Need opinion about Decentralized Gambling and Profit Sharing

[prtty2gal2]

Hi, guys.
I notice that many gambling dApps were popping up in EOS and TRON. https://dappradar.com/rankings
And some of them offer house profit sharing.

Since I'm new in this gambling section, what do you think about it? Is it going to be "the next big thing?" or just temporary hype?

I do not think any project making use of EOS block chain should be termed as decentralized project.
Profit sharing is what most of this new projects will begin with but it might not continue for a longtime.

Just be careful as I see that this is a new project, it can fail if they do start experiencing financial challenges or maybe they don’t get  enough people who pick interest in the project but from the followers they have i would say they have a good prospect and its likely to be successful.

[Rifmax]

I think that over time you will gain more experience in finding the right solutions

[2double0]

Hi, guys.
I notice that many gambling dApps were popping up in EOS and TRON. https://dappradar.com/rankings
And some of them offer house profit sharing.

I saw the apps list and I truly believe that this is a game changer in the field of gambling as when you don't need any KYC issues to be resolved and can get paid directly to your wallet without any hassles or country-specific restrictions, this is going to be a revolution in the gambling industry. It's just that the coins being used here are of least importance after all the mess happened before.
Profit sharing had been there already and it depends on the % the vendor allows its affiliates, as well as you should also understand the risks associated with it that it is not guaranteed because house gives you some options to choose from and if some users win big against the house under that category, you get nothing.

[leea-1334]

I do not understand why the crypto world is avoiding the use of biometrics linked with online reputation scores to checkmate scammers . It does not make sense.
I understand they want crypto to be  anonymous and privacy friendly,.. I believe anonymity/privacy can  be achieved on blockchain with biometrics in a creative way.
It is really sad to see good projects dying off because of mere scammers

First you have to understand that biometrics is extremely personal and private. One name can be shared by many people, even addresses and phone numbers can be recycled, so yes, these are all personal details but, your fingerprint, your retina scan,,, all these types of biometrics are only unique to one person.

So if somehow that biometric data is stolen it can be used as if the actual person were doing it.

Yes there can be creative ways for blockchain I agree, but I think if you introduced biometrics, people would think hard. Do I want my bio data to be forever put on blockchain?

[mu_enrico]

I saw the apps list and I truly believe that this is a game changer in the field of gambling as when you don't need any KYC issues to be resolved and can get paid directly to your wallet without any hassles or country-specific restrictions, this is going to be a revolution in the gambling industry.

I know, it looks tempting, right? The problem is that the gambling industry also attracts scammers and we find it difficult to make a distinction between good developers and evil developers. Moreover, besides good developers, we also need competent developers to make sure that the smart contract is running properly.

In my opinion, KYC/biometrics wouldn't solve this issue and perhaps only make it worse, just like @leea-1334 said.

[justdimin]

Investing in these platforms is like picking up pennies in front of a freight train.  There is a high chance they will just steal your coins in the end and investing in a casino with a very small house edge wouldn't even be worth your time.  There are much better things to invest in to get a higher return.

It’s very risky actually investing in a new coin and that idea of profit sharing is usually what most of this new coin use in enticing new investors and would later end up failing. Please kindly help share one of those things to investing for higher return because I really need other streams of income. I am tired of all making wrong investments.

[GregH37]

I notice that many gambling dApps were popping up in EOS and TRON. https://dappradar.com/rankings
And some of them offer house profit sharing.

Since I'm new in this gambling section, what do you think about it? Is it going to be "the next big thing?" or just temporary hype?

House profit sharing seems something interesting and profitable but it might not be permanent. Decentralized applications doesn’t have much time to spread their existence and the one’s who quickly get into them and also move out on time are the ones who bear profits.

For new peoples it is always difficult to understand how the things work out and by the time we understand everything, the profits turn into loss. This might be a temporary HYPE so always think before you go for it.

[XCANA]

I think that over time you will gain more experience in finding the right solutions

Agree, that the more you gain experience on the cryptoworld determine how you find the best platform for profit sharing. Although the decentralized platform has more profit sharing than the centralized platform, just base my judgement on my past experience on the two side. Be caution on newly launched platform for gambling because they might end up sweeping all the deposit away and lost into the till air.

[Caladonian]

I saw the apps list and I truly believe that this is a game changer in the field of gambling as when you don't need any KYC issues to be resolved and can get paid directly to your wallet without any hassles or country-specific restrictions, this is going to be a revolution in the gambling industry.

