Topic: Why investing in the bank of a centralized cryptocurrency casino is a bad idea (Read 894 times)

Yeah especially when we take into account, that there is a thread in the forum in which a user has done an experiment investing in different casinos and the results have been very telling after 9 months the user won 40% on bitcoin and has almost tripled the value in fiat.

Yeah, that article looks very much like shilling attempt for some Ethereum smart-contract casinos, and although I don't hate ETH, I must say that I trust centralized casinos more, because smart contracts are at their early stage and can be very messy, just remember the DAO failure that happened one year ago, it can easily happen with "distributed casino" - someone will find an exploit and drain it all, which will crash the token. I think it's more likely than something bad happening with a trusted Bitcoin casino with a long history.

I think the author of that article is really stupid and doesn't know a single thing about gambling investments in the cryptocurrency world. There is really little point to discuss anything with an uneducated person who just wants to publish something out. Relatively, most gambling site investments are safe as long as the operator is declared and they have a gambling license where they operate.

haha first thing that comes to mind - https://www.youtube.com/watch?v=Zypvv8ig_7s

Maybe you are talking about Vdice and Edgeless. There some discussion here from the past about that cryptocurrency casino. Anyway, I don't see any problem their since the token they are holding has a value itself and anytime, the investor can sell their share and escape from loss.

There is a thread here that talks about investing in a crypto currency casino and it is way too good that you will be amazed and somehow might get excited about joining them.
Cant see it anymore I think it had been buried. If I do see it I will send you the link and if I were you dont believe that link. There is a lot more to read than just that article.
What if that person is just a bitter for he had joining the wrong casino?
Try to look for more detailed explanation.

I do not know if this func coin is included on what you said. But if like buying share case, I do not really believe on what they doing though because mostly it does not really attracting people to buy or to invest on it if you compare to real investment on gambling site because I think investment on gambling site with huge traffic is much more profitable

That guy who wrote the article had an impression that of a person who is new to the cryptospace and has invested big in Ethereum. In his article he says,

It’s just that centralized entities are at risk because of this, and decentralized entities will solve the not caring part, meaning that bureaucratic entities won’t be able to do anything about it – and as an investor you won’t care.

and also,

The titles specifies “centralized” because I believe that, in contrast, decentralized casinos (where your balance stays in a smart contract) can be a tremendous investment. An example of a decentralized casino would be etheroll.com

Or he could be trying to start a new gambling casino project built on top of Ethereum.

https://bitcointalksearch.org/topic/bitcoinsportseu-bitcoin-sportsbook-parlays-teasers-no-registration-142101

Well, that would be a good attempt if the owner was legit?

It's just a FUD article, with stupid arguments like "don't invest or something bad will happen". It's dumb, because this is the point of investment, you knowingly risk your money, assuming that the chance of failure is very-very low, in order to get profit. Every investments is the same - traders deposit their money to exchanges and they don't cry that it might be hacked or exit scam them, in real life people invest in companies that actually might be ponzis, shitty startups just take money from investors and run away. There's no big profit without risk.

A few years ago, there was a bitcoin gambling site that offered a payment scheme to buy "shares" that would allow share owners to collect a percentage of the site's overall profits.

It was implemented as a last ditch attempt by the website owner to cover his losses via distributing them to share owners.

I don't remember what the name of the site was, it ended in .eu. I think it was bitcoinsports.eu.

Anyone wanting to research it can look it up, could be a decent opportunity to learn from history.

i think the article is only telling about one side and i think the author needs to search more info about investing in the casino. because i can see that we can invest our money into casino and make some good profit especially if we investing with large amount and in the end of the cycle, we can take big profit too without playing gambling. like what i am doing now, i make investing in gambling site and every week, i can make profit although its only small amount. its still free money for me without playing gambling and i can do other work without confusing about collecting the money from the gambling sites.

Agreed. The article has good content but i don't like the way they jump to conclusions, especially when the author of the article appears to be basing his arguments mainly off other experiments instead of trying for himself. I disagree with OP because central gambling sites will always be more popular than decentralised platforms because it's easy to access and you can use it with any currency. If you handpick your portfolio and spread your coins out on different sites there is a very low chance that you'll lose everything. There is a much higher chance that a lot of people bust on their site and therefore you make profit.

its a good advice and this is what is happen with the gamblers, many of them is not ready for their loses so they can loss all of their money and don't know where the way to back home. to avoid to getting scam while we are invested our money, we need to read everything the info with details until we are understand what is the important point and thing that they offers to us.

Heard about this for many times and ofcourse it will be worse idea to invest at them if the crypto gambling site we are invested at are proven scam and promising some high returns, But if we invest on some legitimate site like bitdice,betking.io or even in cryptogames well we can expect that we are in safe hands and can generate some profits for them at timely manner.

i think if we would look at the words used it would clear things up... due diligent for ones own Investment! if you put your cash on the river . it may float away! and investing in a gambling site is different then playing or being a patron in my IMHO

Nothing new, if you invest into a scam you are going to lose money, if you invest in a serious business you can still lose money but most of the time you are going to win, this seems like scare tactics to me.

In general i would agree with both NLNIco and Dean.

First of all: "scams with the meaning of centralized online cryptocurrency casinos", i really wanted to stop reading after this, since this makes the whole article less serious and less valid.

As dean said, there has been many sites in the past that had returned quite an amount of bitcoins, thus making them trusted in the community.

Secondly the licensing part. I wouldnt really agree that all licensed sites are scams. For example having a legal entity(company) licensed in i.e curacao, you can justiy your  site's income and pay the proper taxes, integrate more slotgames ( since some providers require mainstream license ) etc.
Does this mean that the Casino cant cheat? No.
Does this mean that the Casino cant do money laundering ? No. ( Anyway money laundering is an old friend of Landbased casino since the old times , so nothing new. )
Does a licensed casino provide more protection for the player ? Not in the bitcoin gambling world. In fiat casinos with i.e Maltese licenses, maybe. Its just that the user "wants" to believe that bitcoin licensed casinos are more "legal" and "safe".

About Costa Rica, some can of course make an offshore company there and operate online gambling site. His company will be legal and will be operating from a legal jurisdiction. Of course the Costa Rica "license" is not a license, since there are no licensing laws in costa rica for online gambling.
Plus we must not forget that all the "Licensing" laws in different countries are made to protect the gambler from frauds and scams. If the player wants to accept that, in the bitcoin world, which most player do, then the liability is to the user.

Anyway, i find the article a bit prejudiced, but thats because the author maybe was the guy who invested in 9 casinos and lost his money?   Lets hope not!

It would be reckless to say that all Bitcoin casinos will react the same.... there are smaller operators and scam sites. It is just as reckless to say

all centralized Bitcoin casinos are scam sites. You should also question people's motives when they generalize like that.... What is the agenda

behind this? Could it be sponsored by Brick and Mortar casinos that wants to prevent crowd funding for their competition? 

Really thanks to him because if it now been busted then for sure lots of potential investors would really experience loss. Investing on casinos is really good for long term but depending on how reputable the site or company is but still not an assurance that they will not run later on that is why invest on your own risk and dont cry when they ran all the money you had on them.