Auto Deduct System

[cabalism13]

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just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)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?

[1715173672]

1715173672

[1715173672]

1715173672

[1715173672]

1715173672

[Johnyz]

This is fine as long as the site is legit and as long as those funds are really meant for gambling, the fees are just my concern here, auto deduct must be more specific since having transactions every time balance occur can cost you a lot. Personally, i don’t want to link my wallet on any gambling site the risk is high for this.

[rhomelmabini]

If it's already happening and there are people that are fine with that system then I'd say it's a success but I guess there should be an option to stop or a stop button because you either want it to avoid losses or to be at breakeven. I think it's just works like any other gambling site for auto rolls to infinity but the difference was it has no stop button.

I guess giving extra layer of options to take will make it more interesting rather than just purely into the deduction things, just my own opinion.

[Ryker1]

Well, in my case in this situation that you have stated, I will use a dummy wallet account for that gambling site and put the amount that I can afford or in my limit amount. I don't think this Auto deduct system will be applicable for most gambling sites, for example, dice. So it means it will rolling without even our permission, that is very impossible, perhaps. I think the best solution here is to provide a separate wallet to your main bitcoin wallet account to avoid possible auto deduct system from the gambling sites and I will not agree with the Auto deduct, how we enjoy gambling if there will be executed on behalf of our actions.

[dunfida]

It's more like an automated system that usually been used to bots to trade for you but the difference here is you want to manually bet but you want to automatically deduct it to your funds which is used better in fiat system. Now, the problem is it won't stop until you lose all your funds like in trading there's no stop-loss. Gambling sites should implement a stop button to avoid user's from losing automatically without their consent. I guess this is a special tactics again to submit all their funds because they were gonna lose anyway.

[goinmerry]

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?)

Just curious here, does that kind of system already implement on some gambling sites outside crypto? Or just what if?

In that case, it's totally fine as long as everything is provably fair and the site is reputable. Although, I don't want to opt-in on that feature as I don't see any excitement doing that way and I considered it as a shortcut to loss lol.

I think that way because whenever I deposit on that site, it will run automatically so it's like an automatic loss for me lol.

[SaShiRaJaVu]

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?)

It does not make any sense in a dice game, block chain identity can be created and i am not following the token market to see whether we have any promising projects like this but to connect your wallet and roll until your balance burns out does not make any sense.

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?

Every gambler wants to have a control over his funds and the game he/she plays and what he is going to do with it, if the system does everything then what is point of gambling.

[boyptc]

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.

[ReiMomo]

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 how it will work but I think that is not a reasonable not to have a stop button option and it goes always automatically deducting in your balance, it seems it becomes complicated on your side as a gambler. You can't store a big amount of your wallet because you will I guess afraid of sudden loss if you will do it.

I just now heard this auto deduct system, if this really happens by a most gambling site, I will suggest to avoid them earlier.

[CryptocurencyKing]

Nope! An auto deduct system doesn't seem cool to me, ah ah! It doesn't support you playing and actually scheduling your betting amount, seriously. Your going to find yourself placing more and more bets,  use with containing your emotions on both lose and gain grounds that you pay less attention to whats actually going on in your balance. All you know and think is, "I've got funds and might be lucky this time" and as such, you keep going 1 more time until the system actually ends your funds.

Its a market strategy that isn't thereto favour customers as to reducing the stress of funding, wait time and fees but then, a way to keep you playing while, the bet CEO keeps sucking your funds up. I wouldn't advice this.

[Oshosondy]

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?)

Did you mean the gambling site will connect to my wallet? Or when I fund my gambling account it will be taken my fund and betting it automatically? Neither of the two is good. I like the manual ones that I can be able to do all manually in a way I will be the one to stake the game myself, choose the amount I want to use to stake, and click on bet button. It is as easy as that in a way the bet will be played only if I select it and stake it with the amount I want, but all manually, not automatically.

