I was introduced to the Dragon Coin (DRG) during a dinner conversation with a friend. I was skeptical at first, thinking this is just another “stab in the dark” attempt to create another cryptocurrency. I was however intrigued by the focused and specific utility of the coin, one which has all the signs of succeeding. This was confirmed during a subsequent dinner conversation — this time with another “elite gamer” who are often found in the junkets of the Macau Casinos and Marina Bay Sands in Singapore. Before I highlight the perspectives of my “elite gamer” friend on the Dragon Coin (DRG), let me highlight the concept of the DRG, for the benefit of those who have yet to read the Dragon Coin Whitepaper at https://s3.amazonaws.com/drg-token/Whitepaper-Dragon.pdf .
What are the Dragon Coins (DRG)? The DRG is designed for the elite gamers who frequent the junkets of the Macau Casinos. To facilitate the gaming activities of these elite gamers, movement of millions of dollars have to be done on a daily basis. Junket organizers have to arrange for large volumes of stake monies for the use of these VIP gamers. This will incur exorbitant fees to the organizers. Likewise, when these VIP gamers repatriate their winnings back to their native countries (many of these VIP gamers come from abroad), they again have to pay large amount of fees to do so. To put things into clearer perspectives, these fees can range from 5–7% of the monies transferred. For these VIP gaming activities, the fees paid are not trivial. Through the Dragon Platform, elite gamers can convert their monies into digital tokens. The Dragon Coins (DRG) can be effortlessly converted into Dragon Global Chips (DRC) for use in the junket. The reverse process of converting the DRC back into DRG, and subsequently flat monies can be initiated to repatriate the winnings.
Now, let’s get to the real discussion. From the perspective of one of these elite gamers, why is the Dragon Coin the real deal?
Firstly, my elite gamer friend enlightened me, a non-gamer, to the size of the Macau gaming industry. Unknown to me, Macau is already the world’s biggest gaming industry and they are 7 times larger than the Nevada casinos! I was further enlightened to 2 facts. The size of the Macau gaming industry is largely due to the elite gaming sector, and grown by large numbers of average gamers. Secondly, the growing number of Chinese millionaires and billionaires will only mean that the Macau elite gaming sector will only continue to grow, perhaps even in an exponential manner. After all, the Chinese will tell you that gaming is in their blood.
The next thing that my friend enlightened me to was the exorbitant fees paid for the movement of monies. Anecdotally, he told me that even though he is “not a big fish in this elite gaming sector”, a session involving US$10 million is not out of the question. The junket organizers have to pay fees of at least 5% to make available the monies for a session. Thereafter, when he repatriates his winnings, he pays 5–7% in fees to do so. The DRG is designed to charge only 1%, representing a 4–6% saving one-way. Putting things into clearer terms, assuming a US$10 million session with another US$5 million to be repatriated, fees could amount to US$800,000 or more! As a gamer, he told me that this savings will definitely attract him to the DRG.
Another interesting fact was told to me by my friend. He originates and lives in one of the Southeast Asian countries whereby repatriating large amount of monies, while not impossible, can get even costlier. To “facilitate” his bringing of far more than what is allowed by the custom officers, bribes and fees will have to be paid to the authorities. He intimated that there is a huge ecosystem these monies will have to feed, and this can amount to another 20% loss of his winnings. Using the same example of US$5 million to be repatriated, this is a whopping US$1 million. Now, it sounds like a no-brainer that the Dragon Coin (DRG) will be a huge game-changer to the elite gaming sector of Macau.
Now, if this is going to be the real deal for the elite gamers, will this be the real deal for cryptocurrency investors? For me, it’s a deal!
Learn more about Dragon Coins: https://drgtoken.io