CHP Token is an ERC20 token on the Ethereum Network that was offered to “investors” to fund an online poker site, CoinPoker, through an ICO.
CHP tokens are to be used as playing chips on the newly launched poker site and part of the tokens from the ICO will be returned through prize pools to players.
Over $50 million was raised through the ICO to fund the poker site and gamblers wallets for gambling on the site.
What value to buyers of CoinPoker Token see in it?
Gambler’s love gambling, Crypto enthusiasts love to gamble. CoinPoker and the ICO that funded it are offering a bunch of gamblers a great place to gamble.
Assuming gamblers continue trading ETH for CHP and using the Coin Poker site to play on, it has potential to be a pretty cool site.
What are the criticisms of CoinPoker (CHP)?
1. The price of Ethereum and Bitcoin are going to affect the price gamblers pay for any ERC20 token long term. If Ethereum drops in value, the tokens using Ethereum always follow.
Security issues that affect Ethereum, would also have an effect on all ERC20 tokens security and value.
2. People who bought the CHP Token at the ICO price have already seen the value of the token decrease to trade back to ETH with it.
We are hodlers of bitcoin, so a drop like that is an every year thing. Speculators on the CHP token value, or perhaps people involved with the project, definitely dumped CHP tokens right after the ICO completed.
3. Converting the CHP token onto the site to gamble, proved difficult for many players. Some giving up and claiming this is not going to work for the average user.
4. Poker media sites were pushing the ICO fairly hard. The involvement of PokerNews (who own Tonybet and are part owned by Stars Group oddly), high stakes db and pokertube advertising the ICO suggests that anything that makes them money (or tokens) is worth telling their readers to spend there money.
Regardless of an actual poker site having launched, it is nice to know those media outlets vouch for this project and players funds if anything goes wrong down the road.
5. People are having their poker accounts hacked and funds transferred out of their poker accounts, while coinpoker posts articles about their CHP Token predictions for 2019…
6. The site has bots. Some botter took the Coin Poker name on Youtube and sells it there.
Rumor is the bots are easier on CoinPoker because the site uses Tonybet software that was launched over a decade ago.
What is the best wallet to store CoinPoker (CHP)?
Myetherwallet is a popular option that people use with or without having Trezor or Ledger Nano wallets.
Best Exchanges to buy CHP?
As of this writing, it is still ending the ICO period, the larger exchanges like Binance and Changelly will offer the token shortly.