Proof of Reserves by the Gambling sites

[noormcs5]

In the recent FTX crisis, CZ and others are emphasizing that exchanges should show the proof of reserves by the exchanges. People will only deposit and trade on exchanges who can show the proof of reserves.

Although no one is talking about the gambling site but should we demand from the gambling houses too to show their proof of reserves. In this case gamblers can be sure that if some day they win big, the gambling site will have enough funds to pay them out. I think it will be a good indicator to select the gambling site who have made their proof of reserves public.

[Fatunad]

In the recent FTX crisis, CZ and others are emphasizing that exchanges should show the proof of reserves by the exchanges. People will only deposit and trade on exchanges who can show the proof of reserves.

Although no one is talking about the gambling site but should we demand from the gambling houses too to show their proof of reserves. In this case gamblers can be sure that if some day they win big, the gambling site will have enough funds to pay them out. I think it will be a good indicator to select the gambling site who have made their proof of reserves public.

There are sites who do show their bankrolls like this one;
https://www.bustabit.com/bankroll/overview

They might be showing off all of their bankroll or reserves or not then no one really knows.As long you would really be getting paid then that what matter the most.
Its not necessary for them to show off as long they do pay.Also, they are setting out max bets on each roll or bet for particular games for them to avoid
on getting bankrupt if ever do someone do be able to get some huge hit.They arent dumb on not to make those limitations because
it would be totally over for the said business if they arent minding on doing so.

[blockman]

In the recent FTX crisis, CZ and others are emphasizing that exchanges should show the proof of reserves by the exchanges. People will only deposit and trade on exchanges who can show the proof of reserves.

Although no one is talking about the gambling site but should we demand from the gambling houses too to show their proof of reserves. In this case gamblers can be sure that if some day they win big, the gambling site will have enough funds to pay them out. I think it will be a good indicator to select the gambling site who have made their proof of reserves public.

I don't think that I have to demand them with proof of reserve. They're a business and they've shown that they've got enough money whenever I want to withdraw any amount from them. Most reputable casinos are transparent with how much they've got in their bankroll.
But to casinos like stake, they've got a lot of partnership and sponsorships to big names in different sports and that's already enough for me that if they can spend a lot of money on these marketing and deals, they've got for sure more in their reserves.

[naira]

I think this context still includes a nearly correlated link to your thread https://bitcointalk.org/index.php?topic=5420555.0 Well I guess the Puzzle pieces are still unraveling. Not sure if gambling should be involved and have more attention just to show backup evidence. After all, in gambling rules not all crypto holders go in to bet in casinos. Maybe if one or two casinos are trying to show back-up evidence, it means that someone has to drum up the drums as CZ did.

[TravelMug]

In the recent FTX crisis, CZ and others are emphasizing that exchanges should show the proof of reserves by the exchanges. People will only deposit and trade on exchanges who can show the proof of reserves.

Although no one is talking about the gambling site but should we demand from the gambling houses too to show their proof of reserves. In this case gamblers can be sure that if some day they win big, the gambling site will have enough funds to pay them out. I think it will be a good indicator to select the gambling site who have made their proof of reserves public.

I'm not sure if this is necessary though, if the FTX sets a predecence, then every crypto provider now will have to show the proof of reserves, exchanges, gambling sites, mixers, etc.

And this is casino though, we haven't heard anyone because bankrupt and gamblers can't withdraw because the casino run out of money. Remember that casino's, in every game they have the house edge, so no matter what, they wouldn't simply run out of money to pay.

[Oshosondy]

Gambling sitey and exchanges are different. I do not think proof of reserve is needed for gambling sites, unlike exchanges. But if gambling sites need to providee proof of reserve, then all sites that users do deposit have to make proof of reserve available, not even only internationally, but also locally. Beside, I even only always have small money on gambling site, unlike when I want to exchange from one coin to another.

Also do not think proof of reserve can not be manipulated.

[slaman29]

Does anyone know if anyone else has verified that proof of reserves made by CZ or Binance are true/correct? I can't be bothered to be honest.

I only know of 2 sites that ever showed proof of reserves in gambling, one was Crypto-Games.net and the other was Bitvest, but you all know that doesn't mean anything when it comes to whether or not you get paid if the worse case scenario happens right?

If I'm not mistaken you can still put up your coin as collateral and have the owner sign for you and you wouldn't know that coin is not under casino ownership.

