The future of CBDC in gambling. | Bitcointalksearch.org

serjent05

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Quote from: bettercrypto on April 01, 2023, 05:47:54 PM

I'm sure the crypto enthusiasts out there don't care about that cbdc. Maybe the people behind cbdc feel that a lot of the crypto community will be happy with what they are doing.

As a matter of fact, the majority of the crypto gambling community's impression here on cbdc is negative because it is not a crypto like the others.

It isn't about the impression of the crypto gambling community but rather the implementation of CBDC to all gambling platforms, crypto gambling and fiat gambling casinos alike. I think crypto enthusiasts will become more concerned about CBDC when the government started to implement CBDC and require every casino to support the digital currency and at the same time get hostile to cryptocurrency after all the decision about this matter is not on the hand of the crypto gambling community but on the hands of the authority and casino owner.

The sad thing about this is that it looks like the gambling trend is going on that path(CBDC implementation while suppressing crypto deposits)

BitDane

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Quote from: coin-investor on April 01, 2023, 05:10:31 PM

Casinos will always give in to the gambling community, if there are better options at other casinos that do not accept CBDC then gamblers will flock to those casinos, online casinos are both entertainment portals and business entities, it's the gamblers that make the money coming in, they can include CBDC but never to the point of replacing Cryptocurrency, there's no way the gambling community will part ways with Cryptocurrency and accept CBDC that's giving away privacy and letting them get tracked, there will be casinos that will not accept to what the government imposes on them.

I don't think that Casinos will prioritize the gambling community over the regulation. After all Casino operations are bound to the government regulation. So I think that they will give in to the gambling community as long as :

1. It does not breaks the gambling regulation implemented by the government.
2. It will not cause lost to their gambling platform.

After all, casinos are businesses that is created to make profit, and avoid problems on government regulations. So their main priority is the compliance and profit. I would agree, that if CBDC is not yet fully required to be implemented by casinos and there is an alternative, casinos will take the middle path that will not oppose the regulation and at the same time give benefits to the users.

About gambling community, they are already established even before cryptocurrency is created so we might see other community parting with cryptocurrency usage if the government pressure casinos on removing cryptocurrency option in their fund deposit. In the other hand, it is obvious that crypto enthusiast will always choose the option of using cryptocurrency to protect their privacy and may look for crypto friendly casinos to play.

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Quote from: bettercrypto on April 01, 2023, 05:47:54 PM

I'm sure the crypto enthusiasts out there don't care about that cbdc. Maybe the people behind cbdc feel that a lot of the crypto community will be happy with what they are doing.

As a matter of fact, the majority of the crypto gambling community's impression here on cbdc is negative because it is not a crypto like the others.

Its centralized
Its stable-price
Its not crypto
Its just like fiat

This is indeed the common impressions for us crypto enthusiast if we do speak about cbdc and actual crypto which are really that truly decentralized or something
that is anonymous and having that opportunity on earning or profits via just holding or simply could fit out on investment part.

This is why we arent interested on something which is stabilize in price and really that centralized.

bettercrypto

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I'm sure the crypto enthusiasts out there don't care about that cbdc. Maybe the people behind cbdc feel that a lot of the crypto community will be happy with what they are doing.

As a matter of fact, the majority of the crypto gambling community's impression here on cbdc is negative because it is not a crypto like the others.

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Quote from: coin-investor on April 01, 2023, 05:10:31 PM

Casinos will always give in to the gambling community, if there are better options at other casinos that do not accept CBDC then gamblers will flock to those casinos, online casinos are both entertainment portals and business entities, it's the gamblers that make the money coming in, they can include CBDC but never to the point of replacing Cryptocurrency, there's no way the gambling community will part ways with Cryptocurrency and accept CBDC that's giving away privacy and letting them get tracked, there will be casinos that will not accept to what the government imposes on them.

using CBDC means you are also disclosing your identity, it is just like using your fiat money here. so that is true, those crypto users who want to keep their privacy, won't use CBDC. but there will always be gamblers who will use CBDC for convenience. some won't care about their privacy as long as it is convenient to use. just like going to the convenience stores, even if the price is quite expensive, some people will still buy for convenience purposes.

