Auto Deduct System - page 3. | Bitcointalksearch.org

maju69

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Quote from: cabalism13 on June 19, 2021, 03:27:59 PM

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

if it rolls automatically then how is the system set up to drain the balance? I think this kind of gambling is very conventional. obviously there is no stop button so inevitably it causes our balance to run out without any termination. Then where lies the convenience of gambling for players?

robelneo

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Quote from: cabalism13 on June 19, 2021, 03:27:59 PM

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

This is new to me I have not tried that before, I don't want something that will automate my transaction without me confirming it first if I am going to play this kind of game the best idea is to allocate a wallet specifically for this purpose and the amount is only allocated for that game so even if I lose all the funds there I will not regret it because that's what it is intended to use.

fiulpro

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Quote from: cabalism13 on June 19, 2021, 03:27:59 PM

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

There is an auto-bet system in things like Crash on various platforms, but if I remember correctly it does not do you any good. I tried it twice and then never did it again. The probability of you winning in such games is not only random but it is also analytical. For me I would not appreciate such a thing. It will make you loose 100%.

It won't even stop if you tripled your money, the inherit probelm is that it's more convenient for the gambling companies but not for individual users. I want to know if someone did bet in auto-bet system in crash and dice. For me it did not work at all.

You should be engaged in Gambling if you are here for fun and if you are here for the money you should be careful while spending both options do not go well with the system.

dunfida

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Quote from: boyptc on June 19, 2021, 05:03:07 PM

I think it's a good idea just like those projects that usually being connected to Metamask. A casino can connect Metamask or any type of wallet that it supports.

I can imagine how the process will go but I don't know if the casinos will consider it.

I think if there's a third party apps involved in making a transaction with metamask there is a confirmation first that you need to confirm first before the transaction takes effect. I don't know if you have tried it but this is what I noticed so it should have a confirmation to the user first before doing any transaction which means your funds won't automatically be deducted if you confirm the transaction first. I think this is the flaw that the auto deduct system should implement and fix if it's already existing.

Fundamentals Of

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This is unfair. Is there really such a gambling site which uses this particular feature? If there is, I think it will not become very popular among gamblers. This kind of site won't reach the mainstream. It is difficult to entice gamblers with bad features.

But I think that if there is such a kind of site as this, I believe the feature of auto-betting whatever is the balance in your wallet is under the control of the account owner. The gambler must have the option to auto-bet or not the money in ones wallet.

khaled0111

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Instead of connecting your own wallet and exposing your private keys, it would be better if the platform generates a unique address for you which you can fund whenever you want. This way you keep your personal wallet safe in case the website gets hacked or exit scam and most importantly, you will have more control on how much money you want to gamble.
Also, since players are ready to go all-in, why not using a tickets or shares model instead of multiple rolls? You either win the Jackpot or lose everything.
Honestly, I don't think there will be many supporters for this idea especially if you can't stop auto-betting when you are in profit with a simple click.

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Quote from: cabalism13 on June 19, 2021, 03:27:59 PM

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

I am unsure of how the transactions would happen. If we connect a wallet would the dice roll make a transaction itself ?
Will it do broadcast a transaction for every roll or would it make one transaction and transfer all the balance to the casinos wallet and then keep rolling until balance is zero ?

I think it's a bad idea because at the end the casino always win by having the house edge on their side.
So it will just be like connect your wallet and see your balance go to zero. Why would anybody want that? What are the benefits ?

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Quote from: cabalism13 on June 19, 2021, 03:27:59 PM

one way to get out of that is to either wrapped the tokens or bridge it on another chain

Could you elaborate what does this mean practically? Based on my understanding, it seems like the auto deduction system works as long as we have funds in the wallet and even if we are in profit, we will be forced to participate in the dice game and lose all the profits? If so, I feel like this does seem to be a bad feature to be implemented in any gambling site. The gamblers should be provided with the freedom to stop the loss or to secure the profits they have gained from dice gambling for sure. As post #16 explained, this kind of feature doesn't offer any additional opportunity than losing all our deposited coins.

Practically speaking, I still remember the 2017 Ethereum flash crash when the price of 1 coin plunged from $300 to 10 cents. Later on, exchanges implemented quite a few rules and such a flash crash of Ethereum/Bitcoin dumping to 99% isn't possible. Similarly users should be provided with the freedom to secure their profits by offering a stop button IMO.

Zilon

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This would likely mean any coin available on the wallet linked to the site would be used to roll the dice. U think it's a cool innovation. Hope there would be a separate wallet where my profits would be moved to if I get lucky enough to win any of the rolled dice since I might not be physically present at all time to monitor how the dice is been rolled and how much profit and loss I have accumulated

ralle14

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It's always better when there's a straightforward solution like you've mentioned but I guess it depends on the game and the preference of their players since this scenario reminds me of on chain gambling sites as you just need to send coins to their address and everything is pretty much automatic. It's probably okay on lotteries since there's not much strategy needed. Having an overall system where it just eats your balance continuously doesn't sound great, imagine if you send a significant amount on accident.

