Auto Deduct System

[ralle14]

It's always better when there's a straightforward solution like you've mentioned but I guess it depends on the game and the preference of their players since this scenario reminds me of on chain gambling sites as you just need to send coins to their address and everything is pretty much automatic. It's probably okay on lotteries since there's not much strategy needed. Having an overall system where it just eats your balance continuously doesn't sound great, imagine if you send a significant amount on accident.

[Zilon]

This would likely mean any coin available on the wallet linked to the site would be used to  roll the dice. U think it's a cool innovation. Hope there would be a separate wallet where my profits would be moved to if I get lucky enough to win any of the rolled dice since I might not be physically present at all time to monitor how the dice is been rolled and how much profit and loss I have accumulated

[Heisenberg_Hunter]

one way to get out of that is to either wrapped the tokens or bridge it on another chain

Could you elaborate what does this mean practically? Based on my understanding, it seems like the auto deduction system works as long as we have funds in the wallet and even if we are in profit, we will be forced to participate in the dice game and lose all the profits? If so, I feel like this does seem to be a bad feature to be implemented in any gambling site. The gamblers should be provided with the freedom to stop the loss or to secure the profits they have gained from dice gambling for sure. As post #16 explained, this kind of feature doesn't offer any additional opportunity than losing all our deposited coins.

Practically speaking, I still remember the 2017 Ethereum flash crash when the price of 1 coin plunged from $300 to 10 cents. Later on, exchanges implemented quite a few rules and such a flash crash of Ethereum/Bitcoin dumping to 99% isn't possible. Similarly users should be provided with the freedom to secure their profits by offering a stop button IMO.

[pawanjain]

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

I am unsure of how the transactions would happen. If we connect a wallet would the dice roll make a transaction itself ?
Will it do broadcast a transaction for every roll or would it make one transaction and transfer all the balance to the casinos wallet and then keep rolling until balance is zero ?

I think it's a bad idea because at the end the casino always win by having the house edge on their side.
So it will just be like connect your wallet and see your balance go to zero. Why would anybody want that? What are the benefits ?

[khaled0111]

Instead of connecting your own wallet and exposing your private keys, it would be better if the platform generates a unique address for you which you can fund whenever you want. This way you keep your personal wallet safe in case the website gets hacked or exit scam and most importantly, you will have more control on how much money you want to gamble.
Also, since players are ready to go all-in, why not using a tickets or shares model instead of multiple rolls? You either win the Jackpot or lose everything.
Honestly, I don't think there will be many supporters for this idea especially if you can't stop auto-betting when you are in profit with a simple click.

[Fundamentals Of]

This is unfair. Is there really such a gambling site which uses this particular feature? If there is, I think it will not become very popular among gamblers. This kind of site won't reach the mainstream. It is difficult to entice gamblers with bad features.

But I think that if there is such a kind of site as this, I believe the feature of auto-betting whatever is the balance in your wallet is under the control of the account owner. The gambler must have the option to auto-bet or not the money in ones wallet.

[dunfida]

I think it's a good idea just like those projects that usually being connected to Metamask. A casino can connect Metamask or any type of wallet that it supports.

I can imagine how the process will go but I don't know if the casinos will consider it.

I think if there's a third party apps involved in making a transaction with metamask there is a confirmation first that you need to confirm first before the transaction takes effect. I don't know if you have tried it but this is what I noticed so it should have a confirmation to the user first before doing any transaction which means your funds won't automatically be deducted if you confirm the transaction first. I think this is the flaw that the auto deduct system should implement and fix if it's already existing.

[fiulpro]

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

There is an auto-bet system in things like Crash on various platforms, but if I remember correctly it does not do you any good. I tried it twice and then never did it again. The probability of you winning in such games is not only random but it is also analytical. For me I would not appreciate such a thing. It will make you loose 100%.

It won't even stop if you tripled your money, the inherit probelm is that it's more convenient for the gambling companies but not for individual users. I want to know if someone did bet in auto-bet system in crash and dice. For me it did not work at all.

You should be engaged in Gambling if you are here for fun and if you are here for the money you should be careful while spending both options do not go well with the system.

[robelneo]

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

This is new to me I have not tried that before, I don't want something that will automate my transaction without me confirming it first if I am going to play this kind of game the best idea is to allocate a wallet specifically for this purpose and the amount is only allocated for that game so even if I lose all the funds there I will not regret it because that's what it is intended to use.

[maju69]

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

if it rolls automatically then how is the system set up to drain the balance? I think this kind of gambling is very conventional. obviously there is no stop button so inevitably it causes our balance to run out without any termination. Then where lies the convenience of gambling for players?

[worle1bm]

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

I don't know whether auto deduct will overcome the manual placement of bets from exchange or your wallets because if you opted it for some other fake casino then your wallet security maybe compromised and funds will be lost until you stop the bets.Imagine you roll a dice and you have $30-$40 and you loose all of them without your knowledge in betting.There are cons more than pros so that's why it is not beneficial for players to select this with your wallet.You never know this crypto market.

[Yogee]

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

There is an auto-bet system in things like Crash on various platforms, but if I remember correctly it does not do you any good. I tried it twice and then never did it again. The probability of you winning in such games is not only random but it is also analytical. For me I would not appreciate such a thing. It will make you loose 100%.

