Decentralized vs Centralized Gambling....Which do you prefer? - page 7.

goldkingcoiner

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Quote from: Abiky on March 01, 2024, 05:25:51 PM

Thanks to the inception of smart contracts, we can now enjoy decentralized gambling in a provably fair way. I've used a few gambling dApps in the past, and the experience was great. Except now that dApps charge high gas fees (on ETH) due to increased network congestion. But with L2 scaling solutions and alternative chains, this should no longer be a problem.

Do you think decentralized gambling dApps will eventually replace their centralized counterparts? If not, why? Which do you prefer? Centralized or decentralized gambling? Your input would be greatly appreciated. Thanks.

I would rather prefer decentralized gambling but not the green, immature tech version of it. There are also a lot of pitfalls that you have to watch out for, for example connecting your wallet to a scammer's fake service. But once the tech develops more, I think I would prefer it to a centralized platform that holds my money hostage. But to each his/her own. Some people claim that they would rather choose convenience and the illusion of security over decentralized freedom. Roll Eyes

Questat

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Quote from: Abiky on March 01, 2024, 05:25:51 PM

Do you think decentralized gambling dApps will eventually replace their centralized counterparts? If not, why? Which do you prefer? Centralized or decentralized gambling? Your input would be greatly appreciated. Thanks.

Based on the current situation, it doesn't seem like it's even close on replacing. Centralized casinos still dominate the gambling industry, not that people are not support DEX but they still prefer the traditional casinos as it's still simplier to use. If Decenralized casinos were to succeed, it has already dominated the crypto gambling space but it has not perform as expected, so we are not seeing our expectation now, I don't expect to see it in the future.

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But with L2 scaling solutions and alternative chains, this should no longer be a problem. with layer 2 like Matic is totally fine since they are using their native token as a gas fee. But today L2 scaling let say Linea, Zk Sync and other like Arbitrum still occur a high fee in my opinion I recently claims a token for daily login in some airdrop the fee still at the rate 0.5-1$ I know that some people consider this as cheap than the regular L1 like ETH that can cost up to 10-15$ but if we accumulate that it could be a huge.

I still prefer Centralized Gambling with bunch of option of coin that decentralied with a huge fee

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Quote from: seoincorporation on March 04, 2024, 08:13:37 PM

The fact that a game is built with a smart contract is not enough to call a casino decentralized because the guys who generate that smart contract are the ones who create the rules of the game and the ones who will get profit in the long run. I don't see what doesn't have of decentralized. I mean the community can't change the house edge, that would be a good example of how a decentralized project works.

For me, all of them are centralized, but they use different technologies to operate, that's all.

I don't think it needs to be centralized in the sense that only the house wins. But it can be decentralized where it provides bets and has a low fixed rate and the events are paid according to the bettors themselves (without the house changing these odds). I think this would be an important step, as they would win not only in the number of people betting, but in the number of events as well.

arjunmujay

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Quote from: _act_ on March 05, 2024, 12:15:44 PM

Quote from: Yatsan on March 05, 2024, 12:11:37 PM

No guarantee that more people would do so. Of course if it is within this forum, there would be a larger number of people to choose decentralized gambling sites over the other option simply because we are 'aligned' with understanding in this technology.

We should not call it decentralized but web3. Web3 has been used several times to defraud people that connects to a fake websites. That will make us see more fake gambling sites that clone a legit one just to deceive some people to connect to their site so that they can wipe their victims money and steal it. I prefer centralized gambling sites. People on this forum prefer centralized gambling sites as long as it is reputable.

That's normal, the pros and cons will definitely still be there. never mind centralized or decentralized casinos.
Before many people knew about Bitcoin like this, many people avoided it because at that time Bitcoin was used by hackers to ask for ransom. and only used on the darkweb.
However, gradually, Bitcoin is becoming increasingly known and has even become a future investment instrument.

arjunmujay

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Quote from: Yatsan on March 05, 2024, 12:11:37 PM

Decentralized is what I prefer to avoid big taxes and also, gambling is not totally allowed in my country which quite creates a barrier or limitation for gamblers to bet. But I do still play with centralized gambling sites in some games which are not available with web 3.0

Quote from: arjunmujay on March 05, 2024, 08:35:18 AM

If your question is between centralized or decentralized gambling, it is certain that more people will choose decentralization because it is based on openness.
In contrast to neutralization, it will definitely be regulated by the authorities or those who have complete control over the world of gambling.
But the problem is that few gambling players understand DeFi.

