Topic: What is a web3 casino for you? - page 3. (Read 1201 times)

Well, well, well, we've got ourselves a pickle here, don't we? Web3, with its key-toting, identity-hiding charm and governments with their magnifying glasses and compliance checklists. A match made in...well, not heaven!

But let's put our thinking caps on. What if we have a decentralized autonomous organization (DAO) for KYC? A place where users get themselves verified voluntarily, their data stored as an encrypted hash on the blockchain. Need to get into a Web3 casino? Flash your hash! Of course, this would need a buy-in from users and a change in regulatory stances. Do we see it happening? That's the million-Bitcoin question!

And that's what makes the government keep an eye on anything decentralized and tries to pressure it to come under government control. It seems the government is really worried about losing its power in the future so they are trying to anticipate it from now on.

And even though the casino is web3 based, which only uses a personal wallet to play gambling, it does not guarantee that users are completely safe by not doing KYC because the casino can still ask for it in the future. And that's because there is government pressure on its casinos.

The concept of Know your client regulations and Web3 casinos are not compatible, because the concept of the Web3 itself (not only on casinos but also in any kind of service) is the fact users, clients and gamblers can identify themselves only by holding their personal keys.

I agree with you that governments wont like the idea of such services to become popular, but they already do not like the existence of Decentralized exchanges like Uniswap and there still is, accumulating volume and number of users. 

The decentralization makes it harder for centralized entities to attack providers. Bitcoin is a good example of it.

That's how it seems but don't forget that web 3.0 casinos can also ask you to do KYC later, so it will be no different from the centralized casinos we are used to. The government will not spare its scrutiny in monitoring every casino, be it centralized or decentralized, because, for the government, it is another source of income for the country, so they feel the need to keep a close eye on it. But until that time comes, we can still feel safe and don't need to do KYC, even in centralized casinos, because the casinos haven't implemented it for all their members.

       -   Besides the fact that web3 does not ask for kyc from gamblers who play on their platform, it doesn't mean that there is no risk,
of course it is no different from regulated casinos that have risk.

So if I look at it, it seems useless because it's almost the same even though the casino is not web3. Because there is still that risk for both of them on the platform when you gamble. It just looks like a safer casino with web3 maybe just in that aspect.

The blockchain casino in the past were not the web3 types. I have little knowledge about those casinos because I started to know about bitcoin in 2019. But as I know, I think you can gamble with bitcoin in a way that transactions are done onchain instead of using a centralised gambling site account.

With web3, you can connect your wallet directly to the gambling site. But if the gambling site is trustworthy, because as you are connecting the wallet, untrustworthy gambling site can know much about your private key which makes the so called web3 to be dangerous. It is nothing more than just those called smart contract decentralised exchanges are connecting to people's noncustodial wallet.

So both centralised or the so called decentralised casinos have their ups and downs.

Centralised casinos are the most common this days, but people have to be careful by reading their terms of services just like on anything platform we want to register an account on. Making sure you are verified before depositing money if it requires KYC. And making sure you obey their rules. Also web3 casinos have terms of service too though, which people needs to read carefully.

I think if a centralised casino is well reputable and trustworthy, they are not bad going for, but neither web3 casinos that are reputed are bad too. What that most matters is excellent reputation.

Web 3.0 has different interpretation and one of it is the use of blockchain to store someone data. This is same idea when a casino allowed to create an account using metamask since the user have the full control of his metamask which he can use to login and logout.

I think most of us think a different layer of web3.0 which is the full decentralized part on all the process. Casino indeed using a web3.0 technology when they allow a web3 wallet to connect  but also it’s just partial since the web3 part stop after connecting the web3 wallet. The rest still the normal centralized casino but we can’t remove that they really have the web 3 technology.

I define web 3.0 casino is a decentralized casino where you can gamble without need to create an account and made deposit, just connect your non custodial wallet to the site and you can start to gamble. But I see centralized casino is using this feature and they claimed if they are a decentralized casino, this is misleading. They have their own terms of service where they not accept some countries, asking KYC, etc.

I agree with the fact that technology is involved and a lot of new developments alongside hypes are being introduced into the e-gaming industry with the metered verse and yet coupled with web3 decentralized finance that make gaming experience upgraded and also brought with it a lot of its disadvantages.

But then,  I can't possibly fortune out a way that AI will play any significant role in this direction and as a matter of fact,  AI gaming has not been successful as a project.

