Running a casino during crypto crash - page 10.

Stalker22

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Quote from: Darker45 on November 19, 2022, 10:25:39 PM

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But now I'm curious, how many casinos out there can actually provide the funds in the unlikely event that all of their users decide to withdraw? Or how many casinos out there that are also secretly using their players' money for investment or marketing or something else?

I do not know if a serious casino would choose to do this, as it presents too much of a risk.

While it may sound like the best of both worlds, in practice this could be a disaster for any casino that decides to take this path. Casinos have their core business, which is making money from gambling. Using player funds for investments in other ventures is not something they would normally do. However, if they did so, they would need to make sure the investment was safe and profitable. If the casino loses money on its investments, then it will not be able to pay players back their deposits. Therefore, I do not think that this is a very likely scenario, as it could result in the casino going bankrupt.

Fredomago

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Quote from: aioc on November 20, 2022, 06:20:47 AM

You can request new casinos to show their assets, but for old casinos, I don't think they are obliged to show their assets and capability, their so many years of operations just proved that their assets can keep up, and assets are not proofs that the casino will pay their players that won big amounts, they may have it or not but its never a parameter to see if the casino can operate long term.
You cannot even say that my money is safe here because of their assets you can only have money in casinos if you deposited and wins.

For established casinos, they will not be oblige to show their funds it's their business to run and operate for sure they will not ruin the main source of their income, though maybe I can agree that new open casino can show if they've got the money to pay their players in case big wins happen, the bankroll is very important to gain trust from the players, as long as you can really provide then it won't be hard for gamblers to play using your platforms.

Hamphser

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Quote from: triangularsquare on November 19, 2022, 05:36:08 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!!

Others been saying that there are platforms which you could able to see on what is their bankroll and other statistics in regarding on how much they had lost and how much they do earn.Yes, it does really give out that kind of transparency and there might be some platforms who doesnt really show off in terms of their bankrolls but still they are long time running already on this market.We've have several casinos on this market
which is really running up almost a decade without having that need of showing off on how much they are making.Actually its none of our business whether they would be showing those numbers or not.
Important thing on here is that they do give out the best service and been fair on most possible way.We should really bare in mind that house do always win in the end no matter what.
So amidst of pandemic or crrypto crash or something related, they might lost their fiat value but not on that coin amount which we know that potential increase of price is always there.

goldkingcoiner

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Quote from: triangularsquare on November 19, 2022, 05:36:08 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 think if the gambling casinos did not have as much funds as they claim, we would have started seeing people complaining about not being able to withdraw, in other words, the casinos would just freeze withdrawals because there would not be anything for the players to cash out. As far as the old, most reputable casinos are concerned, they would never be dumb enough or greedy enough to try something as foolish as faking funds.

This is something only greedy owners of bad exchanges do. They lend money they do not have to people that will never be able to pay it back. And once people start withdrawing, they start making excuses. Up until the point the truth comes out.

It never ends pretty.

Yogee

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Quote from: PX-Z on November 19, 2022, 07:27:02 PM

Well, so far, never heard a casino get liquidated in every bear market.
Because everytime a user deposits it will remain as it is, 1BTC=1BTC.

There are crypto casinos that already stopped operations. I'm even more confident that there are casinos that downsized or significantly reduced their spendings on promotions and other stuffs as a result of the bear market.

It may be a good idea to show liquidity than just say they have money in their reserves.

Quote

Besides their finance team always know how crypto works for casinos, so converting their crypto holdings to fiat like 40/60 will always be a safe move.

You can't be too sure they know what they're doing.

Wexnident

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Quote from: goaldigger on November 20, 2022, 08:49:20 AM

Casinos seems to be more effective on handling their finances because there's no issue so far with the security and hacking incidents with the casinos, maybe they are using a different system that the hackers can't even know how to get access on that. Publishing their financial status is good as long as the site will remains private and safe from any hacker or abuser. Let's not over panic here and have faith with the top site, most of the top crypto gambling today runs for years already and they have a good reputation already. If in doubt, always play with the best site instead of trying any new or unfamiliar site.