No guarantee that more people would do so. Of course if it is within this forum, there would be a larger number of people to choose decentralized gambling sites over the other option simply because we are 'aligned' with understanding in this technology. However, there would still be gamblers outside this forum to choose centralized platforms simply because for them it is more secured and more trustworthy given that those platforms are often registered. Same thing goes with the medium or mode of transactions. We may have different preferences, but bottomline is many people are into gambling activities. It could either be good or bad depending on the gambler him/herself, when it comes on how loss or profit will be taken accountability of.

It's true, gamblers out there who think they are still unfamiliar with the world of crypto or WEB3 will choose centralized gambling.
However, it could be that a few years later, when the world of technology continues to develop and from WEB 2 has started to shift to WEB3, you will definitely prefer decentralized gambling.
and because it is changing times, like it or not, casinos also have to keep up with the times and move there too to retain their gamblers.

_act_

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Quote from: Yatsan on March 05, 2024, 12:11:37 PM

No guarantee that more people would do so. Of course if it is within this forum, there would be a larger number of people to choose decentralized gambling sites over the other option simply because we are 'aligned' with understanding in this technology.

We should not call it decentralized but web3. Web3 has been used several times to defraud people that connects to a fake websites. That will make us see more fake gambling sites that clone a legit one just to deceive some people to connect to their site so that they can wipe their victims money and steal it. I prefer centralized gambling sites. People on this forum prefer centralized gambling sites as long as it is reputable.

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Decentralized is what I prefer to avoid big taxes and also, gambling is not totally allowed in my country which quite creates a barrier or limitation for gamblers to bet. But I do still play with centralized gambling sites in some games which are not available with web 3.0

Quote from: arjunmujay on March 05, 2024, 08:35:18 AM

If your question is between centralized or decentralized gambling, it is certain that more people will choose decentralization because it is based on openness.
In contrast to neutralization, it will definitely be regulated by the authorities or those who have complete control over the world of gambling.
But the problem is that few gambling players understand DeFi.

No guarantee that more people would do so. Of course if it is within this forum, there would be a larger number of people to choose decentralized gambling sites over the other option simply because we are 'aligned' with understanding in this technology. However, there would still be gamblers outside this forum to choose centralized platforms simply because for them it is more secured and more trustworthy given that those platforms are often registered. Same thing goes with the medium or mode of transactions. We may have different preferences, but bottomline is many people are into gambling activities. It could either be good or bad depending on the gambler him/herself, when it comes on how loss or profit will be taken accountability of.

Abiky

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Quote from: seoincorporation on March 04, 2024, 08:13:37 PM

The fact that a game is built with a smart contract is not enough to call a casino decentralized because the guys who generate that smart contract are the ones who create the rules of the game and the ones who will get profit in the long run. I don't see what doesn't have of decentralized. I mean the community can't change the house edge, that would be a good example of how a decentralized project works.

For me, all of them are centralized, but they use different technologies to operate, that's all.

Some smart contracts are built this way. The developer can decide if he/she wants the profit to be transferred to his/her address, or remain on the contract itself (to pay for gas fees, etc). Decentralized gambling could have a future if governments start cracking down on centralized gambling sites (particularly those dealing with cryptocurrencies).

Gamblers will ultimately decide which kind of casino or gambling site is best for them. As long as gambling is done in a fair & responsible way, nothing else matters.

temple

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Quote from: Abiky on March 01, 2024, 05:25:51 PM

Thanks to the inception of smart contracts, we can now enjoy decentralized gambling in a provably fair way. I've used a few gambling dApps in the past, and the experience was great. Except now that dApps charge high gas fees (on ETH) due to increased network congestion. But with L2 scaling solutions and alternative chains, this should no longer be a problem.

Do you think decentralized gambling dApps will eventually replace their centralized counterparts? If not, why? Which do you prefer? Centralized or decentralized gambling? Your input would be greatly appreciated. Thanks.

It is a question of friction and for as long as the decentralized gambling apps charge high fees and have no check and quick on- and off-ramp solutions, I think centralized versions will keep dominating.

Think about the need for L2 scaling solutions and how far we have come until now. It is not impressive what has been done so far. Barely anyone is using L2 solutions because they are still too cumbersome to set up. L2 solutions benefit from network effects the same way that BTC itself benefits from network effects. If not many people are using it, the growth of available L2 network solutions will be slowed down tremendously or fully stagnating.

In general, decentralized gambling is amazing although it is important to have a closer look at the oracle solutions that settles the bets. If you are talking about casino games where the RNG can be looked into and verified, then it is less of a problem. But when it comes to sports betting or any kind of betting where data needs to be fed into the smart contract in order to correctly settle the bet, oracles are needed.

