Running a casino during crypto crash - page 5.

bitvalak

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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!!

It is tantamount to forcing regulation for the casino. Casino is basically a game, it's up to us to take it or leave it.
After all, they don't need to show how much total funds they hold just for proof. Just give confidence to users that they can be trusted by being able to pay if the user wins.

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Quote from: madnessteat on November 25, 2022, 12:18:09 PM

It seems to me that today you will not find a single online casino that would provide financial reports to their users, and not every casino will agree to do it for security reasons. Of course you can demand it from the casino but not the fact that they will do it.

Most Casino does not reveal who their owner is, what more their financial statement. I think we need a court order in order for a casino to show us their financial statement and proof of fund but I believe it will need a good reason for the court to grant our wishes.

Quote from: madnessteat on November 25, 2022, 12:18:09 PM

As far as I know Vitalik Buterin proposed recently to develop mechanisms that would be able to confirm the financial component without the need to publish addresses where the funds are stored.

This is quite interesting, somehow I am curious to see how this plan works and if the company will adopt this plan in order for the public to know their financial capability. As much as I like the idea I believe only a few followers of Butering will adopt this plan.

Quote from: Finestream on November 25, 2022, 03:44:10 PM

Casinos will definitely have their own significant amount of bankroll value, otherwise they cannot stand alone and continue to operate because of lack of funds. But knowing the house will always win, then it’s impossible to see casinos losing their high amount of bankroll value. Even if the market is in a crash, I don’t think that will affect the casinos because as what I have noticed, gamblers never stop playing and they still bet with good amount.

That should be, Casino must have a reserved fund to support the withrawals of their players especially the big one, but sadly not all casino has the reserve to process high withdrawal. If we look around the forum, we can encounter several cases where the casino failed to give the amount withdrawn by the player due to lack of funds.

madnessteat

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Quote from: Finestream on November 25, 2022, 03:44:10 PM

^

I think that cryptocurrency casinos don't keep all funds in volatile cryptocurrencies like Bitcoin or Ethereum. They keep some of the funds in Stablecoins, because some users only use them.

So what happens when one or several users who play only with stabelcoins win big money? The possibility still exists that the casino will be left without stabelcoins, so it might be necessary to convert the Bitcoin or Ethereum into stabelcoins.

Therefore, the ups and downs of the cryptocurrency market affect cryptocurrency casinos.

Finestream

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Quote from: KennyR on November 19, 2022, 06:03:48 PM

In all means the casinos have its edge. This brings them specific percentage to the house. Depending on the market the bankroll value varies. The market crash won't cause any downturn. Just an assumption, a gambler spends 0.1BTC when the market is at its peak. The same gambler spends 0.1BTC when the market is at its downturn. Will this hurt the house in any means.

Casinos will definitely have their own significant amount of bankroll value, otherwise they cannot stand alone and continue to operate because of lack of funds. But knowing the house will always win, then it’s impossible to see casinos losing their high amount of bankroll value. Even if the market is in a crash, I don’t think that will affect the casinos because as what I have noticed, gamblers never stop playing and they still bet with good amount.

Fredomago

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Quote from: Jating on November 25, 2022, 09:06:47 AM

Probably the big question is that, we do have whales here that they might see issue with the casino that they are playing because they are not showing proof of reserves.

I'm not ordinary gambler, not risking huge amount of money and so I was paid by casino's that I played instantly. But if we hear the thoughts of whales, who's betting 5,6 or even 7,8 figures, they might fine it hard and probably asked questions about the casino that they are playing. But this is just my thoughts. And so it all boils down as whether you trust your favorite casinos or not.

That counts, there are whales who also have that same sentiment but again it will ends up with how they trust the site that they are using for their gambling activities, most of the time those heavy gamers are stuck with the site that they choose to play, some might like the platforms or the perks that they are getting while others are trully trusting the site no matter what.

Quote from: livingfree on November 25, 2022, 10:42:17 AM

Quote from: Fredomago on November 24, 2022, 07:12:30 PM

Quote from: livingfree on November 24, 2022, 05:04:38 PM

This is what everyone can do. Look for one that you trust whether they will show you records and reports or not.

Play on the casino that you truly trust, even they are not showing their bankroll but they are facilitating it right and you don't see major problem in terms of withdrawals, there are many established casino sites that you can choose around, they are not showing their funds but they don't have complaints that really affects the business.

Though complaints are always presents from every side, but as long as the site is good at working on it and try to address the problem, gamblers will keep coming back and play.

