Disruption In The Gambling Industry Your Opinion

[Davidvictorson]

- Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

It depends on how big the hacking is and what is hacked - user details? casino funds? etc. If it the information of their customers that are hacked, I think they would survive it but if it is a large amount of funds that is hacked, then that is a problem.

- When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

I do not believe them. It is all PR. Not organization is immune from hacking.

- When top casinos are hacked and they still operate and still  into their business without interruption do you believe that

If a casino is hacked, they will lose the confidence and trust of their customers and it will require some time before they are able to get it back. Whatever they do after being hacked is just trying to put out a strong face so that they don't go out of business through low patronage.

- Top casinos should be our priority because small casinos cannot operate normally after the hacking.

Both big and small casinos should effectively bolster their cybersecurity to the latest.

- Do you think gamblers will stop playing for the time being after this is all settled?

Yes. I will. I will move on to the next available casino.

[mu_enrico]

$40 million is probably a peanut for Stake since they reportedly to pay Drake $100 million per year: https://blockworks.co/news/crypto-casino-stake-revenue

As long as users' funds aren't affected, users will continue to play there. I also didn't notice the event, it seems like business as usual. IIRC I played almost every day in the last week but everything seems fine. Not sure whether or not it's because I used non-ETH coins... So yeah, one hot wallet hacked means the owner gets less money to spend, but it won't affect the business.

[$crypto$]

$40 million is probably a peanut for Stake since they reportedly to pay Drake $100 million per year: https://blockworks.co/news/crypto-casino-stake-revenue

As long as users' funds aren't affected, users will continue to play there. I also didn't notice the event, it seems like business as usual. IIRC I played almost every day in the last week but everything seems fine. Not sure whether or not it's because I used non-ETH coins... So yeah, one hot wallet hacked means the owner gets less money to spend, but it won't affect the business.

Especially with other partnerships such as Everton, UFC and Alfa Romeo F1 Team being a stake.com partnership at this time of course the money they spend on sponsorships is more, and if you judge in terms of the money that was hacked from the stake.com hot wallet recently I think it is small so they can recover.

I think customer funds are safe they seem to have bigger reserves to deal with this situation, after a few hours of this incident they have recovered all deposits from the ETH network meaning they are doing quickly and business will continue.

[Yatsan]

$40 million is probably a peanut for Stake since they reportedly to pay Drake $100 million per year: https://blockworks.co/news/crypto-casino-stake-revenue

As long as users' funds aren't affected, users will continue to play there. I also didn't notice the event, it seems like business as usual. IIRC I played almost every day in the last week but everything seems fine. Not sure whether or not it's because I used non-ETH coins... So yeah, one hot wallet hacked means the owner gets less money to spend, but it won't affect the business.

Especially with other partnerships such as Everton, UFC and Alfa Romeo F1 Team being a stake.com partnership at this time of course the money they spend on sponsorships is more, and if you judge in terms of the money that was hacked from the stake.com hot wallet recently I think it is small so they can recover.

I think customer funds are safe they seem to have bigger reserves to deal with this situation, after a few hours of this incident they have recovered all deposits from the ETH network meaning they are doing quickly and business will continue.

Stake won't allow such incident to become worse for sure. As we all know they have the fund to increase its security and for sure they are taking this seriously.
But if this questions whether players would be aboidant of the platform not only with the aforementioned, then I think it depends on the player; some would and some won't. As for me, I'd still go as long as my funds aren't affected. Also, it was never in my habit to store that much of an amount in a gambling platform for such tendencies which would cause me trouble. We saw numerous sites which experienced such incidents but only a few managed to cope up with it.

[tjtonmoy]

- Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

Actually, they can. They always keep a reserved fund for scenarios like this. As long as the business is running, they are going to make money. So some hacking will affect the platform for sure but they have ways to deal with it.

- When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

Could be both. It's an internal matter and they will not disclose the information. I personally don't believe that the user data is safe. If the hacker can access one thing, they can access other things too. But still, it depends on their individual security measurements.

- When top casinos are hacked and they still operate and still  into their business without interruption do you believe that

I guess it is believable. They have their backup plan ready all the time for situations like this. As long as the business is running, they are going to make money. So there are some possible ways they might handle this kinda of stuff.

- Top casinos should be our priority because small casinos cannot operate normally after the hacking.

Totally agree.

-  Do you believe that there will be more hacking after the top casinos?

Different platforms have different kinds of security systems. But hackers will try to do it again on other platforms. So we may see more of this hacking.

- Do you think gamblers will stop playing for the time being after this is all settled?

It is safe to stay away from gambling for some time after incidents like this. Once everything is sorted, we can come back to gambling again.

[crwth]

When I read disruption, I think of the "innovation" and the technological development of an industry that makes waves towards how the world works currently and how it will differ due to the "Disruption" that something has.

