Published: 26 June 2022
Decentralized poker gambling
PokerFi wants to run poker tournaments on its website and later expand to mobile devices. Now the website is running without any further features – it’s purely a gambling game.
The Road Map disappeared from the old whitepaper (where it was available only until Q1/2022) and is not present in the new one.
Only some points have been completed. The website does not work, so there is nothing to play. The mobile application only works as a wallet, not a place where one could easily play. The only thing that could be considered done is the sale of land, but it has no use. Nothing else works and no information is published. It is necessary to add that the whitepaper does not even mention credit cards or the possibility of building real estate.
Old Road Map
The Road Map on the website is very short-term, and only covers the period from Q4/2021 to Q1/2022.
Establishment of a space for players on the website for playing tournaments.
Mobile application development – easier access to poker.
Launch of branded and customized PokerFi clothing and accessories (chips, decks, card cases, poker tables, poker lessons and more).
PokerFi credit card (more information coming soon).
Construction of real-world venues which will accept PokerFi (bars, restaurants near poker venues).
The Road Map is outlined on another website that is now reported as official. However, everything that was not completed was merely moved to Q2/2022. Credit cards and real estate are already mentioned here. Work on the website’s functionality has yet to begin. Staking is also mentioned here, which is allegedly fulfilled (in Q1/2022), but it is not known when it will start working.
There is a PokerFi token and BUSD in the ecosystem. Cryptocurrencies are used in the project to avoid regulation by banks.
Daily games and tournaments will take place on the website. Bigger tournaments are to take place once a week, usually on weekends, with subsidies in the range of USD 50,000-100,000. Mega tournaments will be conducted once a month.
Cashback and the loyalty program have several levels. You can get up to 70% in rewards, but you have to play consistently. Once you stop, the levels are lost. Each level has a time horizon, and after that time, the points are either lost or the player gets to a higher level and has extra time to collect more points. Points and rewards are calculated from the profit generated by the player’s activity. Everything is paid in BUSD.
Level 1 – 15% – 7 days
Level 2 – 20% – 7 days
Level 3 – 25% – 15 days
Level 4 – 30% – 15 days
Level 5 – 35% – 30 days
Level 6 – 40% – 45 days
Level 7 – 45% – 60 days
Level 8 – 50% – 90 days
Level 9 – 55% – 120 days
Level 10 – 70% – 365 days
Maximum PokerFi supply is 10 billion tokens and 20 % of the maximum supply is to be burned. The project claims that there are now 6.2 billion tokens in circulation, while two months ago it was about 8.8 billion tokens. This reduction in circulating tokens does not mathematically correspond, even if 20 % of the maximum supply has been already burned.
If you hold more than 35,000 PokerFi tokens, you will receive a weekly share of 5% of the project’s profits and 10% of the marketplace profits every quarter. All profit shares are paid in BUSD and the mentioned shares are divided among all qualified token holders (as in a stock company).
Listing price: USD 0.0023
ATH: USD 0.008078
ATL: USD 0.0003938
Price as of 12 May 2022: USD 0.0003938
The token can be purchased on the PancakeSwap (V2) exchange.
The whitepaper does not talk about staking, and we do not find any mention about that in the tokenomics either. The only mention of staking is in the Road Map.
The token distribution is worrying, especially if we focus on the locking times:
According to social networks, the project has a partnership with a pizzeria in California, USA. However, the website does not say anything about the partnership, neither the whitepaper. The new whitepaper is also missing the fact that the project considers PokerFi token holders as partners.
There seem to be only two people behind the project, CEO Renato Maia (pictured) and his partner and advisor Robson Soares. They reveal nothing more about their experience than the fact that Renato Maia has been playing poker professionally for 10 years and has been teaching it for 4 years.
“The project is either not established well enough, or is at the very least confusing. They pretend to be working on everything while not working on anything. The project can be interesting at a first glance, until you start finding out more. It is highly non-transparent and confusing.
Personally, I found the number of websites the project has very curious. These include a non-functional old website, a half-functioning other website (also old, but official according to Twitter), a half-Portuguese website (official according to Telegram) and a Chinese website (google translated) that you can access via the PokerFi page on medium.com. However, the project is not associated with an account on this platform elsewhere.
The PokerFi token is held by 11,273 unique wallets, while on the new website the project reports to have more than 18 million users. The old website states that there are more than 10,000 users, but at the same time, they say that they will soon stop working / are no longer official. The BSC scan contains different information about the token than the information provided by the project on CoinMarketCap.
For all these reasons, I consider the project fraudulent and extremely risky.
DO NOT invest in this project, or only do so at your own risk.“