Is The Gambling Industry Part Of The Domino Effect That Happens In The Market

[EarnOnVictor]

  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
 

I don't think it is good to have your coins saved in gambling casinos because it has no purpose to put it there, it will not increase in the value because it is not exchange or trade that you want to do with it. You can transfer some coins into the casinos account to playing their games for the purpose of that and nothing on it. You can do transfer of the coin to use for gambling, no need to save it there and casino is centralised.

Despite that there are still some decentralized casinos, I would never advise anyone to leave their money in the casinos. That would be so dumb, it's better your coin is in a trusted open-source wallet, and I prefer saving my coin in BTC than any other coin. Your advice of sending the amount needed to play is also a good one as casinos are not your bank or real wallet that you can trust your coins with.

However, most of them are centralized, meaning that your money could go at any time if they have issues or they dupe you.

[1714254438]

1714254438

[Betwrong]

  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
 

I don't think it is good to have your coins saved in gambling casinos because it has no purpose to put it there, it will not increase in the value because it is not exchange or trade that you want to do with it. You can transfer some coins into the casinos account to playing their games for the purpose of that and nothing on it. You can do transfer of the coin to use for gambling, no need to save it there and casino is centralised.

Despite that there are still some decentralized casinos, I would never advise anyone to leave their money in the casinos. That would be so dumb, it's better your coin is in a trusted open-source wallet, and I prefer saving my coin in BTC than any other coin. Your advice of sending the amount needed to play is also a good one as casinos are not your bank or real wallet that you can trust your coins with.

However, most of them are centralized, meaning that your money could go at any time if they have issues or they dupe you.

Just don't forget that, in contrast to day traders, gamblers don't usually keep a lot of their money on gambling platforms. For successful and profitable trading, the more money you have, the better. But if you think about gambling this way, you are basically sick, and you need a doctor, not a reliable gambling platform.

[Botnake]

  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
 

I don't think it is good to have your coins saved in gambling casinos because it has no purpose to put it there, it will not increase in the value because it is not exchange or trade that you want to do with it. You can transfer some coins into the casinos account to playing their games for the purpose of that and nothing on it. You can do transfer of the coin to use for gambling, no need to save it there and casino is centralised.

This is not safe, even in exchanges, it's not good to store your coins as you never know what will happen tomorrow. I mean, hacking is possible and some exchanges will steal the money of their traders for an exit scam. It's not good to store because there's a risk, so if you are a gambler, better keep it in your wallet and just transact when necessary, nowadays, there are coins with cheap transaction fees, so fees are not a big issue like in the past.

[STT]

Gambling is one of those industries that survives wars and recession, its always there with revenue far more consistently then alot of industries.  It has to be stated as a counter cyclical industry I think, the typical example would be an undertakers for a business.   People stop certain things just because its a harder economy, maybe it is surprising because I view gambling as a luxury type past time but probably also true of drinking and all sorts people dont really alter their habits and so its reliable.
  Gambling is not really part of the speculative swings, people gamble no matter what else is occuring.

[EarnOnVictor]

  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
 

I don't think it is good to have your coins saved in gambling casinos because it has no purpose to put it there, it will not increase in the value because it is not exchange or trade that you want to do with it. You can transfer some coins into the casinos account to playing their games for the purpose of that and nothing on it. You can do transfer of the coin to use for gambling, no need to save it there and casino is centralised.

This is not safe, even in exchanges, it's not good to store your coins as you never know what will happen tomorrow. I mean, hacking is possible and some exchanges will steal the money of their traders for an exit scam. It's not good to store because there's a risk, so if you are a gambler, better keep it in your wallet and just transact when necessary, nowadays, there are coins with cheap transaction fees, so fees are not a big issue like in the past.

Not only unsafe, but it is also so lame as an idea. Gambling sites that are to be trusted with our money are not many, and the regulations of the industry are still weak as far as I am concerned, except for some that are in advanced countries. Regardless, it is safe to keep our coin in our trusted wallets, not with the gambling site that could do and undo it.

So gambling sites are even involved in some shady deals like money laundering and others, such will not have a conscience in stealing your money too. Aside from that, what if the government overseeing their domain now shot it down, then your money is gone just like that.

[wxa7115]

Gambling is one of those industries that survives wars and recession, its always there with revenue far more consistently then alot of industries.  It has to be stated as a counter cyclical industry I think, the typical example would be an undertakers for a business.   People stop certain things just because its a harder economy, maybe it is surprising because I view gambling as a luxury type past time but probably also true of drinking and all sorts people dont really alter their habits and so its reliable.
  Gambling is not really part of the speculative swings, people gamble no matter what else is occuring.

