Auto Deduct System | Bitcointalksearch.org

Silberman

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Quote from: Sanitough on June 22, 2021, 04:12:05 PM

Quote from: Silberman on June 22, 2021, 04:03:13 PM

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just roll itself everytime it sees some funds on your wallet whatever coins it was until you are left with Zero ( Funds withdrawn or Funds gets Zero?)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 sure I understand this, you mean that instead of sending coins to the casino wallet you could just connect an address that belongs to you and gamble with it directly? If this is the case this could save on fees which is good, however while I know there are people that prefer their gambling to be automated I have never understand this as I gamble for fun and the whole point to me is to get some entertainment, so I hope you could turn off that functionally as I do not want to have some money in that address and then a bot begins to bet in my place and I lose it all before I even realize it.

You can never save fees on this since your wallet is outside of the platform, it's just auto-connected but in reality, there's still a transaction happening like sending coins to a gambling site and withdrawing money to your wallet, every transaction will cost you a fee.

Thanks for the explanation in that case I do not see any reason to use this, there are times in which I do not feel like gambling too much, whether because I am too busy or simply I do not want to do it and there are other cases in which I feel in the mood and I can gamble a little bit more, in both of those cases an automated system is simply not the best option and it is better to decide by ourselves when we want to make the transaction, because as we know there are times in which this can be very expensive due to the high congestion on the mempool and it is better to select the time to do the transaction manually.

paxmao

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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?)

As far as something workable, it is workable. Easy to implement provided the algo has full access to the wallet, passwords or a local wallet under the casino´s control. However, I am not so sure of how fun would this be and a lot about the gaming is having a pleasant user experience, not just playing a game of chances. If you think about it, successful games need to have some way of engaging the player and autoplaying sound like exactly the opposite if you know what I mean. Worth a try anyway,

Sanitough

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Quote from: Silberman on June 22, 2021, 04:03:13 PM

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 sure I understand this, you mean that instead of sending coins to the casino wallet you could just connect an address that belongs to you and gamble with it directly? If this is the case this could save on fees which is good, however while I know there are people that prefer their gambling to be automated I have never understand this as I gamble for fun and the whole point to me is to get some entertainment, so I hope you could turn off that functionally as I do not want to have some money in that address and then a bot begins to bet in my place and I lose it all before I even realize it.

You can never save fees on this since your wallet is outside of the platform, it's just auto-connected but in reality, there's still a transaction happening like sending coins to a gambling site and withdrawing money to your wallet, every transaction will cost you a fee.

Silberman

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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 sure I understand this, you mean that instead of sending coins to the casino wallet you could just connect an address that belongs to you and gamble with it directly? If this is the case this could save on fees which is good, however while I know there are people that prefer their gambling to be automated I have never understand this as I gamble for fun and the whole point to me is to get some entertainment, so I hope you could turn off that functionally as I do not want to have some money in that address and then a bot begins to bet in my place and I lose it all before I even realize it.

abel1337

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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 have no experience yet on this Auto Deduct System but from what I understand from your description, It is like a bot that rolls itself until you dried your wallet up. I think If it is on a dice game, Casino will basically earn everything from you because you can dry your funds out so fast because it's a fast-paced game. A lottery game is good for this because it's not a fast-paced game. Also, there's a security risk that we can see here, We can't just allow any application to take over our wallets but I'm sure if anyone who implemented this type of system would be smart to let gamblers create an alternate wallet address to put their funds on.

michellee

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Quote from: virasisog on June 22, 2021, 03:44:02 AM

This will be convenient for gamblers, but a big concern for wallet security. This might also cause bigger problem for gambling addicts since there will be no need to transfer funds and they will have unlimited access to their funds. Each idea has their ups and downs.

