Topic: Running a casino during crypto crash - page 6. (Read 7220 times)
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.
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.
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
I think I somewhat agree with you, but since the op is talking about the running in a lost due to crash , The old one is much more involved in this because they are the ones that got Bitcoin in their portfolio right from when the crash kick started, So not only that doing this will equally show how sincere the old platforms are but also will make the new ones follow suit and comperate, if not none of them will buy the idea if it becomes only targeted on the new ones. 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
remember that 1 bitcoin is 1 bitcoin so what would be the big effect to the market and to the operation?
the success will be there if they are truthful to their plans and target.
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!!
How to? by displaying their bankroll amount in one of the tabs on the website? This can be tricked by showing what is not real or by putting the wallet address where they keep the large funds? This also won't be done by casinos because it means they are like opening their identities to the public and can become the target of hackers, or by using third party services? this will increase their cost of business and will affect the house edge and will not be pleasant for players.There will be more and more accusations created to existing and also new casinos.
Goodluck,Be safe and smart out there!!
Proving their reserves of money is not necessary, because casinos are different from exchanges and events in one sector should not worry about other sectors because all sectors have their own way of working, It's enough to play at a trusted casino, and usually the casinos that are quite well-known on this forum will make an announcement if they want to end their business so that players have time to withdraw their money.
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.
The crash doesn't matter to the crypto casinos. Almost all crypto casinos hold their coin in crypto currencies. If the market crashed, the value of the balance of the users also crash. The casino still holds the same amount of coins, and when the user requests a withdrawal, they still receive the exact amount of their coins. It is only the value that has dropped, but 1 BTC is still 1 BTC. If the casinos convert all the deposits to a stable coin, this will cause an issue for the casino when the market crashes or the price goes up. I think most casinos do show their bankroll. They have mechanisms were you can't win higher than certain percentage to protect the casino from getting wiped.
This very situation can be associated with new casinos and I support the fact that a proof of that their holdings as this will go a long way to their credibility.
The old casinos don't really have to stress over this because they've made it stance and created a niche for themselves already.it isn't actually a necessity for them to show a proof of holding as gambling is already a risky game and one going in should be aware of this before indulging in it.
I really don't think they also invest in crypto coins and I guess their bankroll is always in a rise despite the fact that there might be a big withdrawal along the line but they are always prepared as this isn't the first time crypto is down this bad.
The old casinos don't really have to stress over this because they've made it stance and created a niche for themselves already.it isn't actually a necessity for them to show a proof of holding as gambling is already a risky game and one going in should be aware of this before indulging in it.
I really don't think they also invest in crypto coins and I guess their bankroll is always in a rise despite the fact that there might be a big withdrawal along the line but they are always prepared as this isn't the first time crypto is down this bad.
Those casinos don't invest in crypto coins, so ideally they convert crypto coins to stable coins or fiats regularly. The team members of the casinos must also know well about crypto, probably they are the people who have a lot of experience in crypto industry. They won't be brave to utilize crypto coins in their casinos if they don't know well crypto coins. So, I'm sure they won't experience a decrease in their fund reserve during the bearish period.
Adding to that, these crypto-casinos, especially the big ones know already how to play with the market regardless of the market trend. Specifically referring to their respective bankroll, I'm sure they are always prepared to accommodate any big withdrawals of their users. Besides, since it's gambling, it just makes sense to think that their revenues are just growing every day even at some point, there will be lots of big withdrawals that will happen.
This is not the first time that crypto has experienced a big crash and most gambling sites are already used for that.
Bitcoin's bottom price today is even considered just a dream price before.
I think its mandatory for gambling sites to show proof of money they are holding in reserves
I don't think it is mandatory, but it is good if they want to show proof.I assume they will explain it if you ask the team.
Anyway, don't forget that they didn't force us to gamble on their sites, it is our own intention. So, before we decide to gamble on a certain gambling site, we ideally already checked everything related to the safety to gamble there, including the financial management of the gambling site (including their fund reserve). If everything seems secure enough, you can gamble there. But if it looks unsafety, just leave it and choose another gambling site.
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
Those casinos don't invest in crypto coins, so ideally they convert crypto coins to stable coins or fiats regularly. The team members of the casinos must also know well about crypto, probably they are the people who have a lot of experience in crypto industry. They won't be brave to utilize crypto coins in their casinos if they don't know well crypto coins. So, I'm sure they won't experience a decrease in their fund reserve during the bearish period.
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!!
There will be more and more accusations created to existing and also new casinos.
