#Gambling Does Blockchain Bring More Trust in Online Gambling? Published 2 weeks ago on November 6, 2018 By Guest Author Share Tweet There Are Deep Trust Issues in Online Gambling – Does Blockchain Promise a Solution? Gambling is possibly one of the best-regulated industries out there. There should be little cause for players to worry. There have been isolated incidents, such as Absolute Poker stealing up to $1 million from its players over ten years ago, but such high profile cases are few and far between. So why is it that trust is so hard to come by? A British Gambling Commission study on gambling behaviours found that two-thirds of respondents do not think that gambling is fair and can be trusted, with 41% thinking that gambling is associated with criminal activity. This is quite clearly a perception issue that is not helped by the fact that people cannot see the inner workings of a gambling website. In fact, Absolute Poker’s scam was only revealed following a community effort and some major slip ups by the cheating parties. With real money on the line, users expect trust and security to be of paramount importance for the gaming operators. Absolute Fraud In 2007, AbsolutePoker hosted a tournament carrying a first prize of $30k. They had held many similar competitions of this kind in the past so there was no real pretext for suspicion or alarm. But, after losing to what he considered to be unusual gameplay, 21-year-old runner up Marco Johnson decided to contact AbsolutePoker for the precise details of his hand history. What Marco got instead shocked him: whether in error or from a whistleblower, he received an email detailing every single hand played at the tournament, along with all participants logged into each table. Looking into the data further revealed that the player who won the competition showed consistently irrational play. This was no smoking gun, but the document also included player email addresses as well as IP addresses. The suspect player, Potripper, could be seen to win big at each table alongside the presence of User #363—a player who was invisible to all others at the table. Potripper barely ever folded a hand while #363 was present at the table. The findings after this were even more shocking; the IP address of #363 pointed directly to Kahnawak Gaming Commission, where AbsolutePoker’s servers were hosted. Some estimates place the cost of insider rigging from the company as high as $1,000,000, and they were ordered to refund $1.6 million to customers. So How Can Blockchain Foster Trust? A central feature of blockchain technology is that trust is built into the system due to the transparency of the confirmations based on the distributed ledger system. User #363 in AbsolutePoker’s tournament had insider access to a degree where they could see each player’s cards. Decentralization is a practical solution as it means that all of the game’s functions would have to be verified by users themselves. It would, in essence, remove the theoretical ability of game operators and admins to use back-end gaming mechanisms to advantage themselves. As highlighted already, this is more unlikely in today’s climate, but removing all doubt would make the world of difference to the broader perception and trust in online gambling. Clarity is key to more reliable online gambling platforms, and that can be offered on the blockchain. Who Is Developing Online Gaming on Blockchain? Online gaming has not gone unnoticed in the startup world, with several companies developing proposals for casino-related… The significant potential in the burgeoning technology for online gambling has not gone unnoticed in the startup world, and several have popped up with recommendations for casino-related platforms on the blockchain. One of these is Zeroedge, who offer a 0% house edge system that exclusively uses their cryptocurrency, Zerocoin. The concept hinges on users buying the platform’s native crypto tokens and then playing casino games; it’s a nice idea, but it seems to place the burden of risk on players who may see their funds fluctuate in value as they are locked into using Zerocoins for their gambling. Qlear Protocol is a more general blockchain gaming platform which aims to create trust in an online gaming environment. This extends naturally to casino games, but they also bill themselves as a solution for online eSports tournaments. This seems good—Qlear appears much more focused on allowing developers to very easily integrate these trust functions than on any lofty concepts. Funfair meanwhile wants to develop a sort of open casino platform whereby licensees can pay to set up their casino on the blockchain-based network. Similarly to Zeroedge, they exclusively use a native token (FUN), but their business model seems more plausible because other revenue streams are coming from various fees on the platform. Crucially, they do not seek to rely on the value of their cryptocurrency solely. Online Gambling Could Be Transformed Forever The gambling industry is crying out for change as general user trust continues to falter. New games and ways to play online are also coming into the fray which makes it vital that the broader player base can trust in the platform that they choose. Blockchain technology offers a comprehensive solution and, should this be effectively implemented, for the first time trust in online