It will be hard to take care of their money because the system can run automatically and roll the button as long as the money is still there. If the gambler is concerned with their money, they should not use this system because it can empty your money without control. If they do not want to watch the roll, they can leave it and come back later. But they will never know if their money is ending. So be careful when you want to use that.

zanezane

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I think this kind of system destroys the idea of you personally spending your money because you basically lets the system play and spend the money on their own and it also makes the connection to gambling from a person much more severed since you can only do it in an online gambling.

virasisog

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This will be convenient for gamblers, but a big concern for wallet security. This might also cause bigger problem for gambling addicts since there will be no need to transfer funds and they will have unlimited access to their funds. Each idea has their ups and downs.

mv1986

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Quote from: AicecreaME on June 21, 2021, 07:54:35 AM

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 think this feature doesn't make sense.

Imagine you forget you turned on this feature (if they have enable and disable option) and you just saving money on the wallet connected on the gambling site, then one day you're excited to see how much did you save on your wallet but you surprised yourself instead because you don't have any money on your wallet because of that kind of feature. It's like creating your own ghost and getting scared because of it.

It's still much better to manually make your own bets to feel the thrill whenever you play gambling, in my opinion.

It is also a feature that wouldn't get me excited to play either. Isn't the fun about gambling that you as a player are somehow involved? Even if it is only clicking the button "roll the dice"? I mean if there is nothing you have to do except for watching, what's the whole point of it? I am 100% sure I won't get to the point where I would ever consider activating such a function, lean back and just watch how funds are drained from my wallet without me interacting with the game in the slightest! Cheesy

imstillthebest

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Quote from: kotajikikox on June 21, 2021, 02:39:32 AM

Quote from: imstillthebest on June 21, 2021, 01:54:15 AM

[...]

yes these is a cool feature (Though this is from Lotto site?) hope those major gambling site will also have this one so we can enjoy more playing after playing lol.

like op said a lotto site is implementing it but if this became sucesful , major gambling sites will also implement the same because they are afraid that their costumers will transfer to the other that have this new feature .
for now you can use the autobet settings because it lets you play continously if you still have a balance in your account .

owengtam09

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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 it's reasonable not to have a stop button to exclude your address once you don't want it anymore?

I don't think that it is fine without the permission of the owner of the wallet. It is our right if we want to auto deduct our fund and plays it or we want to play it manually. It is now implementing, and others are fine with it, maybe they only have the amount that they can afford to lose with that wallet so even if it gets zero then it's fine, but if it gets profit then that's only a bonus for them.

Kong Hey Pakboy

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Quote from: Chato1977 on June 21, 2021, 08:44:16 PM

Absolutely , The longer we play is the higher chances of losing that's why disciplined gamblers only Allot specific duration of time for them to stay in betting.
so what more this Automatic deduction when we are playing?
no this is not good for my own interpretation .

Maybe you can use it to your advantage, I mean can see the convenience that this can do and if you can just put a certain amount of funds in the account and then start the auto deduction then probably you will be able to play dice while not being too hands on.

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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?)

This is some kind of addiction mate and i don't wanna deal with this , still believe that gambling in any form must be with our consent and by this way we are totally out of control and we allow the system do it for us in which fall to the idea of us being addicted completely and in harder way to recover.

Quote

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?

Well in lotto? i think this will be cool because we knew how hard to win and this will only rely on luck so at least once in a blue moon let the system take charge and may give you the winning that only once in a trillion chance to win.

Chato1977

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Quote from: madnessteat on June 21, 2021, 04:57:37 AM

Such a system only works in favor of the casino and the player will go bankrupt very quickly, as everyone has long known that when playing with negative expectations in the long term player will lose absolutely everything.

I would not recommend connecting your wallet to such a system.

Absolutely , The longer we play is the higher chances of losing that's why disciplined gamblers only Allot specific duration of time for them to stay in betting.
so what more this Automatic deduction when we are playing?
no this is not good for my own interpretation .

xSkylarx

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Quote from: chaser15 on June 21, 2021, 07:21:04 PM

There should be a stopped button or something like we don't want to include the address on the automatic lottery draw every week.

This is the first time I saw that kind of system. How much is the ticket? Those who have a balance less than the price of the ticket are safe with the deductions.