Goodluck,Be safe and smart out there!!
Many old and trusted casinos already have the option that shows the max bet when we try to bet a huge amount. This determines that the casino won’t go bankrupt when people bet high. So yes if you are playing in a good and reputed casino, then definitely they gonna warn you before you suck their balance. I don’t know about these newly launched casinos. But yes old casinos like Stake and Bitsler they do have these options to see the max bet you can make. Hope this clears your worries OP.
This is because the casino itself is already very big and one of the most reputable out there, and also the measures they have put in place will ensure that a user winning will never cause them to go bankrupt, if a casino like stake ever goes bankrupt, then know that it's not due to user's winnings, but some other problems internally or externally.
So if anyone fears that the casino might not be able to pay their winning if they won big, then just avoid smaller casinos and stick with the big reputable ones.
As long as you're playing with reputable and big casinos with high trust rates, you shouldn't fear that they will experience bankruptcy during the crash. I'm sure that they already know how to deal with every market situation so it isn't a big challenge for them anymore. The possibility of bankruptcy is bigger with small-time casinos with not much experience dealing with the bearish season.
Other casino especially the small ones which didn't get enough solid community to support them maybe they will fail on current bear market crash. But for old reputable casino we shouldn't worry about them since eventhough market drop badly they can still cater since people still the same volume and they can still get huge profit for their business operations.
Casinos don't care. They can hold reserves in any coin they want and most of it is usually self-running with players covering other player wins with their losses. From time to time someone wins big and breaks the bank where the reserves kick in, but in such case the casino can delay your withdrawal. I haven't won something like $100k but I imagine you don't get instant withdrawal with that kind of money.
Beer market is the best. It's a popular thing, especially in Germany and Austria.
That should be by choice, running a casino company in the Beer market is not a compulsory act. But it is by choice. And remember bitcoin will still rise again. So you don't have to discourage gamblers in matters like this. Bitcoin has not devalue itself. 1 BTC is still like that but the only thing that has been changed is the exchange with Fiat.
Beer market is the best. It's a popular thing, especially in Germany and Austria.
Most businesses don't hold big crypto reserves and the fact that most coins are down 60 or 70% doesn't mean a business has to be down this much.
You don't simply buy at the top and hold for a year, they don't do that. Most casinos were on the market before 2020 and they were starting out buying their first coins for less than 20k USD. Also, if someone deposits 1 bitcoin and that bitcoin goes down in spot price the casino doesn't care. A client loses 1 bitcoin and another wins 1 bitcoin and the casino just shuffles same money around holding the same reserves they had years ago as backup.
You don't simply buy at the top and hold for a year, they don't do that. Most casinos were on the market before 2020 and they were starting out buying their first coins for less than 20k USD. Also, if someone deposits 1 bitcoin and that bitcoin goes down in spot price the casino doesn't care. A client loses 1 bitcoin and another wins 1 bitcoin and the casino just shuffles same money around holding the same reserves they had years ago as backup.
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!!
There will be more and more accusations created to existing and also new casinos.
Goodluck,Be safe and smart out there!!
Many old and trusted casinos already have the option that shows the max bet when we try to bet a huge amount. This determines that the casino won’t go bankrupt when people bet high. So yes if you are playing in a good and reputed casino, then definitely they gonna warn you before you suck their balance. I don’t know about these newly launched casinos. But yes old casinos like Stake and Bitsler they do have these options to see the max bet you can make. Hope this clears your worries OP.
This is because the casino itself is already very big and one of the most reputable out there, and also the measures they have put in place will ensure that a user winning will never cause them to go bankrupt, if a casino like stake ever goes bankrupt, then know that it's not due to user's winnings, but some other problems internally or externally.
So if anyone fears that the casino might not be able to pay their winning if they won big, then just avoid smaller casinos and stick with the big reputable ones.
As long as you're playing with reputable and big casinos with high trust rates, you shouldn't fear that they will experience bankruptcy during the crash. I'm sure that they already know how to deal with every market situation so it isn't a big challenge for them anymore. The possibility of bankruptcy is bigger with small-time casinos with not much experience dealing with the bearish season.
continuing on operation since they do know that in every crash, there would be recovery and change of trend.As an owner then you are really that been prepared because
this market is volatile in the first place.You are fully aware that you couldnt really have that fixed revenue if we do talk about fiat value because it would
really be always moving on.
I hardly can imagine that casinos show their actual balance. I think the post was inspired by FTX collapse, is it?
