Proof of Reserves by the Gambling sites

[sunsilk]

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

They're not obliged to do that. But just like the given example of bustabit, bustadice also has the same feature. As I've been part of its campaign before. They're transparent and they have numbers on their website of how much they've got in their bankroll.

The amount of bankroll they have is visible on their website. So if someone wants to look at how much they've got, you can freely check it. But this is not for most casinos and to demand them, it's up to them if they'll consider the recent situation and issue about FTX.

If there's no protest or demand from most of its loyal customers, they don't have to do that.

[dimonstration]

This proo of funds thing is only advisable on new casino since established casino proven there reputation base on their years of service. I doubt casino will suffer same fate with exchange since they never use customer funds on leveraging other financial institutions staff. Most of the casino didn't touch the bank roll since withdrawal is very important in there business. A minimal delay will ruin there reputation and thatywhat matter most than asking them to show proof of reserves.

You can follow there hot wallet by tracing those wallet address that sent you the balance once ypu request a withdrawal.

[PX-Z]

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.

I found kucoin doing this as i just received an email from them regarding this.

About the casino doing the same seems unreasonable to me. One of the reasons why exchanges doing this is because of community fears of another exchange shutting down of being liquidated due to this long bear season.

While most casinos are USD based not crypto ^{(only accepts crypto deposits/withdraws)}, so whatever happens to the market they will be still there. Those casinos who stop operating have their reasons, mostly of low demand or high competition that drags them below.

[Yogee]

Crypto casinos prefer to register in countries with less strict rules so this makes me think the Proof of Reserves may be too much of a hassle for these platforms. I like the idea of it but you cannot force them to comply. Maybe it will be more convenient for them to make public the cold wallets they use to store their reserves. They can sign a message as proof.

[Slow death]

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.

It would be a good idea for casinos to show proof of reservations, but this will not guarantee that the casino will pay out every time someone wins, we have seen several cases where casinos have used their TOS to not pay customers, so show proof of reservations it won't help at all. maybe it can even be a comfort to some people who want to play with a lot of money, but the problem always arises at the time of withdrawal, people don't keep money in online casinos, that's why the casino is different from the exchanges in which people save money on exchanges. the solution to many problems would be for governments to pass laws that allow periodic inspections of exchanges and casinos

[cabron]

After a casino gets a license,  they are up to making people play in the casino. It has to be the government that will require them to show how much they have so that bet limits can be set. But even if the governments do all these to prevent casino scams, no enforcer can monitor what casinos are doing 24/7.

Someone won $80K from Owl Casino so the casino just suspend the account for investigation. Who's stopping them?
What's best to do I think is just limit your bet. Don't try to win a million a day or simply just withdraw bit by bit.