Bitcoin Forum

  While traditional bank/investors works, I was wondering what you guys/gals think of bank less casino.  This can be combined well with offer walls as well, but than people probably shouldn't be able to deposit, only withdraw.
  So say someone deposits a buck worth of crypto or earns a buck with videos/surveys etc, they can convert it to 100 000 points and gamble against the bank which is made up of points, if they want to sell, they have to put it up for sale through cashout, and the next person who needs points would buy it from them.  If no one wants to sell, than site could sell at that price, but people can't sell to the site.
 
  So it's like a trade order system but the order is locked at 1 usd=100,000 points, and you can only buy from bank.  Edge less or positive edge games could be explored, also coin flips between people or even difficult arcade style games where you pay to play a round and what you earn before you die is yours, difficulty can be adjusted to make it close to 50% gambling, but if some are really good they can earn a little more.  Or anything else really.
 
  To pay for the site and potentially profit, some kind of cashout fee or percent needs to happen.  So say you buy points and immediately sell them to someone else for the same locked price, you would get 98 cents instead of a dollar, or like 2$ bucks and min 20$ cashout, depending if it's micro stakes or normal.

  Anyhow thanks for reading this nonsense, What do you think, is this possible?

  My answer is maybe, but it would probably cost a lot of money to set everything up, running a reward site alone is not cheap, running a game site with lots of traffic on it's own is not cheap.
   

It is definitely possible, however it must be a very well thought system, like gambling for and into a blockchain that administrate themselves

I don't see it happening, I wouldn't gamble in a Bankless casino.

But how bankless casino? A bankroll belonging to the house is needed anyway to cover the losses the casino can have on short term. What I believe it's possible is to add offer-wall at casinos, so people can complete tasks and surveys to earn credits and play on the site. But the other casino's characteristics won't change a lot. A house edge is needed, bankroll with investors (in some cases) is needed, solo games are needed...

To play with credits instead of currencies is possible, but I think people won't like it very much as they will need to exchange their BTCs into a unknown credit token, losing the advantage of holding BTC that is very profitable.

For the question if it is possible then of course yes it is possible. Would someone do it I do not think someone will. As you know it will be expensive also I do not think every gambler would buy the Idea.

As the saying goes if ain't broke do not fix it and the current system is A okay for me.

I think this is possible since it's a procedural concern. The process can be innovated. Bankless casino can be possible most probably the payments will be through online or digital currencies. I guess it can work like online gambling games. If its not a bank then it can be a cashier in a casino.

The whole point of running a casino with a big bankroll is to make profit on the house edge, coming from the classic words 'The house always wins'. Gamblers come in and try their luck and may win or lose but the house is always the ultimate winner.

Although your idea could work, it isn't exactly feasible as just offer walls combined with gambling just won't cut it for enough profits and there is always a chance that a random lucker could hit big numbers while there would be no bankroll to pay his win.

Thanks for all the posts so far!  I enjoyed reading your replies.  I think I'm just fascinated with play money, tokens, and other types of rewards.  I guess if the whole site is filled with positive edge games, and the players start to win, than there will be more people with coins that they want to sell, and that amount has to be bought up by loosing players or new players.  I think the idea is that if there is 1% edge in players favor, it takes a lot of work to extract it, and most people loose at higher rate than 1% of their wager.  In a way loosers buy points from the winners.  And if you're a winner, paying 2% fee of your cashout doesn't sound so bad, and if you are a looser at least you know you lost on a positive edge game. I'm thinking like pvp casino, but you don't have to wait for someone to take your bet, because it takes a while, instead you play against the banks points, than sell your extra points to other players through locked price.

Exactly, and where is the money supposed to came from?


It is never going to happen, the OP is very optimistic about all this issue but he do not realize that we can not have a bankless casino after all.

From where is the money going to came from? Just like i said before, without money, there is no money to distribute around the players.

No way, it can not happen.

Yes i agree have possible use bankless transaction for Bitcoin, but have an online wallet exchange not allow bitcoin came from the gambling but i have nothing idea why not accepting from gambling like here in my local exchange in my country.

I think yes and i bet that it can even run on not just butcoin alone but for all the ecisting cryptocurrencies. With the ewallets bein utilized as a holding pen for the money and transferring it to the casino to play in then i think that this is a possibility

It is possible, it is not as you described, but there are already many attempts that are trying to make it go live.

