4 ms·

Draconian laws? Gambling is nearly the definition of market failure. The information imbalance between online casino and players is absolute. Without regulation

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.
      - fourstar 4y ago
        So you're the "uncool" uncle. Thanks for clarifying.
hombre_fatal 4y ago
Yeah, I posted my comment and realized I had blanked on one of the more unique aspects of digital gambling. Provably fair is standard in the popular casinos. Any casino that lets you give them a "client seed" is doing this. Example: https://stake.com/provably-fair/overview https://stake.com/provably-fair/overview and https://www.bustabit.com/help/provable-fairness https://www.bustabit.com/help/provable-fairness Doesn't this address part of your main argument?
cwkoss 4y ago
provably fair bitcoin casinos have been a thing for more than a decade now. "Satoshi Dice" was probably the biggest one, back in the day. Looks like it's still running
roenxi 4y ago
Gambling is a market failure - classic case of human emotions getting tricked into irrational decisions. However: - If you keep track of the wins and losses you'd figure it out fairly quickly - a 30/70 game doesn't play like a 49-51. - Why would the casino lie? Someone who is going to take a 49/51 bet may as well take a 30/70 bet, if they already understand odds they understand that they're paying the casino money for their time.
- colinmhayes 4y ago
  How is gambling any more irrational than any other form of entertainment? Sure, some people are addicted, and that's irrational, but others are paying less than they would to have an alternate form of entertainment.
  - spookie 4y ago
    Because the main goal isn't entertainment.
CobrastanJorji 4y ago
I think by "draconian laws," they mean that, for example, attempting to gamble on the internet in my state is a felony. I could potentially be imprisoned for up to ten years, treated the same as if I'd committed residential burglary.

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.
    - fourstar 4y ago
      So you're the "uncool" uncle. Thanks for clarifying.

hombre_fatal 4y ago

Yeah, I posted my comment and realized I had blanked on one of the more unique aspects of digital gambling. Provably fair is standard in the popular casinos. Any casino that lets you give them a "client seed" is doing this. Example: https://stake.com/provably-fair/overview https://stake.com/provably-fair/overview and https://www.bustabit.com/help/provable-fairness https://www.bustabit.com/help/provable-fairness Doesn't this address part of your main argument?

cwkoss 4y ago

provably fair bitcoin casinos have been a thing for more than a decade now. "Satoshi Dice" was probably the biggest one, back in the day. Looks like it's still running

roenxi 4y ago

Gambling is a market failure - classic case of human emotions getting tricked into irrational decisions. However: - If you keep track of the wins and losses you'd figure it out fairly quickly - a 30/70 game doesn't play like a 49-51. - Why would the casino lie? Someone who is going to take a 49/51 bet may as well take a 30/70 bet, if they already understand odds they understand that they're paying the casino money for their time.

colinmhayes 4y ago
How is gambling any more irrational than any other form of entertainment? Sure, some people are addicted, and that's irrational, but others are paying less than they would to have an alternate form of entertainment.
- spookie 4y ago
  Because the main goal isn't entertainment.

CobrastanJorji 4y ago

I think by "draconian laws," they mean that, for example, attempting to gamble on the internet in my state is a felony. I could potentially be imprisoned for up to ten years, treated the same as if I'd committed residential burglary.