Cash Poker Pro ICO Review

Cash Poker Pro ICO

Cash Poker Pro is a cross-platform blockchain based poker room running in browsers and messengers like Telegram and Facebook Messenger.

BASIC INFO

Name: Cash Poker Pro
Symbol: CASH
Hard Cap: $30,000,000
Presale Date: Finished. Raised $400k (cap).
Presale Price:
1 ETH = 5882 CASH / 1 CASH = $0.05
Presale Bonus: 10x cheaper than ICO price
ICO Date: 26-Oct-2017 until 18-Nov-2017
ICO Price:
1 CASH = $0.5

Whitelist: No whitelist.
Token distribution date: Almost immediately after the ICO. (cit.)

Social Interest (23-Oct-2017):
Twitter: 278
Telegram: 4258
Reddit: not available
Bitcointalk: 9

IDEA

• Cash Poker Pro is a cross-platform blockchain based poker room that runs on web and will be integrated into messengers like Telegram and Facebook Messenger.

• CASH tokens are a currency used to play in Cash Poker Pro and can be exchanged for BTC, ETC or fiat money. Only you have access to your CASH wallet. Smart contracts guarantee that your winnings will be instantly deposited to your wallet.

• The use of the blockchain technology makes it possible to verify that the Random Number Generator (RNG) works correctly and does not influence the course of play.

• Any user can create a set of poker tables within the system and make a profit. There will be tools for attracting new players to your poker tables.

• The earnings of the poker room are distributed among CASH token holders, net of operating expenses.

• There is a passive income opportunity in the form of the commissions which will be distributed among token holders, net of operating expenses.
Example:
– The commission fee in poker is 1 to 5% of each pot. If poker is played with blinds (SB = USD 1, BB = USD 2), an average stack of USD 100 and 35 hands played per hour, the income of only one poker table will be more than USD 10,000 per month.
– In order to generate a profit of USD 1 million per month, 100 online poker tables and about 10,000 thousand active users will be needed, which is less than 1% of the audience of such messengers as Telegram and Facebook.
– By giving CASH token holders the opportunity to open their own online poker rooms within the Cash Poker Pro Poker Room platform and earn money, the income of the system can be increased by several fold.
– Moreover, royalties received from the integration of the Cash Poker Pro platform into other online systems will be distributed among CASH token holders.

MY THOUGHTS

• I was looking forward to review this ICO. A recreational poker player myself, I definitely believe that there is a market for decentralized blockchain based poker software. There was a countless time when I thought that the major online poker softwares were rigged. Decentralized open-source blockchain software solves this problem. Other major benefit is that the deposits and withdrawals are instant, since the money is deposited via the smart contract.

• Team has a working beta which can be played on the web or in messenger applications like Telegram, Facebook Messenger or WeChat. This is positive as this niche is currently unoccupied. While I was testing it, the web application did freeze in a certain moment though, and didn’t recover.

• The team announced that they made an agreement with Russian and CIS top 5 online /offline betting and gambling companies to integrate their online poker room to their platforms once its ready. The team believes that this might attract over 2,000,000 new players all over Russia and CIS countries. This is quite a positive news, but there is a big question on the adoption rate and willingness of the offline and online players to switch to this new platform which uses specific and potentially volatile tokens.

• The problem I see with the CASH tokens that are used for playing in the rooms, is the volatility of the dollar price of the token itself. You might find yourself playing the game, depositing 100 CASH and winning 130 CASH maybe, only to discover that these 130 CASH are actually less in dollars or in ETH than 100 CASH you initially deposited.

• Cash Poker Pro team seems very weak. There are 10 members in the team and 4 advisors. CEO doesn’t have any other experience listed in his Linkedin profile except being the CEO of Poker Cash Pro. All other members don’t even have Linkedin profiles, and on official website there are links to their Facebook profiles, email or Dribble (whatever that is) and no links at all for three members. Three out of four advisors didn’t associate themselves with the Cash Poker Pro on their Linkedin profiles. It all seems just very unserious. Team apparently has over ten years of experience in the offline gambling industry, but just three years of experience in the poker industry. They state that they have have successfully implemented several software projects for electronic poker tables, bingo, lottery, including casino security and risk management systems. The team specializes in electronic poker tables, predominantly serving the Russian and Kazakhstan markets. None of this really changes my opinion.

• There is no hype at all about this project. There is not even 300 followers on Twitter. Their Telegram channel has 4000+ members, but it’s very inactive, which makes me question the way that the members joined the channel. No Reddit page and almost no interest in Bitcointalk forum. Their github activity is almost none with 12 commits (readme and ICO related).

• Whitepaper is only 11 pages long, and there is not many technical information. For example, I would like to see how do they plan to solve the problem of players collision – for example when 5 out of 8 players are acquainted and are showing cards among themselves. With the centralized software solution this would prove harder, as the withdrawals are not instant and the platforms have systems in place to prevent this.

• They use Gmail platform for their official email. This is a BIG NO in my opinion and I find it very unprofessional. It makes me ask myself do I really want to trust this guys with my money?

• Hard cap of $30M seems very high, and specially when taking all other red flags in the consideration. In order for them to generate $1M in commissions per month, 1% of all Telegram and Facebook Messenger users would need to be active poker players on their platform. I don’t think this is realistic. I find it hard to imagine that they will be able to fill their hard cap.

CONCLUSION

• This project is a miss in my opinion. Being recreational poker player myself, I looked forward to review this ICO and hoped it would be a good one, but unfortunately that’s not the case.

• For flipping: NEGATIVE

• For long term holding: NEGATIVE

 

Additional resources:
• BROWSER beta version of the application:
https://cashpokerpro.io/game/
• TELEGRAM beta version of the application:

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