Are web3 casinos actually decentralized? - page 3.

Aanuoluwatofunmi

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Quote from: _act_ on December 04, 2024, 10:42:59 AM

If it was before, I think that web3 casinos can offer non KYC service than web2 casinos. But when I am reading some people's post, they talked that web3 casinos are decentralized in a way that the gamblers will be in control of their coins using a noncustodial wallet. But according to how I know about web3 gambling sites, they operate in a way that once the gamblers connect their wallet and make payment, the gambling site is in control of the money. Which means no gambling site to be decentralized as the gambling site and the money is controlled by the gambling site owners and not any other parties involved that can make them decentralized. Am I wrong? J think many of us do not know what decentralization is.

I think there are a number of things that needed to be iron out from this, we have the way a web3 gambling casino can appear to be a kyc casino and some a no kyc casino, this does not end there, some of these platforms also have their own different policies which we may have to understand part of what they were being made up maybe by going through their ToS, because as a matter of fact, they can act for anonymity over the user, but they are not decentralized since they are not giving us the wallet keys they have created for us, as they are commonly refereed to a custodial category, why should they be addressed being decentralized when they have in their custody the private keys to their users asset, they have license they operate with and they mostly demand for kyc.

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Quote from: Antotena on December 04, 2024, 02:26:01 PM

There are real web3 casino that operate effectively and everything they do is what web3 looks like but I fear that such casino wouldn't last because of regulation, they will not get license and approval to operate if they don't do KYC and will likely get attack for money laundering by law enforcement. They are really good for some privacy and decentralized to some degree but the government wouldn't let you have peace of mind.

Let me give you examples of what are decentralized. Example is a decentralized file storage. Another is Tor. Another one is the bitcoin network. All these that I mentioned make use of no central server but making use of nodes. The nodes are what that makes them decentralized. It will be hard for the government to go take them down because they have many nodes from different countries across the world. Government will need to take down all the nodes.

Web3 gambling sites all have a central server which is run by the gambling sites themselves and that is the reason they can easily be susceptible to regulations and control. They are all not decentralized. Profit making can not let them be decentralized.

stompix

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There are no true decentralized casinos, period!

First, all of them exist behind a domain name and a server, which is the definition of centralized, then they have all those games, and they must have a gaming provider so that someone can sign a contract with them, again, one member with authority over the casino, and of course, after all this, how can a casino that call itself decentralized ask for KYC like some of those do?

All they do is promote themselves with these claims, in reality, there is nothing different between them and traditional casinos.

Quote from: Antotena on December 04, 2024, 02:26:01 PM

There are real web3 casino that operate effectively and everything they do is what web3 looks like

Name one!

Antotena

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Quote from: _act_ on December 04, 2024, 10:42:59 AM

If it was before, I think that web3 casinos can offer non KYC service than web2 casinos. But when I am reading some people's post, they talked that web3 casinos are decentralized in a way that the gamblers will be in control of their coins using a noncustodial wallet. But according to how I know about web3 gambling sites, they operate in a way that once the gamblers connect their wallet and make payment, the gambling site is in control of the money. Which means no gambling site to be decentralized as the gambling site and the money is controlled by the gambling site owners and not any other parties involved that can make them decentralized. Am I wrong? J think many of us do not know what decentralization is.

I think we need to define what's web3 again because some casinos doesn't know what's even difference between web3 and web2. A real web3 casino wouldn't take funds completely out of your account, every data will be recorded on their end while your wallet execute every transactions which are also recorded on the blockchain you are using. Some wana he web3 wallets prefer you send funds from your wallet to their casino so you can do everything there while they control the money.

There are real web3 casino that operate effectively and everything they do is what web3 looks like but I fear that such casino wouldn't last because of regulation, they will not get license and approval to operate if they don't do KYC and will likely get attack for money laundering by law enforcement. They are really good for some privacy and decentralized to some degree but the government wouldn't let you have peace of mind.

_act_

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Quote from: Blowon on December 04, 2024, 12:23:48 PM

I think decentralization in gambling is just a fiction, those words are just used for marketing, but the fact is that web3 is not really decentralized, but I don't really care because I keep using a new wallet address if I want to connect my wallet

This is very important. I also make sure that I use a new wallet and send just little amount of money there, especially if the gambling site is new. It is not good to joke with your coins because as we connect the wallet, the wallet is prone to stealing of coins. But I have only heard people that connect to fake websites that complained of stolen of coins. Even I like the web3 casinos like Metawin that provide option of depositing the coin directly just as it is on those web2. This is the option I prefer to use.

Odohu

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Quote from: Crypt0Gore on December 04, 2024, 10:54:56 AM

Meaning that there is no difference, the decentralisation idea is meaningless, since once you click start the casino is in control, for me I believe that decentralisation is still far from online casinos, none is close yet, maybe someday this will be possible.

And honestly, I don't care because I don't even need web3 on casinos, I am good with what casinos are offering right now.