This is a different kind of disruption. It seems that it's a disruption towards the single online casino and how it would affect the gaming business etc.

I think they are going to be okay with the online casino since it has reserves and possibly insurance when things like this happen. Since the example that you gave is a Hot Wallet, it's not going to be the reserves or something.

The important thing here if that happens is that the casino handles it gracefully and makes sure that the members are not affected and they make it known. That's what is going to make the casino be more trusted than ever.

As for the gamblers, they are probably going to continue to gamble.

[Hispo]

If the casino has a long positive story within the community and it has been proven to be big enough for them to have liquidity to pay big jackpots, then I dont see any reason for us to doubt their word when they claim users funds are safe or about the integrity of their webpage on the long term, because isn't in the end gambling about trust? (In the case of centralized casinos).

If a website which have managed to earn the trust of millions around the world and  be a leader of the industry, it is because it has been priority for them not to lose trust of us, so they keep as much transparency as possible after hacks take place

Unfortunately, as long as we have internet and thieves on this planet, casinos will continue to be potential targets, the same with individuals and exchanges. 

[$crypto$]

Especially with other partnerships such as Everton, UFC and Alfa Romeo F1 Team being a stake.com partnership at this time of course the money they spend on sponsorships is more, and if you judge in terms of the money that was hacked from the stake.com hot wallet recently I think it is small so they can recover.

I think customer funds are safe they seem to have bigger reserves to deal with this situation, after a few hours of this incident they have recovered all deposits from the ETH network meaning they are doing quickly and business will continue.

Stake won't allow such incident to become worse for sure. As we all know they have the fund to increase its security and for sure they are taking this seriously.
But if this questions whether players would be aboidant of the platform not only with the aforementioned, then I think it depends on the player; some would and some won't. As for me, I'd still go as long as my funds aren't affected. Also, it was never in my habit to store that much of an amount in a gambling platform for such tendencies which would cause me trouble. We saw numerous sites which experienced such incidents but only a few managed to cope up with it.

Surely they won't let this incident happen again with tighter security they will implement so that it doesn't happen again, I think they have a better level of security after this incident.

I feel this is just a loss to the platform will not be affected to its customers they remain normal to run gambling activities including deposits and withdrawals, sometimes some players are sensitive after hearing this incident, but I will not go and keep using it because I have anticipated never putting money on the platform after winning.

[bittraffic]

Especially with other partnerships such as Everton, UFC and Alfa Romeo F1 Team being a stake.com partnership at this time of course the money they spend on sponsorships is more, and if you judge in terms of the money that was hacked from the stake.com hot wallet recently I think it is small so they can recover.

I think customer funds are safe they seem to have bigger reserves to deal with this situation, after a few hours of this incident they have recovered all deposits from the ETH network meaning they are doing quickly and business will continue.

Stake won't allow such incident to become worse for sure. As we all know they have the fund to increase its security and for sure they are taking this seriously.
But if this questions whether players would be aboidant of the platform not only with the aforementioned, then I think it depends on the player; some would and some won't. As for me, I'd still go as long as my funds aren't affected. Also, it was never in my habit to store that much of an amount in a gambling platform for such tendencies which would cause me trouble. We saw numerous sites which experienced such incidents but only a few managed to cope up with it.

Surely they won't let this incident happen again with tighter security they will implement so that it doesn't happen again, I think they have a better level of security after this incident.

I feel this is just a loss to the platform will not be affected to its customers they remain normal to run gambling activities including deposits and withdrawals, sometimes some players are sensitive after hearing this incident, but I will not go and keep using it because I have anticipated never putting money on the platform after winning.

And most probably tight rules on KYC after this.  There has to be done to prevent this from happening again and while they are at it, it will be a hunt. If this thread didn't show up in bitcointalk, I wouldn't know. I'm sure gamblers might also missed this news if they were too busy betting on the platform.

In the other thread, it was mentioned that CZ could freeze the BSC funds. I'm not sure if it will add to the reputation of BSC or CZ but if he can do it, its all up to him.

[goldkingcoiner]

This topic is not about the recent hacking of Stake there is a dedicated topic about this

Stake.com Hot wallet robbed for 40Million + usd  (Confirmed by stake)

But it's more on the general opinion when top casinos are hacked

 - Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

 - When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

 - When top casinos are hacked and they still operate and still  into their business without interruption do you believe that

 - Top casinos should be our priority because small casinos cannot operate normally after the hacking.

 -  Do you believe that there will be more hacking after the top casinos?

 - Do you think gamblers will stop playing for the time being after this is all settled?

As long as its digital, it is hackable. There is no way around it. This is also mainly the reason why I prefer not to give any entity my KYC, if I can avoid it. Once that data gets stolen, you will be sweating bullets, wondering if somebody in the world is using your ID for neferious purposes- like taking a loan out in your name or commiting crimes in your name...