It "seems" to be effective doesn't equate to something wrong never happening imo. It does seem that the idea would work wonders if casinos were to agree. I don't think they have some problems with handling crypto though but if in case there's enough traction that customers would request it I don't think it'd be a problem, as long as it doesn't conflict with the licenses and whatnot that they signed before the business ran.

In the end, it's a matter of what if, and since casinos don't really have a track record of anything big happening when the market crashes(afaik) we don't really have anything to base it on. I am in favor of it though if they want or are pressured by users to do so, even in the case they have some sort of plan or method to avoid damages caused by crashes).

goaldigger

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Quote from: triangularsquare on November 19, 2022, 05:36:08 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 .

Casinos seems to be more effective on handling their finances because there's no issue so far with the security and hacking incidents with the casinos, maybe they are using a different system that the hackers can't even know how to get access on that. Publishing their financial status is good as long as the site will remains private and safe from any hacker or abuser. Let's not over panic here and have faith with the top site, most of the top crypto gambling today runs for years already and they have a good reputation already. If in doubt, always play with the best site instead of trying any new or unfamiliar site.

Alisha-k

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Quote from: rby on November 19, 2022, 06:06:08 PM

This should be more concerned with the new casinos and not so much concerned to old casinos that have been around for some years.
I also think casinos have their reserve rather in stable coins and not any random coins. If they have in btc, they could continue to source operational funds and when the bull comes they will rejoice in x3

It should be a case of concern for both old and new casinos because no casino is 100% immune to bankruptcy, big casinos too go broke if the fail in funds management and been under capitalised. As for Reserves they are mostly kept in stable coin to keep an edge over volatility in crypto and i am not too sure if the are kept in random coins because prices are never steady in crypto.

YOSHIE

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Quote from: triangularsquare on November 19, 2022, 05:36:08 PM

I think its mandatory for gambling sites to show proof of money they are holding in reserves.

indeed, every online casino industry that has just started the main preparation of capital / financial support of the company, apart from licenses and so on, money is one of the factors to convince users to place bets on online gambling sites, all gamblers know this problem.

However, I don't think that every online casino industry should publish their capital here, of course they have rules and laws about what must be published in the media and what is not allowed, For me, if the main goal is to protect and protect users who gamble at certain online casinos, what is certain is that the assessment from the point of view of the casino's trust and responsibility is sufficient and convincing, In my opinion, only those who know the finances of gambling casino companies and some must be protected by law, so that unwanted things do not happen from irresponsible parties.

ethereumhunter

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If the casinos can show proof of the money in their wallets, gamblers can see that the casinos have the money to pay out the winners. And if the casino withholds the payment of winnings to the winners, it will look odd and the winners will need to question the casino. This may be one of the conditions put forward by some gamblers, especially for those who often get wins from several casinos but the casino doesn't pay out the winnings on the pretext that they want to research their account.

aioc

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You can request new casinos to show their assets, but for old casinos, I don't think they are obliged to show their assets and capability, their so many years of operations just proved that their assets can keep up, and assets are not proofs that the casino will pay their players that won big amounts, they may have it or not but its never a parameter to see if the casino can operate long term.
You cannot even say that my money is safe here because of their assets you can only have money in casinos if you deposited and wins.

piebeyb

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Quote from: triangularsquare on November 19, 2022, 05:36:08 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!!

they don't accommodate all gamblers' crypto not to sell it let alone convert their crypto to stablecoin, so what do you think is a loss to see the crashing crypto price, all gamblers play with their crypto and when they withdraw their crypto it's still the same 1 BTC is 1 BTC, so what's different there too, I think with the case of FTX exchange going bankrupt there's no need for a lot of people whining at the casino site to show proof of money owned by the casino site just because of the crashing crypto price, don't equate the casino site with a trading site because obviously it's very different, so understand that in the end the casino will still be fine even if the crypto price crashes

Mr. Magkaisa

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Quote from: decodx on November 19, 2022, 06:13:50 PM

I think all casinos convert cryptocurrencies into stablecoins or fiat immediately after deposit. At least those whose base currency is USD or EUR or some other fiat currency. Those whose primary currency is Bitcoin should keep their reserves also in Bitcoin so that the exchange rate change does not affect their business either. 1 BTC = 1 BTC.

