Topic: Casino vs. Stoc,Forex&Crypto Broker: Who's Really Playing You in the Money Game - page 2. (Read 3437 times)

I understand, it is a shame that you have to reach these Levels where now to have crypto you have to pay high taxes, I don't see the point, However I have a person who will always start from the basics, if you are by not using FIAT money no no type of tax should be paid , because it makes no sense, things must be clear, if a government wants to put its nose and hands in people's pockets, then it will be in sperosnas if they let it, in the case of daddy I live is one of the most Corrupt on the planet, I think it is the most corrupt, without a doubt the government only mines, those who are inside the country and mine must register with a government organization, where they do not do so, they go to prison and They take away their machines and take them to the government, then this is the nerve.

The problem is that even in countries, where it is possible to use cryptocurrencies, you have to pay taxes in local currency. And if you use BTC, you have to convert it to the currency that tax service can calculate. And if you convert it for gamblers - they would be disappointed if BTC will grow up. So, i think that it is the only decision, when everybody will be satisfied.

True, gambling is for fun only, but so many people use futures trading on exchanges with enormous leverage, and they have a higher chance of losing their money! They said that it's trading, but when you just decide up and down, it does not look like trading!

reality has shown us that exchanges have clearly been able to profit from trading fees, but also that a large part that buys and holds to sell later has made a profit, which is what happens in the case of forex or cryptocurrencies trading, despite the odds Even though they can make a lot of profit thanks to the trading fees they charge, people can also make profits. This is very different from what has happened in the case of gambling, where the scenario is that while the casino owners make a profit, the people who are playing are constantly losing a lot and have no great chance of leaving with any profit.

In other words, in gambling, in the long run the only thing people will be able to achieve will be losses, which is why gambling should be seen as just fun, nothing more than that. while in the case of exchanges, in the long run it is possible for people to come out with profits, although it is not an easy task to achieve such a thing, it is still possible to come out with a profit in the long term when trading on exchanges.. that's why In my opinion, gambling games should not be purchased with trade. casinos should not be compared with exchanges

Now I fully understand. All my thoughts were that you guys were referring to the dealing between the gambler and the casinos only, and the way some casinos could make their deposit and withdrawal flexible for customers made me think that way, needless to say also that it is also happening elsewhere, at least it is happening in the world of trading and investment. However, for the tax payment, it is a very good bargain for the casino to be paying according to the agreement with the country they domiciled, anything other than this could lead to sanction. How many countries of the world would even collect cryptocurrency from you in this current dispensation?

Except for a few that are now focusing their beam on a thing like that for investment purposes. And I think El Salvador will be an exception though since such is a legal tender in the country. But the rest of the countries of the world, or should I say the majority, they will frown at that as they may only regulate your cryptocurrency activity but when it comes to payments, they either accept the hard currency like the USD or their local currency that they are used with.

What we are saying here is that for the absolutely legal operation of absolutely any casino in a specific jurisdiction with its own requirements and its own supervisory authorities, the very use of cryptocurrencies creates difficulties in such matters as, for example, the conversion of bitcoins or altcoins into local currency.  This recalculation occurs through $ and here some inaccuracies and nuances may arise in the calculations, which greatly affect the accounting of income/expenses.  This makes it necessary to account for several accounts in different cryptocurrencies and then convert them into $ or local currency.  
This is what I wrote about above.  

If we talk about how a casino pays winnings in cryptocurrency to just a specific player, then such control tools as KYC / AML can well be used and often due to the reluctance of the casino client to go through full KYC for some individual reasons, he will not receive the winnings  cryptocurrency to your wallet.  But he will be able to continue playing and lose all this winnings.  It is clear that from this state of affairs the casino benefits from additional income, especially when the winnings that the player loses due to the impossibility of KYC are large.

No. Withdrawal will be in the cryptocurrencies. But it will be recounted in the USD or local currency for tax services. As the result gamblers have an opportunity to use cryptocurrency without conversion, the casino don`t cares about it and when the gambler withdraw his money - the casino get result for tax services. If they need difference between deposit and withdraw - it is possible to count twice: during the deposit and during withdrawal. And nobody cares how price changes between these counting.

Well, I think that at an international level when large amounts of money are handled, it causes some surprise to many, except for governments Because they supposedly have the right to handle large amounts, but this is something that is not correct, because things have to be equal. for everyone, especially in the private economies of Each person, you just have to see when international transfers are made from one Bank to another, if you go over $1k they start to generate much more astonishment and I don't like it, it's something with which I do not agree, however things with people Always look for sources of funds and all that , so if they Apply this to Crypto then that is why these types of Problems are generated.

Well, let me pretend that I understand you correctly, at least a bit, but for the benefit of the doubt since you are not so clear in your narration, did you mean that some casinos will offer you the crypto deposit and will not allow you to withdraw through the same means but through other means supported by their local regulators? I decoded this from what you wrote since this is actually happening in trading and investments but I have never witnessed such with crypto casinos. If this is the case as well, then it is not fair, both shouldn't have been allowed if To is allowed and Fro is blocked to avoid discrepancies.

The cryptocurrency itself made it possible for international casino businesses to be more known and accessible, and it should be fair to be allowing the same means of deposit for the withdrawals, but only ensure that the money is paid back to the account/address that deposited the funds. This is the international standard and I know that it is in compliance already with the Anti-money Laundry Act, so what? It also makes transactions tracebale which should not be an issue for regulators to trace and not make it difficult for the customer to get back their money if the option they want to force on them is not comfortable.

