Running a casino during crypto crash

Fatunad

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Quote from: Distinctin on January 06, 2023, 04:43:30 PM

Quote from: triangularsquare on November 19, 2022, 04:36:08 PM

Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , from year to date most of them should be running on a loss as most utilized crypto coins are down by atleast 65% and that includes Bitcoin .

There will be more and more accusations created to existing and also new casinos.

Goodluck,Be safe and smart out there!!

I don’t think gambling sites will consider it as a must to show proof to the people on how much their own site has left money to operate. They will consider it as their own privacy. The only proof that they can show to the people is that if they are still giving payouts without delay and still making more promotions and bonuses that makes the gamblers more interested to play, that means the gambling site is still capable to manage their own casino business.

Its a private part or something that shouldnt be show off publicly or easily considering that if someone would be finding out on how much they do own then hackers and possible exploiters would really be trying out
their best on making up some holes or something like that or in overall security risk and hazard. Thing here is that if you do saw that there are lots of users who do hang out with a certain platform
then it would really be that common sense that you would really be seeing or presume that they are really making such huge revenue and something results that they could withstood any economic
downturns or bad situations.

TimeTeller

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Quote from: BitcoinAccepted on January 06, 2023, 04:08:38 PM

Opening or managing a casino is always lucrative. I don't think a crypto collapse will have much of an impact on that. People are always gambling. You do have to have a certain policy if people play in a certain currency, if it goes the other way, like a sharp increase, then I wouldn't cash out all BTC and other crypto to your bank account. You can then become a thief of your own wallet because the price for players has suddenly become a lot more favorable. A crash is always short-lived, as we have seen in the past. There will always be a time of recovery for the crypto, and that will also encourage players to gamble more. Players aren't as likely to worry about temporary crashes when gambling.

As we have seen, people gamble no matter what the market situation is.
BTC price goes up and down, and yet, people still gamble their money.
They may reduce their spending habits, but they will always play.
This is why, casinos and other gambling sites survived during the pandemic period and other crises.
Offline casinos may be closed, but online casinos will always be open 24/7 without interruption.
It now depends on the casino owners how they will tackle different scenarios and offer rewards or bonus in every bottleneck they will encounter with.

Distinctin

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Quote from: triangularsquare on November 19, 2022, 04:36:08 PM

Hello guys, as an attempt to protect new or old users on this forum , I think its mandatory for gambling sites to show proof of money they are holding in reserves . Unless casinos converts all deposits to a stablecoin , excluding UST hahahah , from year to date most of them should be running on a loss as most utilized crypto coins are down by atleast 65% and that includes Bitcoin .

There will be more and more accusations created to existing and also new casinos.

Goodluck,Be safe and smart out there!!

I don’t think gambling sites will consider it as a must to show proof to the people on how much their own site has left money to operate. They will consider it as their own privacy. The only proof that they can show to the people is that if they are still giving payouts without delay and still making more promotions and bonuses that makes the gamblers more interested to play, that means the gambling site is still capable to manage their own casino business.

dunfida

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Quote from: jostorres on January 06, 2023, 04:21:42 PM

Quote from: Russlenat on January 06, 2023, 03:57:30 PM

Quote from: harizen on December 29, 2022, 12:39:24 PM

Just continuing their usual operation obviously. Enhancing and improving the marketing side in order attract more users.

Whatever the trend, be it worst or very worst, there are still people that will gamble no matter what.

This is now the task of casinos, to continue attracting these people that still gamble regardless of the economic situation and market trend. If the said casinos are able to gather more loyal users to their sites, they will surely withstand any economic condition even amid a crypto crash as their operations just continue smoothly.

Casinos might be staying for good, as there will always be gamblers that will chose to spend their money in casinos regardless of the worsening world’s economy. And with those gambling casinos, they will compete to stay competitive no matter what so that their operations will sure to continue even if others cannot survive with and eventually closed.

