Bitcoin casino's that don't have cold storage proof - page 2.

PocketRocketsCasino

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Quote from: fox19891989 on July 29, 2015, 06:27:49 AM

Quote from: lottoitaliano on July 29, 2015, 06:20:19 AM

For me, cold storage to casino, not is guarantee of payment, because have money but can not pay later a big win. Every day i win to dice o casino, i withdraw

+1, we don't need a cold storage proof, we just need solid withdrawal proof, a cold storage proof can't prove payment, the best example is that satoshidice has a cold storage proof, but it doesn't pay to some players now.

Many good and reliable casinos don't show them but they pay instantly, no cold storage proof means nothing.

Proof of funds in cold storage shows that the casino actually has the funds to pay the bets they offer you to place. If they decide not to pay that's a different problem.

If I was looking for a place to play I would rather pick a site like PRC, BD, JD etc that shows proof of funds so I know they have the money to pay if I win and not a site like DaDice that doesn't show proof of funds. You cannot guarantee a site like that has the funds to pay you if you do win regardless of withdrawal history.

Dennis7777

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Quote from: fox19891989 on July 29, 2015, 06:27:49 AM

Quote from: lottoitaliano on July 29, 2015, 06:20:19 AM

For me, cold storage to casino, not is guarantee of payment, because have money but can not pay later a big win. Every day i win to dice o casino, i withdraw

+1, we don't need a cold storage proof, we just need solid withdrawal proof, a cold storage proof can't prove payment, the best example is that satoshidice has a cold storage proof, but it doesn't pay to some players now.

Many good and reliable casinos don't show them but they pay instantly, no cold storage proof means nothing.

It is true that a cold wallet proof doesn't guarantee your withdrawal will be processed, but so as the withdrawal proof.
The sites paying out instantly today, could stop paying tomorrow, and we have all seen several examples of that.

fox19891989

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Quote from: lottoitaliano on July 29, 2015, 06:20:19 AM

For me, cold storage to casino, not is guarantee of payment, because have money but can not pay later a big win. Every day i win to dice o casino, i withdraw

+1, we don't need a cold storage proof, we just need solid withdrawal proof, a cold storage proof can't prove payment, the best example is that satoshidice has a cold storage proof, but it doesn't pay to some players now.

Many good and reliable casinos don't show them but they pay instantly, no cold storage proof means nothing.

lottoitaliano

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For me, cold storage to casino, not is guarantee of payment, because have money but can not pay later a big win. Every day i win to dice o casino, i withdraw

win win win

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Quote from: sherbyspark on July 29, 2015, 04:23:50 AM

Quote from: erpbridge on July 29, 2015, 04:15:33 AM

Quote from: win win win on July 29, 2015, 03:25:25 AM

Quote from: sherbyspark on July 29, 2015, 02:56:19 AM

Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.

It might be that those casinos might be accepting a higher bet and giving higher payout. So by not showing the funds they might default on payouts of people who might win a big amount.

For example if someone wins around 5000 BTC , then the casino could just default on his/her payment and refuse it and shutdown if they dont have the money to pay them out.

In that case you really can't do anything. If you plan on playing with a big amount then why would you in the first place go play online at an unlicensed casino , instead of flying out for a few hundred dollars to a live casino which is going to be a much better experience than playing online.

As for financial management, sites which don't accept investments might not have their holdings in bitcoin and might actually be converting fiat to bitcoin at the instant a high roller winner requests a cash out as holding onto bitcoin is not a good way for a casino to manage their house bankroll which might have been converted to bitcoin from fiat in the first place.

Do you really think that's a fair argument? it makes me wonder why you argue at all, where does you illogical bias come from?... Until I see you signature. Casino shill, this forum is so corrupted it's no wonder the casino's have got away with whatever they wanted until now.

sherbyspark

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Quote from: erpbridge on July 29, 2015, 04:15:33 AM

Quote from: win win win on July 29, 2015, 03:25:25 AM

Quote from: sherbyspark on July 29, 2015, 02:56:19 AM

Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.

It might be that those casinos might be accepting a higher bet and giving higher payout. So by not showing the funds they might default on payouts of people who might win a big amount.

For example if someone wins around 5000 BTC , then the casino could just default on his/her payment and refuse it and shutdown if they dont have the money to pay them out.

In that case you really can't do anything. If you plan on playing with a big amount then why would you in the first place go play online at an unlicensed casino , instead of flying out for a few hundred dollars to a live casino which is going to be a much better experience than playing online.

As for financial management, sites which don't accept investments might not have their holdings in bitcoin and might actually be converting fiat to bitcoin at the instant a high roller winner requests a cash out as holding onto bitcoin is not a good way for a casino to manage their house bankroll which might have been converted to bitcoin from fiat in the first place.

erpbridge

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Quote from: win win win on July 29, 2015, 03:25:25 AM

Quote from: sherbyspark on July 29, 2015, 02:56:19 AM

Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.