It is interesting to think about why gambling thrives even on difficult times, and we have a very recent example with the pandemic, with things as bad as they were at the time the most logical thing to happen was for casinos to suffer as it would make the most sense for people to save their money in case they needed it.

However not only online casinos did not lost revenue but instead they even made more profits as people at the time were desperate to get any entertainment they could get regardless of the cost.

[SirLancelot]

Not only unsafe, but it is also so lame as an idea. Gambling sites that are to be trusted with our money are not many, and the regulations of the industry are still weak as far as I am concerned, except for some that are in advanced countries. Regardless, it is safe to keep our coin in our trusted wallets, not with the gambling site that could do and undo it.

So gambling sites are even involved in some shady deals like money laundering and others, such will not have a conscience in stealing your money too. Aside from that, what if the government overseeing their domain now shot it down, then your money is gone just like that.

It is lame if you will use it like a wallet when there is already a crypto wallet but not really lame when you do it for a purpose like you are earning some dividends but I salute those who have a balance inside the gambling site that is unused for a very long time.

This only means that these people can defy the temptation caused by gambling. If only regulations are strong in crypto gambling then scam gambling sites will get lessened but I think this is being worked out now. Have you noticed that KYC's are now being implemented left and right? But maybe after this, many people will be confident to store their money thinking they are now safe.

[milewilda]

Not only unsafe, but it is also so lame as an idea. Gambling sites that are to be trusted with our money are not many, and the regulations of the industry are still weak as far as I am concerned, except for some that are in advanced countries. Regardless, it is safe to keep our coin in our trusted wallets, not with the gambling site that could do and undo it.

So gambling sites are even involved in some shady deals like money laundering and others, such will not have a conscience in stealing your money too. Aside from that, what if the government overseeing their domain now shot it down, then your money is gone just like that.

It is lame if you will use it like a wallet when there is already a crypto wallet but not really lame when you do it for a purpose like you are earning some dividends but I salute those who have a balance inside the gambling site that is unused for a very long time.

This only means that these people can defy the temptation caused by gambling. If only regulations are strong in crypto gambling then scam gambling sites will get lessened but I think this is being worked out now. Have you noticed that KYC's are now being implemented left and right? But maybe after this, many people will be confident to store their money thinking they are now safe.

Even if they are already regulated and asking for some KYC then i cant still bare out to store my funds on any platform.Nothing beats out if you do make use of those non-custodial ones considering that you do
still have the full control.No matter how regulated they would be, it doesnt assure that you could get your funds back in case there are some huge trouble involving with these platforms.
I do believe that those fellas who do leave out those huge funds on a casino site for a long time are those people who had just totally forgotten that they do still have funds there.
Its impossible that you would be leaving out something like that without trying out to turn yourself back.

[TimeTeller]

Not only unsafe, but it is also so lame as an idea. Gambling sites that are to be trusted with our money are not many, and the regulations of the industry are still weak as far as I am concerned, except for some that are in advanced countries. Regardless, it is safe to keep our coin in our trusted wallets, not with the gambling site that could do and undo it.

So gambling sites are even involved in some shady deals like money laundering and others, such will not have a conscience in stealing your money too. Aside from that, what if the government overseeing their domain now shot it down, then your money is gone just like that.

It is lame if you will use it like a wallet when there is already a crypto wallet but not really lame when you do it for a purpose like you are earning some dividends but I salute those who have a balance inside the gambling site that is unused for a very long time.

This only means that these people can defy the temptation caused by gambling. If only regulations are strong in crypto gambling then scam gambling sites will get lessened but I think this is being worked out now. Have you noticed that KYC's are now being implemented left and right? But maybe after this, many people will be confident to store their money thinking they are now safe.

Even if they are already regulated and asking for some KYC then i cant still bare out to store my funds on any platform.Nothing beats out if you do make use of those non-custodial ones considering that you do
still have the full control.No matter how regulated they would be, it doesnt assure that you could get your funds back in case there are some huge trouble involving with these platforms.
I do believe that those fellas who do leave out those huge funds on a casino site for a long time are those people who had just totally forgotten that they do still have funds there.
Its impossible that you would be leaving out something like that without trying out to turn yourself back.

