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

[Reid]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

If it deals with cryptocurrencies, then I think yes.

- Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
   money they have that belongs to the gamblers?

Gamblers will just have to take care of themselves. That's the first rule, find a reputable online casino then stay with it. Looking for another just adds to the risk of your money getting rekt.

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

No, that's worse than keeping it in an exchange. I'd rather take the effort of depositing every now and then.

  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

It becomes fishy. They may lose players/gamblers if they will not follow the protocols or whatever is being asked. Showing it won't hurt them, if not there must be something they are trying to get away with. Tax, maybe?

[Darker45]

Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

If there is a crypto gambling company that kept their funds in whatever platform that filed bankruptcy recently or those that froze withdrawals and went insolvent or bankrupt because of it, then the crypto gambling industry is part of the domino effect. Otherwise, I don't think they are; business runs as usual.

Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what money they have that belongs to the gamblers?

A good amount of trust must be lost. But I'm sure crypto casinos would come up with a way to assure their players that their funds are kept safe. They might also show proof of reserves.

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

Yeah, but only small amounts, those that are for betting only. I don't store coins for long-term saving outside non-custodial wallets.

[Silberman]

I don't agree that there's a visible domino effect at all. The bankruptcies are all linked to scams because that's how you call companies that take your money and tell you they're going to keep it safe but really buy yachts and apartments with it. This is textbook scam and there should be no leniency and no attempts to explain them or bail them out.

IMO a domino effect bankruptcy happens when a legit company exposed to a bankrupt one goes down because they realize their investment is lost or frozen in the bankruptcy proceedings.
When a scam company goes down and exposes a scam in another company, it's not a domino effect but a cleansing!

Exactly, scammers are looking around and they are realizing that there is not much money for them to make now that the bear market has consolidated itself, so they are just exit scamming their customers and investors, and if any company was dumb enough to expose themselves to those scammers then they have no one else to blame but themselves, as the community has always warned against the dangers of investing in centralized projects as they can go down at any moment.

[harizen]

Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

Definitely no as a whole. The gambling industry is so vast that regardless of what's happening in the market, the industry will just continue to grow. However, since the competition is tough, some gambling sites might experience financial problems.

Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what money they have that belongs to the gamblers?

No. One or two casinos turning into scammed won't be a big reason for gamblers to lose their trust in the gambling industry. I mean how can these 2 scammed casinos will bring a negative affect on the big gambling industry? Gamblers will still do their usual but this time will be more careful in picking trustworthy gambling sites.

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

Not for storage purposes to the point that I will not use those funds.

All my funds stored in a gambling site are meant for gambling.

If I'm fuck*d up and that site turned into a scam, that's the risk I accepted at first.

[kawetsriyanto]

- Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what money they have that belongs to the gamblers?

No. In reality, there were already many scam casinos but it won't impact so much on the gamblers. People always play online casinos, but they become more selective to choose trustable online casinos.

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

A gambling site isn't a proper place to store coins. It is the same as a centralized exchange, we can't control our coins there.
If the gambling site turns out to be a scam, we will lose all our coins. So, always choose private wallets to store our coins. If you have a hardware wallet, it is a more recommended place to keep the coins for a long time.

[Poker Player]

A gambling site isn't a proper place to store coins. It is the same as a centralized exchange, we can't control our coins there.
If the gambling site turns out to be a scam, we will lose all our coins. So, always choose private wallets to store our coins. If you have a hardware wallet, it is a more recommended place to keep the coins for a long time.

I agree and I think that's what most of us on the forum think, whatever you save on your HW or whatever system it is but you control your private keys. This comes to point as just yesterday BlockFi filed for bankruptcy.

What happens is that if you are a gambler or you trade, it is normal that you have a certain amount in the exchange or in the casino. If you play poker, for example, you should have a bankroll, which depending on the modality can be 50 or 100 times what you can lose in a tournament or the maximum in a cash hand. So, if the site turns out to be a scam, you lose what you have as well. It is not feasible to go depositing and withdrawing every time at the minimum because of the fees and the hassle involved.

[davis196]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

No. It's obvious that the crypto gambling industry has nothing to do with the crypto winter or crypto exchanges going bankrupt.

- Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?

We have seen multiple cases of casinos scamming their players and/or turning into exit scams. So far, the overall trust in the crypto gambling industry hasn't been damaged that much.
 

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

No. That would be a really dumb thing to do.

- What would gamblers think if a casino does not agree to show proof of money from new and old casinos

I guess that some of them will become suspicious.

[fortunecrypto]

The gambling industry is the most stable industry within the Cryptocurrency industry, bear or bull trend many gamblers will continue to gamble, some of these gamblers are not into trading and they got into Cryptocurrency because of gambling, there are more new casinos coming in, when Cryptocurrency started there are so many coins launched almost every week and when the ICO has conceptualized so many projects adopted it, now the trend shifted to Cryptocurrency, there are so many Cryptocurrency casino launching.
This new trend will continue to flourish because it's a billion-dollar industry and there are millions of gamblers.

