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Tag: CoinPoker

  • ETH Merge to Make Crypto Poker Payments More Efficient, CoinPoker Ready for Change

    ETH Merge to Make Crypto Poker Payments More Efficient, CoinPoker Ready for Change

    The Ethereum (ETH) Merge is expected to take place on September 15 and usher in a new era for the blockchain, something that could improve the crypto poker ecosystem.

    coinpoker
    Crypto poker sites accepting Ethereum, such as CoinPoker, are likely to benefit from the upcoming ETH Merge as transaction speeds increase. (Image: Twitter/CoinPoker_OFF)

    The Ethereum blockchain’s long-awaited shift from proof-of-work to proof-of-stake will take place this week and, among other things, reduce transaction fees.

    Although the benefits of the ETH Merge will only be realized once the process is complete, some crypto experts believe it could revolutionize the blockchain. With lower fees and faster transactions promised, ETH 2.0 should provide crypto poker players with a better overall experience.

    CoinPoker set to benefit from ETH Merge

    CoinPoker, one of the largest cryptocurrency gaming sites, notified its customers of the Merge this week. An email explained that the event won’t have “any impact” on player balances or rewards.

    However, as the Ethereum blockchain switches to a new way of working, CoinPoker will suspend its ETH-based cashier. That means players won’t be able to deposit or withdraw Ethereum tokens until the Merge is complete and CoinPoker’s software has been upgraded.

    It should be business as usual from a player’s perspective once the ETH Merge is complete. Specifically, making deposits and withdrawals to crypto gaming sites like CoinPoker will be the same as it was before. Underneath the hood, the way transactions are processed will be different.

    The main reason for changing the way Ethereum operates is to make transactions more efficient. The blockchain has used the proof-of-work system to validate transactions since it launched in 2015. As the number of users has grown, the length of time it takes to process transactions has increased.

    Slower transaction times have also resulted in higher fees (known as gas). These changes have made Ethereum less efficient and in need of an upgrade. That upgrade is taking place this week and will see transactions verified by the less resource-intensive proof-of-stake system.

    What are Proof-of-Work and Proof-of-Stake?

    Blockchains such as Ethereum are decentralized networks. That means they don’t have a central authority validating transactions like a bank or PayPal do.

    Instead, they rely on a consensus mechanism. Once members of the network agree (create a consensus) on the validity of a transaction, it gets processed. Establishing a consensus is done via proof-of-work or proof-of-stake.

    Proof-of-Work

    Proof-of-work is a verification system that involves powerful computers racing to solve a complex math problem. These computers are known as miners and the first one to solve the equation gets to update the blockchain with the last verified block of transactions. The block that gets verified by the miner is linked to the previous block.

    It also becomes the block onto which a new one connects. The miner who completed the proof-of-work and verified the block of transactions receives a reward in the form of crypto tokens. Bitcoin uses the proof-of-work system.

    Proof-of-Stake

    The proof-of-stake system doesn’t use miners. Instead, it uses validators who stake some of their crypto tokens in exchange for the chance to validate a new transaction. The network randomly selects a validator to process the next block of transactions.

    Validators with larger stakes in the network are more likely to be selected than those with smaller stakes. However, the process is random, which means no single validator acts as a central point of authority (control).

    The validator processes the transaction and other validators confirm that it’s been processed correctly. This ensures everything is legit and each transaction is correct. The validator who processes the transaction creates the next block and gets rewarded for it.

    Ethereum Merge to make poker transactions more efficient

    The ETH Merge has been two years in the making. A separate blockchain (Beacon Chain) was created to test out the proof-of-stake system and verify its stability. Ethereum is now ready to merge with Beacon Chain and enter a new phase in its evolution.

    Because proof-of-stake doesn’t require miners, it’s more energy-efficient. Estimates suggest it will reduce the blockchain’s energy use by 99%. This change will also make transactions faster which, in turn, will reduce gas fees.

    eth payment
    ETH payments on CoinPoker should be more efficient. (Image: CoinPoker)

    All being well, crypto poker players won’t have to wait as long for their deposits and withdrawals to be verified. More significantly, a more efficient ecosystem could inspire traditional online poker sites to explore the uses of Ethereum and, potentially, integrate ETH payment options.

    This might not happen in the immediate future, but it’s possible. Ethereum, and other blockchains are continually evolving and, the more efficient they become, the more poker operators and, in turn, players are likely to use cryptocurrencies.

    So, while the ETH Merge may only impact crypto sites like CoinPoker right now, it could have a far greater impact on the industry over the next few years.