[Strongkored]

In the recent FTX crisis, CZ and others are emphasizing that exchanges should show the proof of reserves by the exchanges. People will only deposit and trade on exchanges who can show the proof of reserves.

It's called SAFU (Secure Asset Fund For Users) I don't really understand how it works.
Many gave good feedback when CZ tweeted about this but it's not clear, whether it's effective enough to prevent the exchange from being able to pay its users' funds

Although no one is talking about the gambling site but should we demand from the gambling houses too to show their proof of reserves. In this case gamblers can be sure that if some day they win big, the gambling site will have enough funds to pay them out. I think it will be a good indicator to select the gambling site who have made their proof of reserves public.

If this is implemented there are many things that will have to be adjusted, the reserve funds will definitely be held by a third party or referred to as escrow and there will definitely be costs to be incurred and the casinos will increase their house edge because operational costs will increase if this is implemented

[Oshosondy]

In the recent FTX crisis, CZ and others are emphasizing that exchanges should show the proof of reserves by the exchanges. People will only deposit and trade on exchanges who can show the proof of reserves.

It's called SAFU (Secure Asset Fund For Users) I don't really understand how it works.
Many gave good feedback when CZ tweeted about this but it's not clear, whether it's effective enough to prevent the exchange from being able to pay its users' funds

SAFU is different from Proof of Reserve.

You can tell the differences from these two sites:
https://www.pcmag.com/encyclopedia/term/safu
https://techcrunch.com/2022/11/11/can-proof-of-reserves-prevent-future-crypto-exchange-collapses/#:~:text=Proof%2Dof%2Dreserves%20(PoR,on%20behalf%20of%20its%20clients.

SAFU
(Secure Asset Fund for Users) A monetary fund created by the Binance exchange that holds 10% of all trading fees to indemnify customers in case the exchange is hacked. The term "safu" is also used to imply safe. See crypto glossary and Binance.

Proof of Reserve
Proof-of-reserves (PoR) are independent audits by third parties that aim to provide transparency and evidence that a custodian holds the assets it claims to own on behalf of its clients.

SAFU for the purpose of exchange hack, created by Binance. Proof of Reserve for the purpose of exchanges showing transparency about how they are handling customers money.

[crzy]

A lot of trauma going on with the market right now, from LUNA to FTX they ended up on the same faith so I think it's about time for the gambling site to disclose as well their financial status and their reserves so when bad things happen, gamblers can have an assurance that their money is safe.

For now, it's better to be safe even if you are playing with the top site, don't hold too much money with your gambling account and just stay the money you intended for gambling, you can also do this on any exchanges, transfer it to a more secured wallet.

[passwordnow]

I think there is no need to worry if it's all about gambling sites. The perception and way of doing business by a crypto gambling website are different.
Those gambling companies that have closed their business have been clear to their customers and community by telling them what they're about to do like, closing the business. They give a certain period of time for withdrawals and until when customers will be catered for their not yet withdrawn funds. At least from that experience and observation that I've seen from most of them, they're all good in their closure and had satisfied everyone until their last minutes of operation.

[piebeyb]

I don't think it's necessary to demand that the casino sites show proof of their backup because I'm sure they keep the funds in their cold wallets and don't keep any exchanges, so that issue should be separated FTX with the casino site, keep in mind to play on a trusted casino site

[Mahdirakib]

For now, it's better to be safe even if you are playing with the top site, don't hold too much money with your gambling account and just stay the money you intended for gambling, you can also do this on any exchanges, transfer it to a more secured wallet.

Gambler doesn't keep their funds on their account for a long time. Most of the gamblers request for a withdrawal after completing their gambling activity. Although some bettors keep their funds on some casinos where they receive extra benefits (staking profit). Some old casinos were showing their proof of funds by signing a message with their Bitcoin address. Old reputable casino has the capability to pay big withdrawals to it's user. But they won't post their reserves fund proof publicly.

[noormcs5]

In the recent FTX crisis, CZ and others are emphasizing that exchanges should show the proof of reserves by the exchanges. People will only deposit and trade on exchanges who can show the proof of reserves.

Although no one is talking about the gambling site but should we demand from the gambling houses too to show their proof of reserves. In this case gamblers can be sure that if some day they win big, the gambling site will have enough funds to pay them out. I think it will be a good indicator to select the gambling site who have made their proof of reserves public.