It is unfortunate to have to experience things like this because the platforms that are decentralized are the ones that many players who do not want to give their KYC take advantage of and it is incredible how they can dominate,so this means that there will come a time when governments will force the people who must say how much their Finances are in crypto and accordingly take out a value that they have to pay, something like a tax, and people who are believers in government systems will do it, then this is something that if they don't It stops and things will get out of control,and little by little the governments of the world will take control over the pocket of each person with the excuse of protecting them.

This is quite new to me, but I think the current setup is okay as long as we gamble on gambling sites that have a good reputation. That web3.0 casino, my question is, does it bring convenience to gamblers? Because I have heard a lot about decentralized casinos in the past, but people are still patronizing centralized casinos. So, probably that kind of concept does not attract the interest of gamblers.

We are already getting more deep into this advanced technology and development with the use of AI, it's a situation where you feel the reality of virtual world in the present time, it has advanced many areas of the economy including the gambling and yet we are still warming up and have not arrived, enough with the rule of the centralized gover in our lives, i believe the technology will bring more of the good than the bad i the nearest future.

I thought the same when I started to see these web3.0 claims flooding the social media and articles, or even its concept developed in the Wikipedia itself. This kind of terms tend to produce me some degree of allergy after so many hype words suffered in the last years in our crypto-environment. But, breaking a spear for this one, I have to say that there are some interesting concepts included in this last 3.0 that I'm happy hyping, and the decentralisation you mentioned is the most clear one. Who knows, if the idea finally goes viral...

But on non web3 casinos, I mean the centralized casinos, gamblers are making use of cryptocurrencies too to gamble. What makes web3 casinos to b different is because they are paid directly into their noncustodial wallet, unlike the deposit and withdraw on crypto centralized casinos. Also on web3 casinos, I have not seen one that requires KYC yet, but KYC can latter become the challenges of web3 casinos and exchanges and that will make them to be centralised in one way or the other.

If you're looking for casino that have implemented web3 games, you shouldn't be looking at the popular casino because they can't implement a decentralized games since their sites aren't decentralized for them to implement web3 games they have to be decentralized first.

Casinos in the Metaverse have web 3 games, they're not popular yet but if you connect your wallets to some popular metaverse projects, you can play games in the casino and win some NFT or other valuable digital assets that can be sold on opensea site.

And it seems to me that the web3 industry has not yet developed enough to, in general, in principle, make a complete absence of a third party. 
In any case, this is a problem, if only because there is a huge group of programmers who implement the work of web3.  In any case, these are specific people or organizations that are still headed by someone centrally.  And in the future, I don’t really believe that it will be possible to create such a structure of interaction between people on the network that there would be unclear, blurry decision-making centers.  In my opinion, this is rather utopian. 
But elements of decentralization to some specific level can be done.  Therefore, in the gambling industry, there is a rather indefinite border that tells us that this is definitely a web3-based casino.  And this other casino is not a web3 casino at all.  Therefore, no one can know for sure. 
The casino says that it is based on web3, but the players doubt it and believe that it is not.

What you say has some truth because some casinos that say they are web3 based don't really implement what web3 based should define.
Now, this can make gamblers hesitate when they want to use it and can't easily trust casinos like this.
They offer a decentralized web3 base but whether it's true or not gamblers also don't know about it.
After all, if we look back, there are many gamblers who are not so interested and believe in casinos with a web3 basis.

I have indeed noticed that there have been some decentralized casinos around here in the forum. Nevertheless, it has caught my attention that none of them are yet so trusted or caught a relatively high volume, in comparison to centralized casinos.

It is the kind of thing which makes me to realize that as it is now, most of the gambling industry orbits around trust, that is something the Web3 is trying to change.

There has not been such a boom or sustancial increase of popularity as I expected, still I stand by what I say on the high volume future this industry can have. 

It is already happening now actually. Did you noticed that there are a couple of web3 casinos posted in this forum? Crypto casinos are decentralized before but regulations ruined it, luckily there is web3 to the rescue. It brings back the decentralization that we gamblers miss.

We often told that storing funds in a centralized server imposes a big risk. With this said, there are many gamblers who are going to switch on a decentralized gambling site including on this web3 casinos. There are risks as well in connecting to a decentralized website but that is if they are a scam. We can still do a research before we use them to avoid our wallets to get hacked.