  • Tony G Wins $4.3 Million on CoinPoker, Raises $10K to Help Ukrainians

    Tony G Wins $4.3 Million on CoinPoker, Raises $10K to Help Ukrainians

    CoinPoker continues to push the envelope, this time with the help of more high-stakes action and a $10,000 donation to those affected by the war in Ukraine.

    tony g
    CoinPoker has parlayed the success of its high-stakes games into a $10,000 donation for the people of Ukraine. (Image: Twitter/TonyGuoga)

    The crypto poker site made waves in February when Tony G won a pot worth more than $7 million. After a brief hiatus, CoinPoker’s big-money Pot-Limit Omaha game was back again this week.

    Five of the game’s six players had seven-figure stacks and, once again, Tony G was in the mix. This time, he hit the nut flush to bust two players and rake in a pot worth $4.3 million.

    Tony G takes down another big one

    The seven-figure pot (see tweet below) stands as one of the biggest ever in online poker. With the board showing 7♦ T♦ 5♣, G called a bet from number29 with an ace-high flush draw. High-stakes pro Laszlo Bujtas, aka omaha4rollz, raised enough to put the unknown player, number29, all-in.

    Number29 called, prompting G to put Bujtas all-in. The Hungarian called and, with that, the cards were revealed. Bujtas had a set of sevens, number29 had a set of tens, and G had, among other things, a flush draw.

    The J♦ on the turn put G in front. Bujtas was drawing dead at this point because G had the remaining seven. Only a 10 or paired board could help number29. That help never arrived as the 4♥ completed the board to give G a winning flush and a pot worth $4.3 million.

    CoinPoker parlays attention into fundraiser for Ukraine

    CoinPoker launched in 2017 and quickly became one of the go-to sites for crypto gaming fans. However, for all the innovations it’s made using blockchain technology, it’s the recent string of high-stakes games that have garnered attention.

    With the poker community at large now taking notice, the owners of CoinPoker are using the attention to raise money for the people of Ukraine.

    Tony G is one of the site’s owners and, through his charity, the A Guoga Support Fund, he’s working to help those affected by Russia’s military strikes. Using CoinPoker as a platform, G set up two online charity tournaments.

    Money raised through buy-ins was added to direct donations made to a dummy account on CoinPoker. Those efforts raised $8,996. CoinPoker has rounded up the donation to $10,000, all of which will go to the A Guoga Support Fund for Ukraine.

  • Poker Pros Call on Community to Show Support for Ukraine

    Poker Pros Call on Community to Show Support for Ukraine

    The poker community continues to show its support for Ukraine with three pros raising money for those affected by Russia’s military assault.

    tony g
    Tony G (pictured), Rob Yong, and Joris Ruijs are all doing their bit to help victims of the war in Ukraine. (Image: Twitter/TonyGuoga)

    The push to mobilize the poker community started last week when Tony G called for donations. Using his charitable foundation and CoinPoker as fundraising vehicles, G began accepting fiat and cryptocurrency payments.

    Those donations helped G work with Lithuanian charity Gediminas Legion to provide accommodation for 300 Ukrainian refugees. G and CoinPoker have doubled down on this initial effort by launching three new fundraisers.

    Tony G uses CoinPoker to raise money for Ukraine

    The first way players can contribute is by entering two charity tournaments on CoinPoker. Both MTTs will take place at 7pm GMT on March 12.

    CoinPoker is guaranteeing the prizepools for each event and all the money collected from buy-ins will be donated to charity. Additionally, CoinPoker will donate an extra $4,500 to the cause.

    Ukraine Help #1 MTT

    • Start Time: 7pm GMT on March 12
    • Buy-in: $25
    • Rebuys: Allowed
    • Prizepool: $2,000 + 20 tickets to the CSOP mini main event.

    Ukraine Help #2 MTT

    • Start Time: 7pm GMT on March 12
    • Buy-in: $100
    • Rebuys: Allowed
    • Prizepool: $2,500 + Five tickets to the CSOP main event.

    CoinPoker has also set up an onsite donation system. Users can make player transfers to the screenname UkraineHelp. All money sent to the dummy account will go towards helping Ukrainians affected by the ongoing war.

    Yong and Ruijs join the fight

    Tony G isn’t the only poker pro stepping up to help people in Ukraine. One of Europe’s largest live poker rooms, Dusk Till Dawn, has also set up a fundraiser.

    Owner Rob Yong confirmed the news last night and said that a member of staff, Krystian, will be driving to Ukraine to deliver aid.

    Yong’s plan is to donate £10,000 ($13,000). Anyone that wants to help can send money via JustGiving.com, Luxon Pay, or the cash desk at Dusk Till Dawn. Staff at the poker room will also take supplies, items of clothing, or provisions that can be taken to Ukraine.

    Finally, Dutch poker pro Joris Ruijs has pledged to help the people of Ukraine. He publicly called out PokerStars to cancel EPT Sochi. PokerStars subsequently announced that its event in Russia wouldn’t take place until it was safe.