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I think it can be more easy for them (the goverment) to aply tax on ours.

But in the other hand i think a lot of casino are gonna offer, one formal market whit this CBDC and in other parts they are gonna offer some "black market casino" to keep playing on cash or other currencies.

I think also we can see some place like Macao being the few to keep accepting cash or other money.

coin-investor

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Casinos will always give in to the gambling community, if there are better options at other casinos that do not accept CBDC then gamblers will flock to those casinos, online casinos are both entertainment portals and business entities, it's the gamblers that make the money coming in, they can include CBDC but never to the point of replacing Cryptocurrency, there's no way the gambling community will part ways with Cryptocurrency and accept CBDC that's giving away privacy and letting them get tracked, there will be casinos that will not accept to what the government imposes on them.

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Quote from: uneng on March 22, 2023, 01:00:01 PM

One of the features presented by CBDCs is the fact they are highly traceable by the regulator body behind it.
For some gamblers it may not be an issue, but for others I believe that is a big cons, therefore they will tend to avoid gambling with CBDCs, still going for fiat (as we have right now), bitcoin and altcoins (especially stablecoins).

Everyone who have concerns regards privacy will try avoiding this category of currency, and in case CBDCs find a fertile land in gambling industry, it will mean most gamblers aren't worried about their funds and financial routine being tracked by the Central Bank. So let's see.

If someone is really particular about KYC, then he should really avoid platforms and currency that require verification processes. In this case, CBDC are really to avoid because it is issued by the government, meaning it is monitored and regulated by the government. This gives them an access to know your transactions, the time, date, and the recipient of the currency you passed funds to. So you'll really have an eyes on you which isn't really favorable and ideal to most people who like to keep things private.

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If more CDBCs will be developed and casinos will start accepting them (in some countries they may be even coerced to accept them) it would represent another great tool for governs to induce people in error that they are offering them State-issued cryptocurrency. But such thing does not exist. Yet there will be many which will believe they are using cryptocurrency while, in fact, they'll just give the govern a hand for controlling them even more.

A while ago I wrote a topic on CDBCs subject... It seems hard days are a-coming.

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Quote from: BobK71 on April 01, 2023, 12:08:00 PM

Quote from: TheGreatPython on March 29, 2023, 11:53:20 PM

Quote from: bittraffic on March 27, 2023, 10:01:32 PM

Quote from: Alisha-k on March 27, 2023, 09:19:49 PM

Whether the CBDC is accepted it not, I do not think it'll enhance the economy or reduce the current inflation.
It is not a crypto currency afterall. But I think it'll be easier to adopt the CBDC as legal tender than to adopt crypto currency.

CBDC is developed by the government of course it will be adopted as an alternative to the real fiat we use right now. Basically, it's what we are going to be using, it's going to be normalized and we can use it anywhere including gambling online.

But they do have digital control of your spending, if they see you spend more on gambling I guess they can turn off your app to not work on casinos and you can only buy Mcdonald's chips. Grin

I don't think that the control that they wish to gain is to safeguard users or to prevent them from losses or spending a lot of money on gambling or anything else, but their primary goal will probably be to impose taxes on the users based on their financial activities, and if we use CBDCs, we will literally give them the right to keep an eye on our expenses and finances.

I agree with you. Because why CBDC would come to establish their authority in crypto platform? Of course they will mark out clients and accepting tax from them can also be a prime motive. The gambling industry is now far ahead of any other industry. And the government of every country also realizes this.They want to control over gamblers while gamblers want freedom. So it is certain that gamblers will never accept their authority. They will never go back to Fiat.

US citizens are even forbidden to derivative trading on Binance.com. You may think that it's Binance that is doing illegal stuff but the perspective is there that US citizen is not allowed but only in Binance.US.

Gambling in international casinos will also be limited or may be forbidden and they can only play on US base casinos using the CBDC. We are going to this direction.