If the casino is well prepared and already have plans in any market or economic situation then they can surely survived. They will stay for good no matter how many people talk negatively about them. Those people knowledge is nothing. If they are those people who once got addicted and destroy their lives thru gambling then it was their fault. They shouldn't blame the gambling place or on why gambling has been invented in this world.

If the situation seems worst then many people should refrain from gambling for now to save money and prioritize important things only while there are people who are prepared for it so they aren't really that affected. They can still continue betting.

No industry or business does really like to face up some economic or market issues which it would really be just normal that they would really be finding out way to sustain at least or somehow on the time that they
would really be experiencing it out.We do face up lots of economic downturn and trend which it would really make out some effects but if the demand would be sticking out then it would really be that able
to stand out despite of the condition.Doesnt matter though but it cant really be that avoided for people not to make out some comments or feedbacks that it is a bad idea
but it do really varies.

jostorres

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Quote from: Russlenat on January 06, 2023, 03:57:30 PM

Quote from: harizen on December 29, 2022, 12:39:24 PM

Just continuing their usual operation obviously. Enhancing and improving the marketing side in order attract more users.

Whatever the trend, be it worst or very worst, there are still people that will gamble no matter what.

This is now the task of casinos, to continue attracting these people that still gamble regardless of the economic situation and market trend. If the said casinos are able to gather more loyal users to their sites, they will surely withstand any economic condition even amid a crypto crash as their operations just continue smoothly.

Casinos might be staying for good, as there will always be gamblers that will chose to spend their money in casinos regardless of the worsening world’s economy. And with those gambling casinos, they will compete to stay competitive no matter what so that their operations will sure to continue even if others cannot survive with and eventually closed.

If the casino is well prepared and already have plans in any market or economic situation then they can surely survived. They will stay for good no matter how many people talk negatively about them. Those people knowledge is nothing. If they are those people who once got addicted and destroy their lives thru gambling then it was their fault. They shouldn't blame the gambling place or on why gambling has been invented in this world.

If the situation seems worst then many people should refrain from gambling for now to save money and prioritize important things only while there are people who are prepared for it so they aren't really that affected. They can still continue betting.

BitcoinAccepted

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Opening or managing a casino is always lucrative. I don't think a crypto collapse will have much of an impact on that. People are always gambling. You do have to have a certain policy if people play in a certain currency, if it goes the other way, like a sharp increase, then I wouldn't cash out all BTC and other crypto to your bank account. You can then become a thief of your own wallet because the price for players has suddenly become a lot more favorable. A crash is always short-lived, as we have seen in the past. There will always be a time of recovery for the crypto, and that will also encourage players to gamble more. Players aren't as likely to worry about temporary crashes when gambling.

Russlenat

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Quote from: harizen on December 29, 2022, 12:39:24 PM

Quote from: 348Judah on December 29, 2022, 12:07:11 PM

but I don't know how the casinos can also make good money in times of inflation than doing the same pattern.

Just continuing their usual operation obviously. Enhancing and improving the marketing side in order attract more users.

Whatever the trend, be it worst or very worst, there are still people that will gamble no matter what.

This is now the task of casinos, to continue attracting these people that still gamble regardless of the economic situation and market trend. If the said casinos are able to gather more loyal users to their sites, they will surely withstand any economic condition even amid a crypto crash as their operations just continue smoothly.

Casinos might be staying for good, as there will always be gamblers that will chose to spend their money in casinos regardless of the worsening world’s economy. And with those gambling casinos, they will compete to stay competitive no matter what so that their operations will sure to continue even if others cannot survive with and eventually closed.

len01

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Quote from: LUCKMCFLY on January 05, 2023, 07:34:37 PM

Quote from: maydna on December 21, 2022, 11:45:31 PM

Quote from: erep on December 21, 2022, 04:21:49 PM

Quote from: maydna on December 21, 2022, 12:46:24 PM

They are wrong if they think it is investment money that they can use to multiply that money because it is not an investment. What's called an investment is they have to use a certain amount of money, not use it for anything, and only save it for a few years. Later after several years have passed, they will see how much the value of the investment they made a few years ago. And so far, it's bitcoin that can be a suitable investment for them. But in gambling, we have the opportunity to lose, even though we can also win, but it won't be as much as if we lose.