I know, it looks tempting, right? The problem is that the gambling industry also attracts scammers and we find it difficult to make a distinction between good developers and evil developers. Moreover, besides good developers, we also need competent developers to make sure that the smart contract is running properly.

In my opinion, KYC/biometrics wouldn't solve this issue and perhaps only make it worse, just like @leea-1334 said.

You said it right, scammers are also waiting for the opportunities to come in and create their own versions of the house where investors who's
aiming for a good dividends are easily being tricked, there's a need for anyone who's willing to take the risk to be more curious studying the
projects that they will going to support.

This types of investment is really tempting as you can read some information regarding to the success of coins being hold inside the gambling business.

[leowonderful]

Most of these 'decentralized' gambling sites linked in the OP also don't seem to offer anything new from what more centralized casinos offer and are often less user-friendly than centralized casinos as well. I'm all for decentralized crypto services, but I just don't see any significant advantages of these newer sites over traditional centralized crypto casinos at the moment, and some sites even seem to try to hide where the site code is so the few people that want to check the site code can't do so easily. Seems like a gimmick to me for now, but I'm still keeping an eye on decentralized gambling in case things improve in the future.

[playboy654]

Taking risk is always giving the result so I also think that the gambling should also been very risky to everyone who are in the current scenario so I think it could also been a very important decision to make while you are talking at a position then it will definitely come to you

[sunsilk]

Instead of looking to those kinds of DAPPS, if you are investing you better trust those reputable casino's that are offering bankroll investments. You're more secure with that kind of investment scheme that these established casino's are offering. You have the trusted casino with trusted people operating the business.

Unlike with those dapps, many of them are just hype makers and working good at the beginning of their operation. But on the latter, they will start to decrease in terms of players/users which will result to lesser profit.

[iv4n]

Taking risk is always giving the result so I also think that the gambling should also been very risky to everyone who are in the current scenario so I think it could also been a very important decision to make while you are talking at a position then it will definitely come to you

Bottom line is that we need to take risk if we wish to make some higher profit. Investing in reputable casino, for example 100 dollars, will not make you a lot of profit, it`s too small amount for big casino, you need to have a lot more for that. On other side investing same amount in some new casino, and I see many new casinos created on different platforms, can bring huge profit if you invest in the one that will be successful in the future. How to know which one will be successful, well we don`t know, that`s the risk, we choose according to some criteria, each of us have different, and we hope for the best. Same like in gambling, you put everything on red and wait for positive outcome. For me everything is gambling, investing, trading, living, everything can happen or not, everything is a gambling cause everything we do demand some investing, time, energy, money, you name it, and we always hope for the best.

[dunfida]

Instead of looking to those kinds of DAPPS, if you are investing you better trust those reputable casino's that are offering bankroll investments. You're more secure with that kind of investment scheme that these established casino's are offering. You have the trusted casino with trusted people operating the business.

Unlike with those dapps, many of them are just hype makers and working good at the beginning of their operation. But on the latter, they will start to decrease in terms of players/users which will result to lesser profit.

We cant conclude that most of them would messed up on the end, there might be some who would sustain in the market and this dapp and profit sharing system
is somehow unique tied up with gambling. The more you wager the higher the dividend you would get.When it comes to investment if you do try to compare it isnt
really collaborated with gambling site/house investment.Its a different way other around.

[sunsilk]

Instead of looking to those kinds of DAPPS, if you are investing you better trust those reputable casino's that are offering bankroll investments. You're more secure with that kind of investment scheme that these established casino's are offering. You have the trusted casino with trusted people operating the business.

Unlike with those dapps, many of them are just hype makers and working good at the beginning of their operation. But on the latter, they will start to decrease in terms of players/users which will result to lesser profit.

We cant conclude that most of them would messed up on the end, there might be some who would sustain in the market and this dapp and profit sharing system
is somehow unique tied up with gambling. The more you wager the higher the dividend you would get.When it comes to investment if you do try to compare it isnt
really collaborated with gambling site/house investment.Its a different way other around.

Yes we can't be sure about that but like my suggestion, go ahead with those casino's that are reliable and you can trust with your money. Those casino's that has been running for years and has a good track record.

Revenue sharing isn't unique, there's already a system like this even before the crypto days. But like what I'm saying, it's not about the system but it's about the reputation and where you are going to put your money. At the end of it, if one will choose to get along with DAPPS, then choose the most reliable that you ever did research on it.