Each lotto token costs $0.029 right now and needs atleast 25 tokens based on the previous draws so qualifying for the lottery is not that expensive. If converted to fiat, the requirement for each draw is only $0.72 which have a chance to win lotto tokens equivalent to 200$. With the 4000 current token holders, they get more from their deduction than their prize gives. They did an airdrop way back January and I think mostly airdrop holders are only the participants of their lotteries. Gamblers won't like this type of system as it doesn't give the thrill or satisfaction of what a real gambling platform provides.

crwth

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Wouldn't you just lose everything on that wallet? It depends on the game that you are playing. Dice games are a bad idea. If it's in a lottery, it's good because every time you deposit something, you automatically buy a ticket. You would really have to be freaking lucky to win in that game though but if you are just willing to lose money on it, why not right?

Lorence.xD

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That's a dangerous feature because if you think about it, people are always going to neglect that kind of feature and then the next day, they have zero funds left. Also, some people might lose more than just money especially the careless high rollers.

chaser15

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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?

There should be a stopped button or something like we don't want to include the address on the automatic lottery draw every week.

This is the first time I saw that kind of system. How much is the ticket? Those who have a balance less than the price of the ticket are safe with the deductions.

goinmerry

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Quote from: boyptc on June 21, 2021, 06:16:26 PM

Yes, just as metamask there's a confirmation notification first to pop out.

On the site shared by OP, once there are enough funds on the wallet, it will be automatically deducted as a ticket fee on the lottery.

The lottery is once a week so I think it's a good feature. I'm sure people who will use the site will be aware of that.

But if the system will be applied to dice, it's a bad idea. Better just stay the usual betting on dice and I doubt a casino will consider implementing it.

Saint-loup

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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?

Quote from: cabalism13 on June 19, 2021, 11:33:59 PM

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.

What do you mean exactly by "connecting a wallet"? How could you connect a wallet? If you mean giving your private key to a platform I would never do that, even with a reputed platform I think. Because when someone knows your private key he can do whatever he wants with your wallet, he can use it to spend dirty money and sign messages from it. Moreover if someone sends funds to the wallet in the future thinking it's still your own wallet you will lose the funds.

boyptc

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Quote from: dunfida on June 20, 2021, 09:58:34 AM

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.

Yes, just as metamask there's a confirmation notification first to pop out.

I've tried it but we will never know if the casinos is approved to them. But as we know, innovation is unstoppable and upgrades are needed. I think we'll see something the same in the future.

just_Alice

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I think this kind of system is more desirable for the casino owners rather than for players. The only pro here is that you don't have to spend time making bets, which is very suitable for the casino, because you spend all of your money and pretty fast. The cons?
1. No joy, because you're not quite participating in the process;
2. You can forget about that system and the money you need will be automatically spent on gambling (which can be fixed with a stop button, so I support the idea of having it added to the system);
3. In the end you lose. That's right, the whole point of gambling in games like slots, dice - is fun, there's no point in trying to win against the house edge in the long run. So, basically, with no participation, adjustment, and no stopping, it'll be like slowly giving away all your money.

harizen

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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?)

That's not a good idea. Or if implemented by a gambling site, it should have a feature of turning it ON and setting it to OFF by default.

In that way, unauthorized action won't be triggered as that would result in an unexpected loss.

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?

Checking the site, I see that it's more appropriate and good for a lottery. But again, should have an ON or OFF which I think doesn't have and the only way to get out is the one you have mentioned.

For dice games or any casino games, that feature is not appropriate.

stadus

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That's not fun because of the reality that the longer you gambling, the more chances you lose.

Speaking about Dice, you know there's a house edge even if some casinos only have 1/2 of 1% house edge but you'll still lose in the long run.

What you are doing is just you are just feeding the casino to be profitable, not only to gamble while you have money, maybe it's also nice if there's a feature that you'll stop when the profit is already achieved and it will automatically send your wining in your wallet.