If the gambler only holds BTC in a gambling account without using it to gamble then it includes investment, but it is recommended that each investment is managed in a personal wallet and does not trust investments in gambling accounts even centralized exchanges, for gambling you must determine the lowest allocation of funds for gambling because gambling is not chasing profit but for entertainment in spare time, if you lose then you don't have bad impact on your BTC investment in personal wallet.

Indeed, it is an investment, but it is not a good investment because we do not know how long the casino will operate and whether the casino can maintain the accounts of each of its members. It's better to manage the investment in a personal wallet because all the assets will be in our control, and we are fully responsible for all the assets. As for gambling, we should have a special budget for gambling so it won't interfere with the allocation of funds in other places, and we can control our monthly expenses. Thus, we can enjoy every piece of money we have while we prepare for our future by investing in bitcoin.

Well actually, we know very well that for now things with private wallets is the best option, everyone learned a lot about FTX and everything that has happened with them, so since then I think many have learned not to leave their money in BTC or whatever in casinos or exchanges, I had also read that some casinos, when a client had a period of inactivity, their account was blocked, so that is something that does not seem to me, because if a person You cannot be or enter a casino, it must be for something, and it is very unpleasant that after a while you go to enter and it is blocked and possibly your funds have nothing.

I have also heard of cases when gamblers left large sums of money on a gambling platform and were not online for 8 months because there were interests that could not be mentioned and after that the gambler came back online but the funds on the gambling platform were gone.
after the gambler tried to contact CS he was only given an answer if the account had been inactive for a long time the funds would be confiscated on the grounds of developing the gambling platform.
and there are also funds that were taken by the platform but can still be returned.
so it is really not good to save funds on an online platform.

maydna

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Quote from: LUCKMCFLY on January 05, 2023, 07:34:37 PM

Quote from: maydna on December 21, 2022, 11:45:31 PM

Quote from: erep on December 21, 2022, 04:21:49 PM

Quote from: maydna on December 21, 2022, 12:46:24 PM

They are wrong if they think it is investment money that they can use to multiply that money because it is not an investment. What's called an investment is they have to use a certain amount of money, not use it for anything, and only save it for a few years. Later after several years have passed, they will see how much the value of the investment they made a few years ago. And so far, it's bitcoin that can be a suitable investment for them. But in gambling, we have the opportunity to lose, even though we can also win, but it won't be as much as if we lose.

If the gambler only holds BTC in a gambling account without using it to gamble then it includes investment, but it is recommended that each investment is managed in a personal wallet and does not trust investments in gambling accounts even centralized exchanges, for gambling you must determine the lowest allocation of funds for gambling because gambling is not chasing profit but for entertainment in spare time, if you lose then you don't have bad impact on your BTC investment in personal wallet.

Indeed, it is an investment, but it is not a good investment because we do not know how long the casino will operate and whether the casino can maintain the accounts of each of its members. It's better to manage the investment in a personal wallet because all the assets will be in our control, and we are fully responsible for all the assets. As for gambling, we should have a special budget for gambling so it won't interfere with the allocation of funds in other places, and we can control our monthly expenses. Thus, we can enjoy every piece of money we have while we prepare for our future by investing in bitcoin.

Well actually, we know very well that for now things with private wallets is the best option, everyone learned a lot about FTX and everything that has happened with them, so since then I think many have learned not to leave their money in BTC or whatever in casinos or exchanges, I had also read that some casinos, when a client had a period of inactivity, their account was blocked, so that is something that does not seem to me, because if a person You cannot be or enter a casino, it must be for something, and it is very unpleasant that after a while you go to enter and it is blocked and possibly your funds have nothing.