It might be that those casinos might be accepting a higher bet and giving higher payout. So by not showing the funds they might default on payouts of people who might win a big amount.

For example if someone wins around 5000 BTC , then the casino could just default on his/her payment and refuse it and shutdown if they dont have the money to pay them out.

DiscoverCebu

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Quote from: shitaifan2013 on July 29, 2015, 03:33:25 AM

Quote from: win win win on July 29, 2015, 03:25:25 AM

Quote from: sherbyspark on July 29, 2015, 02:56:19 AM

Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.

imo it would be nice if sites that don't accept investments and thus don't have a public cold wallet, would at least publish a signed adress that proves they're able to payout the claimed max win on their site. wouldn't cost them much to do.

Or limiting the max payout to something they can afford like 1% of their bankroll, which most of the sites do. BTW the biggest dice site PD doesn't have a cold storage address as well, but it can afford to pay the players out.

shitaifan2013

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monero

Quote from: win win win on July 29, 2015, 03:25:25 AM

Quote from: sherbyspark on July 29, 2015, 02:56:19 AM

Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.

imo it would be nice if sites that don't accept investments and thus don't have a public cold wallet, would at least publish a signed adress that proves they're able to payout the claimed max win on their site. wouldn't cost them much to do.

win win win

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Quote from: sherbyspark on July 29, 2015, 02:56:19 AM

Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.

sherbyspark

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Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

Herbert2020

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Quote from: win win win on July 28, 2015, 07:52:46 PM

I recently had an issue with a casino I suspect to be underfunded, Is there any reason that bitcoin casino's can't prove funds with a cold storage address?

i personally would not trust any sort of gambling website that refuses to give proof of their cold storage having enough bitcoin in it. even if they have an excuse of not showing it, i would never risk using their service and get scammed later on.

win win win

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Quote

Seems like anyone can open a casino with a ridiculous bankroll like 50 BTC's

I don't see that as a problem. As long as they never let anyone attempt to win more than what they have, or what they are willing to pay ... it's fine. Probably 99% of bitcoin gamblers are ok playing at a casino that would stop the action when players won a total of 50.

Bustabit for instance started from a very modest bankroll, and grew from there. While there were certainly people who were put off by the low limits, it didn't stop it from being a success (or instantly paying out the winner who took half the bankroll)

yeah, fair enough, The casino I had in mind had a 50 BTC bankroll with high betting limits, that could get wiped out in a few hours of lucky betting.

RHavar

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Quote from: win win win on July 29, 2015, 01:11:57 AM

That's not the point, The point is if you hit a big jackpot or run good you want to know the casino has at least the funds available to pay.

Absolutely, especially for a new casino.

Quote

Seems like anyone can open a casino with a ridiculous bankroll like 50 BTC's

I don't see that as a problem. As long as they never let anyone attempt to win more than what they have, or what they are willing to pay ... it's fine. Probably 99% of bitcoin gamblers are ok playing at a casino that would stop the action when players won a total of 50.

Bustabit for instance started from a very modest bankroll, and grew from there. While there were certainly people who were put off by the low limits, it didn't stop it from being a success (or instantly paying out the winner who took half the bankroll)

win win win

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Quote from: wadili89 on July 29, 2015, 01:16:27 AM

i seriously dont think so showing and proving motherload of funds in cold storage will prevent or help you to not get scamed if they made the site to scam they will but its better use raputaed sites you will find some here at the forum

Well if you can't understand that, I have no words for you. But then again I don't know what a raputaed site is, so you might might know better than me Tongue

And while we are keeping it serious, I just assume you are just bumping your post count by typing anything that seems relevant, even if there is no logic at all.

wadili89

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i seriously dont think so showing and proving motherload of funds in cold storage will prevent or help you to not get scamed if they made the site to scam they will but its better use raputaed sites you will find some here at the forum

win win win

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Quote from: Abbey_j on July 29, 2015, 12:58:52 AM

Even they have a proof of cold storage, the safety of your funds is not guaranteed, so don't you keep your money in any site or exchange.

That's not the point, The point is if you hit a big jackpot or run good you want to know the casino has at least the funds available to pay. Seems like anyone can open a casino with a ridiculous bankroll like 50 BTC's

Abbey_j

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Even they have a proof of cold storage, the safety of your funds is not guaranteed, so don't you keep your money in any site or exchange.

win win win

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I wouldn't want to play at a casino that doesn't at least show their cold storage again.

The issue I had was I won 10% of the claimed casino's bankroll (if I knew that's all they had I wouldn't have played there) and there was a week delay in paying me without any contact, they didn't even log into bitcointalk during that time.

Enzyme

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There is no excuse for not having cold storage proof, these casinos are usually scams.

Topic: Bitcoin casino's that don't have cold storage proof - page 2. (Read 2467 times)