Yeah, there's no need to demand such information when they're doing a pretty solid job with their casino. Like with the customer service that you don't use at most times because they're not giving you an headache to contact them.

Every transaction that you do is smooth and there's no need to contact them whenever you're withdrawing your money from them. That's what we're talking about to gamble and play with the casino that you're satisfied with.

They may have nothing to show you about this specific record but they never fail to provide the best experience that you may get to them.

As long as transactions are being done the same way it was, then there's nothing to worry about not showing the entire bankroll, casino owners have that option whether to go this far in showing what they've got or they will reserve it and let the business run without any hesitations in providing the gamblers withdrawal attempts in every legal way.

madnessteat

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Quote from: Cling18 on November 24, 2022, 04:51:17 PM

Quote from: madnessteat on November 24, 2022, 03:34:22 PM

Quote from: harizen on November 24, 2022, 02:51:23 PM

Quote from: madnessteat on November 24, 2022, 06:18:59 AM

I don't think that regular reports on the financial condition of casinos are relevant today. This information can only be useful for regulators and the IRS. For an ordinary user it does not give any guarantees, because funds can be moved in a few hours, and in cryptocurrencies in a few minutes. That is why I think that all this does not bring any benefit to the average user, but it gives competitors quite serious leverage.

OP might be worried that in case of his big winnings, his withdrawal won't be accommodated.

Kidding aside, maybe it was because and related to the FTX drama.

However, we can't apply the situation to gambling sites at some point. That's why as always if it's about putting up "trust" and concern about their financial status regardless of the trend, then just play with those big sites that now reached being reputable sites as likely, bankruptcy won't likely happen or in such a situation that it really happened, the site should be supposed to have a good exit scam.

Any business can go bankrupt and no one is immune from this and all procedures are provided for bankruptcy in the law. If you are afraid of losing money in a casino, just gamble with your friends. Otherwise, take all possible risks on yourself. As I said before the provision of financial statements to prevent bankruptcy of the company will not help because it is a business affected by world problems and if tomorrow starts World War III nobody needs these reports, as well as the money in the casino accounts.

We need transparency during this situation to have an assurance that our funds will still be safe and the casino will be able to pay their players accordingly but I don't think they could easily provide financial statements that easily.
If that's the case, it will be bettee if we'll look for a more reliable casino site in which we'll have a better assurance that it would have a stronger foundation against the bearish season.

It seems to me that today you will not find a single online casino that would provide financial reports to their users, and not every casino will agree to do it for security reasons. Of course you can demand it from the casino but not the fact that they will do it.

As far as I know Vitalik Buterin proposed recently to develop mechanisms that would be able to confirm the financial component without the need to publish addresses where the funds are stored.

pawanjain

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Quote from: KennyR on November 19, 2022, 06:03:48 PM

In all means the casinos have its edge. This brings them specific percentage to the house. Depending on the market the bankroll value varies. The market crash won't cause any downturn. Just an assumption, a gambler spends 0.1BTC when the market is at its peak. The same gambler spends 0.1BTC when the market is at its downturn. Will this hurt the house in any means.

It depends on which pair the gambler is considering to use the money. If the gambler wants to play with $100 at current price it would cost him around 0.006 BTC.
If the gambler wants to play with $100 at ATH price of $69k then it would just cost him around 0.00144 BTC.
So it all depends on whether he is considering BTC pair or USD pair when it comes to gambling.

ethereumhunter

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Quote from: Jating on November 25, 2022, 09:06:47 AM

Probably the big question is that, we do have whales here that they might see issue with the casino that they are playing because they are not showing proof of reserves.

I'm not ordinary gambler, not risking huge amount of money and so I was paid by casino's that I played instantly. But if we hear the thoughts of whales, who's betting 5,6 or even 7,8 figures, they might fine it hard and probably asked questions about the casino that they are playing. But this is just my thoughts. And so it all boils down as whether you trust your favorite casinos or not.

And when we play with a lot of money, of course, we already know that the casino where we play has a lot of money so they won't have problems with their funds. And suppose market conditions are still like today. In that case, casinos can still operate, especially casinos that are already well-known, because they will be able to use the opportunity to attract gamblers, regardless of market conditions. Whales who often play in big casinos must also be able to calculate when they have to leave the casino and move to another casino because I'm sure whales must have another favorite casino as a place to play gambling.

