Your opinions on Online Gambling and Bitcoin

[fox19891989]

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

P2P gambling, with no house edge, so you make money from service fees right? It is interesting, but P2P game is not very popular here, people like play casino games.

I know some p2p games in the community, but they get low traffics, hardly run a P2P game here. Unless your game is awesome.

[WhatTheGox]

Hello Everyone,

I am a young entrepreneur and I want my niche to be online P2P gambling, with no house edge. I believe this is a system where by provably fair sites can remove some of the stigmas associated with skill-based and chance games, as well as provide educated people (statisticians for example) and long-run method by which to make real returns from their knowledge despite an economy that undervalues their skills (even though they're paid more than the poultry that goes for average these days).

Anyhow, I understand that there are many counterpoints and draw backs from what I have said. We are aware that gambling has ruined lives before. Yet, recently governments (UK, Canada, Italy, etc.) has begun to offer online gaming as a way to generate taxes. Does government ownership of gambling make it more legitimate? Are the government's imposed limits a big difference in when it comes to the application of these devices? Are some governments/regions/jurisdictions more progressive than others?

This conversation is of particular interest to me so thank you for any and all input.

Open Ocean

P2P gambling, with no house edge, so you make money from service fees right? It is interesting, but P2P game is not very popular here, people like play casino games.

I know some p2p games in the community, but they get low traffics, hardly run a P2P game here. Unless your game is awesome.

I dunno poker is a p2p game and very popular, i think people would pick a p2p game vs a house game provided its entertaining.  Also p2p gives us the opportunity for direct interaction in the game giving it more variety when you play.   Some people will always like standard house casino games for sure.

[bryant.coleman]

My opinion is positive. Gambling can become an addiction, but we can't protect everyone and shield them from their own cravings. It can also make you rich, not all gamblers are losers, some make fortunes.

From my part, I haven't seen a single person who has benefited from gambling (other than the owners of the gambling sites). Some people were lucky... earning quite a lot of quick profits in the beginning. But even they gambled away their initial profits and then slid deeper in to debt, when the addiction took hold.

[BayAreaCoins]

My opinion is positive. Gambling can become an addiction, but we can't protect everyone and shield them from their own cravings. It can also make you rich, not all gamblers are losers, some make fortunes.

From my part, I haven't seen a single person who has benefited from gambling (other than the owners of the gambling sites). Some people were lucky... earning quite a lot of quick profits in the beginning. But even they gambled away their initial profits and then slid deeper in to debt, when the addiction took hold.

I see winners every day 

[bryant.coleman]

I see winners every day 

Their "wins" are temporary. Gambing is highly addictive. One day, you will win $100. And addicted by this victory, the next day you will put in $1,000 and lose them all. I have seen many such cases myself.

[countryfree]

My opinion is that gambling is bad for BTC.

BTC has suffered too much from being associated with terrorism, pedophilia or gambling, even if hard facts were non existent. I don't want anyone to think of BTC as some kind of monopoly money, and there's nothing positive in online gambling. I advise you to look for another business idea.

You can argue whether gambling itself is good or bad, but it's definitely good for BTC (in terms of price and adoption).

Like it or not, currently large % of all bitcoin transaction relate to gambling, which probably creates fair part of demand. Would it be good if you take it away?

What you're talking about is the image issue. You seem to want to present Bitcoin to the world as 'pure goodness', that's bullshit. Bitcoin is not meant to be solution to all the problems, it's meant to be an alternative to fiat. That means it could be used both for noble and for shady things. And that's OK.

Noble and shady things, this is very precisely my idea. The problem right now is that the shady things might be too big, and the noble causes too small. If someone comes up with another gambling project, BTC needs at least 2 noble projects to balance positively its image.

[Balls]

My opinion is positive. Gambling can become an addiction, but we can't protect everyone and shield them from their own cravings. It can also make you rich, not all gamblers are losers, some make fortunes.

From my part, I haven't seen a single person who has benefited from gambling (other than the owners of the gambling sites). Some people were lucky... earning quite a lot of quick profits in the beginning. But even they gambled away their initial profits and then slid deeper in to debt, when the addiction took hold.

I don't disagree that gambling can be addictive and destructive but so can alcohol and sugar but there are plenty of people who make a living from gambling or just enjoy it without any problems. It's about moderation and control but obviously some people don't have that and the fun quickly turns into habit and dependance.

I see winners every day 

Their "wins" are temporary. Gambling is highly addictive. One day, you will win $100. And addicted by this victory, the next day you will put in $1,000 and lose them all. I have seen many such cases myself.

