This is an idea on how we can take gambling/casinos and allow the same odds, but put the proceeds go to good uses.
To my best knowledge......
Ethereum would be the perfect environment to set up a casino. (Although I see a million other better uses)
There WILL be contracts for every type of betting there is out there today, and many we haven't thought of.
The big problem (for the person creating the contract) is that anyone can come and undercut you and become more popular and you will make no money (wei).....
There has been a recent discussion of certain contracts (sha256, sha4, etc) being coded as ES and having a lower fee because they optimized and used often. By these characteristics I see a gambling (etherdice, blackjack, lottery) contract easily gaining a lower fee and being widely used to become a standard.
Now here comes the good part of this idea. The house ALWAYS (need I repeat), ALWAYS wins. Obviously there is a variable number of "wei" that the contract will need to have to cover all bets, but in the long run there will always be a surplus. Where do the profits go......(please respond with ideas on how to handle this)
At this point I don't know where the profits go, but here are some ideas. (this will be a community choice since ether will allow us to vote on such topics)
Donate it to a voted on charity
Reinvest in cryptocurrency projects
Other ideas are welcome
Who do we want to profit from this and how as a community are we to ensure that the surplus money will go to something that will benefit humanity and not to 1 persons ether address. Gambling is not a new idea and i bet at least 100 people right now are thinking of making contracts to make casinos with ES.
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Typically, casinos maintain an oligopoly by requiring that individuals/corporations are licensed by their state, and they have back room deals with the state to make sure that the only people who get licensed would benefit their casinos.
Ethereum could potentially shift this paradigm. Casinos will no doubt want to maintain control over their oligopoly, so they will probably try to push legislation that would outlaw gambling through use of Ethereum contracts, but I'd imagine that they'd have a harder time being able to make these arguments since they are typically built on, "These industries need to be regulated to make sure that its customers aren't getting screwed". With Ethereum contracts, you can mathematically prove that a customer isn't getting screwed, so they'd have to fall back on significantly weaker arguments.
I'm not much for gambling, but I'm all for decentralizing power, and this seems like a perfect example of using technology to go about that.
1) Someone inevitably releases a casino on the blockchain.
2) Someone else inevitably reads his code (since it's on the blockchain...)
3) Someone inevitably makes a "fairer" version, in order to take market share.
N) There is a perfectly "fair" casino on the blockchain, no profit whatsoever aside from fees.
N+1) People realize the fairest gambling in the world is on the ethereum blockchain (miners benefit immensely, DICEasic are making devices by the boatload). The casino industry off-chain suffers.
N+2) There is a surge of people joining the blockchain, value of ether surges.
N+3) Early adopters, miners, and developers, get filthy rich off of person no.1's casino idea.
I'm currently working on skipping to N by writing a fair dice contract. we don't need the drama of everything before that.
Each random number required is created from a hash of random numbers supplied as needed by both sides.
You secure it by having each side send a hash of the random numbers they're *going* to be using to a contract which can later - but before payouts - verify that those numbers were actually used in the game. (A player using less than random numbers leaves themselves open to exploits here, but can't exploit others with them).
About random numbers, see this thread: https://forum.ethereum.org/discussion/546/lll-question-random-number-function
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Twitter:
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We have a Classic SatoshiDICE clone, implemented as an Ethereum Smart Contract.
The Gambling Dapp is here: https://www.vdice.io
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Thanks
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