What is a crypto "rakeback"
2022-01-08 at 7:01 AM UTCI actually have no idea what's going on with cryptocurrency I am so old I just know DOGE, LTC, ETH and BTC the classic coins and I got "back in the game" in a very strange way through NFTs and DEFI and da metaverse and I don't even really understand what defi is or what the fuck is going on anymore but I learn more every day the more I force myself exposure to it
but yeah does anyone know what a "rakeback" is I think it means the transfer fees get pooled and sent back to your wallet but I have no fucking idea
I never got interested in this technology for the purpose of making money, I just think the tech is neat and it fascinates me me to no end
2022-01-08 at 11:21 AM UTCI don't patronize businesses with names like BTC Casino. But i am sure you could shoot these people an email and they'll tell you all about it. IDK why i have to explain that to you.
2022-01-08 at 11:23 AM UTCIt's a sign up incentive with a catchy name. Marketing. I didn't even have to email anyone for that info, i just rubbed my braincells together for half a second.
2022-01-08 at 2:58 PM UTC
Originally posted by Sophie It's a sign up incentive with a catchy name. Marketing. I didn't even have to email anyone for that info, i just rubbed my braincells together for half a second.
No I think it might actually be a technical term used in ERC-20 contracts because I heard about it related to NFTs and gas but when I looked it up all I could find was places like shitcoin casinos using the term
Maybe NFT communities are just using crypto gambling terms now
Speaking of poker, online poker players also have a similar “edge” at their disposal — the concept of “rakeback”. If you sign-up at an online casino with a special code, you get get a percentage of the rake that the house takes on every hand back as a refund. Since you as a player have to do something special first (sign up with a code) and are later rewarded for it, when most other players aren’t, maybe another appropriate name for this technique might simply be GasBack.
Gasback, the main antagonist of the 2010 Trigun movie Badlands Rumble.
Perhaps a future version of the EVM might handle gas refunds differently. Perhaps mining software, or oracles that miners can use to gain insights into smart contracts, will better predict which transactions will pay miners the most gas. This could lead to transactions with large gas refunds not being chosen for the next block by a winning miner even if their gasPrice is highest. For now, though, we have what we have for the rules in Ethereum and how its mining nodes tend to work in practice.
Now that you’ve read this far and know about this “trick”, I have a couple closing questions for you:
Would you use it for competitive advantage if the situation called for it? (After I originally published this article, GasToken was released to the public on Mar 8, 2018 as one way to do it through a smart contract.)
What other Ethereum coding “tricks” do you think might be left to be discovered?
2022-01-11 at 1:51 PM UTCThe rakeback is part of the casino and nothing to do with crypto.
It is just a rebate for the house fees.
2022-01-11 at 3:13 PM UTC
Originally posted by Migh The rakeback is part of the casino and nothing to do with crypto.
It is just a rebate for the house fees.
See Scron? Brain cells. Rub em together from time to time.
2022-01-11 at 3:58 PM UTCThe term has evolved into something else because I don't gamble or use casinos and I hear the term constantly so neither of you are correct
Like I said it's being used in the NFT community currently and NFTs aren't casinos
2022-01-11 at 4:23 PM UTCIt's when you beat a nigger to death with a garden rake.
2022-01-11 at 4:34 PM UTCI'm telling you this isn't some casino memeology shit I watch crypto podcasts and streams and people keep saying stuff and I have NO IDEA what they are talking about. People are commonly coding their own currency on the daily and creating the web 3 metaverse and if none of you know what this means or me and these people are YOUNGER THAN US than we are truly fucked
The zoomers are going to inherit the earth. I can see a future where if you don't know how to code your own solidity proof of work contracts on the blockchain you don't get paid
Right now you pay money to a bank and they do a bunch of paper and wires shit. Web3 is the future and banks will only be a service used by the very ultra elite and government. Smart contracts will essentially be run by corporations acting as banks which you pay to use the service of being able to interact with the blockchain similar to how you have to pay a fee for a bank account
except much like the days of building your own computer from garage parts you will be able to build your own blockchain and currency that you own, or a municipal or tribal currency to be used for your region that can be freely exchanged within the smart contract blockchain web3 ecosytem
2022-01-11 at 6:12 PM UTCThis pic -> https://miro.medium.com/max/1200/1*_KbmufKq3eXr8iX2YQXBIg.jpeg
That you posted. Doesn't prove that rakeback is a thing, it doesn't even occur in the source code as a variable or function name. in fact i can read the source in the pic, it's a function definition that has to do with transferring coins from one wallet to another.
2022-01-14 at 1:11 AM UTCThe picture in your OP is all about a casino, which is why I think it is a casino related term.