It is indeed not advisable by all means to leave funds for long time in gambling sites.
Some sites can collect your funds or have handling fees if you have a dormant account, so better check that out also in their ToS.
I can understand if the user is actively playing on the site or is participating their investment options, why he has to leave some funds.
With what we are experiencing up until today, even big and reputable exchanges can fail, it is also the same with casinos or bookies.
So if you will not be playing on the site, better send your funds to your own wallet. Even if you say, the site is licensed and reputable.

[uneng]

It is indeed not advisable by all means to leave funds for long time in gambling sites.
Some sites can collect your funds or have handling fees if you have a dormant account, so better check that out also in their ToS.
I can understand if the user is actively playing on the site or is participating their investment options, why he has to leave some funds.
With what we are experiencing up until today, even big and reputable exchanges can fail, it is also the same with casinos or bookies.
So if you will not be playing on the site, better send your funds to your own wallet. Even if you say, the site is licensed and reputable.

It's true we should be careful when leaving funds idle at online platforms for a long time. But do you know what is interesting? We don't hear about casinos scamming their users like exchanges have been doing since the big scandal with Mt. Gox many years ago. Compared to exchanges, I conclude casinos are a safer business model to let your funds than exchanges, what is quite ironical, since casinos are considered greedy places where people lose money, while exchanges are considered places where people store money safely.

In every cases, it's not a recommendation to let funds at casinos, especially because there are some casinos nowadays seizing funds from gamblers' accounts which are inactive for a long time. So, as you said, to read their ToS is a must!

[minime0105]

  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
 

I don't think it is good to have your coins saved in gambling casinos because it has no purpose to put it there, it will not increase in the value because it is not exchange or trade that you want to do with it. You can transfer some coins into the casinos account to playing their games for the purpose of that and nothing on it. You can do transfer of the coin to use for gambling, no need to save it there and casino is centralised.

From the statement i know quit well  and believe, that it's well known and stated year before that funds is not suppose to be keep or save in casino platform or exchange platform, the reason why many people stipulate this, it's because of the casino platforms can possibly shutdown without notification or awareness of anyone, so i believe that people who knows what is obtainable doesn't keep money in any platform.

[romero121]

  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
 

I don't think it is good to have your coins saved in gambling casinos because it has no purpose to put it there, it will not increase in the value because it is not exchange or trade that you want to do with it. You can transfer some coins into the casinos account to playing their games for the purpose of that and nothing on it. You can do transfer of the coin to use for gambling, no need to save it there and casino is centralised.

From the statement i know quit well  and believe, that it's well known and stated year before that funds is not suppose to be keep or save in casino platform or exchange platform, the reason why many people stipulate this, it's because of the casino platforms can possibly shutdown without notification or awareness of anyone, so i believe that people who knows what is obtainable doesn't keep money in any platform.

Agreed, but with gambling service providers it is very rare to see such a situation. In most of the gambling platform shutdown every user were notified and were allowed to make withdrawal befor shitting down. Exchanges in recent months have suffered big due to the flaw from the top authority. Even holding in reputable platforms have turned to be wrong after the FTX Collapse.

[milewilda]

Not only unsafe, but it is also so lame as an idea. Gambling sites that are to be trusted with our money are not many, and the regulations of the industry are still weak as far as I am concerned, except for some that are in advanced countries. Regardless, it is safe to keep our coin in our trusted wallets, not with the gambling site that could do and undo it.

So gambling sites are even involved in some shady deals like money laundering and others, such will not have a conscience in stealing your money too. Aside from that, what if the government overseeing their domain now shot it down, then your money is gone just like that.

It is lame if you will use it like a wallet when there is already a crypto wallet but not really lame when you do it for a purpose like you are earning some dividends but I salute those who have a balance inside the gambling site that is unused for a very long time.

This only means that these people can defy the temptation caused by gambling. If only regulations are strong in crypto gambling then scam gambling sites will get lessened but I think this is being worked out now. Have you noticed that KYC's are now being implemented left and right? But maybe after this, many people will be confident to store their money thinking they are now safe.

Even if they are already regulated and asking for some KYC then i cant still bare out to store my funds on any platform.Nothing beats out if you do make use of those non-custodial ones considering that you do
still have the full control.No matter how regulated they would be, it doesnt assure that you could get your funds back in case there are some huge trouble involving with these platforms.
I do believe that those fellas who do leave out those huge funds on a casino site for a long time are those people who had just totally forgotten that they do still have funds there.
Its impossible that you would be leaving out something like that without trying out to turn yourself back.