I'm not sure if this is necessary though, if the FTX sets a predecence, then every crypto provider now will have to show the proof of reserves, exchanges, gambling sites, mixers, etc.

I also think that this will become a new norm for the crypto industry. Every project no matter exchange, business or gambling will show their proof of reserves to gain the investor's confidence. Although it will not be mandatory but those who will show their balance sheet publicly will get more confidence from the investors and players if we talk specifically about the gambling industry.

This has already been talked about in social media and companies are thinking seriously into it. The black swan FTX event has made people think differently about the projects.

[Fivestar4everMVP]

The truth be told, the proof of reserve idea is really a good one, this is because it will will not create trust for the casino, but it will also help the gamblers build confidence in the casino knowing that when they win a significant amount of money, it will be paid, this  I think will even benefit newer casinos the more since they are building their customer based and need gamblers to trust and play on their casino.

But on the other hand, this cant be a good idea for a lot of casinos since one of the reasons many of them build a crypto casino is to hide their income as a business from several eyes including the government and other regulatory bodies to avoid being asked to pay too much tax and the likes.
Though this is just my assumption, but here, for casinos, i think the disadvantage very much outweighs the benefits, its likely not possible for any casino to implement this except it becomes a major law for the casinos to do so.

[rhomelmabini]

In the recent FTX crisis, CZ and others are emphasizing that exchanges should show the proof of reserves by the exchanges. People will only deposit and trade on exchanges who can show the proof of reserves.

That means doxxing what they really have and that they are liquid, I think it should include publicly on what are there addresses it is held, so people can watch it closely. I think people has freedom to choose where they can deposit it but for me I think decentralized exchanges are still the best in this stance even if proof of reserve is present.

Although no one is talking about the gambling site but should we demand from the gambling houses too to show their proof of reserves. In this case gamblers can be sure that if some day they win big, the gambling site will have enough funds to pay them out. I think it will be a good indicator to select the gambling site who have made their proof of reserves public.

This might be off topic but showing proof of reserve for gambling doesn't mean they'll pay huge wins to users unless they do the KYC stuff. I'd say it put trust there but to what extent?

[bittraffic]

Can we even force the casinos to show thier reserves? 
Some of them may probably show thier reserves just to build a reputation, which will make the casino easy to market itself.

But seems easy for them to just suspend the account after finding some errors from users in order not to withdraw in case they win big than showing the money.  They will even dig for information from the game developers to find errors.

[robelneo]

In the recent FTX crisis, CZ and others are emphasizing that exchanges should show the proof of reserves by the exchanges. People will only deposit and trade on exchanges who can show the proof of reserves.

Although no one is talking about the gambling site but should we demand from the gambling houses too to show their proof of reserves. In this case gamblers can be sure that if some day they win big, the gambling site will have enough funds to pay them out. I think it will be a good indicator to select the gambling site who have made their proof of reserves public.

That's a good idea I hope they adopt it, but this is not an exchange its a casino a gambling site where a bettor coming from hundreds of dollars can win 5 digits this will shake up their reserves and players will be alarmed if the reserves will
not match the potential winning of their players and of course, casinos can lie about their reserves, for me as long as they can keep up paying big winnings I don't see any issue at all, their transparency is if they can and able to pay their winners.

[Bananington]

I think it will be a good indicator to select the gambling site who have made their proof of reserves public.

If proof of reserves for gambling sites become more of a common thing with gambling sites, it can foster trust that people have that a gambling site is capable of paying them their money if they win big. Proof of reserves can still be deceitful, I feel that a gambling site that have a bad paying character will still just use their proof of reserve to lure players, but can still make payment process to a winner who wins big difficult. It can be a good indicator of a good gambling site, but it still does not give assurance.

[Zlantann]

I don't think it's necessary to demand that the casino sites show proof of their backup because I'm sure they keep the funds in their cold wallets and don't keep any exchanges, so that issue should be separated FTX with the casino site, keep in mind to play on a trusted casino site

Due to the challenges faced by the cryto-space people are thinking of diverse means of proving authenticity and capacity. We have many renowned casino companies that are very reliable and dependable. They have a solid and sound reputation that they are not willing to dent. You can find most of the in this platform, they are well trusted. You don't need to worry if they fail to apply any policy on proof of reserves.

But this idea of showing proof of reserves by casino sites should be implemented in some unreliable or newly established gambling platforms. We have had issues where some gambling firms has failed to pay some winners because they don't have the funds they claim they have.