Why dont any bitcoin Casinos use smart contracts to pay investors?

[Gondwana]

Wouldnt this be a much better way to instill confidence in your business, if you can show that investors will be paid automatically?

If you were clever enough, you could even make the entire system trustless, and prevent exit scams. Have everything run via a smart contract on the ethereum chain.

Has this been done? if not, why not?

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[game-protect]

It would be a better way to instill confidence, but as long as investors are willing to send to anonymous receivers, why would they offer this?

Anonymous receivers are unlike more flexibel:

- They can do with the received funds whatever they like

- No one controls them, no securities required

- Difficult to hold the anonymous receiver accountable, etc.

[UGMZ]

You idea has some sound theory behind it, But personal I doubt this will come into play anytime soon.
Not unless there is a drastic change in the landscape of things.

[cloverme]

Wouldnt this be a much better way to instill confidence in your business, if you can show that investors will be paid automatically?

If you were clever enough, you could even make the entire system trustless, and prevent exit scams. Have everything run via a smart contract on the ethereum chain.

Has this been done? if not, why not?

Too much risk with smartcontracts and ethereum in general.  It didn't work out very well for the DAO with $53M loss. 

[Gondwana]

Those coins were stolen, it wasnt really the fault of smart contracts....


And  i feel like ethereium is going to be relevant for a few more years at least, and its not like all its miners will just disapear instantly. if it did die out, im sure some other smart contract coin will take its place. Or hell, even a coin specifically designed to run casinos would be great, the functioning of the casino finances would be in the code of the coin, which could be traded at all casinos too, it would be in their favor to promote it like that.

Then they could make money from the early adoption of this coin, and also have a veriafiable trustless finance system, which still earns profit via  small house edge...

[game-protect]

Sounds good   I have interest to support/introduce such a casino system. The effort should be a fraction of the already US $100s of million embezzled and defrauded.

What would be the required steps and effort approximately to introduce such a system?

[cloverme]

Those coins were stolen, it wasnt really the fault of smart contracts....


And  i feel like ethereium is going to be relevant for a few more years at least, and its not like all its miners will just disapear instantly. if it did die out, im sure some other smart contract coin will take its place. Or hell, even a coin specifically designed to run casinos would be great, the functioning of the casino finances would be in the code of the coin, which could be traded at all casinos too, it would be in their favor to promote it like that.

Then they could make money from the early adoption of this coin, and also have a veriafiable trustless finance system, which still earns profit via  small house edge...

Well I believe it was stolen because of a bug in the contract (http://hackingdistributed.com/2016/06/18/analysis-of-the-dao-exploit/)... I'm not using smart contracts in my applications because the programming language for ethereum is very complicated and not easy to spot exploits.

Whereas, sending bitcoin (or ethereum) manually has much less risk and easy to do. I agree that ethereum is going to be around for awhile as well, but the code around building a contract is very risky. I've turned down paying work from people who want smart contracts because I don't believe "solidity" is solid enough to rely on for things like you're asking about (paying lenders back from casinos).

[avatar_kiyoshi]

AFAIK vdice investment use smart contract, because basically it's product based on ether development.

I see the smart contract is good idea as long as you can handle and understand about the script, how to develop it.

[Youresioure]

Based on my experience on the script-quality of most casinos, I can tell it's better than they're paying manually It'd be a neat system to see, but I think it'd need expensive scripts and why would people spend on these scripts when major casinos don't use them either? Maybe a casino developer with much free time and unstoppable motivation could release a proof-of-concept or script, but I haven't seen any of them so far.