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Blockchain/Cryptocurrency and Gambling

  • 30-05-2018 10:25am
    #1
    Registered Users Posts: 2,338 ✭✭✭ yesno1234


    So Boards, I don't think I've seen any threads regarding how blockchain can revolutionise the Gambling industry. Gambling is probably one of the best use cases of blockchain and finally, we can take back some power from the bookmakers and casinos. No longer will they close accounts for being too profitable, cancel bets because of 'errors' when really they have just mispriced etc. and all casino games code will be completely transparent and verifiable so you can see exactly that the game is not tipped in the casino's favour. And with some, you even have the chance to be the house .
     This is coming to a fore now with the planned release of some Gambling platforms soon, namely:
    https://funfair.io - Funfair is an online gambling platform, firstly focusing on Casino games. Also, will allow casinos to use their platform 'model' and token to run their own casino - Running on the Ethereum blockchain
    Decent.bet - They have just yesterday announced a migration to the soon to be launched mainnet of VET (VeChain Thor). Decent.bet is interesting as you can 'stake' your tokens to be the house, and earn a share of the fees generated on the platform. Again, launching Casino and Sportsbook.

    Not sure if there are any crypto heads here, I'd be surprised if there wasn't but wondering what everyone's thoughts are :)

    Bit of a brief post but hopefully it will get some discussion rolling"


Comments

  • Closed Accounts Posts: 9,586 ✭✭✭ Zackary Tight Hairdressing


    Surely BTC and the likes are simply 'another vehicle' for the storage (encrypted) and transfer of (percieved, unstable) value. Besides, regular CCD's already have 128-1,024+ bit encryption.

    And it won't dissolve the fact that most (proper) online accounts require age verification, location confirmation, full ID and other various checks, before funds can be withdrawn.
    You could have been using bags of 'potatoes' to back Liverpool's goal in the run up to the CL. Chances are the bookie man would get tired to giving you back large crates of potatoes, and simply restrict any future barter from taking place again.

    Casino's already use independently checked RNG machines to randnomise results, the only way to improve on this, is using quantum level processing.
    You still can't view their source code, and would also remain suspicious of their validity. Never go up against a machine in non real-world events.


  • Registered Users Posts: 2,338 ✭✭✭ yesno1234


    Surely BTC and the likes are simply 'another vehicle' for the storage (encrypted) and transfer of (percieved, unstable) value. Besides, regular CCD's already have 128-1,024+ bit encryption.

    And it won't dissolve the fact that most (proper) online accounts require age verification, location confirmation, full ID and other various checks, before funds can be withdrawn.
    You could have been using bags of 'potatoes' to back Liverpool's goal in the run up to the CL. Chances are the bookie man would get tired to giving you back large crates of potatoes, and simply restrict any future barter from taking place again.

    Casino's already use independently checked RNG machines to randnomise results, the only way to improve on this, is using quantum level processing.
    You still can't view their source code, and would also remain suspicious of their validity. Never go up against a machine in non real-world events.
    Btc is more or less only suitable as a storage of value, yes, as it is slow and expensive in it's current state. However, 'the likes', there are some absolutely amazing things being done, things that will completely change the world as we know it. Bitcoin should only be considered blockchain v1, I'd highly recommend reading up on smart contracts, cryptocurrencies will be far from just a store of value, otherwise what would be the point of the 1,000 + currently (90% of these are **** and just using the buzzword blockchain, however there are many legitimate projects in the space)

    KYC will still be required on blockchain casinos, as per AML, that will not be any different. However, the analagy with 'large crates of potatoes' is not suitable as smart contracts perform exactly how they are intended without possibility of fraud, downtime.. Take the example of decent.bet, there is no 'house' so there will not be restrictions placed in any way.

    And point number 3, the games code will be opensource and will most definitely be scrutinised


  • Closed Accounts Posts: 9,586 ✭✭✭ Zackary Tight Hairdressing


    yesno1234 wrote: »
    Btc is more or less only suitable as a storage of value, yes, as it is slow and expensive in it's current state. However, 'the likes', there are some absolutely amazing things being done, things that will completely change the world as we know it. Bitcoin should only be considered blockchain v1, I'd highly recommend reading up on smart contracts, cryptocurrencies will be far from just a store of value, otherwise what would be the point of the 1,000 + currently (90% of these are **** and just using the buzzword blockchain, however there are many legitimate projects in the space)

    KYC will still be required on blockchain casinos, as per AML, that will not be any different. However, the analagy with 'large crates of potatoes' is not suitable as smart contracts perform exactly how they are intended without possibility of fraud, downtime.. Take the example of decent.bet, there is no 'house' so there will not be restrictions placed in any way.

    And point number 3, the games code will be opensource and will most definitely be scrutinised

    Yes, v1, a trial run of sorts. But v2 (the full roll-out, won't be anon, if anything the complete opposite) and will feature regulation, RFID implants, biometrics and all that jazz.

    The only thing that will remain anon is the time-old 'barter system' (4 hens, 2 carrots in exchange for a the wild boar, wheel and stick).

    e.g. In Aus a recent digital only payments trial for welfare benefits forbid it's spend in their local bottle shops. Smart e-meters are another example, overuse at the wrong time - a remote flick sees the kettle plug go offline.

    The absence of 'house' currently widely exists (exchanges), but there will 'always' be 'commission' to be paid to the actual operators.

    Scrutinise all day, there will always be someone who will hack a slight advantage, either via software, actual hardware or other. Anything created, can be uncreated.


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