[swogerino]

A gambling site isn't a proper place to store coins. It is the same as a centralized exchange, we can't control our coins there.
If the gambling site turns out to be a scam, we will lose all our coins. So, always choose private wallets to store our coins. If you have a hardware wallet, it is a more recommended place to keep the coins for a long time.

That is correct.While I believe many of the exchanges to go scam people are usually very well thought inside jobs exit scams I rarely have seen a reputable casino going offline directly without valid explanations.With this I don't mean to encourage people to keep their money in a casino as a casino is still a third party being run by people you have no control over so the best thing to do is to keep your money in non custodial wallets like Electrum and Exodus as desktop wallets with Electrum being more secure (this is only my opinion).The best of course is if you have a lot of crypto to buy a hardware wallet and keep them there.

[iv4n]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

No. It's obvious that the crypto gambling industry has nothing to do with the crypto winter or crypto exchanges going bankrupt.

Definitly no! FTX has liquidity concerns and facing allegations regarding the misuse of customer funds. Crypto winter has nothing with that, as we can see other exchanges are working fine.

- Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?

We have seen multiple cases of casinos scamming their players and/or turning into exit scams. So far, the overall trust in the crypto gambling industry hasn't been damaged that much.

You are right, but those scams can't be compared with exchanges, simply those casinos scammed people for millions of dollars and when it comes to exchanges the numbers are higher, +$100 million and in some cases billions.

Not sure if it's important, but there's always some very shady crypto casino around.

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

No. That would be a really dumb thing to do.

Well, I always have some money in some casino! When we choose a casino where to play, shouldn't we have enough trust in them? We plan to make a deposit and gamble, and leaving some amount there is perfectly fine, after all, we shouldn't deposit more than we can afford to lose, it's gambling.

- What would gamblers think if a casino does not agree to show proof of money from new and old casinos

I guess that some of them will become suspicious.

Well, this is a tricky part. Many of us don't like KYC and all those regulations. If crypto casinos became fully regulated KYC will become mandatory, we will lose anonymity and all other things that make the crypto gambling world so attractive.

[FatFork]

It's pretty simple, gambling is a billion dollar industry and there are many people involved in it and when that happens you need a currency, not only that but a secure one, and that's where cryptocurrency comes in, it's a secure and fast way of transferring value across the globe. Cryptocurrency is the future of gambling, it's a secure way to transfer value and it's much faster than any other form of payment.

Therefore, any negative changes that occur in the cryptocurrency market do not diminish its value when compared to other forms of online payment, especially when it comes to the gambling industry.

Also, one or two casinos turning into scams will not by itself undermine the public's faith in gambling industry as a whole, because there are so many other casinos that are still operating and providing a quality services. Although gambling platforms come and go, gamblers will still gamble. They might be more selective about where they put their money and place their bets though.

[Fivestar4everMVP]

- Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?

Well, indirectly, the online gambling industry is part of it since they accept crypto for both deposit and withdrawer, gamblers can also gamble and place bets with crypto, so indeed, the online gambling industry is part of the crypto community though not directly.

 - Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?

I don't think the gambling industry will lose the trust of gamblers if this happens, this is because casino are not like exchanges where traders leave money on, first, it is even stupid to leave huge amount of money on casinos when you are ready to play or gamble with it, many casinos have closed and gamblers lost money, but this have not affect the industry as it continues to grow, casinos are different from crypto exchanges.

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

Like I said earlier, it is stupid to even do this, it is absolutely not advisable to leave money you aren't ready to use on casinos, I would never do such.

  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

Personally, I wasn't expecting any casino to show their proof of reserve since their business model is quite different from exchanges, so I personally would not look down on casinos if they refused to show their proof of reserve.
But my opinion is that, any casino that will be the first to show their verifiable proof of reserve will definitely gain more trust and more customers than the rest.

[Betwrong]

I don't agree that there's a visible domino effect at all. The bankruptcies are all linked to scams because that's how you call companies that take your money and tell you they're going to keep it safe but really buy yachts and apartments with it. This is textbook scam and there should be no leniency and no attempts to explain them or bail them out.

IMO a domino effect bankruptcy happens when a legit company exposed to a bankrupt one goes down because they realize their investment is lost or frozen in the bankruptcy proceedings.
When a scam company goes down and exposes a scam in another company, it's not a domino effect but a cleansing!

Exactly. Where's the news about crypto casinos closing down around the world? I can't find even a single news like that, but what is more important is that even if one or two casinos were going out of business it would be very far from "The Domino Effect" suggested in the OP.  

Overall I think that crypto currencies are already recovering from the latest shock, and crypto gambling, it was never affected by this FUD caused by the FTX crash.

[Silberman]

A gambling site isn't a proper place to store coins. It is the same as a centralized exchange, we can't control our coins there.
If the gambling site turns out to be a scam, we will lose all our coins. So, always choose private wallets to store our coins. If you have a hardware wallet, it is a more recommended place to keep the coins for a long time.