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Quote from: Silberman on April 01, 2023, 11:08:54 AM

Quote from: madnessteat on April 01, 2023, 05:09:23 AM

The governments of many countries are always introducing innovations ostensibly to improve the safety and quality of life of their citizens. In fact, all innovations, including CBDC, are introduced in order to better control financial flows. I think that no one needs to explain that after the introduction of CBDC, the government will be able to freeze funds in any unwanted purse. As for the casinos, they will simply be forced to integrate payments into CBDC.

And this is the main issue with CBDCs, they may seem to be as bad as their fiat counterparts but in fact they are many times worse, governments and banks will in a way fuse while at the same time governments will gain complete control over the money supply, this means that if at some point they decide that buying a certain item is no longer beneficial to them they can reject all transactions regarding that item, this is similar to what we already see at China and obviously I do not want to see this on the country where I live.

You are absolutely correct, allowing CBDC into our system will only give the government more power than they already have, like you clearly and correctly pointed out, we are complaining about the much centralization surrounding our fiat currency system, if CBDC is allowed to flourish, there will be more problems for the common man in the streets..
Imagine how it is with fiat currencies even though the government lack absolute control over the supply, then compare it to what would happen if the government gains total control of all the money in circulation through CBDC, they can easily decide who spends his or her money, and who doesn't, they can also easily decide which business flourishes, and which doesn't - we must not allow this to happen.

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Quote from: BobK71 on April 01, 2023, 12:08:00 PM

Quote from: TheGreatPython on March 29, 2023, 11:53:20 PM

Quote from: bittraffic on March 27, 2023, 10:01:32 PM

Quote from: Alisha-k on March 27, 2023, 09:19:49 PM

Whether the CBDC is accepted it not, I do not think it'll enhance the economy or reduce the current inflation.
It is not a crypto currency afterall. But I think it'll be easier to adopt the CBDC as legal tender than to adopt crypto currency.

CBDC is developed by the government of course it will be adopted as an alternative to the real fiat we use right now. Basically, it's what we are going to be using, it's going to be normalized and we can use it anywhere including gambling online.

But they do have digital control of your spending, if they see you spend more on gambling I guess they can turn off your app to not work on casinos and you can only buy Mcdonald's chips. Grin

I don't think that the control that they wish to gain is to safeguard users or to prevent them from losses or spending a lot of money on gambling or anything else, but their primary goal will probably be to impose taxes on the users based on their financial activities, and if we use CBDCs, we will literally give them the right to keep an eye on our expenses and finances.

I agree with you. Because why CBDC would come to establish their authority in crypto platform? Of course they will mark out clients and accepting tax from them can also be a prime motive. The gambling industry is now far ahead of any other industry. And the government of every country also realizes this.They want to control over gamblers while gamblers want freedom. So it is certain that gamblers will never accept their authority. They will never go back to Fiat.

As always or in default on which it would be understandable that the government would really be liking to monitor out everything which neither fiat or cbdc it would really be giving out the same old story.

We already have fiat platforms/companies which some gamblers had flocked out and totally decide to deal with sites that does have coin payment which are totally anonymous and decentralized which it cant be able to
be monitored and this is where some people do really prefer on having on and this is why crypto gambling did really make such huge support and recognition.

I dont see any future of CBDC to be applied on gambling and just been said that it is really just the same on having fiat with these things.

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Quote from: TheGreatPython on March 29, 2023, 11:53:20 PM

Quote from: bittraffic on March 27, 2023, 10:01:32 PM

Quote from: Alisha-k on March 27, 2023, 09:19:49 PM

Whether the CBDC is accepted it not, I do not think it'll enhance the economy or reduce the current inflation.
It is not a crypto currency afterall. But I think it'll be easier to adopt the CBDC as legal tender than to adopt crypto currency.

CBDC is developed by the government of course it will be adopted as an alternative to the real fiat we use right now. Basically, it's what we are going to be using, it's going to be normalized and we can use it anywhere including gambling online.

But they do have digital control of your spending, if they see you spend more on gambling I guess they can turn off your app to not work on casinos and you can only buy Mcdonald's chips. Grin

I don't think that the control that they wish to gain is to safeguard users or to prevent them from losses or spending a lot of money on gambling or anything else, but their primary goal will probably be to impose taxes on the users based on their financial activities, and if we use CBDCs, we will literally give them the right to keep an eye on our expenses and finances.