Not always. I'm sure most people do lose more money than they win and the longer youu gamble the more likely you are to lose but you can be a winner overal if you pace yourself and stick to your budget.

[btcton]

If people want to burn their money, that's their own problem. Anyone thinking gambling is going to get you somewhere is probably wrong.

[WhatTheGox]

I see winners every day 

Their "wins" are temporary. Gambing is highly addictive. One day, you will win $100. And addicted by this victory, the next day you will put in $1,000 and lose them all. I have seen many such cases myself.

Same thing can be said of life, its really hard to prohibit things, if house games are upfront about the edge they are taking from the player then the player has the control to decide.  If people fall into a trap they should seek help or people who want to help should seek them.  Its a really tricky problem though like drug adiction.

[OpenOcean]

Guys, thank you so much for the additional commentary!

Does anyone know a great video illustrator we can hire (we have tried Fiverr and Occulus to no avail).

Any recommendation would be critical as we can explain the industry we are trying to create!

Thank you so much for your time and efforts,
Open Ocean

[Kprawn]

No house edge = no income for the operator. How will you generate a income from this? {Adverticements?}

Is this purely for entertainment and educational purposes? Other Casino's already have Free2Play options for people who wants to play, without betting. {Bitcasino.io}

Or are you going to host these games and let people play without a house edge, but charge them a entrance fee or a shitload for their food and drinks? 

I read the thread, but I cannot pick up on the business model you are going to use.

[Amph]

If people want to burn their money, that's their own problem. Anyone thinking gambling is going to get you somewhere is probably wrong.

this is the reason why we should integrate bitcoin in those games that are more skill oriented and less gambling, at least there if you lose is only because of your skill

[Cinnob0n]

You should atleast add a house edge of around 1%. Without a house edge you might as well not start the site at all. It pretty much guarantees that a profit will be made off of the site. 

[rio3232]

Online gambling make bitcoin more valuable because demand of the bitcon going high.
The player playing online gambling and loss, then the player want buy bitcoin so fast to turnover fastly.

[noobtrader]

Online gambling make bitcoin more valuable because demand of the bitcon going high.
The player playing online gambling and loss, then the player want buy bitcoin so fast to turnover fastly.

a lot of gambling site also offer altcoin, so what that means? 
is that good for bitcoin or bad ?

[dhimasnk]

Indeed most bitcoin use throughout the world are in the field of online gambling, so the bitcoin gambling should be safe and not rigged

[inBitweTrust]

Gambling is a disgusting habit that is dangerous , highly addictive, and often takes advantage of the credulous and impulsive that should be free to operate without regulation and interference from states which are equally as nasty(and often have their own corrupt forms of gambling)

[MUFC]

Guys, thank you so much for the additional commentary!

Does anyone know a great video illustrator we can hire (we have tried Fiverr and Occulus to no avail).

Any recommendation would be critical as we can explain the industry we are trying to create!

Thank you so much for your time and efforts,
Open Ocean

Ask over on the Services section here. There are always people willing to do this sort of work in exchange for bitcoin.

Gambling is a disgusting habit that is dangerous , highly addictive, and often takes advantage of the credulous and impulsive that should be free to operate without regulation and interference from states which are equally as nasty(and often have their own corrupt forms of gambling)

Guns/drugs/knives/sugar/alcohol are addictive and/or dangerous. Most of those things including gambling are fun or can be used or enjoyed  responsibly by the majority but a few people always have their problems but that's the individuals choice.

[inBitweTrust]

Guns/drugs/knives/sugar/alcohol are addictive and/or dangerous. Most of those things including gambling are fun or can be used or enjoyed  responsibly by the majority but a few people always have their problems but that's the individuals choice.

Sure and thus the reason why I think it should be legal and unregulated. Gambling in the most benign form is a waste of time like video games or soap operas , with irresponsibility it becomes more dangerous than certain hard drugs.

  Are there any gambling sites that donate 100% of net profits to charity?

[btcton]

If people want to burn their money, that's their own problem. Anyone thinking gambling is going to get you somewhere is probably wrong.

this is the reason why we should integrate bitcoin in those games that are more skill oriented and less gambling, at least there if you lose is only because of your skill

Well, bitcoin has to be integrated into more mainstream uses first. Once it gets around to store retailers and online sales with more strength, then it will be time to look into more specific uses such as sports and competitions. Gambling really just took off that fast with bitcoin because it is a legal workaround to something that would be illegal with fiat, nothing else.