not be indicative sầu of trouble down the road, but I feel it is only fair to nói qua a couple of issues that caught my attention.
First of all, LetBet is headquartered in Belize. Belize is notoriously under-regulated when it comes to lớn online betting and I imagine their cryptocurrency controls are no better. The closest thing I’ve been able to lớn find an address or company headquarters for LetBet is a little bit of text at the bottom of the website stating the company is located on Goldson Highway, Belize City, Belize.
Second, LetBet has no gambling licenses. Compare this to Unikrn, which is active in highly-regulated markets. The LetBet whitepaper says they “hope to finalise our online gambling license after the ICO.” While I certainly hope that they do indeed acquire some sort of gambling license, the details are vague & no hard guarantees are offered.
Additionally, how much vày we really know about LetBet? It is difficult lớn find out who, exactly, is behind it và there is surprisingly little information available online beyond a few press releases, diễn đàn mentions & a (now closed) Facebook page.
The LetBet whitepaper also shows some warning signs of its own. Certain parts of the whitepaper appear to be nothing more than word-stuffing. For example, page six of the whitepaper describes betting systems for absolutely no apparent reason:
LetBet may be entirely legit. However, the mạng internet is also full of ICO pump-and-dump schemes. If this was a pump-and-dump scheme, it would look just lượt thích this: big promises, vague background history & a sudden surge in press.
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Mind you, none of this is a formal accusation. I am not afraid khổng lồ hotline out suspected scams, but I simply bởi vì not know enough about LetBet to lớn hotline it one way or another. That being said, the issues I found in the whitepaper are very concerning. What I can say without doubt is that I am still very skeptical at this early stage.