Yes, it's inspired by the situation that FTX has done. It can be applied to casinos to show how much they've got on bankroll and that's to give the confidence from their users if many of them are demanding to show it rightaway. That should be by choice, running a casino company in the Beer market is not a compulsory act.
There are casinos that have voluntarily shown how much they've got in their bankroll and how much was invested to them by their playing investors. Anyway, it's a bear market brother, not beer. 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
I think I somewhat agree with you, but since the op is talking about the running in a lost due to crash , The old one is much more involved in this because they are the ones that got Bitcoin in their portfolio right from when the crash kick started, So not only that doing this will equally show how sincere the old platforms are but also will make the new ones follow suit and comperate, if not none of them will buy the idea if it becomes only targeted on the new ones. 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
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!!
There will be more and more accusations created to existing and also new casinos.
Goodluck,Be safe and smart out there!!
Many old and trusted casinos already have the option that shows the max bet when we try to bet a huge amount. This determines that the casino won’t go bankrupt when people bet high. So yes if you are playing in a good and reputed casino, then definitely they gonna warn you before you suck their balance. I don’t know about these newly launched casinos. But yes old casinos like Stake and Bitsler they do have these options to see the max bet you can make. Hope this clears your worries OP.
This is because the casino itself is already very big and one of the most reputable out there, and also the measures they have put in place will ensure that a user winning will never cause them to go bankrupt, if a casino like stake ever goes bankrupt, then know that it's not due to user's winnings, but some other problems internally or externally.
So if anyone fears that the casino might not be able to pay their winning if they won big, then just avoid smaller casinos and stick with the big reputable ones.
As long as you're playing with reputable and big casinos with high trust rates, you shouldn't fear that they will experience bankruptcy during the crash. I'm sure that they already know how to deal with every market situation so it isn't a big challenge for them anymore. The possibility of bankruptcy is bigger with small-time casinos with not much experience dealing with the bearish season.
There will be more and more accusations created to existing and also new casinos.
Accusations are valid if a casino scams it user and no legit casino would do that in the bitcoin space. I am not sure why some existing casino would ruin their own name and company for some petty cash. Also casinos not being able to pay its players might not happen so easily, because there a often cold wallets that have reserve money in needs of emergencies.Again these are casinos we are talking about, so there is a constant flux of losers who waste their money so the hot wallets keeps getting refilled.
Furthermore, the USD prices of coins have gone down meaning buying more bitcoins per USD is possible, thus making bitcoin or other coins cheap.
Keeping all these things in mind, it would take a lot more to make the casinos go dry.
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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!!
There will be more and more accusations created to existing and also new casinos.
Goodluck,Be safe and smart out there!!
Many old and trusted casinos already have the option that shows the max bet when we try to bet a huge amount. This determines that the casino won’t go bankrupt when people bet high. So yes if you are playing in a good and reputed casino, then definitely they gonna warn you before you suck their balance. I don’t know about these newly launched casinos. But yes old casinos like Stake and Bitsler they do have these options to see the max bet you can make. Hope this clears your worries OP.
This is because the casino itself is already very big and one of the most reputable out there, and also the measures they have put in place will ensure that a user winning will never cause them to go bankrupt, if a casino like stake ever goes bankrupt, then know that it's not due to user's winnings, but some other problems internally or externally.
So if anyone fears that the casino might not be able to pay their winning if they won big, then just avoid smaller casinos and stick with the big reputable ones.
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!!
There will be more and more accusations created to existing and also new casinos.
Goodluck,Be safe and smart out there!!
Many old and trusted casinos already have the option that shows the max bet when we try to bet a huge amount. This determines that the casino won’t go bankrupt when people bet high. So yes if you are playing in a good and reputed casino, then definitely they gonna warn you before you suck their balance. I don’t know about these newly launched casinos. But yes old casinos like Stake and Bitsler they do have these options to see the max bet you can make. Hope this clears your worries OP.
That should be by choice, running a casino company in the Beer market is not a compulsory act. But it is by choice. And remember bitcoin will still rise again. So you don't have to discourage gamblers in matters like this. Bitcoin has not devalue itself. 1 BTC is still like that but the only thing that has been changed is the exchange with Fiat.
lol bitcoin growth has nothing to do with gambling running in crash because remember that there are lot of coins that is accepted in crypto gambling site nowadays and not just bitcoin.though the effect might be different but still there are several choices gamblers can use in this matter,
but indeed that it is depend on how they wanted to push either in bear or bull.
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