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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 ,

Man, what the fuck you really think about 'em sites? I mean, what's prompted you to say this? Because FTX lost their strength and went bankrupt? So you're accrediting the same mis-hap to casinos? If not, what exactly inspired you on that? Hmmm
Do you really expect casinos to give records on how they managed their resources? Just so you'd be convinced that they're not gonna fold up?... You're pretty sentimental because you think that the reduction of their assert value in crypto is really gonna affect them drastically and they'll never be able to cope, at some point? Lemme make you understand something real; all this casinos have this "risk management strategy", that could help minimize losses.... So I'm not really seeing them fold up.

Sandra 💇

livingfree

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Quote from: Fredomago on November 24, 2022, 07:12:30 PM

Quote from: livingfree on November 24, 2022, 05:04:38 PM

This is what everyone can do. Look for one that you trust whether they will show you records and reports or not.

Play on the casino that you truly trust, even they are not showing their bankroll but they are facilitating it right and you don't see major problem in terms of withdrawals, there are many established casino sites that you can choose around, they are not showing their funds but they don't have complaints that really affects the business.

Though complaints are always presents from every side, but as long as the site is good at working on it and try to address the problem, gamblers will keep coming back and play.

Yeah, there's no need to demand such information when they're doing a pretty solid job with their casino. Like with the customer service that you don't use at most times because they're not giving you an headache to contact them.

Every transaction that you do is smooth and there's no need to contact them whenever you're withdrawing your money from them. That's what we're talking about to gamble and play with the casino that you're satisfied with.

They may have nothing to show you about this specific record but they never fail to provide the best experience that you may get to them.

Jating

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Quote from: Fredomago on November 24, 2022, 07:12:30 PM

Quote from: livingfree on November 24, 2022, 05:04:38 PM

Quote from: Cling18 on November 24, 2022, 04:51:17 PM

We need transparency during this situation to have an assurance that our funds will still be safe and the casino will be able to pay their players accordingly but I don't think they could easily provide financial statements that easily.

They wouldn't provide it, that thing could even be used against them if someone tries to put pressure on them.

That's a sensitive document that they won't let someone see it. Even you're an avid customer of them, they just can't unless in some cases they'll allow it and you're one of their most loyal and biggest gambler that has wagered a lot to them.

Quote from: Cling18 on November 24, 2022, 04:51:17 PM

If that's the case, it will be bettee if we'll look for a more reliable casino site in which we'll have a better assurance that it would have a stronger foundation against the bearish season.

This is what everyone can do. Look for one that you trust whether they will show you records and reports or not.

Play on the casino that you truly trust, even they are not showing their bankroll but they are facilitating it right and you don't see major problem in terms of withdrawals, there are many established casino sites that you can choose around, they are not showing their funds but they don't have complaints that really affects the business.

Though complaints are always presents from every side, but as long as the site is good at working on it and try to address the problem, gamblers will keep coming back and play.

Probably the big question is that, we do have whales here that they might see issue with the casino that they are playing because they are not showing proof of reserves.

I'm not ordinary gambler, not risking huge amount of money and so I was paid by casino's that I played instantly. But if we hear the thoughts of whales, who's betting 5,6 or even 7,8 figures, they might fine it hard and probably asked questions about the casino that they are playing. But this is just my thoughts. And so it all boils down as whether you trust your favorite casinos or not.

Fredomago

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Quote from: livingfree on November 24, 2022, 05:04:38 PM

Quote from: Cling18 on November 24, 2022, 04:51:17 PM

We need transparency during this situation to have an assurance that our funds will still be safe and the casino will be able to pay their players accordingly but I don't think they could easily provide financial statements that easily.

They wouldn't provide it, that thing could even be used against them if someone tries to put pressure on them.

That's a sensitive document that they won't let someone see it. Even you're an avid customer of them, they just can't unless in some cases they'll allow it and you're one of their most loyal and biggest gambler that has wagered a lot to them.

Quote from: Cling18 on November 24, 2022, 04:51:17 PM

If that's the case, it will be bettee if we'll look for a more reliable casino site in which we'll have a better assurance that it would have a stronger foundation against the bearish season.

This is what everyone can do. Look for one that you trust whether they will show you records and reports or not.

Play on the casino that you truly trust, even they are not showing their bankroll but they are facilitating it right and you don't see major problem in terms of withdrawals, there are many established casino sites that you can choose around, they are not showing their funds but they don't have complaints that really affects the business.

Though complaints are always presents from every side, but as long as the site is good at working on it and try to address the problem, gamblers will keep coming back and play.

