Running a casino during crypto crash - page 8.

ethereumhunter

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Quote from: Desmong on November 21, 2022, 06:05:14 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!!

There is not way they will be running on loses because they have a system that covers tokens and coin into stable coins with little holdings in case there are some customers that will to make some withdrawal either in Bitcoin or in other stable coins. Converting helps casinos not to run into loses because the market can be very volatile without not signal.

The casino did suffer a loss because many gamblers could win so much money that the casino couldn't pay them. But that will not happen if the casino has or can manage its finances properly, so even though market conditions are volatile, the casino will not be affected by anything. It is important that if there are still many gamblers coming to their casino, the casino will surely benefit wherever the market moves. But if gamblers used to playing in their casinos have started to wane, the casinos may slowly lose their profits and start experiencing losses.

swogerino

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It is no different than running a casino during the bull run,in fact it is much better to run it at such times when the price of Bitcoin and cryptocurrencies are down so people are not that afraid to spend their cryptocurrencies while in the bull run we have seen less people playing less money because of the value these cryptocurrencies which was great at a bull run.

I don't think verification is something we should be worried regarding their wallet/s as long as they keep paying customers and even huge amounts,also have their ANN thread here full of positive feedback there is nothing to worry about.

Apocollapse

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Do you think the casino who show their bankroll to public are real? it's just a number and the developer can change it whenever they want. Since there's nothing we can able to verify if the casino has such bankroll, it's useless. Except the casino show their hot wallet address and sign a message, we can verify it, but there's no casino will do it since this just wasting their time.

Casino is different with centralized exchange, casino will get more profit since the house edge is big at least 5% and they also charge withdrawal fees.

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Quote from: triangularsquare on November 19, 2022, 05:15:38 PM

Quote from: passwordnow on November 19, 2022, 04:53:17 PM

Check the casino's tabs and pages and see if they're showing how much they've got in their bankroll. Some casinos and dice sites do this and if you're not satisfied with the current one that doesn't show it to you then leave them. They don't have the obligation to show how much they've got especially the reputable ones because we know how huge they are. I think it's not a matter to me as long as I know where I am gambling and I have an idea about the track record of the casino. Btw, this topic should be on Gambling Discussion.

Passwordnow, no I disagree with you on this especially with the big gambling sites, I think they should do this . Imagine an exchange as big as FTX were just holding most of the users funds and they couldn't even afford 50% of them to withdraw causing a domino effect . During this time millions of cryptonians withdrew their money from different exchanges causing them to halt or squeeze budgets , what makes a casino with a "Curaçao" licence any special ?

FYI, casinos and exchanges are different in operational and since you're talking about casino they are making more money than the rewards if its successful casino which means they should have enough money to pay unless exchanges which usually invest the deposited funds into their other companies and many more.

Casinos may also do the same that is why the reputation and user experience should be in your priority while picking a casino and if they're struggling to pay someone won huge then its a one to avoid.

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You are underestimating how much profit the online Crypto casinos are making. Most of the deposits and the bet amounts are also adjusted with the current Crypto price, so they are not even feeling the impact of the crash.

Also, remember that most of the coin balances are only an entry on their internal database... so they can basically hold USDT or some other stable coin... and just convert some of that to their hot wallet, when needed for withdrawals.

They can even convert some of the coins into Fiat currencies... deposit it into a Bank and receive interest on that money. We will never know, what they do with their whole Bankroll. Roll Eyes

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Quote from: btc78 on November 21, 2022, 09:38:33 PM

Quote from: len01 on November 19, 2022, 09:17:23 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 .

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 he is referring to the new sites , to broadcast their funds before starting a business .

they are truly good site specially those who we are playing but those new one? they are the one in question here.

Quote

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

remember that there are also sites that spending even more than 1-2 bitcoin but a proven scammer.

Even old gambling sites with good reputation are at risk of bankruptcy if owners would be negligent with the casinos fund. If casinos would offer to show theirs with proofs then they are free to do som As other have mentioned, people are worried because of what happened recently. But I think casinos should not be mandated to do so. Those are confidential in the first place. If it is just assurance, casinos should more pushed a waiver or contract between house and players upon registration or after each deposit which will make it balance to both parties if ever something unexpected will happen to their money, depending who's at fault or such.

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Quote from: len01 on November 19, 2022, 09:17:23 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 .

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 he is referring to the new sites , to broadcast their funds before starting a business .

they are truly good site specially those who we are playing but those new one? they are the one in question here.

Quote

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

remember that there are also sites that spending even more than 1-2 bitcoin but a proven scammer.

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Quote from: fortunecrypto on November 19, 2022, 05:06:01 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!!

That would be a good idea but I don't think the majority of casinos would like to show their assets some casinos would like to have an edge in the market and will try to manipulate it, it will become a battle on who has the most reserve or assets when it should have been on reputation, you can easily check casinos capability to pay based on their winners' winning many casinos have this on their page, as long as they are paying their winners they are good to go, and as long as there are no pending complaints about nonpayment.
But I love to see a casino start this trend.