It is indeed not advisable by all means to leave funds for long time in gambling sites.
Some sites can collect your funds or have handling fees if you have a dormant account, so better check that out also in their ToS.
I can understand if the user is actively playing on the site or is participating their investment options, why he has to leave some funds.
With what we are experiencing up until today, even big and reputable exchanges can fail, it is also the same with casinos or bookies.
So if you will not be playing on the site, better send your funds to your own wallet. Even if you say, the site is licensed and reputable.

There's no such thing about 100% assurance or something that positive could happen without minding or looking up on the risks.When you are tending to make out some investment then i would care less with those
staking or something that makes my coins to be hold up whether if its on a gambling site but mostly this would be on an exchange type of scenario where you would be leaving up your coins.
Security isnt 100% guaranteed this is why its up to someones risk taking whether they would be able to bare it out or would rather be that paranoid when it comes to safety.

[EarnOnVictor]

Not only unsafe, but it is also so lame as an idea. Gambling sites that are to be trusted with our money are not many, and the regulations of the industry are still weak as far as I am concerned, except for some that are in advanced countries. Regardless, it is safe to keep our coin in our trusted wallets, not with the gambling site that could do and undo it.

So gambling sites are even involved in some shady deals like money laundering and others, such will not have a conscience in stealing your money too. Aside from that, what if the government overseeing their domain now shot it down, then your money is gone just like that.

It is lame if you will use it like a wallet when there is already a crypto wallet but not really lame when you do it for a purpose like you are earning some dividends but I salute those who have a balance inside the gambling site that is unused for a very long time.

This only means that these people can defy the temptation caused by gambling. If only regulations are strong in crypto gambling then scam gambling sites will get lessened but I think this is being worked out now. Have you noticed that KYC's are now being implemented left and right? But maybe after this, many people will be confident to store their money thinking they are now safe.

Even if they are already regulated and asking for some KYC then i cant still bare out to store my funds on any platform.

Regulation or KYC is another legal means that some companies used in attracting customers but this in the real sense does not add to the integrity of the company. I don't trust any gambling site due to their regulation, I only trust them based on their reviews. Even with very good reviews, I will never store my crypto in any of them except the ones for immediate use.

Casinos are certainly not designed for that purpose, so why use them for such?

[traderethereum]

  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
 

I don't think it is good to have your coins saved in gambling casinos because it has no purpose to put it there, it will not increase in the value because it is not exchange or trade that you want to do with it. You can transfer some coins into the casinos account to playing their games for the purpose of that and nothing on it. You can do transfer of the coin to use for gambling, no need to save it there and casino is centralised.

From the statement i know quit well  and believe, that it's well known and stated year before that funds is not suppose to be keep or save in casino platform or exchange platform, the reason why many people stipulate this, it's because of the casino platforms can possibly shutdown without notification or awareness of anyone, so i believe that people who knows what is obtainable doesn't keep money in any platform.

Agreed, but with gambling service providers it is very rare to see such a situation. In most of the gambling platform shutdown every user were notified and were allowed to make withdrawal befor shitting down. Exchanges in recent months have suffered big due to the flaw from the top authority. Even holding in reputable platforms have turned to be wrong after the FTX Collapse.

That's right and it allows gamblers to withdraw all their money from the casino before they close down.
Gamblers will not feel cheated because the casino provides a time limit for withdrawing their money.
But I guess some exchanges also give traders a time limit to withdraw all their money, just like in a casino, giving traders the same opportunity.
But it is not recommended for gamblers to keep their money in gambling because not all casinos will give notice of closing their business.
If this happens, it will disappoint gamblers because they cannot withdraw their funds.

[swogerino]

  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
 

I don't think it is good to have your coins saved in gambling casinos because it has no purpose to put it there, it will not increase in the value because it is not exchange or trade that you want to do with it. You can transfer some coins into the casinos account to playing their games for the purpose of that and nothing on it. You can do transfer of the coin to use for gambling, no need to save it there and casino is centralised.

From the statement i know quit well  and believe, that it's well known and stated year before that funds is not suppose to be keep or save in casino platform or exchange platform, the reason why many people stipulate this, it's because of the casino platforms can possibly shutdown without notification or awareness of anyone, so i believe that people who knows what is obtainable doesn't keep money in any platform.

Agreed, but with gambling service providers it is very rare to see such a situation. In most of the gambling platform shutdown every user were notified and were allowed to make withdrawal befor shitting down. Exchanges in recent months have suffered big due to the flaw from the top authority. Even holding in reputable platforms have turned to be wrong after the FTX Collapse.

That happened and it is the correct thing to do,keep your money out of centralized exchanges is a must but then this must follow also from the gambling sites,do not use them as a wallet to store your funds because no matter how trustworthy they maybe they are still a third party,the best thing to do is to deposit any amount you plan on playing there and once you finish your session it is a very good idea to withdraw your money to a wallet where you and only you have the private keys.