It is the easiest way to be good both for tax services and for gamblers. During the game - gamblers have their BTC and tax services don`t know how much money casino has in cryptocurrencies, but it doesn`t matter - if casino use cryptocurrencies, it has to recalculate it every moment due to the price changes. And casino just one time fix price of cryptocurrencies during withdrawal for taxes. The casino at that moment has no cryptocurrencies and don`t cares about it price.

Yeah.  Perhaps there really is no normal or optimal solution to this issue.  You are probably right and each casino solves problems with cryptocurrency payments in its own way and based on the requirements of local regulators. 
But the option of withdrawing from a deposit is apparently good and is most likely used in the practice of casinos in their locations.

I think that it is problem that can`t be solved. If the casino want to pay taxes without any problems, they must fix cryptocurrencies some moment. The best choice for it can be deposit or withdrawal. I think that withdrawal would be better - in this way the casino hasn`t problems with gamblers balance - it can be in USD, local currency, cryptocurrencies. Every currency will be converted in the local currency during withdrawal.

Of course, the international casino market involves the use of international money, that is, $USA.  But in many ways, international and cross-border payments were helped, of course, by cryptocurrencies.  First of all BTC of course.  Such payments have initially become quite simple and do not cause problems with cross-border transfers.  There is perhaps only one problem with Bitcoin, this is the tense state of the mempool and the need for large commissions or, as an alternative, a long wait for confirmation of the transfer transaction.  This problem significantly hinders many players.  But here immediately there are options for integrating LN payments or using other cryptocurrencies with small commissions, or USDT.  So it turns out that any international casino still uses these several payment options, and all in parallel.  And all casinos are forced to use them to increase their client base.  So balances still have to be maintained and calculated separately and only then recalculated into $.  And here it is important to fix the rates of cryptocurrencies in relation to $ and the transfer commission.  This is where confusion and sometimes misunderstanding on the part of regulators arises. 
Sometimes this creates unnecessary troubles or even bans for the casino.  But when fighting for clients, you still have to bypass them.

If people been aware about into those earning stuffs on how these businesses are making money then why they would really be that tending to come and play or deal with it?
It would really be that pretty obvious that they would really be giving out such services and offerings for them to make money and of course as long we arent that been forced
then i dont see any issues on why we would really be that aiming or trying out to elaborate on how these things do really be able to make money? It would really be just that common sense
that they are really that having the advantage.Yes, we do being concern about that legit stuff or being fair but of course we cant be able to stop out on thinking
about that we are really that at disadvantage.

Yes, it is so. But i think that casino must be interested in new gamblers. Cryptocasino is the most international casino and i think that it would be better to have an opportunity to calculate his money in USD(T). But of course if casino don`t want to have problem with tax services it must have a local currency.

You have good points my friend, and I do not even see much reason for this if we can be attentive to the two words; Trading and Gambling as they do not mean the same thing. However, if the two  (casino and broker) are fair in dispensing their services, then there will never be an issue. After all, we all know what we are signing for when we want to trade either of them, and for a trader not to gamble or gamblers not to trade means they understand what they are doing at least if they are adults. Needless to say, these establishments established them basically for the purpose of making money and anyhow they can make the money is important to them regardless of what it will cost the trader or gambler. So, it is we who should go for what we are comfortable with whether they are extorting us or not.

Regardless, if it is about the ease of making money on the part of the customer/client, trading has it, and the same goes for the sincerity in the operation of the core service of the two establishments (trading still has it). Most brokers these days are only intermediaries unlike before when some brokers will be internally creating the market themselves (market makers). For this, they only earn from the spreads, swaps and commissions which I know is fair enough for the service they always render, even as they have employees and experts to pay.

Or there is an option when the main business of the casino is conducted in local currency in the case when the majority of players are local residents and they practically do not use US dollars.  But if cryptocurrencies are used, then most likely the casino, if it operates officially legally, should maintain a separate balance sheet for cryptocurrency payments.  And in this case, it is still impossible to avoid a peg to the US dollar.  So anyway, if a casino uses cryptocurrencies, it must have accounts in dollars and, of course, in the main cryptocurrencies that the casino allows to use.  In this case, of course, the balance must be converted into dollars at current exchange rates.  Or at a fixed exchange rate for some date and time. 
Otherwise, you can simply get confused and cause misunderstanding and complaints from state tax services or from local regulators.

I don`t sure about ISDT or USD equivalents. It can become problem for casino with the tax services. I think that all deposits must be converted to local currency. But for the gamblers - they must have an opportunity at least to see their balance in USD. It is possible even not to show to gamblers their balance in the currency, they deposit.

The debate over who profits more from the financial markets, casinos or brokers, has been raging for years. On one side, casinos provide a venue for gambling and games of chance that give the house an inherent advantage. Slot machines and table games like blackjack are designed to have negative expected returns for players, ensuring the casino profits over the long run.

On the other side, stock brokers facilitate the buying and selling of securities for clients. Rather than profiting directly off customer losses, brokers make money through commissions on trades and other account fees. Successful brokers build large client bases and generate commissions whether the market is up or down.

This is probably the only normal method to somehow sort it out and not overdo it in the case of interaction between government supervisory authorities and the casino itself as a business structure.  Of course, the use of local currencies for tax purposes should always be converted to USDT or similar US dollar equivalents.  In the case of cross-border transfers in cryptocurrencies, when the casino operates at the level of the whole world, which is natural and should be the case if the casino is truly large, this method is probably the only normal and fair one in relation to both the state and the casino business itself.  Of course, I’m not talking about illegal tax evasion schemes and I think that international casinos, which we all know well, do not abuse tax evasion options very much.  A stable business is more important to them than immediate super-profits through “gray” tax evasion schemes.