This is exactly my stand on this because I don't care about decentralization on casinos and I see it as just a fancy way some casinos might want to appear different and gain a little advantage over others. The moment you sign up in a casino, they are in charge of everything including payment of winnings and bearing the loss. Your deposited money is in their custody as soon as it is released by the gambler so what role does decentralization play in this? I think earning a good reputation by the casino is more important than the supposed decentralization.

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Quote from: _act_ on December 04, 2024, 10:42:59 AM

If it was before, I think that web3 casinos can offer non KYC service than web2 casinos. But when I am reading some people's post, they talked that web3 casinos are decentralized in a way that the gamblers will be in control of their coins using a noncustodial wallet. But according to how I know about web3 gambling sites, they operate in a way that once the gamblers connect their wallet and make payment, the gambling site is in control of the money. Which means no gambling site to be decentralized as the gambling site and the money is controlled by the gambling site owners and not any other parties involved that can make them decentralized. Am I wrong? J think many of us do not know what decentralization is.

Well has there been any news of a web3 casino that was thought to be decentralised but actually proved to control the funds of their users? Well as for me I think that people are more concerned about external interference especially from the government.
A web3 casino that doesn't require any form of KYC would be in demand and many may consider them decentralised maybe this is where that perception is coming from.

salad daging

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All I know is that web3 is not fully decentralized and the casino still controls your money.

You gamble logged in using web3 and to start betting you have to deposit money into an account then obviously the casino controls it right?

The same goes for withdrawals.

But honestly I have never gambled using web3 at any casino.

Adbitco

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Quote from: _act_ on December 04, 2024, 10:42:59 AM

Which means no gambling site to be decentralized as the gambling site and the money is controlled by the gambling site owners and not any other parties involved that can make them decentralized. Am I wrong? J think many of us do not know what decentralization is.

Of course the wallet is automatically being controlled by the casino/gambling site itself, and for anyone gambling in this type site should be that careful because there are still possibilities for compromise through the site itself. So, me i still advise that anyone using this type of gambling site should at least make another wallet and move only specific funds to gamble with for wallet security, though this kind of site still request for kyc when there's a suspicious move and senses money laundering from a specific wallet.

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Quote from: _act_ on December 04, 2024, 10:42:59 AM

If it was before, I think that web3 casinos can offer non KYC service than web2 casinos. But when I am reading some people's post, they talked that web3 casinos are decentralized in a way that the gamblers will be in control of their coins using a noncustodial wallet. But according to how I know about web3 gambling sites, they operate in a way that once the gamblers connect their wallet and make payment, the gambling site is in control of the money. Which means no gambling site to be decentralized as the gambling site and the money is controlled by the gambling site owners and not any other parties involved that can make them decentralized. Am I wrong? J think many of us do not know what decentralization is.

If you are owner of a decentralized casino, are you going to allow a third party to be in charge of the fund before a gambler make use of your casino? This is not so and that would be the pattern will would be seeing unless other new strategy is employed. I have used few of these decentralized casinos and I got fed up with the gas fees I was paying for every transaction. There are still gamblers that are huge fan of decentralized casinos for different reasons but I prepare using normal centralized casinos where I would deposit fund and use it to bet differently without having to make transaction for everytime I want to bet.

moneystery

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i don't think that web3 casino is decentralized because from the platform to the games provided there are managed by the casino, users are only given the freedom to make transactions using cryptocurrency and their wallets, other than that the casino is in full control of their services. also, the idea of a decentralized casino is quite funny, because how can people gamble without anyone regulating. so I think web3 casino is just a marketing word, actually it's just the same as a conventional casino except that it allows players to use their crypto wallet.

bangjoe

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Quote from: cabron on December 04, 2024, 11:06:37 AM

If you make payments, the money is in the casino's hands. But by connecting your wallet, you still have the funds.

It's just very alarming, though, because there were instances in the past when connecting your wallet alone could already be risky. I couldn't remember the project but IIRC it was an ICO page. He connected his MEW but didn't make a transaction yet his ETH was gone, it was sent to a wallet address without him knowing.

This is very terrible, I better not use a decentralized casino, moreover we do not understand the contract signed with our wallet to access the casino.
I have never experienced it like this, but it seems to have to be more careful of web3 casinos, because we don't know whether there is someone who deliberately makes a trap or not, the risk is very large, maybe it's better to use disposable wallet That.

Blowon

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I think decentralization in gambling is just a fiction, those words are just used for marketing, but the fact is that web3 is not really decentralized, but I don't really care because I keep using a new wallet address if I want to connect my wallet

Joel_Jantsen

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Decentralized is just a fancy term for distributed networks. Many websites claim to be On-Chain or deploy a smart contract, but logically, a casino can never be truly decentralized. A casino can't have an owner if the network is distributed amongst multiple peers. No single entity should have access to users' funds if decentralization is the goal. It's a lot more complex than just throwing words around considering every single bet should be a transaction on the blockchain and so on. Why would a casino founder go this deep technically when they know they can just whip out with a white-labeled casino with a shady Curacao license and hop on the $$ train?

danherbias07

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I have not tried yet but I read about some comments about them. All I can say is it's not that far from what the reputable centralized gambling sites are offering and that's because it will still be a business at the end of the day.
Decentralization, they tried this before in trading and it never clicked, that's because there's a lack of traders that do their trades there. Why? Simply because there are no other perks and the system is not updated for newly listed coins. Also, who will update and maintain the site if there's no money coming in?
Yeah, so that means there are still people behind it and they are also doing business which means they will need some profits for their own salary and the teams that they will hire.
Another reason why decentralization in gambling sites may not work is because they will lack the advertisement power because they are not paid well to hire someone who will market it.