SirLancelot

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Quote from: Betwrong on November 24, 2022, 06:17:38 AM

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 . ~

Gambling site is not a bank, nor it is an exchange. Most gamblers, more than 90% of them, deposit on a gambling platform only what they can afford to lose. They are not like "The more money I invest in it, the more profit I will get." Only sick people think that way, only so called "problem gamblers" see gambling as some sort of a business, and, fortunately, there's less than 10% of them among gamblers. So, can it be mandatory for gambling sites to show proof of money to those people, to problem gamblers? I don't think so. Those people need professional medical treatment rather than "proof of money", something that will likely only worsen their condition.

That is true for some but I think there are some who bets more than what they can afford because this is gambling man and it is addicting or someone will get annoyed when they lose so they will try to deposit again in the hopes of recovery. Also there are gambling sites that can work like a bank or an exchange where they allow gamblers to invest money on them.

If you are a gambler whose aim is to make profit, you believe that the more capital you have the more your chances of winning because you can be able to spin more and there are cases where big multipliers came out the longer you play the game. This is why showing proof of money is necessary.

Fatunad

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Quote from: madnessteat on November 24, 2022, 03:34:22 PM

Quote from: harizen on November 24, 2022, 02:51:23 PM

Quote from: madnessteat on November 24, 2022, 06:18:59 AM

I don't think that regular reports on the financial condition of casinos are relevant today. This information can only be useful for regulators and the IRS. For an ordinary user it does not give any guarantees, because funds can be moved in a few hours, and in cryptocurrencies in a few minutes. That is why I think that all this does not bring any benefit to the average user, but it gives competitors quite serious leverage.

OP might be worried that in case of his big winnings, his withdrawal won't be accommodated.

Kidding aside, maybe it was because and related to the FTX drama.

However, we can't apply the situation to gambling sites at some point. That's why as always if it's about putting up "trust" and concern about their financial status regardless of the trend, then just play with those big sites that now reached being reputable sites as likely, bankruptcy won't likely happen or in such a situation that it really happened, the site should be supposed to have a good exit scam.

Any business can go bankrupt and no one is immune from this and all procedures are provided for bankruptcy in the law. If you are afraid of losing money in a casino, just gamble with your friends. Otherwise, take all possible risks on yourself. As I said before the provision of financial statements to prevent bankruptcy of the company will not help because it is a business affected by world problems and if tomorrow starts World War III nobody needs these reports, as well as the money in the casino accounts.

There's no exemption to that and there would really be those situations where a business could potentially be bankrupt and it would really be depending on different angles or scenarios on which a business could potentially experienced upon.Running a casino during a crypto crash wont really be that much of an issue as long there are people who would be playing or staying up on your site.
We've seen on that pandemic situation where there are lots who had been still able to survive.Same goes on bearish market since these platforms could still earn or make money.
They might be losing up fiat value on their revenue but it wont really be that much of an issue since they could still opt on holding their assets or coins.

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Quote from: madnessteat on November 24, 2022, 06:18:59 AM

I don't think that regular reports on the financial condition of casinos are relevant today. This information can only be useful for regulators and the IRS. For an ordinary user it does not give any guarantees, because funds can be moved in a few hours, and in cryptocurrencies in a few minutes. That is why I think that all this does not bring any benefit to the average user, but it gives competitors quite serious leverage.

Op really need to so do small research on this so that he can understand how all these works. Have we ever thought how campaign managers pay there participants especially when the crypto market falls and they are holding large amount of the campaign fund in there possession. They normally convert the fund to a stable coin most time so that the fluctuation of Bitcoin will not have any effect on the value of the fund. This is done most time to protect the value of the fund especially when the crypto market is not stable.

livingfree

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Quote from: Cling18 on November 24, 2022, 04:51:17 PM

We need transparency during this situation to have an assurance that our funds will still be safe and the casino will be able to pay their players accordingly but I don't think they could easily provide financial statements that easily.

They wouldn't provide it, that thing could even be used against them if someone tries to put pressure on them.

That's a sensitive document that they won't let someone see it. Even you're an avid customer of them, they just can't unless in some cases they'll allow it and you're one of their most loyal and biggest gambler that has wagered a lot to them.

Quote from: Cling18 on November 24, 2022, 04:51:17 PM

If that's the case, it will be bettee if we'll look for a more reliable casino site in which we'll have a better assurance that it would have a stronger foundation against the bearish season.

This is what everyone can do. Look for one that you trust whether they will show you records and reports or not.