I agree with you. Because why CBDC would come to establish their authority in crypto platform? Of course they will mark out clients and accepting tax from them can also be a prime motive. The gambling industry is now far ahead of any other industry. And the government of every country also realizes this.They want to control over gamblers while gamblers want freedom. So it is certain that gamblers will never accept their authority. They will never go back to Fiat.

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Quote from: madnessteat on April 01, 2023, 05:09:23 AM

The governments of many countries are always introducing innovations ostensibly to improve the safety and quality of life of their citizens. In fact, all innovations, including CBDC, are introduced in order to better control financial flows. I think that no one needs to explain that after the introduction of CBDC, the government will be able to freeze funds in any unwanted purse. As for the casinos, they will simply be forced to integrate payments into CBDC.

And this is the main issue with CBDCs, they may seem to be as bad as their fiat counterparts but in fact they are many times worse, governments and banks will in a way fuse while at the same time governments will gain complete control over the money supply, this means that if at some point they decide that buying a certain item is no longer beneficial to them they can reject all transactions regarding that item, this is similar to what we already see at China and obviously I do not want to see this on the country where I live.

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Quote from: madnessteat on April 01, 2023, 05:09:23 AM

The governments of many countries are always introducing innovations ostensibly to improve the safety and quality of life of their citizens. In fact, all innovations, including CBDC, are introduced in order to better control financial flows. I think that no one needs to explain that after the introduction of CBDC, the government will be able to freeze funds in any unwanted purse. As for the casinos, they will simply be forced to integrate payments into CBDC.

Governments, the shepherds of innovation, often harbor ulterior motives when introducing new schemes, and CBDC is no exception. They laud the virtues of security and convenience, but their true agenda is nothing more than power.

With CBDC, the government will wield unprecedented clout, empowered to freeze funds and surveil every transaction. This is a grotesque intrusion on our privacy and basic liberties. We cannot allow the government to possess such dominion over our fiscal lives.

And what about the casinos? They'll be forced to integrate CBDC payments, augmenting government control and curtailing players' freedom. This is an intolerable affront to our rights

madnessteat

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The governments of many countries are always introducing innovations ostensibly to improve the safety and quality of life of their citizens. In fact, all innovations, including CBDC, are introduced in order to better control financial flows. I think that no one needs to explain that after the introduction of CBDC, the government will be able to freeze funds in any unwanted purse. As for the casinos, they will simply be forced to integrate payments into CBDC.

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Quote from: maydna on March 29, 2023, 04:25:50 PM

Quote from: jrrsparkles on March 29, 2023, 07:00:13 AM

Governments doesn't really force CBDC to be adopted by any service platforms, they use this as a tool to tackle the crypto currency when people say fiat system is old so government claims their current CBDC is same as blockchain and with most people unaware of what is decentralised money will go after CBDC. However about the casinos there won't be much affect for Bitcoin or other cryptos due to the inclusion of CBDC cause it's going to affect the fiat based users more in my opinion.

We hope so but cannot know what the government wants in the future. If they want CBDC to be adopted by any service platform, they can do it easily because they can force it on any service owner. However, the government really doesn't like crypto that can protect the anonymity of its users so maybe in the future, the government will still ask for services to add CBDC to its system. Hopefully, it doesn't affect bitcoin and other cryptos, but we just have to be more careful. Perhaps, using CBDC provides convenience for ordinary users but not crypto users.

That is what I am saying as well, even if they force CBDC as one of the accepted payment which still won't affect the crypto as well as online gambling market because now itself the centralised gambling platforms are centralised along with mandatory KYC for withdrawal so privacy neither anonymous nature of decentralised money will not work in centralised platform anymore.