The personal wallet is the best place to store BTC or other coins because they can control all their activities and know the usage of those coins. It will be different if they use an exchange or casino wallet because there are times when they are not logged into their accounts, and at the same time, things happen that they don't want. We don't know what will happen to our account, and if things are bad, we will lose our coins there. That's why we have to make sure where we can store all our coins because it is an investment assets that we have until we sell it later.

wxa7115

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Quote from: harizen on December 29, 2022, 12:39:24 PM

Quote from: 348Judah on December 29, 2022, 12:07:11 PM

but I don't know how the casinos can also make good money in times of inflation than doing the same pattern.

Just continuing their usual operation obviously. Enhancing and improving the marketing side in order attract more users.

Whatever the trend, be it worst or very worst, there are still people that will gamble no matter what.

This is now the task of casinos, to continue attracting these people that still gamble regardless of the economic situation and market trend. If the said casinos are able to gather more loyal users to their sites, they will surely withstand any economic condition even amid a crypto crash as their operations just continue smoothly.

Very often it is forgotten that people do not necessarily take rational decisions all the time, during an economic downturn it makes sense to reduce expenses, limit your risk and eliminate all kind of luxuries, but not everyone will do this.

There are many people out there that during these difficult times decide to do the opposite and instead increase the risk they are willing to face, an example of this are all the people that instead of investing in bitcoin or selling their coins for fiat take the risk of investing in altcoins during a bear market as they are looking for very high profits, so it makes sense that a lot of people decide to gamble not only to keep themselves entertained, but they do so as they are thinking about gambling as a potential source of income, they are wrong of course, but that is what they think.

LUCKMCFLY

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Quote from: maydna on December 21, 2022, 11:45:31 PM

Quote from: erep on December 21, 2022, 04:21:49 PM

Quote from: maydna on December 21, 2022, 12:46:24 PM

They are wrong if they think it is investment money that they can use to multiply that money because it is not an investment. What's called an investment is they have to use a certain amount of money, not use it for anything, and only save it for a few years. Later after several years have passed, they will see how much the value of the investment they made a few years ago. And so far, it's bitcoin that can be a suitable investment for them. But in gambling, we have the opportunity to lose, even though we can also win, but it won't be as much as if we lose.

If the gambler only holds BTC in a gambling account without using it to gamble then it includes investment, but it is recommended that each investment is managed in a personal wallet and does not trust investments in gambling accounts even centralized exchanges, for gambling you must determine the lowest allocation of funds for gambling because gambling is not chasing profit but for entertainment in spare time, if you lose then you don't have bad impact on your BTC investment in personal wallet.

Indeed, it is an investment, but it is not a good investment because we do not know how long the casino will operate and whether the casino can maintain the accounts of each of its members. It's better to manage the investment in a personal wallet because all the assets will be in our control, and we are fully responsible for all the assets. As for gambling, we should have a special budget for gambling so it won't interfere with the allocation of funds in other places, and we can control our monthly expenses. Thus, we can enjoy every piece of money we have while we prepare for our future by investing in bitcoin.

Well actually, we know very well that for now things with private wallets is the best option, everyone learned a lot about FTX and everything that has happened with them, so since then I think many have learned not to leave their money in BTC or whatever in casinos or exchanges, I had also read that some casinos, when a client had a period of inactivity, their account was blocked, so that is something that does not seem to me, because if a person You cannot be or enter a casino, it must be for something, and it is very unpleasant that after a while you go to enter and it is blocked and possibly your funds have nothing.

harizen

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Quote from: 348Judah on December 29, 2022, 12:07:11 PM

but I don't know how the casinos can also make good money in times of inflation than doing the same pattern.

Just continuing their usual operation obviously. Enhancing and improving the marketing side in order attract more users.

Whatever the trend, be it worst or very worst, there are still people that will gamble no matter what.

