LeetCoin, A Controversial Bitcoin Wager System for Video Games

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LeetCoin is inviting video gamers to join its Bitcoin movement

LeetCoin (or “Elite Coin”) has entered the Bitcoin market with a bold statement, “The Future of Competitive Gaming has Arrived.”

Gamers can sign in via Steam and then join LeetCoin servers to compete for Bitcoin while playing their favorite first-person shooters. Bitcoins are automatically transferred from the losers to the winners.

LeetCoin Bitcoin Video Games Gambling

LeetCoin’s goal seems to be to make video games side bets more efficient, which is fine on a small scale. But since this amounts to gambling, it can be expected that LeetCoin will have to seek pastures outside the U.S. once it scales much like SatoshiDice and BitFunder.

There are other challenges to this business, such as players feeling more compelled to cheat.

“I can’t think of anything better to incentivize hacking,” said one user. “Let’s say you have a great server that uses Punkbuster and updates frequently with good hackers on your staff creating and blocking holes as you go. That still doesn’t do anything to prevent players from using a corrupted network to DOS attack competitors. You wouldn’t even need that many drones to clog a single home user’s bandwidth.”

But these challenges don’t stop the reality that video game fanatics might just be the perfect match for Bitcoin wagering. And LeetCoin wants to let video games wager on their first-person shooter battles with Bitcoin, where it’s a game of winner take all.

Here is LeetCoin‘s intro video to the service.

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One Response to LeetCoin, A Controversial Bitcoin Wager System for Video Games

  1. […] video games get a wagering system with LeetCoin. Former housemates of Silk Road owner Ross William Ulbricht are interviewed. Bitcoin becomes more […]

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