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Rubies – Backed By Established Casino And Profit Sharing

by on March 2, 2016

This is a sponsored story, paid for by the Rubies / BetterBets marketing team.  Always invest at your own risk. 

Developers in the altcoin world use different approaches to creating a new form of digital currency. In the case of Rubies, an altcoin backed by an established casino, things have gotten fascinating as they use an entirely different model. There are three main phases to the Rubies ecosystem, and exciting things are on the horizon for this digital currency.

Rubies – Backed By An Established Business

Unlike most other types of altcoins in existence so far, the Rubies developers have established their casino business first before developing a new digital currency. This eliminates some of the friction associated with creating use cases for new altcoins, as most of them seem to focus on the online gambling space anyway. Having the backing of an established digital currency casino – BetterBets – instantly gives more legitimacy to Rubies.

But there are other significant differences between Rubies any most other types of digital currency in existence today. There is no proof of work involved, as the developers decided to make Rubies proof of stake from day one. This allows users to mine this altcoin through the RBIES wallet client, which requires a lot fewer computer resources to complete. That is, assuming the user has some Rubies in their wallet balance to begin with, but we’ll get to that in a minute.

Creating a digital currency native to the BetterBets online gambling platform is a smart move, as it can serve multiple purposes. For example, the developers can reward BetterBets users for wagering funds and give them a portion of RBIES in exchange. Additionally, this new digital currency lets the developers retain a portion of the supply to maintain a bankroll at BetterBets. Users can also spend their RBIES by betting on the gambling platform, as a dedicated Rubies section has been set up on the BetterBets website.

Don’t be mistaken in thinking the majority of coins will remain in the hands of the Rubies developers, though. The plan is to create a fair distribution method through Bet-Mining, contests, giveaways, and profit sharing. At the time of writing, over 5,000 people in the digital currency community are holding a share of Rubies, which is a very broad distribution model from day one.

Moreover, the developers are in talks with other crypto-related websites to incorporate the RBIES digital currency for bonus perks and rewards. In doing so, the team can widen the distribution of this altcoin even further, which will in turn raise more awareness for this particular currency.

Obtaining Rubies –  Exchanges and Bet-Mining

While all of the above makes a lot of sense on paper, there is no point in creating a new digital currency if people can’t easily obtain Rubies. That particular problem is solved by using a two-pronged attack, as users can either buy RBIES from an exchange – LiveCoin, C-Cex or YoBit – or use the Bet-Mining system on BetterBets.

The way Bet-Mining works is rather easy to explain: users create an account on BetterBets and download the Rubies wallet from the Bitcointalk thread. Once they deposited some Bitcoin to their BetterBets account and started playing, the Bet-Mining protocol will activate automatically for every BTC wagered. A total of 30 Rubies will be awarded per full Bitcoin spent, which can be withdrawn to the downloaded wallet immediately.

Once users have RBIES in their wallet, the staking process can begin, which can be compared to a passive way of generating additional income. The more coins a person has in their wallet, the higher amount of additional coins will be produced. Keeping an eye on Rubies contests and giveaways is advised, though, as this will allow users to increase their digital currency holdings.

Profit Sharing – Limited Availability

As mentioned earlier, the Rubies developers have opened up a way for digital currency enthusiasts to partake in their profit sharing business model. It is important to note this program is only available to just 40 stakeholders, and there are some dedicated requirements put in place to join.

First of all, investors will make a 5 Bitcoin purchase from the developers directly, which will reward them with 75,000 Rubies. In exchange for this investment, stakeholders will be entitled to their fair share of 80% of the Bitcoin wagered income earned by the BetterBets.io platform. This personal income can be publicly verified through Moneypot.com, ensuring monthly payouts are accurate. However, this investment will only be valid for one year.

Investors will need to keep 75,000 – or more – Rubies in their designated wallet address for as long as they wish to receive monthly payouts. If this number drops below that threshold, no more dividends will be paid out until the balance is increased again. Full instructions on how to sign up for this stakeholder program can be found in the Bitcointalk thread.

Rubies Future: Marketing and Growth

It goes without saying Rubies and BetterBets are on the right track to establish a legitimate altcoin, which is an impressive feat in this day and age. But at the same time, the team has to beep looking towards the future, which is where the marketing element will come into the picture. User referrals on BetterBets are a great place to start, and a strong focus on social media will certainly help as well.

The community should not be underestimated either, as it is in their best interest to make Rubies as successful as possible. A higher price per coins means more earnings for them, which will attract more people, which means more value, et cetera. Plus, the team is turning towards altcoin professionals to help spread the word about Rubies and BetterBets.

Growing the digital currency beyond these initial stages will heavily rely on getting more exchanges to list the coin. While there are three platforms on board already, prominent exchanges such as Bittrex and Poloniex are not on the list just yet. Once a network of RBIES trading platforms has been established, the developers will do their best to sustain a stable price level for Rubies.

Source: Bitcointalk

JP Buntinx is a 30-year old FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he is working to achieve the same level of respect in the FinTech sector.
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