Indeed, most of the casinos out there would not want to disclose any information about their reserves and I don't think they are required to do so just becuase the market is down.

Also, the more that the casinos has much more reserves and assets to pay off their users winnings the more it's trustworthiness and reputation gets better as no one would like to have any issue with their withdrawal.

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Quote from: Slow death on November 21, 2022, 05:01:38 AM

Quote from: o48o on November 19, 2022, 06:45:53 PM

OP is right, I saw that most people are saying things like: "I don't care because the casino has been on the market for a long time and they are reliable" but actually what OP is saying is something very serious and he should be implemented by all casinos, for example: if a casino states that it has 20 million dollars in reserve (this money will no longer be included in the casino expenses), that means that people could follow it closely whenever that value oscillate (increase or decrease) and this guarantees that customers will have money to withdraw because the casino's finances are healthy, if for example there is a scam accusation in which someone complains that he is not managing to withdraw 5000$ all people will see that the casino has money to pay so the case is not about the casino not having money to pay, there may be another reason

You must have misunderstood me, i was talking about the exchange aspect. Casinos don't have such bank runs because people can't just deposit an altcoin and try to withdraw it as something else after they shorted it. And they don't use their own token as collateral like FTX. Users can only withdraw the currency what they deposit. Crash doesn't affect their monetary system as they don't have leveraged trading so they don't need extra usdt for trading.

Also casinos have a trust system in here.
And we are talking about multi million dollar businesses. 5k is nothing to them, if it would be, there wouldn't be much users in there anyway. That's why we are asking for real proof of someone getting scammed. Because withdrawal issues would happen to several people if they would happen. I can't see any sane reason for casino singling one player out for petty $5k and risking their whole business that way.

Desmong

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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!!

There is not way they will be running on loses because they have a system that covers tokens and coin into stable coins with little holdings in case there are some customers that will to make some withdrawal either in Bitcoin or in other stable coins. Converting helps casinos not to run into loses because the market can be very volatile without not signal.

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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 never give it a second thought, but perhaps centralized exchanges function differently from casinos. People keep money in centralized exchanges as non-custodian for safety; depending on the level of trust a user has in the exchange, they may keep it there for months or even years. On the contrary, gambling just requires a deposit, play, and withdrawal of winnings.

I'm not sure how casinos truly operate behind the scenes with regulators and their licenses, but if they ever manage to secure the consent of a nation to permit its players to play, they should verify these things but may choose to withhold them from the general public for security concerns. Thus, If a casino fails, it will have little or no effect on the bitcoin price, unlike exchanges.

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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!!

Good idea. I do trust the casinos more that have been through bear markets in the past compared to the new ones. This is an awful time to be at new casinos with everything that was caused by the FTX situation.

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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 .

I don't actually get your major highlight here, are you suggesting that crypto casinos shouldn't be in operation during market crash just as like the one we are in currently? you will need to understand that casinos are out to make their own business regardless of the current price with bitcoin since you're only paying them for the gambling services rendered and that does not in any way contribute to the volatility with price, and talking about proof of money, I don't know the measure you could take to ascertain this because this can also be manipulated.

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Quote from: rendravolt on November 21, 2022, 07:12:49 AM

So far, I have never heard of casinos having financial problems, correct me if I'm wrong. But the OP seems to want to equate the financial problems of post-market crash exchanges from FTX with casinos. So far I have bet on various casino sites, withdrew the results of the bet and had no problems with it. But the opinions of people here are very diverse and all are free to have an opinion. So transparency of backup evidence from the casino is needed or not, I'm not really worried.

I think even if there is transparency, if the casino gets to experience financial breakdown or bankruptcy, then it will eventually be forced to close. But this is just rare to happen as most of the casinos have huge financial bankroll reserve, enough to cater even the jackpot winnings of their customers. So even if there is crypto crash, casinos will be able to maintain their high bankroll, without controlling the finances of their gamblers.

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Quote from: uneng on November 21, 2022, 10:20:10 AM

...

Casinos, like any other business, have expenses. At some point they will need to spend from the coins deposited by their customers to cover the cost of those expenses. Therefore, the market volatility will not be a problem for them only if the profit they make is enough to pay their bills.
Anyway, I believe casinos don't keep all their customers' coins as it is. They surely exchange part of it to fiat.

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Quote from: goaldigger on November 20, 2022, 07:49:20 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.

I think that is because casino often updates their website and this includes tightening their security. That is what I observed on some casinos that I visit regularly that they often do a maintenance. It makes sense because casino sites have lots of traffic.