Alternative chains could be a solution but that again means friction. If someone mostly uses BTC, but has to switch over to ETH or TRX, there is again friction involved.

Hypnosis00

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When decentralized gambling sites were introduced, we thought it would change the landscape of the gambling industry, but unfortunately, it didn't happen. Although there are already a lot of decentralized casinos now, they are not as popular as the centralized casinos, so in this battle, the centralized casinos win. The use of crypto in casinos now is more on the payment system only, and the promise of anonymous gambling is slowly fading since if a casino acquires a license, it will always have to comply with the regulators, which users must submit for KYC.

arjunmujay

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If your question is between centralized or decentralized gambling, it is certain that more people will choose decentralization because it is based on openness.
In contrast to neutralization, it will definitely be regulated by the authorities or those who have complete control over the world of gambling.
But the problem is that few gambling players understand DeFi.

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Quote from: Z_MBFM on March 05, 2024, 07:08:58 AM

Quote from: Abiky on March 01, 2024, 05:25:51 PM

Thanks to the inception of smart contracts, we can now enjoy decentralized gambling in a provably fair way. I've used a few gambling dApps in the past, and the experience was great. Except now that dApps charge high gas fees (on ETH) due to increased network congestion. But with L2 scaling solutions and alternative chains, this should no longer be a problem.

Do you think decentralized gambling dApps will eventually replace their centralized counterparts? If not, why? Which do you prefer? Centralized or decentralized gambling? Your input would be greatly appreciated. Thanks.

One thing that Decentralized Gambling will be good for is that there will be no hassle of kyc. on the other hand, there will be no problem in creating an account. But there are disadvantages as well as advantages because gambling is an attractive thing so scammers keep a close eye on it. so if we connect the wallet to a scam site through Dapp then there is a possibility of hacking our entire wallet. so to be safe in this regard we can use Centralis gambling site as opening an account will not be too much of a hassle for us. that's why i feel comfortable using the Centralize gambling site

You raise some good points but these could be addressed. Cricket a new wallet by depositing a small amount of funds in it and gambling. However, one thing is that most of the gamblers now gamble on smartphones and using DApp through smartphones is a lot of trouble, so in this case, using a centralized platform can be beneficial. i love both platforms and will use each one at the same time so I want gambling sites to come to market on web3 technology.

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Quote from: Abiky on March 01, 2024, 05:25:51 PM

Thanks to the inception of smart contracts, we can now enjoy decentralized gambling in a provably fair way. I've used a few gambling dApps in the past, and the experience was great. Except now that dApps charge high gas fees (on ETH) due to increased network congestion. But with L2 scaling solutions and alternative chains, this should no longer be a problem.

Do you think decentralized gambling dApps will eventually replace their centralized counterparts? If not, why? Which do you prefer? Centralized or decentralized gambling? Your input would be greatly appreciated. Thanks.

This is cannot be achievable, not these people that use the crypto, if this techniques way of using smart contract in decentralized way were up earlier, it would have been possible but now, I don't think so. Look at exchange for example, we have been using the centralized exchanges for many years now and the experience has never been palatable especially the hacks and but with the introduction of Defi, decentralized exchanges were improved by design, protocol and concept but how many people use them as compare to decentralized exchanges today?

There is another thing I noticed with gamblers, loyalty lies in their line of gambling. If a gambler has used a casino for many times and he enjoys the winning and experienced little loss, they don't move to another casino even if there is an interesting thing going on over there, the fact that centralized casino loos simple and easy will not encourage people to go look for a platform that will use gas fee to execute their bets but the gamblers that want to verified their games and winnings will still use Dex gambling platforms.

Z_MBFM

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Quote from: Abiky on March 01, 2024, 05:25:51 PM

Thanks to the inception of smart contracts, we can now enjoy decentralized gambling in a provably fair way. I've used a few gambling dApps in the past, and the experience was great. Except now that dApps charge high gas fees (on ETH) due to increased network congestion. But with L2 scaling solutions and alternative chains, this should no longer be a problem.

Do you think decentralized gambling dApps will eventually replace their centralized counterparts? If not, why? Which do you prefer? Centralized or decentralized gambling? Your input would be greatly appreciated. Thanks.

