Topic: Disruption In The Gambling Industry Your Opinion - page 2. (Read 307 times)

as we have seen, not being biased here. stake continues their operations as usual. but if that hacking happened in a small casino, for sure, the site will be down or gone already. now that stake experienced such hacking, i believe, other gambling sites are already taking security precautions because they know, such huge amount of losses is absolutely not good for their business.

Big casinos can handle it, especially if they have big funds in other wallets. The casino will also assure its customers that they can still run their casino well and ask their customers not to worry or panic because of this incident. I don't think Stake will be bothered by this problem, especially since we know that Stake has proven to the public how big its casino is so that it can get a good position among other casinos.

Casino hacks will continue, and hackers will look for casinos that have not updated security or have leaks for them to use. And if the casinos don't improve their security systems, they will be the next targets. But gamblers are still gamblers who will continue to gamble at any casino they want and return to Stake to gamble there.

You've just read my post but do not understand what I mean What I mean is operation I am a webmaster and would never think of the idea that you only need funds for security, After the hacking the only thing that will be in question is the aftermath will they operate at the same level.

Can you please read all the other members' posts so you will get the general idea, you are the only one who thinks that


 

Hacking is not new for centralized exchanges. The moment you entrusted your funds to them, expect that it’s not 100% safe anymore no matter how they assure you it’s high security. However, the only good thing about top casinos when hacked is that they can easily recover and still pursue with their operation. I guess some have also seen it coming that’s why they prepared for it somehow. Unlike small and beginner casinos, the moment they’re hacked, it’s hard for them to recover again.

A casino's security isn't based on the amount of fund they've got in stock.... How did you even conceive that idea?? Lol.... If extra precautions are not put in place on the domains, then every hack attempt would be a success.
Secondly, peeps are actually  discouraged on Thier vulnerability - so I believe they're gonna think twice this time around - or maybe try out some other casinos too before the hack gets resolved.
I Don't believe top casinos can suffer losses from major hacks and still stand tall - even if they've got some funds left, they'll decide to tag for bankruptcy.

Sandra 🧑‍🦰

This comes with using centralized stuff on the cryptocurrency world, be it exchanges or casinos in this case, which drives the "not your keys, not your coins" statement even further. In any case, I don't think this is going to cause massive waves in the crypto world as big as Stake is. Casinos are just a percentage of the whole industry and since it's a niche hobby the ones who are truly affected by this are just those that gamble. This will definitely cause some massive changes in the gambling industry paradigms though, the fact that such hackings prove that no hot wallet is safe if it's centralized, may inspire/encourage people to use their own wallets and only transact in exact amounts which is actually good.

I just used banks and wallets as figures of speech. I was referring to keeping large funds in the casino. Some individuals deposit large sums and use it to gamble gradually. Some persons might fail to withdraw their wins and the money will be kept in the casino. I intended to convey that it is risky to keep large funds in a casino.Each day hackers are coming up with new techniques to hack casinos. These hack attempts will not end but casinos should also ensure that they are ahead of them in terms of security. The best and trusted hands should handle the security of the casino and they should be up-to-date in cybersecurity.

It depends on the amount that gets hacked, but in case stake, it was fraction of fraction of yearly income. So no harm done there.

I am happy to keep my money on reputable exchanges and  i've seen reputable exchanges getting hacked in the past, but i trust most reputable exchanges more than banks are next level and they are more than enough funded to cover the lossses

Of course. When there's money involved there will be hacking attempts. Some of them will succeed. They have in the past, so i can't see why wouldn't they succeed in the future.

Its definitely a peanut size amount for Stake but their reputation is basically getting 'robbed' not really the amount of money. Some people probably wonder of what will actually happen in the future if a larger size is seized and obviously this is going to affect them for a while. Some people probably withdraw from the site or probably keep a sizable amount in there which actually hurt the company in a way

Stake is doing what they can to cover it up and Im pretty surprised that this isnt really the headlines for crypto right now. Few years ago, this would have made a huge headlines everywhere

Is there actually people out there who use casino as wallets of bank accounts? Because, even though I know there must be at least one who have tried it, from my personal point of view it does not make sense someone would try to do so having better options, to at least earn a small interest or even have more privacy.

i have written about it before but is not using a casino as bank account some sort of meme or urban legend started by the Simpson in that episode Homer decided to keep Lisa's college fund in a Poker website?

Anyways, regardless of it; you are right.

It depends on the funds that were stolen and how much they have to repay customers. In most cases, if the hacked funds exceed what they can afford to pay customers, they will go out of business. It is not also all casinos that have extra funds kept in other businesses or banks.
 Read the terms of services of casinos and you will understand how they operate. No casino guarantees that your money is safe and they don't also attest that you will get back your funds in cases of hack or other factors that will lead to bankruptcy. Don't believe any casino that assures you that your funds are safe. They will do only their best but they cannot guarantee that you will never lose your funds.
 You are just repeating questions. It is possible to happen but it depends on the level of damage the hack caused and the cost of keeping the business afloat.
 That's true because bigger casinos have more financial base to withstand the losses. But this is not always the case like the issue of Stake. Some casinos have built their reputation and have remained strong for many years.
 I don't wish that more hacks should occur because it puts money in the hands of criminals and makes genuine people lose money and jobs. It will also affect the economy of countries negatively due to it will reduce tax revenue.
Stake is not the only casino, other reputable casinos offer better service. I don't think there is any problem. The rules are simple, don't use a casino as a bank account or noncustodian wallet, and gamble only the amount you can afford to lose.

