Dan Patterson

xStocks <> Lore @lorexyz is now part of the xStocks Alliance, incorporating xStocks into the MAG7 LTP, the first liquid token portfolio with tokenized equities. This is what investing looks like when it's designed for composability.

Temple has raised $5M to build the first privacy focused technical stack to trade capital markets on @CantonNetwork. Read our full announcement here: templedigitalgroup.com/news/temple-ra…

The first Community Launch made Aerodrome the #1 revenue DeFi protocol in its debut. ...maybe it's time for Round 2.

Pokemon Card Gambling Exposed 👮 Trading card repack platforms have exploded recently - generating tens of millions in volume, going viral, and launching tokens with 9-figure FDVs, but some simple research suggests they aren’t all that meets the eye. As founder of Boxed, a similar repack style platform, I've observed sketchy practices across the industry. These platforms at best lack transparency; at worst, they're scamming users. Before spending on Courtyard, Collector Crypt, Phigitals, Dyli, Arena Club, or even my platform ( @boxedhq ), consider these issues. You might think twice. I’ll break down these shady dealings topic by topic, and show you how we have approached each with my own platform, Boxed, to give some contrast on what I believe is the ethical and fair way to implement these services. Transparency 👀 Transparency is by far the biggest issue with every single one of these sites, and it breaks down into two main issues: randomness and odds. Odds ⚖️ Every single repack site is entirely untransparent with the displayed odds. The key issue is that you don’t know the exact odds of what you can win, you are only presented with ranges. When users see "15% chance for $5-$15 item," they assume even distribution (average $10 value). Platforms even display expected value (EV) based on this assumption, often claiming that you are infinitely profitable opening their packs (this doesn't even pass the sniff test). The reality is, there is no way to know whether the odds ranges are evenly distributed or not. A preliminary look into the on-chain data of some of these platforms indicates that the odds tables are weighted toward the low end of the value range. I will continue to investigate the data to get more conclusive evidence, and follow up with any relevant insights. In addition to this obfuscation, they don’t even show you the full list of items you could win. They just dangle the “top pulls” in front of you to mask the fact that the majority of items are uninteresting, overpriced and of poor condition. What we do on Boxed: We display the exact % chance for every single item (rare and common) in every experience we offer. Complete transparency with no compromise: Randomness 🎲 None of these platforms implement a means of verifiable randomness. Some claim to use VRFs, while others have no mention of randomness anywhere on their website. This is a critical issue on any RNG based platform… Without verification, what prevents rigging? How can you trust your luck is genuine? This problem isn't new… online pack opening has existed for over a decade (see: CS:GO skin sites). These sites implement "provably fair" systems, the regulatory standard for licensed casinos. Many non-casino products adopt this for customer trust. This has been the gold standard for many years, with no flaws. So why do these pack opening platforms go out of their way to implement a less transparent system? Even utilizing an on-chain VRF like Chainlink does not ensure any fairness or transparency for customers. It only ensures that a third party is handling the RNG. It’s not clear how the centralized platforms use this RNG outcome once delivered. What we do on Boxed: Every single item in every experience has a specific integer range that corresponds to the random algorithm labeled “provably fair range”. Using our provably fair system documented on our website (link in comments), you can verify that every item you opened was by random chance via our open sourced algorithm. Regulatory Compliance 🧑‍⚖️ Each of these platforms violate US state and federal laws, plus international regulations. US gaming law (as well as many other jurisdictions) identifies illegal lottery through three elements: Prize: Items have marketable value? (are they worth something) Consideration: Do you have to put up something of value? Chance: Is the outcome prize determined by randomness? All platforms meet these criteria - they're illegal lotteries operating nationwide. You might be saying to yourself “who cares, crime is legal in the current regulatory environment! It's all crypto anyway!” To that, you are unfortunately wrong, because although federal enforcement might be relaxed, each state has its own gaming authority, and many states are known to go after platforms like these that offer illegal services to their constituents. The penalty for this offence is commonly prison. I've been made aware of multiple reports to state gaming authorities for multiple of the listed platforms. So the conclusion to be drawn is that all these platforms are very likely illegal lottery (not legal advice, I'm not a licensed lawyer). Even worse, they are all also offering their services to every state in the US. In addition to this, some of these platforms provide no measures to deter money laundering, terrorism or harm to children. I can only speculate how these platforms could be used illicitly, but the fact that no measures are taken to try to prevent bad actors is not a good look. What we do on Boxed: We have taken a compliance first approach with Boxed. We have spent six to seven figures on our legal strategy to ensure we are not breaking any laws anywhere we operate. We have worked with lawyers who frequently represent Fan Duel, Bet365, and others. These lawyers have written detailed legal opinion letters stating that we are legal in every jurisdiction we operate in. This is how we have been able to secure VC backing from highly diligent firms as well as relationships with partners such as Nuvei and Stripe, who traditionally wouldn’t touch this category of business. Service💙 Many of these platforms fail on their core promise to customers: provide a fun pack opening experience, delivering customers the stated trading cards in the stated time frame. Although a large portion of CT seems to be using these platforms purely as crypto casinos with no care about the underlying asset, when a customer decides to redeem an item, reach out to support or interact at any other level with the services, they are often met with disappointment. Unfortunately, many of these platforms have not existed long enough or had enough customers to even have reviews online. Here are some of the reviews I could find: What we do on Boxed: In-house warehouse and logistics, partnerships with major TCG marketplaces, dedicated support staff, strict condition policies. We have spent years of development supporting hundreds of thousands of users, who have opened nearly 50m random packs shipping hundreds of thousands of cards. The repack industry is riddled with opacity, questionable practices, and regulatory violations. Whether you use these platforms for trading cards or treat them as crypto casinos, you deserve transparency about odds, verifiable randomness, and legal compliance. You also deserve to get what you pay for. Do your due diligence. Ask hard questions. Demand provable fairness. For those interested in more info about how Boxed goes above and beyond, I'll share a dedicated thread soon. Until then - know what you're buying into.

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