If you know genesis, they developed an ICO for the same purpose, decentralized betting.
Also a new ICO that is being called ZenProtocol is aiming to do the same with the stock market( you actually bet if stocks will go high or low at a specific time frame).

If one of them will be succesful it is going to be a true game changer for the gambling world.

Yes it's possible. They can exchange to another crypto, buy crypto, and other transactions.
It make easy and fast if have bankless casino, and the player will happy of that solutions.

Aren't bitcoin casinos bankless? Well you have an option to involve your bank that it and even fiat casinos doesn't require any bank accounts though you use fiat money.

I get your idea you basically want to make a GPT website where you will put a gambling option too. I think this is not a very good idea because anyone who earns money by filling out lengthy surveys and typical tasks will never appreciate gambling his funds and lose them. I think better you make a website where users can earn money and actually get a LOTTO TICKET on completing each survey and draw a weekly prize.

If you mean by bankless casino that the website owner does not need any bankroll to invest then make a player vs player gambling portal while if you want users to just withdraw and cannot deposit then yes it's a nice idea that people earn their money and gamble it, at least they would be satisfied that they only gambled what they earned.

Yeah it sounds like freebitco.in but the faucet part is in form of doing surveys and different kind of tasks.

Possible but risky at the same time because would take time to gain a lot of users and the procedures sounds a bit complicated on the conversion part. Also there's still a bank since they're buying points from the site and as you've said "gamble against the bank".

Bankless casino means Decentralized casino, which is possible and there are already attempts to make it.

If you know the project genesis, it aims to do the same thing, decentralized betting which won't require you to trust any 3rd site in order to make the gamble.
I will give you an example.
Let's say I am interested to bet on Barcelona to win a game, and I want to bet at the rate of 1:2.
Another dude sees my offer and decides to bet against me, we both store the funds in a smart contract that will be executed when the game is over.
The smart contract takes the info about the game from a various sort of sites and later determines the winner, without the need to trust a 3rd party to control our money.

For a bankless casino, the mode of payment is to be sorted out first. Most probably digital mode will be the best suited for this purpose. Cryptocurency will be a great option for such a proposition. The procedure to bring this change will be quite cumbersome and many casinos and gamblers wont take it as easily as it sounds. It will need some kind of government nod aswell i think, because of the taxation of particular area. Masses should shift to digital way of transaction first before any such reform takes place.

From what I gleaned from your post this is what you want to do:

1. Create some sort of Offer/Reward Website (PTC, Rewards, Promotions, Points systems, etc.).
2. The points earned will be in the account.
3. You can gamble with the points.
4. Double or nothing for the users (sort of, since it's gambling).
5. Trade the points against the bank (this is where it gets blurry)

You said you want a "bankless" system, were your referring to the financial institution or the "house bankroll"? Because that is really two different things. From your discussion, I think you meant that the users can exchange the points to fiat using the website itself. Which means there is really no conventional financial institution involved, but merely getting the money from the website itself by converting the required points.

I would say it is something new for Offer wall websites as they do not have a gambling feature, but it would be something good to explore as it will be something really unique.

You basically covered it all up, everything can really be pinpointed that yes a cashless banking system for banks is possible utilizing the power of cryptocurrency to its full extent. However to set it all up everything needs to work to the fullest and that is via having programmable systems andt technology and of course players who are invested on this too

This system will be possible if the organizer ( the one handling the system) puts huge fees on withdrawals. We underestimate the huge costs involved in operating a casino. Even when we talk of an online casino, there are huge costs involved. For instance, they have to spend large amount of budget on bonuses and promotions only to attract more customers.

Yes bitcoin and other crypto currency is now making the society as cashless, you do not need to have cash with you in your pocket, but you can sue bitcoin everywhere in the world. You will not even become able to use bitcoin in your local shops where even the local shopkeepers will start accepting bitcoin for shopping in their shops.

but promotions and advertisements that are very helpful to be able to create a reputation from the casino. sooner or later the gamblers will soon learn about the ongoing casino. but promotions and advertisements must be successful. so that funds that have been out will be replaced with the number of players who register and enter there

Is OP talking about cashless casino or bankless casino because i am kinda confused here. And with fees being involved, I am sure lots of people will be unwilling to pay an fees no matter how small it is.