Ziskinberg

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I'd rather go with the current system where you create an account on a site and you send your deposit to gamble. That really looks like a decentralized gambling platform but IMO it's quite risky as you need to link your wallet unless you'll create another wallet just for gambling purposes.

Also, we should talk about the gas, as that means there's a transaction coming in or out since our wallet is not internally linked to the gambling site.

AicecreaME

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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 think this feature doesn't make sense.

Imagine you forget you turned on this feature (if they have enable and disable option) and you just saving money on the wallet connected on the gambling site, then one day you're excited to see how much did you save on your wallet but you surprised yourself instead because you don't have any money on your wallet because of that kind of feature. It's like creating your own ghost and getting scared because of it.

It's still much better to manually make your own bets to feel the thrill whenever you play gambling, in my opinion.

madnessteat

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Such a system only works in favor of the casino and the player will go bankrupt very quickly, as everyone has long known that when playing with negative expectations in the long term player will lose absolutely everything.

I would not recommend connecting your wallet to such a system.

kotajikikox

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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.

Yups Fee is the most concern here but about the wallet connection to gambling site? if you are using exchange wallet like Binance then you'll have not to worry at all
because they are fine using gambling platform from transferring our funds.
(Well lucky for Filipino not having issue from Binance)

Quote from: imstillthebest on June 21, 2021, 01:54:15 AM

i love the idea of importing the wallet and playing imediately ,no need to hit that deposit button but the function of a gambling site should remain the same like the functions we have now .
its dangerous if there is no stop function for an easy win game such as dice because in dice games we can bet on lower odds but it would be alright with lotto games because its harder to win on them .
we dont need to visit the site and bet after a loss but the site will bet for us automaticaly .

yes these is a cool feature (Though this is from Lotto site?) hope those major gambling site will also have this one so we can enjoy more playing after playing lol.

imstillthebest

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i love the idea of importing the wallet and playing imediately ,no need to hit that deposit button but the function of a gambling site should remain the same like the functions we have now .
its dangerous if there is no stop function for an easy win game such as dice because in dice games we can bet on lower odds but it would be alright with lotto games because its harder to win on them .
we dont need to visit the site and bet after a loss but the site will bet for us automaticaly .

Fundamentals Of

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Quote from: justdimin on June 20, 2021, 01:41:28 PM

Quote from: Fundamentals Of on June 20, 2021, 09:50:46 AM

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.

There must be some misunderstanding because from what I understand the wallet will make it easy for the players to deposit directly without having to make transactions manually but the wallet itself gambling sounds funny and unrealistic.

I'm also confused with the exact point of OP but if what he meant is that suppose there is a mechanism for a gambler to attach his wallet to a gambling platform and that every time the wallet has funds in it, the gambling site would automatically place bets until the funds are drained or withdrawn, that is very unfair. Not only should there be a stop button, there should be an option as to whether the gambling site should auto-bet the funds or not.

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?)

bL4nkcode

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Quote from: Woodie on June 20, 2021, 02:49:54 PM

First the system encourages you to gamble till you drop..which is addiction, [...]

It can be prevented though by using a different wallet just for gambling purposes, and addiction begins from the the users not the system, it can be prevented if the user has self-discipline.

Quote from: Woodie on June 20, 2021, 02:49:54 PM

Besides what would happen if you connected your crypto stash by mistake to this system, it would mean blowing your account and you would curse at this and never wished you got to know it . But whatever this is suppose to do am not in support.

It just like sending funds to an address, you should double or even triple check the address before sending funds or else it will be lost forever. Now if the user is too careless and that what will happen. All activities in crypto associates big responsibility since it's their money after all.

Woodie

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I don't like the idea!

First the system encourages you to gamble till you drop..which is addiction, and you can't apply the winners know when to stop with this system.
Besides what would happen if you connected your crypto stash by mistake to this system, it would mean blowing your account and you would curse at this and never wished you got to know it . But whatever this is suppose to do am not in support.