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Quote from: Vaskiy on March 29, 2023, 04:36:51 PM

Quote from: maydna on March 29, 2023, 04:25:50 PM

Quote from: jrrsparkles on March 29, 2023, 07:00:13 AM

Governments doesn't really force CBDC to be adopted by any service platforms, they use this as a tool to tackle the crypto currency when people say fiat system is old so government claims their current CBDC is same as blockchain and with most people unaware of what is decentralised money will go after CBDC. However about the casinos there won't be much affect for Bitcoin or other cryptos due to the inclusion of CBDC cause it's going to affect the fiat based users more in my opinion.

We hope so but cannot know what the government wants in the future. If they want CBDC to be adopted by any service platform, they can do it easily because they can force it on any service owner. However, the government really doesn't like crypto that can protect the anonymity of its users so maybe in the future, the government will still ask for services to add CBDC to its system. Hopefully, it doesn't affect bitcoin and other cryptos, but we just have to be more careful. Perhaps, using CBDC provides convenience for ordinary users but not crypto users.

None is gonna affected by the CBDC inclusion, because people who have used cryptocurrency for gambling will never move to fiat or something else further. As stated fiat users could find CBDC to be something more advanced and use it. CBDC is nothing better than the digital format of fiat. It favours the government providing each and every transaction, so this is going to be a choice for fiat users and not the cryptocurrency users.

Indeed no one will be affected by the CBDC, and people who already use crypto for gambling will also pass it on. But casinos connected to the government may be asked to implement CBDC. The government may also emphasize casinos encourage their users to use CBDCs rather than stable coins or crypto. But I think the government will put more emphasis on CBDC on other platforms, such as online shops or local shops, with the excuse of reducing physical contact using paper money. And this may reduce the growth rate of crypto to be used as an alternative payment in online stores or local shops because people can use CBDC.

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Quote from: dezoel on March 31, 2023, 02:45:51 PM

Quote from: jrrsparkles on March 29, 2023, 07:00:13 AM

Governments doesn't really force CBDC to be adopted by any service platforms, they use this as a tool to tackle the crypto currency when people say fiat system is old so government claims their current CBDC is same as blockchain and with most people unaware of what is decentralised money will go after CBDC. However about the casinos there won't be much affect for Bitcoin or other cryptos due to the inclusion of CBDC cause it's going to affect the fiat based users more in my opinion.

You are either too innocent or you don't really watch the news and read about current affairs within the blockchain industry, otherwise, you wouldn't say that governments wouldn't force any service or platform to accept CBDCs while their primary focus behind creating it is leaving Bitcoin and other cryptocurrencies behind and make all the services and platforms accept and utilize CBDCs.

The spread of CBDCs will definitely hurt Bitcoin or altcoins in one way or another. There won't be peaceful changes within the industry and the authorities will force their way away and they don't care about anything coming their way.

yep agree with your statement, this will greatly affect the future of crypto gambling (bitcoin and altcoin) which can be replaced by this CBDC.
it's even worse when reading some of the replies, this CBDC is controlled by the government which in the future we can always be detected by the government all our transactions, like centralized.
whereas we gamble using crypto to maintain our anonymity as gamblers and there is no need for anyone to know how much we transact.
and if casinos are forced to accept this CBDC I think it will be bad in the long run.

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Quote from: jrrsparkles on March 29, 2023, 07:00:13 AM

Governments doesn't really force CBDC to be adopted by any service platforms, they use this as a tool to tackle the crypto currency when people say fiat system is old so government claims their current CBDC is same as blockchain and with most people unaware of what is decentralised money will go after CBDC. However about the casinos there won't be much affect for Bitcoin or other cryptos due to the inclusion of CBDC cause it's going to affect the fiat based users more in my opinion.

You are either too innocent or you don't really watch the news and read about current affairs within the blockchain industry, otherwise, you wouldn't say that governments wouldn't force any service or platform to accept CBDCs while their primary focus behind creating it is leaving Bitcoin and other cryptocurrencies behind and make all the services and platforms accept and utilize CBDCs.

The spread of CBDCs will definitely hurt Bitcoin or altcoins in one way or another. There won't be peaceful changes within the industry and the authorities will force their way away and they don't care about anything coming their way.

Topic: The future of CBDC in gambling. (Read 833 times)