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Author Topic: Bitcoin casino's that don't have cold storage proof  (Read 2275 times)
win win win
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July 28, 2015, 11:52:46 PM
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I recently had an issue with a casino I suspect to be underfunded, Is there any reason that bitcoin casino's can't prove funds with a cold storage address?
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July 29, 2015, 03:44:50 AM
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I recently had an issue with a casino I suspect to be underfunded, Is there any reason that bitcoin casino's can't prove funds with a cold storage address?

Would you mind telling what was the issue you had, did you initiated a withdrawal and it was delayed and it made you think that maybe the Casino doesn't have funds? If that's the reason then you should know that there can be other reasons for late withdrawals and as much as I am aware of all the Casinos have a Max Bet limit which correlates to how much a Casino can pay in winnings of one bet and it is there to make sure that Casino never gets in a situation where they can't pay for the winnings.

And to answer your second question I don't see any reason for a Casinos to not show proofs of their cold storage, in-fact I think it helps them gain more trust of the players and there by increasing their chances of being more successful among their competitors.

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July 29, 2015, 03:48:33 AM
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I recently had an issue with a casino I suspect to be underfunded, Is there any reason that bitcoin casino's can't prove funds with a cold storage address?

The biggest reason for them not proving their funds with a cold storage address is that they don't actually have the funds they claim to have.

They'll probably offer up all kinds of excuses but don't fall for it.

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July 29, 2015, 03:59:35 AM
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Enzyme
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July 29, 2015, 04:17:42 AM
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There is no excuse for not having cold storage proof, these casinos are usually scams.
win win win
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July 29, 2015, 04:48:05 AM
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I wouldn't want to play at a casino that doesn't at least show their cold storage again.

The issue I had was I won 10% of the claimed casino's bankroll (if I knew that's all they had I wouldn't have played there) and there was a week delay in paying me without any contact, they didn't even log into bitcointalk during that time.
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July 29, 2015, 04:58:52 AM
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Even they have a proof of cold storage, the safety of your funds is not guaranteed, so don't you keep your money in any site or exchange.
win win win
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July 29, 2015, 05:11:57 AM
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Even they have a proof of cold storage, the safety of your funds is not guaranteed, so don't you keep your money in any site or exchange.

That's not the point, The point is if you hit a big jackpot or run good you want to know the casino has at least the funds available to pay. Seems like anyone can open a casino with a ridiculous bankroll like 50 BTC's
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July 29, 2015, 05:16:27 AM
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i seriously dont think so showing and proving motherload of funds in cold storage will prevent or help you to not get scamed if they made the site to scam they will but its better use raputaed sites you will find some here at the forum
win win win
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July 29, 2015, 05:28:42 AM
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i seriously dont think so showing and proving motherload of funds in cold storage will prevent or help you to not get scamed if they made the site to scam they will but its better use raputaed sites you will find some here at the forum

Well if you can't understand that, I have no words for you. But then again I don't know what a raputaed site is, so you might might know better than me Tongue
And while we are keeping it serious, I just assume you are just bumping your post count by typing anything that seems relevant, even if there is no logic at all.
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July 29, 2015, 05:29:20 AM
 #11

That's not the point, The point is if you hit a big jackpot or run good you want to know the casino has at least the funds available to pay.

Absolutely, especially for a new casino.

Quote
Seems like anyone can open a casino with a ridiculous bankroll like 50 BTC's

I don't see that as a problem. As long as they never let anyone attempt to win more than what they have, or what they are willing to pay ... it's fine. Probably 99% of bitcoin gamblers are ok playing at a casino that would stop the action when players won a total of 50.

Bustabit for instance started from a very modest bankroll, and grew from there. While there were certainly people who were put off by the low limits, it didn't stop it from being a success (or instantly paying out the winner who took half the bankroll)
win win win
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July 29, 2015, 05:35:53 AM
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Seems like anyone can open a casino with a ridiculous bankroll like 50 BTC's


I don't see that as a problem. As long as they never let anyone attempt to win more than what they have, or what they are willing to pay ... it's fine. Probably 99% of bitcoin gamblers are ok playing at a casino that would stop the action when players won a total of 50.