Fivestar4everMVP

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Quote from: _act_ on December 04, 2024, 10:42:59 AM

If it was before, I think that web3 casinos can offer non KYC service than web2 casinos. But when I am reading some people's post, they talked that web3 casinos are decentralized in a way that the gamblers will be in control of their coins using a noncustodial wallet. But according to how I know about web3 gambling sites, they operate in a way that once the gamblers connect their wallet and make payment, the gambling site is in control of the money. Which means no gambling site to be decentralized as the gambling site and the money is controlled by the gambling site owners and not any other parties involved that can make them decentralized. Am I wrong? J think many of us do not know what decentralization is.

Well, yeah, many indeed do not know what Decentralization mean, up and until today, many will still argue that exchanges like etherdelta and forkdelta, idex were decentralized exchanges, of course they were not, they only had a privacy interface where you don't need to input any of your personal information to sign up, simply connect your wallet and that's it.

This is exactly the same mode that most self acclaimed decentralized casinos operate with, any casino where you still will have to make a deposit after connecting your wallet is not a decentralized casino, a decentralized casino will operate like uniswap, pancakeswap, which simply means that, directly from your wallet, you will be able to play games, bet on sports, without having to make any deposits first.

Oshosondy

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Quote from: cabron on December 04, 2024, 11:06:37 AM

It's just very alarming, though, because there were instances in the past when connecting your wallet alone could already be risky. I couldn't remember the project but IIRC it was an ICO page. He connected his MEW but didn't make a transaction yet his ETH was gone, it was sent to a wallet address without him knowing.

This is even still very common. If you are added to a Telegram group for a new project to be listed, you will see scammers sending you telegram messages acting like they are officials from the project group on telegram. All what they want to do is to scam you by. They will give you a wrong website which you will connect your wallet. But I think you will need to make the transaction yourself but which I am not sure about because if I see such site, I just avoid it.

serjent05

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Quote from: _act_ on December 04, 2024, 10:42:59 AM

If it was before, I think that web3 casinos can offer non KYC service than web2 casinos. But when I am reading some people's post, they talked that web3 casinos are decentralized in a way that the gamblers will be in control of their coins using a noncustodial wallet. But according to how I know about web3 gambling sites, they operate in a way that once the gamblers connect their wallet and make payment, the gambling site is in control of the money. Which means no gambling site to be decentralized as the gambling site and the money is controlled by the gambling site owners and not any other parties involved that can make them decentralized. Am I wrong? J think many of us do not know what decentralization is.

If there is a need to deposit then it is not decentralized since the deposited fund would be under the control of the casino. I see some betting platform that is fully decentralized by letting the non-custodial wallet bet to their platform directly, but I would not say such platform as a casino since it lacks several functions that a true casino has.

Web3 casinos can be fully decentralized if the owner wants to but I think many casino owners even though using the web3 functionality still want to have control over the casino. So whether the casino using web3 application is decentralized is dependent on its owner, if the owner wants to implement full decentralization then it is.

cabron

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If you make payments, the money is in the casino's hands. But by connecting your wallet, you still have the funds.

It's just very alarming, though, because there were instances in the past when connecting your wallet alone could already be risky. I couldn't remember the project but IIRC it was an ICO page. He connected his MEW but didn't make a transaction yet his ETH was gone, it was sent to a wallet address without him knowing.

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Quote from: _act_ on December 04, 2024, 10:42:59 AM

... Which means no gambling site to be decentralized as the gambling site and the money is controlled by the gambling site owners and not any other parties involved that can make them decentralized. Am I wrong? J think many of us do not know what decentralization is.

Usually, the most decentralized gambling sites are built on decentralized apps, which run in a network like Ethereum or other networks which are compatible with smart contracts. It is possible to make a completely decentralized gambling platform, but the problem comes when the administration of the casino decides it is convenient for them to add backdoors as a security measure, in the case their smart contracts are targeted by hackers seeking to drain their liquidity. The smart contracts of those casinos are programmed to get control benefits to the holders of the master keys (the staff of the casino) so they can withdraw they money from the contract, deny access to certain addresses to the contract or even to close the contract from further engagement.
In short, even though it is possible, no staff will take the inmese risk of managing a fully decentralized gambling application, because that could be translated into loss of funds, very easily.

It is better for people who is seeking to have a seamless experience to stick to centralized but reliable gambling casinos, which have proven track record and liquidity.

Topic: Are web3 casinos actually decentralized? - page 3. (Read 493 times)