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A casino is an analogue to crypto. The house takes in money, and produces entertainment. Some people also leave with more money than they go in, but most lose

by chii 4y ago

A casino is an analogue to crypto. The house takes in money, and produces entertainment. Some people also leave with more money than they go in, but most lose it all.

AlexandrB 4y ago
Crypto differs in that the people getting the most entertainment are not the ones putting in the money.
- nafey 4y ago
  That could be true for real casinos as well if you get really lucky while playing slots.
- saalweachter 4y ago
  Now I'm imagining a new casino, wired to the gills with cameras like all casinos, where you can view live streams of the casinos or edited cuts that follow individual story lines as people win and lose money, complete with camera confessionals after someone loses their home. How would the ad revenue compare to the casino revenue?
bell-cot 4y ago
Yes - but any decently-managed casino is extremely careful in managing their cash, cashflow, and fiat money supply (chips), to make sure that: (1) they make real money, and (2) their chips hold their value against real money. Crypto, on the other hand...
- phyalow 4y ago
  You might be familiar with Jump Capital, Jane Street, DRW, Hudson River Trading etc all deal in crypto and act in the way you describe.
  - bell-cot 4y ago
    I have seen a bit of the "management side" of a modest-size American casino or two. Those guys are hard-core about accounting for every dollar and chip. Every day. Plus thinking three steps ahead of any "tempted" employees, who might imagine that they could get away with something, in spite of the security cameras. Vs. I have zero behind-the-scenes knowledge of any crypto firms. Comparing the casinos to the juicy gossip that comes out with each crypto collapse...my gut feel is that the crypto folks do not even know that such a culture & controls exist. Otherwise, more crypto folks would at least be pantomiming bits of that stuff, to look good. And yelling about specific violations of accepted industry norms & standards after each big bust, to at least give the appearance that crypto has & cares about such things.
noxer 4y ago
But there is no "house" in crypto this analogue make no sense.
- yucky 4y ago
  Wouldn't the major exchanges be similar to "the House"?
  - noxer 4y ago
    Exchanges if run properly do not have the function of "the house". You dont play against them and the odds are in their favor you instead play against everyone else on the same exchange and there are no odds against anyone. The exchange gets a fee for the service it provides so it does in fact always win but by providing a service people are willing to pay for and not by favorable odds. Also you dont need to use a centralized exchange, DEX exists too.

by chii 4y ago

A casino is an analogue to crypto. The house takes in money, and produces entertainment. Some people also leave with more money than they go in, but most lose it all.

AlexandrB 4y ago

Crypto differs in that the people getting the most entertainment are not the ones putting in the money.

nafey 4y ago
That could be true for real casinos as well if you get really lucky while playing slots.
saalweachter 4y ago
Now I'm imagining a new casino, wired to the gills with cameras like all casinos, where you can view live streams of the casinos or edited cuts that follow individual story lines as people win and lose money, complete with camera confessionals after someone loses their home. How would the ad revenue compare to the casino revenue?

bell-cot 4y ago

Yes - but any decently-managed casino is extremely careful in managing their cash, cashflow, and fiat money supply (chips), to make sure that: (1) they make real money, and (2) their chips hold their value against real money. Crypto, on the other hand...

phyalow 4y ago
You might be familiar with Jump Capital, Jane Street, DRW, Hudson River Trading etc all deal in crypto and act in the way you describe.
- bell-cot 4y ago
  I have seen a bit of the "management side" of a modest-size American casino or two. Those guys are hard-core about accounting for every dollar and chip. Every day. Plus thinking three steps ahead of any "tempted" employees, who might imagine that they could get away with something, in spite of the security cameras. Vs. I have zero behind-the-scenes knowledge of any crypto firms. Comparing the casinos to the juicy gossip that comes out with each crypto collapse...my gut feel is that the crypto folks do not even know that such a culture & controls exist. Otherwise, more crypto folks would at least be pantomiming bits of that stuff, to look good. And yelling about specific violations of accepted industry norms & standards after each big bust, to at least give the appearance that crypto has & cares about such things.

noxer 4y ago

But there is no "house" in crypto this analogue make no sense.

yucky 4y ago
Wouldn't the major exchanges be similar to "the House"?
- noxer 4y ago
  Exchanges if run properly do not have the function of "the house". You dont play against them and the odds are in their favor you instead play against everyone else on the same exchange and there are no odds against anyone. The exchange gets a fee for the service it provides so it does in fact always win but by providing a service people are willing to pay for and not by favorable odds. Also you dont need to use a centralized exchange, DEX exists too.