[LUCKMCFLY]

  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
 

I don't think it is good to have your coins saved in gambling casinos because it has no purpose to put it there, it will not increase in the value because it is not exchange or trade that you want to do with it. You can transfer some coins into the casinos account to playing their games for the purpose of that and nothing on it. You can do transfer of the coin to use for gambling, no need to save it there and casino is centralised.

Despite that there are still some decentralized casinos, I would never advise anyone to leave their money in the casinos. That would be so dumb, it's better your coin is in a trusted open-source wallet, and I prefer saving my coin in BTC than any other coin. Your advice of sending the amount needed to play is also a good one as casinos are not your bank or real wallet that you can trust your coins with.

However, most of them are centralized, meaning that your money could go at any time if they have issues or they dupe you.

One of the ways they have to do in the casinos that really hooked people was that they could have done things like use their wallets as private ones for the clients, well in fact there is a casino like freebitco.in that is still up or can be used as a private wallet and I believe that for me in my personal opinion it is the most reliable wallet managed by a platform.

Also, one of the things that was made or promoted from the beginning is that it can be used as a wallet and as a good multiplier, these are the things that many of us loved about the platform from the beginning, but now because of all the FTX madness I think that there is no such trust on any platform.

[Solosanz]

1. No, crypto casino industry wouldn't get any effect from FTX bankruptcy.
2. No, different casino has different ownership, although someone can create more than 1 casino, but a scam casino wouldn't last long, that's why I don't want to play in new casino.
3. No, casino isn't a wallet and there's a chance the casino might bankrupt or they have updated the new terms that I can't accept it.
4. The casino is scam since there's no transparency.

[Eternad]

One of the ways they have to do in the casinos that really hooked people was that they could have done things like use their wallets as private ones for the clients, well in fact there is a casino like freebitco.in that is still up or can be used as a private wallet and I believe that for me in my personal opinion it is the most reliable wallet managed by a platform.

Also, one of the things that was made or promoted from the beginning is that it can be used as a wallet and as a good multiplier, these are the things that many of us loved about the platform from the beginning, but now because of all the FTX madness I think that there is no such trust on any platform.

Can you explain what’s the private you are talking about freebitco.in? If I remember correctly they are still centralized casino that use email for logging in on the website. How there wallet differs to the typical wallet though? Are they offering a web3 feature that makes user connect there wallet to play the game because that kind of casino will gonna be trusted to leave balance on the casino wallet.

Although I’m not that kind of doubtful on casino credibility compared to CEX since they are not using user money on investment unlike CEX that use the user funds to loan or invest on other project leaving all the exchange balance becomes not backed by real money.

[stomachgrowls]

  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
 

I don't think it is good to have your coins saved in gambling casinos because it has no purpose to put it there, it will not increase in the value because it is not exchange or trade that you want to do with it. You can transfer some coins into the casinos account to playing their games for the purpose of that and nothing on it. You can do transfer of the coin to use for gambling, no need to save it there and casino is centralised.

From the statement i know quit well  and believe, that it's well known and stated year before that funds is not suppose to be keep or save in casino platform or exchange platform, the reason why many people stipulate this, it's because of the casino platforms can possibly shutdown without notification or awareness of anyone, so i believe that people who knows what is obtainable doesn't keep money in any platform.

Agreed, but with gambling service providers it is very rare to see such a situation. In most of the gambling platform shutdown every user were notified and were allowed to make withdrawal befor shitting down. Exchanges in recent months have suffered big due to the flaw from the top authority. Even holding in reputable platforms have turned to be wrong after the FTX Collapse.

That happened and it is the correct thing to do,keep your money out of centralized exchanges is a must but then this must follow also from the gambling sites,do not use them as a wallet to store your funds because no matter how trustworthy they maybe they are still a third party,the best thing to do is to deposit any amount you plan on playing there and once you finish your session it is a very good idea to withdraw your money to a wallet where you and only you have the private keys.

Most of the time it wont really be a serious issue for me since i do always bust up my account or my gambling capital most of the time and wont leave any amounts on any gambling platform which im not really that

in a situation on where i do mind much on this situation.If ever i do find myself out on a situation where i do have funds then im always a fan on taking and pulling off those amounts on a site
or whatever centralized platforms that i would be dealing with.Nothing beats out if you do store up your coins on a non custodial wallet or you do have the full control of it
since you do possess its keys.