That is correct.While I believe many of the exchanges to go scam people are usually very well thought inside jobs exit scams I rarely have seen a reputable casino going offline directly without valid explanations.With this I don't mean to encourage people to keep their money in a casino as a casino is still a third party being run by people you have no control over so the best thing to do is to keep your money in non custodial wallets like Electrum and Exodus as desktop wallets with Electrum being more secure (this is only my opinion).The best of course is if you have a lot of crypto to buy a hardware wallet and keep them there.

It is easy for some people to think that casinos and exchanges are the same as they both have the ability to store your coins for a long period of time, but in my experience many casinos do not do currency conversion, so if you deposit bitcoin then you withdraw bitcoin, there are others that automatically convert your deposit to fiat and then you can withdraw your deposit in whatever is the equivalent in fiat at the moment in the coin you want to receive in your wallet, so they are not really exposing themselves to the movements of the market as exchanges do, and as such it is way more difficult for a successful casino to disappear just because the market of cryptocurrencies itself is experimenting a drop.

[roslinpl]

Gambling was get into crypto currency mostly after 2017 bitcoin pump market. Because the price of bitcoin was reached to 19k dollars for the first time. The most of the offline casino created their page accepting crypto currency. Because crypto currency had get the attention of most of the people. This also enable the people to get gambling based on the crypto currency as the rewards for their involvement of USD. Million of dollars was involving in the gambling as compared to the trading, because people low to play casino and double their money.

[Fortify]

There's a discussion here about a call to make it mandatory for gambling sites to show proof of money they are holding in reserves because of what happened on FTX.

Running a casino during crypto crash

 - Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?
 - Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?
  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

I'm confused by what you mean in your fourth point? Are you asking whether gamblers are doing due diligence checks to make sure a casino is liquid before depositing money? It does seem like a good health check, however generally a gambler will be a very short term thinker and somebody who has a tendency to dive right in if they see a great offer to entice them. You'll find that many gamblers deposit as soon as possible and only do research later, usually after they've lost a fair chunk, on whether the casino is a decent place to bet betting. In general on your first point, just like exchanges, there have been several large casinos fail in the past but it doesn't seem to have had a wider impact on the industry.

[Sandra_hakeem]

Why should any sane person decide to use gambling sites to store his worth or value...as in what happens in de-centralized exchange? That's not advisable and would cost any person his life savings or whatsoever he had in there -- to be claimed once they run bankrupt. I believe if any gambler should have some funds in their casino account, then it should be just for an immediate stake.

The whole industry cannot be plague with the effects of one casino folding up with people's money, after a long while. Yunno, the could actually have some fear and take the least possible - preventive measures to avoid making the same mistakes....but with time, they'll get to trust 'em quickly (most especially when they're being paid immediately after winnings, without complain, with more sophisticated means for withdrawal etc....)

Sandra 🧑

[minime0105]

See their is every possibility that gambling website can run down because they are not faithful with their players, to eliminate gambling platforms it started from the complain or negative experiencing from the players, some of the platform take whatever it do, to ensure that their players give them a good record, because the positive reputation of a platform started from the players who visits the sites frequently.

[Finestream]

There's a discussion here about a call to make it mandatory for gambling sites to show proof of money they are holding in reserves because of what happened on FTX.

Running a casino during crypto crash

 - Do you think The Gambling Industry Is Part Of The Domino Effect That Happens In The Market?
 - Will the industry lose the trust of gamblers if one or two casinos scammed their players by closing down and running with what
    money they have that belongs to the gamblers?
  - As a gambler do you use gambling sites to store your coins like what traders are doing on exchanges?
  - What would gamblers think if a casino does not agree to show proof of money from new and old casinos

Casinos actually don't need to show proof of their finances at casinos except for big trading sites, because most people save their money on trading sites to trade all the time looking for profits while in gambling sometimes people just look for fun, make deposits playing and withdrawing money, that's is an easy step to play in a casino so you don't need to put a lot of money in it, I'm just a small part of gamblers who play with small money don't know those gamblers who play with big money, just my thoughts I always play in old casinos that have gone through a lot of crypto moments crash and they still survive today, so I just play there comfortably and safely  

Gambling for fun is way safer than gambling for money. And I think that one thing should be mostly realized by gamblers, and not the other way around. However, with casinos need to show their proofs of finances, or their source of wealth, maybe it’s done just to prove their customers that the games are fair and legal. Other than that, I have not think of other intentions why should casinos should show their financial status.

[makishart]

See their is every possibility that gambling website can run down because they are not faithful with their players, to eliminate gambling platforms it started from the complain or negative experiencing from the players, some of the platform take whatever it do, to ensure that their players give them a good record, because the positive reputation of a platform started from the players who visits the sites frequently.

The domino effect that happened due to the fallen of FTX will be only affecting the interest to gambling. The only problem is the site like FTX was scamming so many people and we can imagine how many of them were active players in the several sites.
They lose their money and they can't play with their money and that's also a huge lose for the gambling site too. As long as the market would able to recover and the new (unique) demand will come but it's hardly affecting the gambling site to run down like so many lending site. The gambling site was a place to play unlike lending site which has strong affiliation with exchange site. I didn't see any big impact to the gambling platform yet the decrease from the demand was happening.