4 ms·

Wherever there is gambling, crypto seems to be behind it these days.

by password321 4y ago

jejeyyy77 4y ago
crypto enables free market activities
- iterati 4y ago
  And scams. Don't forget the scams.
  - max_ 4y ago
    Most scams occur with government issued money
    - qikInNdOutReply 4y ago
      Thats why the bukaneer islands were such a honest gambler paradise..
  - jejeyyy77 4y ago
    cash & dollars
- micromacrofoot 4y ago
  a fool and his money are soon parted
hombre_fatal 4y ago
Well, it's obvious why. Crypto is much simpler than interacting with dollars, and it's easier to bypass gambling laws, many of which are quite draconian, when you're not interacting with dollars. Crypto casinos can also be "provably fair" to win trust from people when they have no track record. There are more cynical benefits too like how it's easier to disappear into the night with people's money, but you don't have to go that far to see why it might be useful.
- AlexandrB 4y ago
  Draconian laws? Gambling is nearly the definition of market failure. The information imbalance between online casino and players is absolute. Without regulation there would be no way to even know if the odds online casinos are giving you for a given game are true. You could be playing a game you think is 49/51, but actually getting 40/60 or 30/70 odds. You have to trust the casino to perform RNG in a fair and unbiased way. The same applies to gambling marketing. Do you know if Twitch streamers are using their own money or playing with "house money"? Do you know if the casino is giving Twitch streamers more favourable odds to make the service look better? Edit: > Crypto casinos can also be "provably fair" to win trust from people when they have no track record. Do such casinos currently exist, or is this a hypothetical? AFAIK currently existing crypto casinos are opaque.
  - fourstar 4y ago
    >The information imbalance between online casino and players is absolute. Without regulation there would be no way to even know if the odds online casinos are giving you for a given game are true. Also absolute: you being unable to comprehend OP’s comment about what “provably fair” means.
    - AlexandrB 4y ago
      The original comment I replied to was simply: > Well, it's obvious why. Crypto is much simpler than interacting with dollars, and it's easier to bypass gambling laws, many of which are quite draconian, when you're not interacting with dollars. It has since been edited with no notice.
      - fourstar 4y ago
        mrtranscendence 4y ago
        Pretty classy "whatever". You remind me of my teenage nephew.
birracerveza 4y ago
It sure is being used a lot as a currency despite supposedly being terrible as a currency (according to HN, at least).
riscy 4y ago
the original implementation of Bitcoin had bits of code for an online poker game: https://cointelegraph.com/magazine/2020/04/08/bitcoin-poker-payment-satoshi-nakamoto https://cointelegraph.com/magazine/2020/04/08/bitcoin-poker-...

Wherever there is gambling, crypto seems to be behind it these days.

jejeyyy77 4y ago

crypto enables free market activities

iterati 4y ago
And scams. Don't forget the scams.
- max_ 4y ago
  Most scams occur with government issued money
  - qikInNdOutReply 4y ago
    Thats why the bukaneer islands were such a honest gambler paradise..
- jejeyyy77 4y ago
  cash & dollars
micromacrofoot 4y ago
a fool and his money are soon parted

hombre_fatal 4y ago

Well, it's obvious why. Crypto is much simpler than interacting with dollars, and it's easier to bypass gambling laws, many of which are quite draconian, when you're not interacting with dollars. Crypto casinos can also be "provably fair" to win trust from people when they have no track record. There are more cynical benefits too like how it's easier to disappear into the night with people's money, but you don't have to go that far to see why it might be useful.

AlexandrB 4y ago
Draconian laws? Gambling is nearly the definition of market failure. The information imbalance between online casino and players is absolute. Without regulation there would be no way to even know if the odds online casinos are giving you for a given game are true. You could be playing a game you think is 49/51, but actually getting 40/60 or 30/70 odds. You have to trust the casino to perform RNG in a fair and unbiased way. The same applies to gambling marketing. Do you know if Twitch streamers are using their own money or playing with "house money"? Do you know if the casino is giving Twitch streamers more favourable odds to make the service look better? Edit: > Crypto casinos can also be "provably fair" to win trust from people when they have no track record. Do such casinos currently exist, or is this a hypothetical? AFAIK currently existing crypto casinos are opaque.
- fourstar 4y ago
  >The information imbalance between online casino and players is absolute. Without regulation there would be no way to even know if the odds online casinos are giving you for a given game are true. Also absolute: you being unable to comprehend OP’s comment about what “provably fair” means.
  - AlexandrB 4y ago
    The original comment I replied to was simply: > Well, it's obvious why. Crypto is much simpler than interacting with dollars, and it's easier to bypass gambling laws, many of which are quite draconian, when you're not interacting with dollars. It has since been edited with no notice.
    - fourstar 4y ago
      - mrtranscendence 4y ago
        Pretty classy "whatever". You remind me of my teenage nephew.

birracerveza 4y ago

It sure is being used a lot as a currency despite supposedly being terrible as a currency (according to HN, at least).

riscy 4y ago

the original implementation of Bitcoin had bits of code for an online poker game: https://cointelegraph.com/magazine/2020/04/08/bitcoin-poker-payment-satoshi-nakamoto https://cointelegraph.com/magazine/2020/04/08/bitcoin-poker-...