You know the people, they always love to gamble to get entertained and try their luck in hopes of winning money. Hacking can happen but casinos can respond quickly making the hacker caught out and funds will be easily recovered and returned to their rightful owners. There is a thing that you didn't mention and that is scamming. I think this one is more prone but can be easily dodge by checking the review of the casino.

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Quote from: piebeyb on November 21, 2022, 10:09:47 AM

Quote from: arwin100 on November 21, 2022, 04:58:21 AM

Quote from: piebeyb on November 21, 2022, 04:01:21 AM

Quote from: Don Pedro Dinero on November 21, 2022, 01:05:01 AM

I'm not worried either, there are casinos on the forum that were already up and running in the previous crypto crash, and they are still there.

there are some crypto casinos that have been around for a long time maybe how many times have they missed crypto crashes too they should have gone bankrupt if their casino was impacted just because of the crypto crashes caused from recent FTX issues floating around, OP doesn't know about the cases of Mtgox, Bitfinex and some Exchange sites that get hacked and crash cryptos, there's nothing to bankrupt a casino on, so there's no need to worry about crypto crashes

They only go bankrupt if they sell their holdings but if they still continue to use it for business operation then there's no losing will happen since they can still get 1:1 ratio per costumers bet used. Successful casino knows how to interact with this since they already how to handle the market and they can still get the same profit for new bets used by costumer so the only thing they need to do is not to sell their old balances which has been stored on their hot wallets.

1 BTC equals 1 BTC it won't change unless it's valued in fiat currency, but when people make deposits with their crypto for example 1 BTC and they withdraw BTC it won't affect either even if the value is different, unless the casino makes crypto from their users being fiat I think that will impact also if the crypto market crashes so I think also the casinos that have been around for a long time now know how to deal with crypto crashes because they have certainly been through that before and have survived to this day, moreover, of course, they have held a lot of crypto for a long time when crypto prices were cheap and they kept it in their hot wallets

That is right. As long as casinos respect users' balances it will be fine. If a gambler deposits 1 bitcoin, the casino must keep 1 bitcoin on their bankroll respective to that gambler's deposit. In case bitcoin devalued 65%, it affects not only the house, but also the gambler. Everyone lost 65% of their holdings' value, not solely the casino, therefore it's inaccurate to say a gambling company is going to bankrupt for this reason.

What the casino can't do is to receive a deposit in BTC and convert it to Shiba Inu or any other cryptocurrency (and even fiat) right after.

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Quote from: noorman0 on November 21, 2022, 09:55:47 AM

Is it really necessary to indicate where the casino keeps the user's deposit money? In fact gamblers can lose money on games without the casino doing anything with those reserves. And they can also adjust some conditions like max win if they want to maintain liquidity.

The first rule, more than the exchange, the casino is not a place to keep money.

yes, that's right, the casino would not be a place to keep the money. this is a place to spend your money. but in my opinion, the bottom line is like capital from bookies that maybe should be published. this is like proving that the casino can pay its players when it gets the max win.
I doubt whether this is important or not but I think it will be a great tool to attract players to any casino promotion.

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Quote from: arwin100 on November 21, 2022, 04:58:21 AM

Quote from: piebeyb on November 21, 2022, 04:01:21 AM

Quote from: Don Pedro Dinero on November 21, 2022, 01:05:01 AM

I'm not worried either, there are casinos on the forum that were already up and running in the previous crypto crash, and they are still there.

there are some crypto casinos that have been around for a long time maybe how many times have they missed crypto crashes too they should have gone bankrupt if their casino was impacted just because of the crypto crashes caused from recent FTX issues floating around, OP doesn't know about the cases of Mtgox, Bitfinex and some Exchange sites that get hacked and crash cryptos, there's nothing to bankrupt a casino on, so there's no need to worry about crypto crashes

They only go bankrupt if they sell their holdings but if they still continue to use it for business operation then there's no losing will happen since they can still get 1:1 ratio per costumers bet used. Successful casino knows how to interact with this since they already how to handle the market and they can still get the same profit for new bets used by costumer so the only thing they need to do is not to sell their old balances which has been stored on their hot wallets.

1 BTC equals 1 BTC it won't change unless it's valued in fiat currency, but when people make deposits with their crypto for example 1 BTC and they withdraw BTC it won't affect either even if the value is different, unless the casino makes crypto from their users being fiat I think that will impact also if the crypto market crashes so I think also the casinos that have been around for a long time now know how to deal with crypto crashes because they have certainly been through that before and have survived to this day, moreover, of course, they have held a lot of crypto for a long time when crypto prices were cheap and they kept it in their hot wallets

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Is it really necessary to indicate where the casino keeps the user's deposit money? In fact gamblers can lose money on games without the casino doing anything with those reserves. And they can also adjust some conditions like max win if they want to maintain liquidity.

The first rule, more than the exchange, the casino is not a place to keep money.

Topic: Running a casino during crypto crash - page 8. (Read 7239 times)