Cling18

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Quote from: madnessteat on November 24, 2022, 03:34:22 PM

Quote from: harizen on November 24, 2022, 02:51:23 PM

Quote from: madnessteat on November 24, 2022, 06:18:59 AM

I don't think that regular reports on the financial condition of casinos are relevant today. This information can only be useful for regulators and the IRS. For an ordinary user it does not give any guarantees, because funds can be moved in a few hours, and in cryptocurrencies in a few minutes. That is why I think that all this does not bring any benefit to the average user, but it gives competitors quite serious leverage.

OP might be worried that in case of his big winnings, his withdrawal won't be accommodated.

Kidding aside, maybe it was because and related to the FTX drama.

However, we can't apply the situation to gambling sites at some point. That's why as always if it's about putting up "trust" and concern about their financial status regardless of the trend, then just play with those big sites that now reached being reputable sites as likely, bankruptcy won't likely happen or in such a situation that it really happened, the site should be supposed to have a good exit scam.

Any business can go bankrupt and no one is immune from this and all procedures are provided for bankruptcy in the law. If you are afraid of losing money in a casino, just gamble with your friends. Otherwise, take all possible risks on yourself. As I said before the provision of financial statements to prevent bankruptcy of the company will not help because it is a business affected by world problems and if tomorrow starts World War III nobody needs these reports, as well as the money in the casino accounts.

We need transparency during this situation to have an assurance that our funds will still be safe and the casino will be able to pay their players accordingly but I don't think they could easily provide financial statements that easily.
If that's the case, it will be bettee if we'll look for a more reliable casino site in which we'll have a better assurance that it would have a stronger foundation against the bearish season.

madnessteat

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Quote from: harizen on November 24, 2022, 02:51:23 PM

Quote from: madnessteat on November 24, 2022, 06:18:59 AM

I don't think that regular reports on the financial condition of casinos are relevant today. This information can only be useful for regulators and the IRS. For an ordinary user it does not give any guarantees, because funds can be moved in a few hours, and in cryptocurrencies in a few minutes. That is why I think that all this does not bring any benefit to the average user, but it gives competitors quite serious leverage.

OP might be worried that in case of his big winnings, his withdrawal won't be accommodated.

Kidding aside, maybe it was because and related to the FTX drama.

However, we can't apply the situation to gambling sites at some point. That's why as always if it's about putting up "trust" and concern about their financial status regardless of the trend, then just play with those big sites that now reached being reputable sites as likely, bankruptcy won't likely happen or in such a situation that it really happened, the site should be supposed to have a good exit scam.

Any business can go bankrupt and no one is immune from this and all procedures are provided for bankruptcy in the law. If you are afraid of losing money in a casino, just gamble with your friends. Otherwise, take all possible risks on yourself. As I said before the provision of financial statements to prevent bankruptcy of the company will not help because it is a business affected by world problems and if tomorrow starts World War III nobody needs these reports, as well as the money in the casino accounts.

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Quote from: madnessteat on November 24, 2022, 06:18:59 AM

I don't think that regular reports on the financial condition of casinos are relevant today. This information can only be useful for regulators and the IRS. For an ordinary user it does not give any guarantees, because funds can be moved in a few hours, and in cryptocurrencies in a few minutes. That is why I think that all this does not bring any benefit to the average user, but it gives competitors quite serious leverage.

OP might be worried that in case of his big winnings, his withdrawal won't be accommodated.

Kidding aside, maybe it was because and related to the FTX drama.

However, we can't apply the situation to gambling sites at some point. That's why as always if it's about putting up "trust" and concern about their financial status regardless of the trend, then just play with those big sites that now reached being reputable sites as likely, bankruptcy won't likely happen or in such a situation that it really happened, the site should be supposed to have a good exit scam.

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Quote from: Fundamentals Of on November 23, 2022, 10:27:49 PM

I guess there is no urgent reason for crypto casinos to do this because things are running smoothly so far, or so it looks like. I have heard of no incident whatsoever involving a crypto casino that has either frozen withdrawals of funds or has admitted insolvency. So I think there is no precedent that would cause gamblers to aggressively call out crypto casino platforms to provide proof of reserves. But will take only one case of withdrawal freezing or bankrupt casino because of insolvency for gamblers to demand this.

Maybe some casinos admit to going bankrupt but we only hear about it now because there are so many casinos out there that we don't know about.
If we can pay close attention to what is happening at the casino, we might find out whether the casino is starting to go bankrupt or is still able to run its business well.
If there is a problem with freezing withdrawals for a while, it doesn't mean that the casino is going bankrupt but because it is undergoing an overhaul of its system.
But if one or two people have their accounts frozen, maybe it's because there is suspicion from the casino that they need to investigate the account.

Topic: Running a casino during crypto crash - page 5. (Read 7208 times)