    Ruijs was happy with that, so he decided to revisit his decision not to play EPT Prague in protest. He has since pledged to give 20% of his profit from EPT Prague’s main event to charity. To generate more support, he offered a stake in his action, with all the money raised going to charity.

    Russian attacks on Ukraine continue to cause death and disruption. Although the charitable efforts of poker players won’t alter the course of war, they can help those caught up in the attacks.

  • Did Tony G Really Win $7.75 Million in One Hand? Record Online Poker Pot Explained

    Did Tony G Really Win $7.75 Million in One Hand? Record Online Poker Pot Explained

    If you read this week’s Big Winners rundown, you’ll have seen that Tony G won a pot worth $7.7 million. However, because CoinPoker games don’t use standard currencies, there was some confusion over how much the pot was actually worth. We’ve got the answer.

    tony g
    Tony G entered the record books last week by winning a cash game pot worth more than $7 million. (Image: Twitter/TonyGuoga)

    CoinPoker is a crypto site. That means it doesn’t accept fiat currencies such as USD, EUR, and GBP. Instead, players can send money from a crypto wallet to their CoinPoker account.

    At present, CoinPoker processes payments in five cryptocurrencies: Bitcoin (BTC), Ethereum (ETH), Tether (USDT), Polygon (MATIC), and CoinPoker Token (CHP).

    coinpoker cashier
    A screenshot of the CoinPoker deposit page. (Image: CoinPoker)

    These tokens can be used for deposits and withdrawals, but the one used on cash game tables and for tournament buy-ins is Tether (USDT). This game of PLO was being played at $10K/$20K stakes, with a $2,500 ante — significantly higher stakes than the $1k/$2k game in which Tony G set the previous record with a $1.8 million pot that would end up being chopped.

    But just how big this pot really was remained uncertain.

    Tether symbol causes confusion

    The symbol for Tether is ₮. This is where some of the confusion surrounding Tony G’s $7.7 million pot might stem from. Tether’s symbol looks similar to the one used for the Indian Rupee: ₹.

    Distinguishing between the two, particularly when the symbols are only a few pixels, can be tricky (see the tweet above). What’s more, USDT isn’t a fiat currency and, unless you’re versed in the fundamentals of crypto, it won’t be obvious how much ₮1 is worth.

    Unlike Bitcoin et al, Tether (USDT) is a stablecoin. This means its value is linked to a fiat currency and, therefore, stable. To put it another way, the token’s value is tethered to that of another.

    USDT is linked to the value of USD. You can think of it as the crypto equivalent of the US Dollar. That means ₮1 is worth $1. So, the pot you can see Tony G winning in the video above was worth more than ₮7 million or, in USD, over $7 million.

    House money?

    CardsChat spoke to a CoinPoker representative via the messaging app Telegram. They confirmed that the onsite table currency is USDT, which is linked to the value of USD at a 1:1 ratio.

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    A CoinPoker rep confirms the record-breaking pot. (Image: Dan Smyth)

    That means Tony G won the largest pot in online poker history. What’s more, it thrusts CoinPoker into the spotlight as the new place to play high stakes poker.

    There is the question of whether or not the money is real. The cash on the table is certainly real and Tony G really did win the pot. Do some of the players have a deal whereby they receive a percentage of their losses back due to astronomical sums of money involved?

    Even in the biggest boom days of online poker, 7-figure pots were rare. The nearly 7-fold jump from the previous record set last month leaves some speculating if this money could be just a marketing expense, with little actually at risk.

    The reality is something we may never know. One thing we do know, however, is that Tony G won more in a single hand than Joe Hachem got for winning the 2005 WSOP Main Event ($7.5 million). And he’s got the screenshots to prove it.

  • Crypto Poker Catches Fire, Mystery Player Sits With $2.4 Million Stack

    Crypto Poker Catches Fire, Mystery Player Sits With $2.4 Million Stack

    Last week’s seven-figure pot between Tony G and Leon Tsoukernik has sparked a new wave of crypto poker action. Now, a mystery player by the name of BenjaminTravesty is piquing peoples’ interest with a stack worth $2.4 million on Coin Poker.

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    An unknown player with the screenname of BenjaminTravesty is sitting with a stack worth $2.4 million on Coin Poker. (Image: Twitter/padspoker)

    The latest $1K/$2K cash game on CoinPoker featured G, Tsoukernik, and Laszlo Bujtas, aka omaha4rollz, along with some unknown players in the mix, something that’s common in high-stakes online cash games. One of those mystery players was BenjaminTravesty, who was sitting with one of the biggest stacks ever seen at an online poker table.

    CoinPoker becomes high-stakes home

    For context, games on CoinPoker use Tether, which is a crypto token that derives its value from the USD. It’s technically known as a stablecoin because its value moves in line with the dollar. So, $1 in USDT (Tether) is worth $1.