gambling might be beyond question. This must be the ideal for online gambling; it should be the most trustworthy process possible, and with blockchain, this may be about to become a reality. Related Topics:blockchain gamblingblockchain gambling playblockchain gambling preventfraudfun fairFunfairfunfair blockchainfunfair gamblingfunfair online gamblingfunfair tokensgamblinggambling blockchaingambling fraudgambling fraudsgambling in blockchaingambling industrygambling scamgambling scamsonline gamblingonline gambling fraudonline gambling fraudsonline gambling scamonline gambling scamsQlear ProtocolQlear Protocol gamblingQlear Protocol newsScamZerocoinZeroedgeZeroedge blockchainZeroedge blockchain gamblingZeroedge gambling Up Next Don’t vote for John McAfee Don't Miss Galaxy Digital CEO Sees Bitcoin Returning To Glory In 2019 Continue Reading You may like Bitcoin Giveaway Scam: High Profile Twitter Accounts Hacked Million Dollar Indian Cryptocurrency Ponzi Scheme Cracked Scam Alert: Fake EOS wallet app can steal your Private Keys German Regulators demand unified regulatory efforts against ICO Exit Scam Alleged MapleChange Exchange Returns LMO and CCX thus far Vitalik Buterin: A Scammer? 1 Comment 1 Comment Pingback: Does Blockchain Bring More Trust in Online Gambling? – The Coinage Times Leave a Reply Cancel reply Your email address will not be published. Required fields are marked *Comment Name * Email * Website #Bitcoin Bitcoin: Don’t let whales scare and eat you: HODL Bitcoins Published 2 months ago on September 19, 2018 By Janet F. Sanchez 42% of Bitcoin Holders “did not” sell their Bitcoins even at $19783 More than 55 percent of the world’s circling supply of bitcoin is controlled by under 1 percent of all BTC wallets, as indicated by cryptocurrency explore firm Diar. What’s more, a staggering 42 percent of those bitcoin holders did not offer their BTC in 2017, notwithstanding when bitcoin prices moved toward a record high of $19,783. Investigators at Diar translated the bitcoin whales’ “hold” positions to imply that it is possible that they lost the private keys to their wallet addresses — or they’re long haul holders who are bullish about the market. People who hold tremendous amounts of bitcoin are designated “whales.” “More than 55 percent of bitcoins right now sit in wallets that have balances upwards of 200 coins,” as indicated by Diar. “Also, astonishingly, 33% of the bitcoins that are sitting in these wallets have never made an active exchange.” So here’s the rundown, as indicated by Diar’s examination: 1 percent of all wallets control $100 billion in bitcoin. 55 percent of the world’s bitcoin sits in wallets with balances surpassing 200 BTC (or $1.28 million at the present bitcoin price). 42 percent of those BTC wallets made no cordial developments amid the price crest in December 2017. 33% of the bitcoins that are sitting in these wallets have never made an active exchange. There has been across the board theory that bitcoin prices are being controlled by bitcoin whales, to such an extent that the U.S. Division of Justice propelled a criminal examination concerning price control in May 2018, as the Inquisitr already announced. Many market members said they wouldn’t be astounded to discover occurrences of misrepresentation given the misty, unregulated nature of the advanced cash market. Tim Draper Sets $250,000 Bitcoin Price Target One bitcoin whale is reputed to be tech tycoon Tim Draper, an acknowledged cryptocurrency evangelist. As the Inquisitr already revealed, Draper broadly obtained 30,000 bitcoin at $600 each in 2014, when few individuals had known about cryptocurrencies. Tim has apparently never sold his reserve, which today is worth more than $192 million. That is a profit of $174 million of every four years. Draper as of late set a $250,000 bitcoin price focus for 2022. Regardless of the ongoing bear market, the financial speculator remains by his expectation. “I’m supposing $250,000 a bitcoin by 2022,” Tim Draper said. “They will believe you’re insane, yet trust it. It’s going on and it will be marvelous!” Continue Reading #Ethereum $600 Million Selloff still pending in ETH from ICOs Published 2 months ago on September 11, 2018 By Janet F. Sanchez ICOs Have Spent $30M Of ETH last Week, Still $600M To Be Spent Similarly as with any slanting theme, the downfall of ETH has been a point of careful exchange with cryptographic money investigators, speculators, and pioneers alike, even in the farthest edges of the crypto business. Everybody and their pooch had something to say in regards to Ethereum’s vicious decrease, with many taking to online life stages to express their two pennies on the issue. While there was an extensive nearness of differentiating, feeling based assessments, there were a couple of jewels that conveyed rationale and motivation to the decrease in the price of Ether. While the offer of 153,500 ETH was likely not the sole motivation behind why the market fell by 20% in the previous seven days, it is consistent to accept that the alleged “ICO auction” took fairly a section in this episode of capitulation. In any case, as Rooke included, there’s as yet a “startling part,” as ICOs still have over $600 million worth of Ether (Three million ETH) in their treasuries, driving some to inquire as to whether these organizations will offer or hold their crypto