Bustabit for instance started from a very modest bankroll, and grew from there. While there were certainly people who were put off by the low limits, it didn't stop it from being a success (or instantly paying out the winner who took half the bankroll)


yeah, fair enough, The casino I had in mind had a 50 BTC bankroll with high betting limits, that could get wiped out in a few hours of lucky betting.
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July 29, 2015, 05:51:32 AM
 #13

I recently had an issue with a casino I suspect to be underfunded, Is there any reason that bitcoin casino's can't prove funds with a cold storage address?

i personally would not trust any sort of gambling website that refuses to give proof of their cold storage having enough bitcoin in it. even if they have an excuse of not showing it, i would never risk using their service and get scammed later on.

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July 29, 2015, 06:56:19 AM
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Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.
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July 29, 2015, 07:25:25 AM
 #15

Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.
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July 29, 2015, 07:33:25 AM
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Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.

imo it would be nice if sites that don't accept investments and thus don't have a public cold wallet, would at least publish a signed adress that proves they're able to payout the claimed max win on their site. wouldn't cost them much to do.

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July 29, 2015, 07:42:07 AM
 #17

Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.

imo it would be nice if sites that don't accept investments and thus don't have a public cold wallet, would at least publish a signed adress that proves they're able to payout the claimed max win on their site. wouldn't cost them much to do.
Or limiting the max payout to something they can afford like 1% of their bankroll, which most of the sites do. BTW the biggest dice site PD doesn't have a cold storage address as well, but it can afford to pay the players out.
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July 29, 2015, 08:15:33 AM
 #18

Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.

It might be that those casinos might be accepting a higher bet and giving higher payout. So by not showing the funds they might default on payouts of people who might win a big amount.

For example if someone wins around 5000 BTC , then the casino could just default on his/her payment and refuse it and shutdown if they dont have the money to pay them out.
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July 29, 2015, 08:23:50 AM
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Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.

It might be that those casinos might be accepting a higher bet and giving higher payout. So by not showing the funds they might default on payouts of people who might win a big amount.

For example if someone wins around 5000 BTC , then the casino could just default on his/her payment and refuse it and shutdown if they dont have the money to pay them out.

In that case you really can't do anything. If you plan on playing with a big amount then why would you in the first place go play online at an unlicensed casino , instead of flying out for a few hundred dollars to a live casino which is going to be a much better experience than playing online.

As for financial management, sites which don't accept investments might not have their holdings in bitcoin and might actually be converting fiat to bitcoin at the instant a high roller winner requests a cash out as holding onto bitcoin is not a good way for a casino to manage their house bankroll which might have been converted to bitcoin from fiat in the first place.
win win win
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July 29, 2015, 10:02:44 AM
Last edit: July 29, 2015, 08:13:35 PM by win win win
 #20

Cold storage primarily applies to only sites that accept investments. Otherwise most of the casinos like Coinroyale/Fortunejack , don't really have to provide proof of funds.

why not?

There has been multiple issues with gambling sites with horrible financial management, Even some market leaders were run as ponzi schemes.
Every little bit of assurance the player can get should be offered, There is no reason not to.

It might be that those casinos might be accepting a higher bet and giving higher payout. So by not showing the funds they might default on payouts of people who might win a big amount.

For example if someone wins around 5000 BTC , then the casino could just default on his/her payment and refuse it and shutdown if they dont have the money to pay them out.

In that case you really can't do anything. If you plan on playing with a big amount then why would you in the first place go play online at an unlicensed casino , instead of flying out for a few hundred dollars to a live casino which is going to be a much better experience than playing online.

As for financial management, sites which don't accept investments might not have their holdings in bitcoin and might actually be converting fiat to bitcoin at the instant a high roller winner requests a cash out as holding onto bitcoin is not a good way for a casino to manage their house bankroll which might have been converted to bitcoin from fiat in the first place.

Do you really think that's a fair argument? it makes me wonder why you argue at all, where does you illogical bias come from?... Until I see you signature. Casino shill, this forum is so corrupted it's no wonder the casino's have got away with whatever they wanted until now.
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