Fortify

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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 guess it could work for a low intensity game like a lottery, which might be run once a week but I definitely wouldn't do it for any other game type like dice. Certain games are naturally weighted to give the house a small edge which over enough time would drain every satoshi from your wallet. I guess the advantage you're looking to get it is holding the funds in your personal possession rather than preloading an external wallet which might be vulnerable to getting hacked? However if the external site got hacked then it is very possible to auto-deplete functionality could be overridden and drain your wallet in just the same way. It does seem like something that might be useful to build into a new type of token or cryptocurrency as you say - scheduled payments.

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Quote from: Zilon on June 20, 2021, 07:31:04 AM

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

My guess would be that the wallet will transfer funds to the casino and then the player will make bets. For example, the wallet receives 100 dollars worth of altcoins, so the wallet would exchange at the best price itself and deposit to the casino in one of the accepted currencies. Then we can gamble with those funds and don't have to deposit manually. How come the wallet makes bets on its own, which multiplier, and what base bet amount, the wallet shouldn't be able to decide itself.

Quote from: Fundamentals Of on June 20, 2021, 09:50:46 AM

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.

There must be some misunderstanding because from what I understand the wallet will make it easy for the players to deposit directly without having to make transactions manually but the wallet itself gambling sounds funny and unrealistic.

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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?)

So it will gamble all the funds within the wallet and repeat until either the bank is empty or the wallet is empty? I mean the system is made such that it detects the wallet has balance and will gamble those funds. So in case it gambles funds and we win, then will it keep gambling again and again? I would consider such an auto-detect system very risky and might not use it.

Maybe it would work on a lottery site where winners are picked every day and the ticket price is fixed. Gamblers can fund the wallet and it will purchase tickets, which might make sense because only one lottery happens a day. With dice and other instant games, it would be rather risky and not worth it. But everyone has their own opinion so maybe some will use it with dice too.

qwertyup23

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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?)

This kind of feature should be implemented with a condition on whether you should activate such feature or not, or else, this will become totally unfair for the gambler in handling his money.

Having an "auto deduct system" will definitely favour the online gambling platform as this will guarantee them money. This will also give them absolute power to meddle with the funds of a person by compelling the system to gamble their remaining funds.

If the idea behind this feature is for the purpose of convenience, then I do not think that anyone would risk losing their money for such a little convenience.

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Quote from: mv1986 on June 20, 2021, 12:27:19 PM

...
Then I still don't get the point why that option or type of game exists at all? Why would I ever activate auto-deduct if I know that once I open the wallet in 2 days from now it is going to be empty or otherwise I should have rather been playing lotto.

It also doesn't make sense to me. I find it unnecessary to put "decentralization" to everything including this auto-deduct from all types of funds idea. It's convenient for people who loves things in automatic for sure but I don't think they will find it amusing once they found out they lost everything in their wallet.

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Quote from: Yogee on June 20, 2021, 12:13:56 PM

Quote from: fiulpro on June 20, 2021, 10:17:58 AM

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%.

I don't think the auto-bet system that you are talking about is the same with the auto-deduct system as described by cabalism13.
The auto-bet still allows you to choose the amount you want gamble and adjust some settings so could limit your losses unlike the auto-deduct where it completely devours your funds.

Then I still don't get the point why that option or type of game exists at all? Why would I ever activate auto-deduct if I know that once I open the wallet in 2 days from now it is going to be empty or otherwise I should have rather been playing lotto. Because in a 49 to 51% set up with the former being the win rate and the latter the loss rate, there is also no way to get lucky, open the wallet and be rich. In a best case scenario it may go up and down in my favor for a limited amount of time. I just don't get the essence of the feature.
If it was with a zero edge rate for the house, it'd be funny to switch it on maybe and see what happens.

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Quote from: fiulpro on June 20, 2021, 10:17:58 AM

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%.