Alisha-k

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It's reasonable as long as it can be bridged when ever you choose not to stake which implies your coin would remain in your wallet as long as the token is bridged. But the reliability of the site is actually what matters most to avoid been scammed. But what if I win a chance can would my winnings be kept in a bridged account so I can decide if I would restake or withdraw from my profit.

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Quote from: mv1986 on June 20, 2021, 02:42:37 AM

But isn't auto deduct automatically leading to the player losing everything because of the houses' edge? Or what am I missing about the auto deduct system here? As soon as I connect my wallet it keeps playing until my balance is zero, but how can it not go to zero if my chance of winning is below 50%?

It is as simple as this, the more we play the more we lose, or just have quality time to play and try to win. With auto deduction and betting automatically, the person will just lose as soon as possible. In my opinion, this is very risky. I have never seen it on any casino game before, but would have been thought of by gambling companies but of which can not be used for it has no benefit than punters to lose the more. Or maybe there is something OP is not yet explaining.

mv1986

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Quote from: Johnyz on June 19, 2021, 03:39:04 PM

This is fine as long as the site is legit and as long as those funds are really meant for gambling, the fees are just my concern here, auto deduct must be more specific since having transactions every time balance occur can cost you a lot. Personally, i don’t want to link my wallet on any gambling site the risk is high for this.

But isn't auto deduct automatically leading to the player losing everything because of the houses' edge? Or what am I missing about the auto deduct system here? As soon as I connect my wallet it keeps playing until my balance is zero, but how can it not go to zero if my chance of winning is below 50%?

Mauser

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Quote from: cabalism13 on June 19, 2021, 03:27:59 PM

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

I am not really sure about it, this sounds a bit like automated betting 2.0 - how will be able to fully control our gambling habits again if everything just happens automatically? This makes it much easier also to just lose all our money again. For me, automated betting is not really great, I tried it a few times and somehow manages to lose every time in the long run. The only way this could work to be honest, would be if there were some more parameters we could add to the system. Like a minimum balance we need on the account, so the system won't bring us down to 0 balance. Also a daily profit target would be nice, so we could say that the system stops for a day if we reach like 200% profit or something like that. Maybe for others this system is very appealling, a poll in your thread could help here.

michellee

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That can be a solution for gamblers who do not want to click the roll button and only wait and see the number rolls. If a gambler does not control the money or use limit money, that will use all of the money to gamble, and it could end with an emptied wallet. But there could be a time for a gambler to win the game as we can hope the luck will give us the win. Maybe if there is a stop button to stop the game, it will be good for a gambler to spend some money or time and quit gambling. Or if there is a button to be like a stop-loss button, that will be good, so before we play, we can set the amount of money that we will use, no matter the result if the money reached the limit, stop by itself.

Wexnident

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Isn't this a one-way ticket to you losing your funds? That is if it has no idea when to stop anyway. Well, even with that, it's still a one-way ticket to losing your coins imo. It's kind of like a bot right? There honestly isn't much difference between this and the usual bots that dice games have. You can set how many games you want, what are the odds, etc and let it run its course, so why bother with something like this? The only difference here is that once you deposit, it automatically runs but again, it's just a one-way ticket to losing everything if it just does it like that, even with a limit.

I think it works on the lotto site OP gave because it's a lottery. It's rather different from how dice works imo.

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Quote from: ReiMomo on June 19, 2021, 05:16:49 PM

Quote from: cabalism13 on June 19, 2021, 03:27:59 PM

...

I just now heard this auto deduct system, if this really happens by a most gambling site, I will suggest to avoid them earlier.

yeah definitely a bad Idea, as they might get an idea to configure this to deduct other coins from the wallet that has been connected.
Though I didn't think of it at firzt but there are seems to be some flaws here, though the idea itslef is considerably good.

pakhitheboss

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If you activate this auto detect feature then basically you are completely giving access to your wallet, which according to me is like giving your Private key to the casino. In such case it is better to create a new wallet to use this feature and not to use the main wallet. But, I still think this is not good for anyone of us to activate this feature.

xSkylarx

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Quote from: cabalism13 on June 19, 2021, 03:27:59 PM

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

The sole purpose of their token is to gamble like in a lottery so I don't see a reason why they will include a stop button for their users that doesn't want to participate. You buy their token not as an investment but as a ticket hoping that you would win from their lottery. I can't say it's a scam but since only 1 address wins per lottery draw, what they give to the winner is also what they deduct from their token holders. And I think they even get more when reducing token holder's balance than what their prize gives.

magneto

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Quote from: cabalism13 on June 19, 2021, 03:27:59 PM

What do you think of an AutoDeduct System of a Gambling Platform? Says you just connect your wallet like for example on a Dice Game, then it will just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)

I just have think of this as LOTTO ( site : lotto.finance) is implementing this, and one way to get out of that is to either wrapped the tokens or bridge it on another chain, do you think its reasonable not to have a stop button to exclude your address once you don't want it anymore?

Don't think it's the best idea.

Linking any external service to your wallet is probably a bad idea given that they'll have essentially infinite access to your coins.

This idea is only feasible with balances that are already stored on the site itself, and implementing an autobet feature that regularly places bets on lotto or whatnot. Otherwise, it's way too risky to hand over any degree of access to your address directly.

Topic: Auto Deduct System - page 3. (Read 559 times)