[mu_enrico]

Most of these 'decentralized' gambling sites linked in the OP also don't seem to offer anything new from what more centralized casinos offer

Actually, some decentralized casinos offer "on-chain betting." In other words, the calculation running on top of smart contracts. This way, after they (casinos) deploy smart contracts, everything is automatic, secure, and transparent.*

*Please correct me if I'm wrong since I don't have the ability to review the smart contracts.

Instead of looking to those kinds of DAPPS, if you are investing you better trust those reputable casino's that are offering bankroll investments. You're more secure with that kind of investment scheme that these established casino's are offering. You have the trusted casino with trusted people operating the business.

Those casino's that has been running for years and has a good track record.

But like what I'm saying, it's not about the system but it's about the reputation and where you are going to put your money.

There is no such thing as trust and reputation in relation to online casinos that don't have licenses, not a legal limited liability company, etc.

When $ 1 million bankrolls are safe, there is no guarantee if $ 1 billion bankrolls will be safe. This is the nature of human, i.e., greedy. Since this is the bitcoin community, you should have known that centralization is bad.

[adaseb]

I think in the future this can one day be big especially if there are regulations being brought into casinos which might force their users to KYC.

The issue with these smart contracts and all is that they got crazy bugs. This is new technology and hasn't really had much mainstream adoption yet and who knows how well the code is done.

So if you are an investor you not only need to worry about the smart contract coding but also any bugs that might be discovered with the underlying coin that it runs off.

Look in the past how many bugs Ethereum had and there were millions of lost funds as a result of it. With these dentralized casinos it will be the same issues.

[upsidedown75]

It's hard to invest expecting a consistent profit on a platform for long term.
This market is still young and no regulation that will control, so there is a possibility that due to bad market condition, the project will fail.
I am more confident with a traditional way of investing in a gambling site now, like bankroll investment and I am not really looking for big profit
as I know it's not gonna work easy.

Honestly, I would just choose to buy major coins, of course BTC and just hold it than risk my money in a platform that is not yet proven.

Risking money in a platform which is not yet fully public might always be a major risk and the decentralized markets will not make us run for long term. There are a lot of similar offers and schemes but none of them works for long term so it always remains a temporary hype.

Investing in top coins from the coinmarketcap is always a better suggestion for newbies who want to start into the decentralized field and are hesitating on with their first investments. These are all from my experiences and there could be multiple exceptions are possible hence it would be always recommended to act based on own due diligence and responsibilities.

[Ucy]

Hi, guys.
I notice that many gambling dApps were popping up in EOS and TRON. https://dappradar.com/rankings
And some of them offer house profit sharing.

Since I'm new in this gambling section, what do you think about it? Is it going to be "the next big thing?" or just temporary hype?

I do not think any project making use of EOS block chain should be termed as decentralized project.
Profit sharing is what most of this new projects will begin with but it might not continue for a longtime.

Just be careful as I see that this is a new project, it can fail if they do start experiencing financial challenges or maybe they don’t get  enough people who pick interest in the project but from the followers they have i would say they have a good prospect and its likely to be successful.

Why do you think project on EOS shouldn't be termed as decentralized projects? Is it because of the alleged centralized nature of the blockchain?

Depends on why you think the profit sharing model won't continue for a long time. I have seen the main developer of EOS blockchain promote the model.
I doubt he will do so if he doesn't think the model is sustainable.

[TimeTeller]

For now this is something new, and i would not invest my money in something like this since there are no reason to belive this is going to be the next big thing. You should probably wait at least a few more months to see how people will react to this.

It's hard to invest expecting a consistent profit on a platform for long term.
This market is still young and no regulation that will control, so there is a possibility that due to bad market condition, the project will fail.
I am more confident with a traditional way of investing in a gambling site now, like bankroll investment and I am not really looking for big profit
as I know it's not gonna work easy.

Honestly, I would just choose to buy major coins, of course BTC and just hold it than risk my money in a platform that is not yet proven.

The consistent profit is like offering a passive income to the users.
And we know the truth about this kind of income-generating scheme, they are true in the first couple of months and afterwards, it's not the same anymore.
Though we don't know yet the real impact of employing this decentralized gambling and having this profit sharing feature.
But on my end, I would wait for solid proof that they can deliver their promises to the users in the long-term scenario, not only for few months but maybe at least a year of sustaining the share of their users.
Also, in time, we will know if there are loopholes within this kind of system.