Funding EOS through gambling

Why inflate when you can deflate?

Gambling is the act of betting against mathematics and, therefore, losing. Mathematically, gambling is indistinguishable from donations to a casino. Thus, gambling is a funding mechanism.

Gambling is relevant because humans like gambling for some forever-mysterious reason. Gambling is important because humans really really like gambling.

Humans culturally hate paying taxes and having their money inflated. We have entire political movements (and “economic” pseudosciences) based on rationalizing knee-jerk cultural hate towards taxation and inflation. Humans, however, don’t dislike gambling, which is mathematically indistinguishable from the effects of imposing taxation or inflation to people’s wallets: people are mathematically guaranteed to have less money after either getting taxed, being inflated or gambling with their money.

People are not culturally and emotionally ready to understand steady-state economies. So, let’s ask for their forgiveness, not their permission. Since they don’t like taxation or inflation, let’s give them gambling, which is the same.

Why gamble against a private casino when you can bet against a public one that benefits yourself and others directly, instead of indirectly through the private party that would be profiting from you? If EOS is your home, your cause and your community, why not donate your gambling urges to that de-facto public community? Why not donate your gambling to the EOS monetary mass itself? If the EOS token itself can be The House, which Always Wins, then the beneficiaries of your gambling donation will be the EOS economy itself!

For example, the EOS token could inflate and deflate itself on demand to respond to a “system.gamble <amount>” action with 49.95/50.05 odds and an amount cap of 0.1% of the balance of the source account. Or it could have 50/50 odds and charge a 0.1% fee, which would be the same. Wins are issued. Losses are burned. The dice roll is the hash of all block hashes of a future full confirmation round (126 blocks? Something like that) and thus resolves as a delayed/asynchronous action. This can be coded in a day. And thanks to mathematics and to the EOS token being backed by a $5,000,000,000 stake (and counting), there are ~100% odds that the person doing the gambling is in fact just burning EOS tokens on behalf of the EOS network, that is, donating their EOS tokens to the EOS economy as a whole by way of deflation.

The goal of such a system gambling API would be giving all users immediate access to a fun and voluntary taxation mechanism. Such a mechanism would not be advertised as a “Way to Win,” but as a way to Lose, that is, to be Taxed and to Donate. There are no graphics. There are no options. Just the simplest, most boring API possible, and that would be on purpose.

And once people understood what it stands for, people would use it. The first fully voluntary taxation mechanism in the world for grown-ups.

You need a self-exclusion action. Maybe an account holder has a gambling problem, or maybe an account holder is in a jurisdiction where they are legally barred from gambling. Any account executing that command is forever and irrevocably barred from gambling: “system.blockgambling.” Done: you are now fully Compliant(TM) with regulation.

Perhaps the chain itself, the BPs, cannot be legally exposed to this. No problem. Have a private 3rd party contract deployed that achieves the exact same thing, and have the obligatory referendum that you would need anyways sudo-grant that contract the permissions it needs to issue tokens (or draw house stake from the inflation pool if you really don’t like uncapped issuance mechanisms). I’m sure the lawyers can think of something that is bullet-proof.

In fact, anyone can write this dice-to-burn contract, yield control, and then we can have a referendum to bootstrap the contract’s stake fund with e.g. the WPS inflation. Even simpler.

Sure, EOSBet is fun, colorful and all that. But why give money to EOSBet when you can give money to everyone? Why help concentrate capital when you can help “de-whale” it instead?

If all goes well, EOS will be the first blockchain — no, the first monetary system — to pay an Universal Basic Income to all unique human account holders. An UBI funded through a capped yearly inflation in the historical-record-verified stability range (between 1% and 5%) is a fiscally conservative, yet highly effective method of actually eradicating Poverty.

Gambling has been used in the real world to pay for UBIs. If the EOS economy will pay for an UBI with inflation, why not counterbalance that, for free, by giving people the option of burning their EOS voluntarily, thus helping deflate the EOS supply?

What if Public Gambling in EOS (i.e. gamble-to-burn) is used as the exclusive, only source of funding for an EOS UBI, instead of inflation? What if gambling becomes a movement, and its proceeds happen to even exceed what a 5% yearly supply inflation would yield? Then you are pandering to the most stringent anti-inflation “Libertarian” conservative that thinks “UBI is Communism” and to kumbaya Socialists like me — at the same time!

What if is far easier to push public gambling as an UBI funding mechanism in an EOS referendum? What if properly-implemented public blockchain gambling is the most elegant, “non-violent” taxation mechanism ever invented?

What if EOS public gambling, while not flashy, gets integrated into major wallet clients?

What if Bitcoin is fucked now? Why go for #2 when you can be #1?

Humanity’s mysterious psychological fascination with gambling is a public, distributed resource, and part of it should serve the public, instead of being entirely appropriated by private parties. Nobody would burn their EOS tokens for no reason, but we would all gamble it away, which is exactly the same thing mathematically, but is, for some inexplicable reason, not the same emotionally. I am sad after burning my EOS tokens, but I am happy after losing my EOS tokens to a “system.gamble” dice roll, even when the outcome of both actions results in the same emergent public good — of “Financing”(TM) the first true Universal Basic Income on Earth.

UPDATE: There’s no need at all to fund the EOS public casino with either direct inflation powers or public funding! Instead of burning 100% of the profits, we can instead burn 99.5% of them, and return 0.5% (the customary “transaction fee”) to private bank-rollers that choose to temporarily lend their EOS tokens towards the casino stake pool. There’s zero need for governance to get this going! And afterwards, a governance referendum vote can instead decide to have the WPS as an investor in the EOS public casino stake fund.

Why is not absolutely everybody talking about Basic Income?