[magneto]

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?

Don't think it's the best idea.

Linking any external service to your wallet is probably a bad idea given that they'll have essentially infinite access to your coins.

This idea is only feasible with balances that are already stored on the site itself, and implementing an autobet feature that regularly places bets on lotto or whatnot. Otherwise, it's way too risky to hand over any degree of access to your address directly.

[xSkylarx]

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?

The sole purpose of their token is to gamble like in a lottery so I don't see a reason why they will include a stop button for their users that doesn't want to participate. You buy their token not as an investment but as a ticket hoping that you would win from their lottery. I can't say it's a scam but since only 1 address wins per lottery draw, what they give to the winner is also what they deduct from their token holders. And I think they even get more when reducing token holder's balance than what their prize gives.

[pakhitheboss]

If you activate this auto detect feature then basically you are completely giving access to your wallet, which according to me is like giving your Private key to the casino. In such case it is better to create a new wallet to use this feature and not to use the main wallet. But, I still think this is not good for anyone of us to activate this feature.

[cabalism13]

...

I just now heard this auto deduct system, if this really happens by a most gambling site, I will suggest to avoid them earlier.

yeah definitely a bad Idea, as they might get an idea to configure this to deduct other coins from the wallet that has been connected.
Though I didn't think of it at firzt but there are seems to be some flaws here, though the idea itslef is considerably good.

[Wexnident]

Isn't this a one-way ticket to you losing your funds? That is if it has no idea when to stop anyway. Well, even with that, it's still a one-way ticket to losing your coins imo. It's kind of like a bot right? There honestly isn't much difference between this and the usual bots that dice games have. You can set how many games you want, what are the odds, etc and let it run its course, so why bother with something like this? The only difference here is that once you deposit, it automatically runs but again, it's just a one-way ticket to losing everything if it just does it like that, even with a limit.

I think it works on the lotto site OP gave because it's a lottery. It's rather different from how dice works imo.

[michellee]

That can be a solution for gamblers who do not want to click the roll button and only wait and see the number rolls. If a gambler does not control the money or use limit money, that will use all of the money to gamble, and it could end with an emptied wallet. But there could be a time for a gambler to win the game as we can hope the luck will give us the win. Maybe if there is a stop button to stop the game, it will be good for a gambler to spend some money or time and quit gambling. Or if there is a button to be like a stop-loss button, that will be good, so before we play, we can set the amount of money that we will use, no matter the result if the money reached the limit, stop by itself.

[mv1986]

This is fine as long as the site is legit and as long as those funds are really meant for gambling, the fees are just my concern here, auto deduct must be more specific since having transactions every time balance occur can cost you a lot. Personally, i don’t want to link my wallet on any gambling site the risk is high for this.

But isn't auto deduct automatically leading to the player losing everything because of the houses' edge? Or what am I missing about the auto deduct system here? As soon as I connect my wallet it keeps playing until my balance is zero, but how can it not go to zero if my chance of winning is below 50%?

[Oshosondy]

But isn't auto deduct automatically leading to the player losing everything because of the houses' edge? Or what am I missing about the auto deduct system here? As soon as I connect my wallet it keeps playing until my balance is zero, but how can it not go to zero if my chance of winning is below 50%?

It is as simple as this, the more we play the more we lose, or just have quality time to play and try to win. With auto deduction and betting automatically, the person will just lose as soon as possible. In my opinion, this is very risky. I have never seen it on any casino game before, but would have been thought of by gambling companies but of which can not be used for it has no benefit than punters to lose the more. Or maybe there is something OP is not yet explaining.

[Alisha-k]

It's reasonable as long as it can be bridged when ever you choose not to stake which implies your coin would remain in your wallet as long as the token is bridged. But the reliability of the site is actually what matters most to avoid been scammed. But what if I win a chance can would my winnings be kept in a bridged account so I can decide if I would restake or withdraw from my profit.