Good clip of crypto expert (and former poker pro) Jason Mo explaining why Phenom Poker isn't going to work out:

https://twitter.com/cuntycakes123/status/1751114074812039311


It's fairly technical, but he does a pretty good job stopping to explain the terminology and concepts to people not as knowledgeable. Even I learned some new things from this clip (and not just about Phenom).

If you understand nothing about crypto, some of this will go over your head, but if you even know a little bit about how it all works, you should get something out of this clip.

Among the points which I hadn't thought of:

- This sort of token uses a bridge, which is vulnerable to attack. So it's not as secure as people think.

- There are a ton of spoof type scams involving these type of smart contracts, and people will be scammed/tricked into their crypto being stolen if this site were to ever get popular.

- Even if they give away 50% of the ownership tokens to players, and allow voting regarding the site's direction, it will be meaningless. Why? Because insiders will own the other 50%, and if they all vote the same way, all they need is 1 of the many many many other token holders to vote their way, and they'll have the majority victory. Great point!


He made a number of other good points which I'm not remembering at the moment, since I watched this about 5 hours ago. But I agree with him for the most part.

As I said in my other post, I still think the two biggest flaws are their inability to punish cheaters and the complexity of the system which will discourage fish from playing.