One thing that Decentralized Gambling will be good for is that there will be no hassle of kyc. on the other hand, there will be no problem in creating an account. But there are disadvantages as well as advantages because gambling is an attractive thing so scammers keep a close eye on it. so if we connect the wallet to a scam site through Dapp then there is a possibility of hacking our entire wallet. so to be safe in this regard we can use Centralis gambling site as opening an account will not be too much of a hassle for us. that's why i feel comfortable using the Centralize gambling site

sunsilk

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Quote from: Abiky on March 01, 2024, 05:25:51 PM

Do you think decentralized gambling dApps will eventually replace their centralized counterparts? If not, why?

Nope.

Gamblers are used to the centralized type of gambling and that's why whether there have been a lot of innovation and interesting things comes from the decentralized casinos, they're not going to thrive and replace the centralized casinos.

Quote from: Abiky on March 01, 2024, 05:25:51 PM

Which do you prefer? Centralized or decentralized gambling? Your input would be greatly appreciated. Thanks.

Centralized.

I've tested a few before of decentralized but they're totally different. I think if you go back a few years ago, there have been attempts to penetrate into the gambling industry with decentralized projects but they weren't successful.

aioc

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Quote from: Abiky on March 01, 2024, 05:25:51 PM

Do you think decentralized gambling dApps will eventually replace their centralized counterparts? If not, why? Which do you prefer? Centralized or decentralized gambling? Your input would be greatly appreciated. Thanks.

I only played once on a decentralized platform and the experience is not worth comparing when you're playing on a centralized platform, The majority of these decentralized platforms use tokens and you have to do a bridge before you can play, there's also not much game to choose from, centralized platforms has a good chance to stay longer than the decentralized gambling platform because there's a possibility that criminals might use decentralized platforms for money laundering and other illegal activities.

Centralize platforms are doing great, and I can not think of one big and compelling reason why gamblers will migrate to decentralized gambling platforms and ditch centralized platforms.

Odohu

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This should be my first time of reading about decentralized gambling. I know something like that is possible but it has not really made so much sense to me if I begin to picture the various gambling options that is exist in centralized platforms. In a decentralized gambling platform, could it be that gamblers will be playing against one another just like we have in P2P trading? Will there be brokers and bookies that will play a part? The whole things is not just clear to e yet. Perhaps the recent Telegram casinos that are popping up every now and then are using similar technology. I will need more information or resources that will help me learn about this kind of gambling and platforms that offer them.

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Quote from: Abiky on March 01, 2024, 05:25:51 PM

Thanks to the inception of smart contracts, we can now enjoy decentralized gambling in a provably fair way. I've used a few gambling dApps in the past, and the experience was great. Except now that dApps charge high gas fees (on ETH) due to increased network congestion. But with L2 scaling solutions and alternative chains, this should no longer be a problem.

Do you think decentralized gambling dApps will eventually replace their centralized counterparts? If not, why? Which do you prefer? Centralized or decentralized gambling? Your input would be greatly appreciated. Thanks.

There is nothing called decentralization when a group of people or people handle the platform. Maybe you could say this just for the payment methods. But I don't think anyone believes that they do not have room to cheat in a game. Every casino can cheat their players if they want. It depends on the owner and their motives. If they want to build a solid reputation, they will act fairly.

But if they want to scam players, they can do it anyway. Sometimes, players are able to catch scammy casinos, but most of the time, we are not able to catch their cheating. So, no, they have a long way to go.

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Quote from: Abiky on March 01, 2024, 05:25:51 PM

Do you think decentralized gambling dApps will eventually replace their centralized counterparts? If not, why? Which do you prefer? Centralized or decentralized gambling? Your input would be greatly appreciated. Thanks.

Actually I don't really like decentralized gambling where I use a connected wallet to play there, place bets on each transaction via smart contracts and use decentralized gambling Dapps, I think it's still not safe even though it might be vulnerable to cheating but I'm worried about hacking happening in the end. This is not only a problem with high transaction fees on the ETH network, after all, anyone who provides decentralized gambling on the ETH network is wasting money on expensive fees because for a long time the ETH network has been the network that uses the most expensive transaction fees.

If asked why I like centralized gambling dapps because I'm honestly safer in centralized gambling even though maybe it's also not liked by some people because of KYC issues that make them feel uncomfortable but I feel comfortable, it all depends on each gambler's point of view, I can't speak in full view of my views on decentralized gambling which may be preferred by gamblers who want to maintain their privacy with KYC, I am not sure that decentralized gambling will replace centralized gambling because as we see today people prefer to use centralized gambling dapps than decentralized ones . we can't ignore that either.

Topic: Decentralized vs Centralized Gambling....Which do you prefer? - page 7. (Read 1424 times)