I don't think the auto-bet system that you are talking about is the same with the auto-deduct system as described by cabalism13.
The auto-bet still allows you to choose the amount you want gamble and adjust some settings so could limit your losses unlike the auto-deduct where it completely devours your funds.

worle1bm

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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 don't know whether auto deduct will overcome the manual placement of bets from exchange or your wallets because if you opted it for some other fake casino then your wallet security maybe compromised and funds will be lost until you stop the bets.Imagine you roll a dice and you have $30-$40 and you loose all of them without your knowledge in betting.There are cons more than pros so that's why it is not beneficial for players to select this with your wallet.You never know this crypto market.

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?

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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.

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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.

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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.

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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.

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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.

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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.

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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.

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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?)

Did you mean the gambling site will connect to my wallet? Or when I fund my gambling account it will be taken my fund and betting it automatically? Neither of the two is good. I like the manual ones that I can be able to do all manually in a way I will be the one to stake the game myself, choose the amount I want to use to stake, and click on bet button. It is as easy as that in a way the bet will be played only if I select it and stake it with the amount I want, but all manually, not automatically.

CryptocurencyKing

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Nope! An auto deduct system doesn't seem cool to me, ah ah! It doesn't support you playing and actually scheduling your betting amount, seriously. Your going to find yourself placing more and more bets, use with containing your emotions on both lose and gain grounds that you pay less attention to whats actually going on in your balance. All you know and think is, "I've got funds and might be lucky this time" and as such, you keep going 1 more time until the system actually ends your funds.

Its a market strategy that isn't thereto favour customers as to reducing the stress of funding, wait time and fees but then, a way to keep you playing while, the bet CEO keeps sucking your funds up. I wouldn't advice this.

ReiMomo

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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?

I don't know how it will work but I think that is not a reasonable not to have a stop button option and it goes always automatically deducting in your balance, it seems it becomes complicated on your side as a gambler. You can't store a big amount of your wallet because you will I guess afraid of sudden loss if you will do it.

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

boyptc

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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.

SaShiRaJaVu

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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?)

It does not make any sense in a dice game, block chain identity can be created and i am not following the token market to see whether we have any promising projects like this but to connect your wallet and roll until your balance burns out does not make any sense.

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?

Every gambler wants to have a control over his funds and the game he/she plays and what he is going to do with it, if the system does everything then what is point of gambling.

goinmerry

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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?)

Just curious here, does that kind of system already implement on some gambling sites outside crypto? Or just what if?

In that case, it's totally fine as long as everything is provably fair and the site is reputable. Although, I don't want to opt-in on that feature as I don't see any excitement doing that way and I considered it as a shortcut to loss lol.

I think that way because whenever I deposit on that site, it will run automatically so it's like an automatic loss for me lol.

dunfida

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It's more like an automated system that usually been used to bots to trade for you but the difference here is you want to manually bet but you want to automatically deduct it to your funds which is used better in fiat system. Now, the problem is it won't stop until you lose all your funds like in trading there's no stop-loss. Gambling sites should implement a stop button to avoid user's from losing automatically without their consent. I guess this is a special tactics again to submit all their funds because they were gonna lose anyway. Huh

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Well, in my case in this situation that you have stated, I will use a dummy wallet account for that gambling site and put the amount that I can afford or in my limit amount. I don't think this Auto deduct system will be applicable for most gambling sites, for example, dice. So it means it will rolling without even our permission, that is very impossible, perhaps. I think the best solution here is to provide a separate wallet to your main bitcoin wallet account to avoid possible auto deduct system from the gambling sites and I will not agree with the Auto deduct, how we enjoy gambling if there will be executed on behalf of our actions.

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If it's already happening and there are people that are fine with that system then I'd say it's a success but I guess there should be an option to stop or a stop button because you either want it to avoid losses or to be at breakeven. I think it's just works like any other gambling site for auto rolls to infinity but the difference was it has no stop button.

I guess giving extra layer of options to take will make it more interesting rather than just purely into the deduction things, just my own opinion.

Johnyz

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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.

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🤩Finally Married🤩

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?

Topic: Auto Deduct System (Read 559 times)