resources. This claim reflects a comparative remark made by Alex Kruger, a notable cryptographic money pundit, fourteen days back. A lion’s share of the DApps on the stage are “CryptoKitties, scammy Ponzi fraudulent business models and gambling club amusements” and whatever remains of the applications are DEXs, which “[nobody] utilizes as 99% of exchanges are on unified trades.” What the financial expert is by all accounts accepting is that these DApps are inalienably awful, yet ostensibly, collectible applications, recreations, and decentralized clubhouse could be viewed as an approach to reinforce this industry, as opposed to cast it in an awful light. In any case, it is clear that the Ethereum project has progressed toward becoming a remarkable point of feedback and debate inside the cryptosphere, and for the present, this estimation is probably going to proceed. Continue Reading #Bitcoin Top 10 Online Bitcoin Casino websites. Published 3 months ago on August 25, 2018 By Coinnounce - Coin Announcements Comprehending some of the most popular online Bitcoin casino in the gaming arena. Introduction Bitcoin, apart from being considered as an investment asset, it is used as a payment method in many of the online merchants. Nevertheless, it is also effectively incorporated by a number of other genres as well. At some point of time, Bitcoin was the number one cryptocurrency which was being incorporated by the users of Dark web for most of the illegal activities, due to its anonymous attributes. Things seem to be under control now, but the Bitcoin is still one of the predominant cryptocurrency used by the online Bitcoin casinos throughout the world. It has transformed the online Bitcoin casino industry through its amazing Proof of Work as well as Blockchain Technology. This article will take you through, a tour of the top 10 online Bitcoin casino which is spread across the world for all the bettors to get a taste of Bitcoin. 1. PrimeDice This particular online Bitcoin casino, charges a 1% fee on an average, in order to stake a certain amount of cryptocurrency, specifically Bitcoin. For which, the users need not create an account with it. The betting Marketplace only accepts Bitcoin for now. The online Bitcoin Casino game is very simple, as the user needs to bet on a certain number from 1 to 6 and roll the dice. If the number that comes out on the dice, resonates with that of the predicted number, then the user wins the bet amount or Loses it completely. 2. Chopcoin The online Bitcoin casino is designed specifically for the usage of Bitcoin, for all of its transactions along with a transaction fee of 1%. The users can simply use this service without registering themselves through the creation of an account with them. it is also one of the most popular Bitcoin faucets which establishes a connection between the cryptocurrencies as well as a competitive multiplayer game. 3. Americas Card Room – ACR This particular online Bitcoin casino is very huge, as it supports a variety of cryptocurrencies. The online Bitcoin casino is operating since 2001 and which is one of the premium games of the most popular Winning Poker Network (WPN). Apart from online Bitcoin casino, a facility of a sports book is also available. 4. X-Bet.co The online Bitcoin casino requires its users to create an account with them, which allows for a provision to deposit the funds through Fiat currencies, also, apart from Bitcoin. It offers users to bet on the online multiplayer games like Dota 2, League of Legends, Counter Strike, etc. 5. Crypto-Games In case of such online Bitcoin casino, the users are charged on average of 1% of transaction fee without any requirement of account creation. It contains provably fair dice as well as Casino games. Attractive incentives are made available for the customers on a daily as well as monthly basis. 6. Sportsbet.io The online Bitcoin casino, as well as a sports betting marketplace, supports many other prominent cryptocurrencies apart from Bitcoin. Apart from watching the Sports 3 live streaming facility, the users can bet on games like Football, Basketball, NBA, Ice Hockey, etc. 7. OneHash Apart from being an online Bitcoin casino, it also provides a betting marketplace for a number of financial events in the real world. It offers a facility of mutual betting, where one bettor initiates the bet, and the remaining players in the game go ahead with their choices respectively. 8. Red Pingwin Casino The online Bitcoin as well as multi cryptocurrency casino platform, enables the customers to stake their funds on certain lottery games. The online Bitcoin casino even offers a number of free spins, if the customer uses the website, on a regular basis by depositing funds at least for 5 days consecutively. 9. mBit Casino Even this particular online Bitcoin Casino requires the users to register with them and helps them in betting on dice as well as Casino games. It even has a variety of other games apart from them. 10. Luckygames The multi cryptocurrency, as well as online Bitcoin Casino marketplace, is most popular for its dice as well as casino betting. The users can also verify the validity of the game, without the need to register with the Marketplace. Continue Reading Advertisement Advertisement Latest Crypto News #Bitcoin5 hours ago Bitcoin is Halal? 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