Flushdraw returns from its Christmas hiatus with the latest ball of yarn served up by California-based World Poker Fund Holdings. In one of those free-press-release thingies that populate through search engines from time to time, WPFH announced today that it will be conducting an initial coin offering, or ICO, in which a brand spankin’ new cryptocurrency will be unleashed upon the virtual world, not that we need another almost-certainly-worthless crypto coin to add to the thousands that already exist.
If 2017 was anything regarding crypto, it was the year that knowledge of the medium grabbed more mainstream attention, thus incentivizing every Tom, Dick and Harry to come along and attempt to issue a new online coin. “Give us money!” they beseech, time and again, and despite the stunning gains made by a handful of prominent crypto currencies, most of these others are just get-rich-quick schemes foisted onto a knowledge-deficient public. As Frank Thomas used to say, “Don’t believe the hype.”
Entering upon a wave of said hype is whatever this coin is supposed to be, noting that it’s not even named in the release. (The body of said release is appended below, so you can see for yourself.) Also not detailed in the release itself is the $50 million figure, which appears only in the headline of the release. If $50 million is worth a banner headline, shouldn’t it also at least be worthy of some mention and further detail?
Ah, well, consider the source. Last time the poker world heard from World Poker Fund Holdings, it was in connection with a supposed $400 million marketing deal with rapper Soulja Boy that turned out to be just so much hot air.
If one remembers the tendrils of that Soulja Boy story, it linked directly to a scheme to offer online poker to passengers on international flights… as if this was somehow a $400 million market waiting to be tapped. And the other half of that ownership-package fluff was our friends at Universal Entertainment Group, the entity founded by Florida huckster / fraudulent-telemarketer Fred Khalilian. (Khalilian’s comical efforts surrounding two hapless tribal-gaming startups, PokerTribes.com and PokerTribe.com, have been featured in several other features here at Flushdraw.)
Despite the heavy dose of pseudo-legalese offered in the release below, it’s all just show. There’s little substance here, and that doesn’t change even if WPFH does issue its FartCoin or whatever its to be named at some point next year, as announced. There’s nothing at all to indicate that “the gaming world” would have any interest in implementing said coin, nor is there any indication that WPFH’s own games — whatever and wherever they are — have even a smidgen of the audience needed to absorb $50 milly worth of consumer investment.
As for veracity, the announcement ends with, ” To learn more about World Poker Fund Holdings (WPFH) and its upcoming events, please visit www.worldpokerfund.com.”
Well, we visited that site. No further information about WPFH or any “upcoming events” is posted publicly there. All there is is a contact form where the visitor sends their own info on to person or persons unknown, likely to be vetted for investment-tapping possibilities instead of offering much info about this ICO.
There’s a sucker born every minute, after all. And Happy Holidays, too.
But… “Send us money!”
No thanks. Not me.
Here’s that release:
WPFH Announces $50 Million Initial Coin Offering (ICO)
LOS ANGELES, CA, Dec. 27, 2017 (GLOBE NEWSWIRE) —
World Poker Fund Holdings, Inc. (OTC PINK: WPFH), a leading developer and operator of online and event-based social gaming platforms and brands, announces today that it will be participating in an Initial Coin Offering (“ICO”) through its new digital currency subsidiary to raise funding for its projects. The cryptocurrency will be filed with the U.S Securities and Exchange Commission under Regulation D 506(c) and allow accredited investors to realize income from dividend payouts in the form of cryptocurrency.
Once launched, the digital currency will be traded through a SEC-regulated Alternative Trading System (“ATS”). An ATS, also known as a multilateral trading facility (“MTF”), comprises a non-exchange trading venue that finds counterparties for transactions by matching buyers and sellers.
“We are excited to be developing a coin catered to the gaming world. This ICO will not only integrate our digital currency into casino games and apps, it also allows WPFH a funding mechanism to develop and integrate blockchain mining technology into our projects,” says Travis Kasper, Chairman of WPFH.
The cryptocurrency is currently scheduled to be launched by or before the second quarter of 2018.
Last week, WPFH announced that it has launched a new division which will allow for the integration and use of digital currency with its existing and future technologies and applications. In addition to acquiring a digital currency wallet, WPFH is developing and exploring cryptocurrency mining opportunities specifically geared toward its social gaming projects and its users. WPFH is planning to integrate blockchain mining into its social games, casino games, and applications.
About World Poker Fund Holdings, Inc.
World Poker Fund Holdings, Inc. is a leading developer and operator of online and event based social gaming platforms and brands. The company is currently in the final stages of launching its two-core celebrity driven social gaming brands for online poker and casino gaming. The company does not offer any games or gaming opportunities for cash in the United States and is not licensed as a gaming operator in the United States or any other jurisdiction.
To learn more about World Poker Fund Holdings (WPFH) and its upcoming events, please visit www.worldpokerfund.com
(The opinions offered here are solely those of the author, and do not necessarily reflect the opinions of the owners and publishers of Flushdraw.net.)