I don't think the auto-bet system that you are talking about is the same with the auto-deduct system as described by cabalism13.
The auto-bet still allows you to choose the amount you want gamble and adjust some settings so could limit your losses unlike the auto-deduct where it completely devours your funds.

[mv1986]

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

There is an auto-bet system in things like Crash on various platforms, but if I remember correctly it does not do you any good. I tried it twice and then never did it again. The probability of you winning in such games is not only random but it is also analytical. For me I would not appreciate such a thing. It will make you loose 100%.

I don't think the auto-bet system that you are talking about is the same with the auto-deduct system as described by cabalism13.
The auto-bet still allows you to choose the amount you want gamble and adjust some settings so could limit your losses unlike the auto-deduct where it completely devours your funds.

Then I still don't get the point why that option or type of game exists at all? Why would I ever activate auto-deduct if I know that once I open the wallet in 2 days from now it is going to be empty or otherwise I should have rather been playing lotto. Because in a 49 to 51% set up with the former being the win rate and the latter the loss rate, there is also no way to get lucky, open the wallet and be rich. In a best case scenario it may go up and down in my favor for a limited amount of time. I just don't get the essence of the feature.
If it was with a zero edge rate for the house, it'd be funny to switch it on maybe and see what happens.

[Yogee]

...
Then I still don't get the point why that option or type of game exists at all? Why would I ever activate auto-deduct if I know that once I open the wallet in 2 days from now it is going to be empty or otherwise I should have rather been playing lotto.

It also doesn't make sense to me. I find it unnecessary to put "decentralization" to everything including this auto-deduct from all types of funds idea. It's convenient for people who loves things in automatic for sure but I don't think they will find it amusing once they found out they lost everything in their wallet.

[qwertyup23]

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

This kind of feature should be implemented with a condition on whether you should activate such feature or not, or else, this will become totally unfair for the gambler in handling his money.

Having an "auto deduct system" will definitely favour the online gambling platform as this will guarantee them money. This will also give them absolute power to meddle with the funds of a person by compelling the system to gamble their remaining funds.

If the idea behind this feature is for the purpose of convenience, then I do not think that anyone would risk losing their money for such a little convenience.

[RealMalatesta]

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

So it will gamble all the funds within the wallet and repeat until either the bank is empty or the wallet is empty? I mean the system is made such that it detects the wallet has balance and will gamble those funds. So in case it gambles funds and we win, then will it keep gambling again and again? I would consider such an auto-detect system very risky and might not use it.

Maybe it would work on a lottery site where winners are picked every day and the ticket price is fixed. Gamblers can fund the wallet and it will purchase tickets, which might make sense because only one lottery happens a day. With dice and other instant games, it would be rather risky and not worth it. But everyone has their own opinion so maybe some will use it with dice too.

[justdimin]

This would likely mean any coin available on the wallet linked to the site would be used to  roll the dice. U think it's a cool innovation. Hope there would be a separate wallet where my profits would be moved to if I get lucky enough to win any of the rolled dice since I might not be physically present at all time to monitor how the dice is been rolled and how much profit and loss I have accumulated

My guess would be that the wallet will transfer funds to the casino and then the player will make bets. For example, the wallet receives 100 dollars worth of altcoins, so the wallet would exchange at the best price itself and deposit to the casino in one of the accepted currencies. Then we can gamble with those funds and don't have to deposit manually. How come the wallet makes bets on its own, which multiplier, and what base bet amount, the wallet shouldn't be able to decide itself.

I think that if there is such a kind of site as this, I believe the feature of auto-betting whatever is the balance in your wallet is under the control of the account owner. The gambler must have the option to auto-bet or not the money in ones wallet.

There must be some misunderstanding because from what I understand the wallet will make it easy for the players to deposit directly without having to make transactions manually but the wallet itself gambling sounds funny and unrealistic.

[Fortify]

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

I guess it could work for a low intensity game like a lottery, which might be run once a week but I definitely wouldn't do it for any other game type like dice. Certain games are naturally weighted to give the house a small edge which over enough time would drain every satoshi from your wallet. I guess the advantage you're looking to get it is holding the funds in your personal possession rather than preloading an external wallet which might be vulnerable to getting hacked? However if the external site got hacked then it is very possible to auto-deplete functionality could be overridden and drain your wallet in just the same way. It does seem like something that might be useful to build into a new type of token or cryptocurrency as you say - scheduled payments.

[Woodie]

I don't like the idea!

First the system encourages you to gamble till you drop..which is addiction, and you can't apply the winners know when to stop with this system. 
Besides what would happen if you connected your crypto stash by mistake to this system, it would mean blowing your account and you would curse at this and never wished you got to know it . But whatever this is suppose to do am not in support.

[bL4nkcode]

First the system encourages you to gamble till you drop..which is addiction, [...]

It can be prevented though by using a different wallet just for gambling purposes, and addiction begins from the the users not the system, it can be prevented if the user has self-discipline.

Besides what would happen if you connected your crypto stash by mistake to this system, it would mean blowing your account and you would curse at this and never wished you got to know it . But whatever this is suppose to do am not in support.

It just like sending funds to an address, you should double or even triple check the address before sending funds or else it will be lost forever. Now if the user is too careless and that what will happen. All activities in crypto associates big responsibility since it's their money after all.