This is now the task of casinos, to continue attracting these people that still gamble regardless of the economic situation and market trend. If the said casinos are able to gather more loyal users to their sites, they will surely withstand any economic condition even amid a crypto crash as their operations just continue smoothly.

RapTarX

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If anyone is/will be trying to operate a casino without enough investment, they will go bankruptcy for sure. But if they start with enough fund, I'm pretty sure they will be able to survive in bear market too. As we know a few reputed casinos are here for a quite long time and I'm pretty much sure they will be here for the next decade as well.
Well managed & organized casino of course have their strategy to survive such situation. Regardless, why do you concern a lot? I guess no one would put a lot of fund in casino nor in any custody.

348Judah

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Quote from: LUCKMCFLY on December 29, 2022, 10:33:53 AM

I think one of the best things to do right now is to buy as much bitcoin as you can and keep it, not only as an investment but also those who like to play a lot in casinos can afford to have a very good balance. to enjoy every day, this is something that not all people in the world can do, some are the ones who enjoy this privilege, and in general they are the most millionaires, but when the money is left in investment for now and Bought everything in BItcoin you are making the best investment of your life, this market cap some may see as the worst thing that could have happened to them, but others see it as a great opportunity.

You're right with such suggested and it's a good idea to tie down money in buying Bitcoin and hold, this is very good and of big advantage because one is buying already now that it is dip, at a particular time when things begins to surges then there may comes in with a decision to use that asset invested to gamble and thereby the gambler will not loose all either he wins or lost his bet since he has invested in an already profitable asset like Bitcoin, but I don't know how the casinos can also make good money in times of inflation than doing the same pattern.

chaser15

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Quote from: LUCKMCFLY on December 29, 2022, 10:33:53 AM

I think one of the best things to do right now is to buy as much bitcoin as you can and keep it, not only as an investment but also those who like to play a lot in casinos can afford to have a very good balance. to enjoy every day, this is something that not all people in the world can do, some are the ones who enjoy this privilege, and in general they are the most millionaires, but when the money is left in investment for now and Bought everything in BItcoin you are making the best investment of your life, this market cap some may see as the worst thing that could have happened to them, but others see it as a great opportunity.

Isn't it obvious that buying bitcoin as much as we can is the best thing to do? But the problem is, do everyone is capable of doing that?

Sounds easy to say but hard to do in reality. Regardless of the trend, we really know what to do but executing those is really hard.

And did I hear it right? One of the reasons to keep bitcoin is to be able to play lots in casinos? I don't get what you are trying to imply there. I got misled.

irsykes

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the key is management control, if what is expected to multiply the investment on gambling sites must be assuming not to overdo it, mistakes often occur here money can be lost. and for example, every time we get a small or big win, we must keep it in our personal wallet, not on a gambling site. there is nothing wrong with people investing in gambling sites. the key is only ourselves each discipline

LUCKMCFLY

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Quote from: minime0105 on December 12, 2022, 05:57:51 PM

Quote from: Desmong on December 12, 2022, 05:35:39 PM

Quote from: Ebede on December 12, 2022, 04:26:36 PM

Quote from: roslinpl on December 10, 2022, 06:47:00 PM

Many people loss their job due to recession, this force the people to find the online games. This is only reason of people to get into crypto currency trading as their real time business. But crypto is not a good for the real time trading due to market crush. Parallel doing of crypto casino will help some benefits. Additional income is the extreme reason for this. But learning strategy also important one. Learning make you to win for the longer one as compared to short run without the experience. This only make you to win for the shorter period and that too by the luck. Luck based will not works all the time.

During a recession many people lost their jobs I can attest or agree for that but why some people are not feeling bad towards that is because of introduction of cryptocurrency cryptocurrency being bitcoin have reduced the rent of unemployment and the border to people especially trading in Bitcoin so right now I consider trading as part of employment that use of our days engage their self in order to make finance

I think we should be heading to another recession by now since things are getting expensive everyday. The market looks some how going dip but what we can do now is to hold on to how we gamble and earn from the crypto market since the the market is not that convincing. I will prefer us to be very awaken and go for what we want so that we can be able to get whatsoever we wants.

