Steemit + Gambling = The Perfect Relationship

in #gambling8 years ago (edited)

Steemit, and any form of gambling, fit hand in hand. So get out there and build the Steemit version of every gambling idea you've ever seen and I bet you it's gold.

Screenshot of http://steemloto.com/ a new project from @heimindanger & @blueorgy that popped up on my feed today.

1. Provably Fair system via transparency.

Nixt this part since I have no idea what I'm talking about lol

2. Public Ledger system means no one gets cheated, because there will always be a paper trail.

I know everyone is going to say something along the lines of why would you want everyone knowing how much money you won? But think about it, this means noone can deny the truth, it's in the blockchain, no need for a court system or anything, the proof is always going to be public and the truth will always prevail, thus having a provably transparent gambling system is, in my opinion, the better way to do gambling.

You can always see where the money goes, who wins, if someone is gaming the system and so on, so why wouldn't you want all records of gambling to be public? 

3. Free, Nearly Instant Micro-transactions.

This is Steemits hidden gem of a feature, the fact that there is nearly instant transactions on a system that lets you send any amount of money within the system, for free! This way there is no need for fees, hold ups or anything else, you can just gamble as if you are sitting in the casino already! Just drop a quarter, and be on with it!

4. No need to monetize and/or tax the platform as much since Steemit already operates as a funding mechanism via blogging.

There is alot less incentive to skim any money off the top of the system with the excuse of not having another source of income because Steemit is built to help you solve that exact issue. You can simply build a Steem related product, if its a hit, the population will support you and you will have zero need to sell advertising space, and/or add in fees to reduce the quality of the game. This way you get a more fun, clean experience that has class.

5. Steemit's ecosystem is modular, you can build anything from the "old world" in a new, "steemier" fashion. 

Anything can be bootstraped ontop of Steemit, literally anything can be built to harness the awesome power that is the Steem blockchain of glory. I think that we have enough talented developers around here that we can really get things going much faster than any crypto before Steemit. The cards are in our hands ladies and gentlemen, how do we play them?


In Conclusion; build stuff! Get crazy!

I think Steemit is going to grow into something much larger than it ever anticpated to, beyond being a marketplace, Steemit is going to become an entire Bazaar of things; from Gambling to Services, Products, Charities, New types of business and so on Steemit might just change the world... 

Some fun ideas from my brainstorming: Steem Dice, Slots, Steemit Poker, Steemit Roulette, Steemit Fantasy Football (Weekly, Daily: both player and/or winning), sports betting in general, misc. card games, any sort of traditional board game (monopoly), p2p gambling via games of any sort such as counterstrike or anything of the users choice and so on and so forth. There are many use cases for these and Steemit is THE perfect platform for doing this!


ps. the lottery on http://steemloto.com/ is getting pretty hefty lol, under an hour left!

Check it out here: https://steemit.com/steemloto/@heimindanger/introducing-the-first-steem-dollars-lottery-only-usd0-01-sbd-per-ticket

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Regarding "1. Provably Fair system via transparency". @thedashguy you don't have your facts right. So let's make it clearer and maybe edit that paragraph.

Provably fair

In online gambling provably fair describes an algorithm which can be analyzed and verified for fairness on the part of the service operator.[1] Provably fair algorithms are often used in the operation of an online casino.

In a provably fair gambling system, a player places bets on games offered by the service operator. The service operator will publish a method for verifying each transaction in the game. This is usually by using open source algorithms for random seed generation, hashing, and for the random number generator.[2] Once a game has been played, the player can use these algorithms to test the game's response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.

The benefit of a provably fair system is that third-party verification and auditing is usually unnecessary. Its major flaw is that it is susceptible to unscrupulous players or competitors who can claim that the service operator cheats. It could also potentially expose the operator to hacking attempts if there are undisclosed security flaws in the open source software.

From Wikipedia, the free encyclopedia

So " code being open sourced, having your reputation on the line" has nothing to do with Provably Fair system.

In order to gain credibility and transparency, every game result must be verifiable or else no one really know what is happening behind doors and even more problematic is how the winner is picked? How do we know if the winner was picked in a fair way? it's very easy to create dummy accounts and guess what, those dummy accounts will win the lotto and everyone will lose money except the house!

I'm mention this in this comment

Disclaimer: Although I'm aware of this problem I've played on this lotto to test out the game.

Lol yes you have a much better grasp on the technical side obviously, I just wanted to highlight the user cases. I will try and edit that paragraph.

You should because it's very misleading ;)

.

I agree @dashguy! Can we get a sports betting version of this! I trust the Steemit public ledger more then I trust some guy across seas to handle my sports betting online!

if any developer are interested by a Poker concept, i've been in poker industry for years and can help in the whole process building the best service possible in full transparency.

i'm right now into several steem project i'll be glad to handle this one because i do really believe it will disrupt billion dollar bubble as the poker $ spent on any of poker website like Pokerstars, are actually like a specific currency having the Fee (Rake) on each pot / tournament, that is very hard to beat even for regular players.
With steem we can revolutionize the whole poker online industry by killing the rake model. Also by posting several updates, and good informations, stats, on a steem blockchain as Posts, that would be paid /rewards by upvotes, and the money could be added on daily Freerolls...

Feel free to contact me for more info on steemit.chat

Lol nice winning the $400 pot on Steemitloto man! Lucky!

LOL
Considering my smart bet, if any other guy would win this, it would definitly be LUCK.
As far as I'm concern, i had more chance to win than others :p
but still got a nice luck on this i must admit hahah

The bet was to support the historical first pot of steemloto and my french friend @heimindanger
definitely happy with the result :D



Between having the code being open sourced, having your reputation on the line, having an incentive not to rip people off in hopes of continually making money on your "reporting" posts and so on, there admins of such websites have very little incentive to design the system in a way that will harm the project

Except when the haul is worth more than the reputation. The one saving grace is that SP cannot be immediately cashed out by a reputable user turned bad, but have seen many with incentive to retain good reputations turn to thievery in the poker world.

There are other problems with blockchain poker sites, such as immutability. Suppose two players collude to cheat others out of money, the cheated funds can never be recovered even if they are caught. And are they still allowed in the games afterwards due to no moderation? One of the cases where having a centralized poker site is better. But lower transaction fees probably make up for the downsides.

Now this is what I'm talking about!!

Steemit really is a casino now! :p

As @brunopro said above, the game is not provably fair. Scratch the whole paragraph, because nothing in there makes sense. Otherwise, good stuff! :)

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