Big casinos have done more work in anticipating hackers or scammers ploy. That's why even when such happens, they rebound and correct errors that may have led to the hack. Smaller casinos on the other hand may rebound, but it might take a while, that's if the owners didn't act smartly to set up a decentralized wallet for their other funds.
Also any hack directed at a top casino that isn't fruitful or is, may be a caution signal to smaller casinos to do the needfull and protect against such happenings. Failure to do so might result in a successful hack of their accounts if care isn't taken and mostly when the smaller casino is in same proximity with the top casino.

We have pretty much the same sentiments on OP's questions here.
Big casinos like stake can survive a multi-million dollar attack but small ones would have hard time getting up again.
Because big casinos have their cold storage in place, where their bulk of funds are stored. So they won't go bankrupt easy.
Hacking will always be a part of online fraud, so these casinos should always be on the lookout to secure their site from potential attack.
It won't be the last hack among crypto casinos, as these hackers will always try their best to extract money from big money making businesses.
Gamblers will always be gamblers, so they will just continue to play as usual after the attack. They may pause for a bit but then, they will continue again.

I guess it depends on the level of disaster risk management that they have? They might have funds say split up in a few wallets, hence avoiding the absolute worst, thereby making it a lot easier to recover from said hack.
I'd say this can only ever be answered by them, whatever we users say can only really be an assumption. I'd say yes, since lying here would show pretty obvious results in about a few months, but I can't really blame them, Users pulling out might actually damage their casino more than the hack itself.

Why not? A temporary maintenance is usually all it takes to fix the problem, though I guess it depends on how the breach was done in the first place. I'm not familiar with how it happened with stake, but most breaches in big companies happen due to human engineering, and in that end it's usually really easy to fix. If it as a major security breach through a loophole though, then that might be a whole nother thing.

Not really no? I mean I've never really been biased about big and small casinos. My only ever bias was reputation (but if you consider that as big, small, then I guess I actuall am).
Again, this depends on the context of how Stake was hacked. If it was due to human engineering, then unlikely. If it was a major breach, then maybe, but if stake publicizes how it was breached, then it may be avoided.
I don't think so? If you mean on Stake, then maybe. But in general there's still other casinos to play with anyway.

Yes casinos can survive and this is Stake.com talking a big platform they must have reserve funds elsewhere.

They will maintain the good name of the industry, of course they will tell users it is safe.

They can still run their operations, so this won't affect users as they don't lose funds after being hacked.

Small casinos have little funds stored when a hack happens they can't recover and are out of the industry, but top casinos can survive because they have a lot of funds.

If their security system has been then hackers can find loopholes again.

No, they still do gambling activities as usual.

As long as its digital, it is hackable. There is no way around it. This is also mainly the reason why I prefer not to give any entity my KYC, if I can avoid it. Once that data gets stolen, you will be sweating bullets, wondering if somebody in the world is using your ID for neferious purposes- like taking a loan out in your name or commiting crimes in your name...

I doubt that this will make anyone stop playing on their platform. Especially because Stake has such a large following.

But that being said, at the very least, people should not store their money in centralized places. Like casinos or exchanges.

And most probably tight rules on KYC after this.  There has to be done to prevent this from happening again and while they are at it, it will be a hunt. If this thread didn't show up in bitcointalk, I wouldn't know. I'm sure gamblers might also missed this news if they were too busy betting on the platform.

In the other thread, it was mentioned that CZ could freeze the BSC funds. I'm not sure if it will add to the reputation of BSC or CZ but if he can do it, its all up to him.

Surely they won't let this incident happen again with tighter security they will implement so that it doesn't happen again, I think they have a better level of security after this incident.

I feel this is just a loss to the platform will not be affected to its customers they remain normal to run gambling activities including deposits and withdrawals, sometimes some players are sensitive after hearing this incident, but I will not go and keep using it because I have anticipated never putting money on the platform after winning.

If the casino has a long positive story within the community and it has been proven to be big enough for them to have liquidity to pay big jackpots, then I dont see any reason for us to doubt their word when they claim users funds are safe or about the integrity of their webpage on the long term, because isn't in the end gambling about trust? (In the case of centralized casinos).

If a website which have managed to earn the trust of millions around the world and  be a leader of the industry, it is because it has been priority for them not to lose trust of us, so they keep as much transparency as possible after hacks take place

Unfortunately, as long as we have internet and thieves on this planet, casinos will continue to be potential targets, the same with individuals and exchanges. 

When I read disruption, I think of the "innovation" and the technological development of an industry that makes waves towards how the world works currently and how it will differ due to the "Disruption" that something has.

This is a different kind of disruption. It seems that it's a disruption towards the single online casino and how it would affect the gaming business etc.

I think they are going to be okay with the online casino since it has reserves and possibly insurance when things like this happen. Since the example that you gave is a Hot Wallet, it's not going to be the reserves or something.

The important thing here if that happens is that the casino handles it gracefully and makes sure that the members are not affected and they make it known. That's what is going to make the casino be more trusted than ever.

As for the gamblers, they are probably going to continue to gamble.