- I think you are right in what you mentioned dude, stablecoins funds are just to keep the good choices they make for these bear market times safe.

And I think there is nothing wrong with that.

Because if they don't hide it in cryptocurrency, its risk volatility is quite high and it won't favor their website platform either. And aside from that they

are also doing something where their players will continue to play using their gambling platform as well.

Poker Player

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Quote from: goinmerry on November 19, 2022, 07:44:46 PM

I really don't care if casinos won't show the proofs of their bankroll.

I do care. After all, I do not want them to use the funds I deposit for a fractional reserve system.

Quote from: goinmerry on November 19, 2022, 07:44:46 PM

After all, as long as they already established a good name, that's worth trying. Reputation does matters to me and there are ways to prove that even not showing their bankroll.

Yeah, well, SBF had an excellent reputation, and so did Madoff in his day, so I prefer proof that my money is safe.

Quote from: goinmerry on November 19, 2022, 07:44:46 PM

After all, these sites won't run for long if they are not financially capable.

Wrong. The Madoff scam lasted more than two decades, so a scam can last a long time.

Saisher

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Quote from: triangularsquare on November 19, 2022, 05:36:08 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!!

This is a good idea but is the industry in panic for them to show their assets and prove that they can keep up, is the situation the exchange and the market is in right now, apply in the gambling industry, the gambling public will not stop gambling the sports bettor will continue to bet whether the market is in bear and in bull compare the gambling industry to other industry that's suffering from the crash.

rodskee

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Quote from: triangularsquare on November 19, 2022, 05:36:08 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 know what is the main concern of this thread but about the showing of Money proof or capital? it is the sites rights to show or not and to players to trust the site or not so this should not be an issue anyway.
casinos had been existing for many years here and players keep on trusting sites, but those noob or greed mostly the victim of scamming.
so it is our responsibility to find which is better casino to play.

Kemarit

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Quote from: triangularsquare on November 19, 2022, 05:36:08 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!!

Some of them have been in the business for maybe around 9-10 years, others are new like 2 years.

However, it's not like this is a exchange wherein you don't know where your money is, in casino's you know that when you lost, your money is going inside of them. And there's no such thing as casino's being liquidated, I haven't heard of casino's losing big time in a day to a gambler. I think this is only applicable to cypto exchange though for me. Casino is a different story, even in offline casinos, those are raking like billions every day.

Darker45

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It's not a bad idea for casinos to try to assure their users that they are doing well by showing proof that they indeed have the money. But, well, there isn't a big call for it right now despite the series of bankruptcies happening in the crypto industry. Is it perhaps because there hasn't really been a crypto casino that experienced some kind of a bank run?

But now I'm curious, how many casinos out there can actually provide the funds in the unlikely event that all of their users decide to withdraw? Or how many casinos out there that are also secretly using their players' money for investment or marketing or something else?

len01

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Quote from: triangularsquare on November 19, 2022, 05:36:08 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 .

for me actually it doesn't really matter (for me).
because a gambling platform site that already has a good reputation, there is no need to doubt how much reserve fund they keep.
maybe you can see from one of the gambling websites that are able to pay for every ad they display at any time and gambling parties are able to pay 1-2 BTC just to pay for advertisements. so there is no need to doubt how much reserve fund they have.

Ps : don't equate a gambling platform with an exchange like FTX

Silberman

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Quote from: triangularsquare on November 19, 2022, 05:36:08 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!!

This would be nice but I think that it is harder for established casinos to get in trouble as their model is different to what we see with exchanges, exchanges get in trouble because now they are doing the same thing banks have been doing and instead of just storing the money of their clients they play with it in the market, and if they lose then the exchange will not take long to collapse, casinos in theory should not be able to do this as you have not give to them such permission, so as long as they are just storing the coins of their clients and not doing anything with them even if the price in fiat of bitcoin went down they will still have enough bitcoin to pay all their clients.

Topic: Running a casino during crypto crash - page 10. (Read 7208 times)