This time around in the best time someone can buy bitcoin and hold it for Long stay for long periods, I believe that the market is going down day by day and many people is afraid of holding their Bitcoin because of what they are experiencing in the market right now, so the best option option to do is for you as investor of cryptocurrency to hold whatever coin that you are having in your portfolio and especially those coins that have a potential not shitcoins and potential coins like Bitcoin

I think one of the best things to do right now is to buy as much bitcoin as you can and keep it, not only as an investment but also those who like to play a lot in casinos can afford to have a very good balance. to enjoy every day, this is something that not all people in the world can do, some are the ones who enjoy this privilege, and in general they are the most millionaires, but when the money is left in investment for now and Bought everything in BItcoin you are making the best investment of your life, this market cap some may see as the worst thing that could have happened to them, but others see it as a great opportunity.

maydna

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Quote from: erep on December 21, 2022, 04:21:49 PM

Quote from: maydna on December 21, 2022, 12:46:24 PM

They are wrong if they think it is investment money that they can use to multiply that money because it is not an investment. What's called an investment is they have to use a certain amount of money, not use it for anything, and only save it for a few years. Later after several years have passed, they will see how much the value of the investment they made a few years ago. And so far, it's bitcoin that can be a suitable investment for them. But in gambling, we have the opportunity to lose, even though we can also win, but it won't be as much as if we lose.

If the gambler only holds BTC in a gambling account without using it to gamble then it includes investment, but it is recommended that each investment is managed in a personal wallet and does not trust investments in gambling accounts even centralized exchanges, for gambling you must determine the lowest allocation of funds for gambling because gambling is not chasing profit but for entertainment in spare time, if you lose then you don't have bad impact on your BTC investment in personal wallet.

Indeed, it is an investment, but it is not a good investment because we do not know how long the casino will operate and whether the casino can maintain the accounts of each of its members. It's better to manage the investment in a personal wallet because all the assets will be in our control, and we are fully responsible for all the assets. As for gambling, we should have a special budget for gambling so it won't interfere with the allocation of funds in other places, and we can control our monthly expenses. Thus, we can enjoy every piece of money we have while we prepare for our future by investing in bitcoin.

tabas

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Quote from: Tanvi50_ on December 21, 2022, 03:23:38 PM

There are people who are still playing games at the casino. They might win or lose. But in the meantime, the casino is making money. As long as people are connected to the system, then they will not go out of business.
This is just how business works. They lose on one side and gain profit from the other side.

We've seen that during the pandemic crisis, most casinos have been affected and they can't operate. But we also saw that online casinos did very well and they've proven to be pandemic proof.
It's just a matter on how these businesses will upgrade their operations so, if there are casinos that are focused on being a land based, they've seen how a huge impact will affect their business like being in a pandemic or epidemic on that specific area. But the gambling market won't be stopped even if the markets are crashing, there will still be sure customers.

DoublerHunter

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Quote from: Tanvi50_ on December 21, 2022, 03:23:38 PM

There are people who are still playing games at the casino. They might win or lose. But in the meantime, the casino is making money. As long as people are connected to the system, then they will not go out of business.
This is just how business works. They lose on one side and gain profit from the other side.

^That is why crypto gambling casinos keep coming, we saw a lot of them come up here to have a business without worrying about the market condition because they know that working towards their business is also profitable. Crypto gambling owners also study the market condition, they know if the price will pump up they also make a big profit. That depends on them, I have heard that if you will deposit a non-stable coin will directly covert it into a stable coin or fiat, the BTC in the dashboard or wallet on a gambling casino is not true and that is why when we withdraw the fund it takes longer because that crypto did not come from their own wallet.

Topic: Running a casino during crypto crash (Read 7220 times)