    That means the USDT 2.4 million BenjaminTravesty had on the table was worth $2.4 million. Partypoker ambassador and tournament pro Patrick Leonard was one of the first people to spot the super-stack. He asked if it’s the largest stack anyone has ever had at an online poker table. It’s hard to know if it is because, in general, only the largest pots are recorded.

    Crypto poker is perfect for high rollers

    For supporters of crypto poker, the buzz surrounding BenjaminTravesty is more great promotion. However, it may also be a sign that high-stakes players are ready to transition away from live games. Stacks of $1 million+ are common in private games, particularly in places such as Macau.

    With live action hard to come by in recent years due to COVID, and with security always a concern, online poker is the natural alternative. However, depositing and withdrawing large sums of money has always been an issue online. This is where cryptos can be useful. Bitcoin and other token types provide cost-effective, safe, and efficient transactions, regardless of the amount being sent.

    Transfer fees can vary based on network activity, but the amount you’re sending doesn’t matter. For example, if the cost of a Bitcoin transaction is the equivalent of $0.10, it remains $0.10, regardless of whether you’re sending $1 or $194 million. That makes it ideal for high-stakes poker players looking to move huge stacks around online.

    The hype surrounding CoinPoker might not last forever, but the impact of its games could be long-lasting if more players embrace the potential benefits of cryptocurrencies.

  • $1.8 Million Crypto Pot Could Change Poker, Tony G and Leon Tsoukernik Set New Record

    $1.8 Million Crypto Pot Could Change Poker, Tony G and Leon Tsoukernik Set New Record

    Anyone who thinks there’s no action on crypto poker sites may need to think again as Tony G and Leon Tsoukernik recently played a pot worth almost $2 million.

    Tony G and Leon Tsoukernik
    Tony G and Leon Tsoukernik shared a pot worth more than $1.8 million on the crypto gaming site, CoinPoker. (Image: Twitter/TonyGuoga)

    The monumental hand would have been the biggest pot in online poker history if either player had scooped it. As it transpired, the money in the middle ($1,820,783) was split when both players made aces and jacks.

    Regardless of the result, the $1K/$2K Pot-Limit Omaha game on CoinPoker has caught fire in recent weeks. With G, King’s Resort owner Tsoukernik, and other high-stakes players anteing up, more seven-figure pots are likely, which could be the catalyst crypto poker sites need.

    Tony G doing his bit to popularize crypto poker

    Tony G has long been a fan of cryptocurrencies and their place in the gambling industry. He founded CryptoNews.com, set up a blockchain center in his home country of Lithuania, and was an advocate of Bitcoin et al during his time as a member of the European Parliament.

    He’s also a poker player, so his association with CoinPoker is a natural fit and something he’s using to boost the profile of crypto poker and his own bankroll. Of course, playing a pot worth $1.8 million is big news, regardless of the setting.

    Viktor Blom and Patrik Antonius played a pot worth more than $1.3 million in 2009 and that remains a seminal moment in the history of online poker. Whether or not the G vs. Tsoukernik can be classed as a new record is a matter of debate. Had the pot not been split, it certainly would have been. Because the hand was a chop, however, purists will say it’s not. The point is, though, people are talking about it.

    As it transpires, the $1K/$2K table isn’t even the biggest game on CoinPoker; for those with enough crypto, the site offers a $3K/$6K table. Filling that table would be tough, but Triton Poker’s live cash games have shown that there are plenty of suitably bankrolled players willing to play for those sorts of stakes. The question then becomes, would they be willing to do it online?

    Mega-pot shines spotlight on decentralization

    The fact that CoinPoker offers a decentralized service could tempt the game’s biggest ballers to give it a try. In simple terms, the site uses decentralized RNG algorithms (see video below) to mimic the shuffling of cards. This means the RNG isn’t controlled by a single authority and is, therefore, tamper-proof.

    https://www.youtube.com/watch?v=LCGk8Pn3Vlo

    CoinPoker also accepts deposits in a variety of tokens, including Bitcoin and Ethereum. All games are played with USDT, which is also known as Tether. USDT is a stablecoin because its value is linked to the US dollar. (i.e., 1 USDT is worth $1).

    This makes it easy to see the amount of money involved in any individual hand played, and in any player’s stack. However, USDT is a crypto token and that, combined with the fact users can make payments in Bitcoin and Ethereum, makes CoinPoker different from traditional online poker sites.

    Of course, CoinPoker isn’t alone in the crypto poker market. Virtue Poker, which is promoted by Phil Ivey, offers a similar service. Also making waves in recent months is PokerFi, which not only offers crypto-based poker games, but will also be minting NFTs and selling virtual plots of land in its own Metaverse.

    All of this is a new frontier for poker and, until now, has been very much a niche market. With mainstream news outlets such as Yahoo Finance reporting on Tony G’s latest pot, this may be a turning point for decentralized gaming.