I doubt that this will make anyone stop playing on their platform. Especially because Stake has such a large following.

But that being said, at the very least, people should not store their money in centralized places. Like casinos or exchanges.

[ajiz138]

- Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

Yes casinos can survive and this is Stake.com talking a big platform they must have reserve funds elsewhere.

- When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

They will maintain the good name of the industry, of course they will tell users it is safe.

- When top casinos are hacked and they still operate and still  into their business without interruption do you believe that

They can still run their operations, so this won't affect users as they don't lose funds after being hacked.

- Top casinos should be our priority because small casinos cannot operate normally after the hacking.

Small casinos have little funds stored when a hack happens they can't recover and are out of the industry, but top casinos can survive because they have a lot of funds.

-  Do you believe that there will be more hacking after the top casinos?

If their security system has been then hackers can find loopholes again.

- Do you think gamblers will stop playing for the time being after this is all settled?

No, they still do gambling activities as usual.

[Wexnident]

- Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

I guess it depends on the level of disaster risk management that they have? They might have funds say split up in a few wallets, hence avoiding the absolute worst, thereby making it a lot easier to recover from said hack.

- When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

I'd say this can only ever be answered by them, whatever we users say can only really be an assumption. I'd say yes, since lying here would show pretty obvious results in about a few months, but I can't really blame them, Users pulling out might actually damage their casino more than the hack itself.

This topic is not about the recent hacking of Stake there is a dedicated topic about this

Stake.com Hot wallet robbed for 40Million + usd  (Confirmed by stake)
 - When top casinos are hacked and they still operate and still  into their business without interruption do you believe that

Why not? A temporary maintenance is usually all it takes to fix the problem, though I guess it depends on how the breach was done in the first place. I'm not familiar with how it happened with stake, but most breaches in big companies happen due to human engineering, and in that end it's usually really easy to fix. If it as a major security breach through a loophole though, then that might be a whole nother thing.

- Top casinos should be our priority because small casinos cannot operate normally after the hacking.

Not really no? I mean I've never really been biased about big and small casinos. My only ever bias was reputation (but if you consider that as big, small, then I guess I actuall am).

-  Do you believe that there will be more hacking after the top casinos?

Again, this depends on the context of how Stake was hacked. If it was due to human engineering, then unlikely. If it was a major breach, then maybe, but if stake publicizes how it was breached, then it may be avoided.

- Do you think gamblers will stop playing for the time being after this is all settled?

I don't think so? If you mean on Stake, then maybe. But in general there's still other casinos to play with anyway.

[TimeTeller]

- Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

Yes casinos can survive and this is Stake.com talking a big platform they must have reserve funds elsewhere.

- When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

They will maintain the good name of the industry, of course they will tell users it is safe.

- When top casinos are hacked and they still operate and still  into their business without interruption do you believe that

They can still run their operations, so this won't affect users as they don't lose funds after being hacked.

- Top casinos should be our priority because small casinos cannot operate normally after the hacking.

Small casinos have little funds stored when a hack happens they can't recover and are out of the industry, but top casinos can survive because they have a lot of funds.

-  Do you believe that there will be more hacking after the top casinos?

If their security system has been then hackers can find loopholes again.

- Do you think gamblers will stop playing for the time being after this is all settled?

No, they still do gambling activities as usual.

We have pretty much the same sentiments on OP's questions here.
Big casinos like stake can survive a multi-million dollar attack but small ones would have hard time getting up again.
Because big casinos have their cold storage in place, where their bulk of funds are stored. So they won't go bankrupt easy.
Hacking will always be a part of online fraud, so these casinos should always be on the lookout to secure their site from potential attack.
It won't be the last hack among crypto casinos, as these hackers will always try their best to extract money from big money making businesses.
Gamblers will always be gamblers, so they will just continue to play as usual after the attack. They may pause for a bit but then, they will continue again.

[Bananington]

This topic is not about the recent hacking of Stake there is a dedicated topic about this

Stake.com Hot wallet robbed for 40Million + usd  (Confirmed by stake)

But it's more on the general opinion when top casinos are hacked

 - Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

 - When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

 - When top casinos are hacked and they still operate and still  into their business without interruption do you believe that

 - Top casinos should be our priority because small casinos cannot operate normally after the hacking.

 -  Do you believe that there will be more hacking after the top casinos?

 - Do you think gamblers will stop playing for the time being after this is all settled?

Big casinos have done more work in anticipating hackers or scammers ploy. That's why even when such happens, they rebound and correct errors that may have led to the hack. Smaller casinos on the other hand may rebound, but it might take a while, that's if the owners didn't act smartly to set up a decentralized wallet for their other funds.
Also any hack directed at a top casino that isn't fruitful or is, may be a caution signal to smaller casinos to do the needfull and protect against such happenings. Failure to do so might result in a successful hack of their accounts if care isn't taken and mostly when the smaller casino is in same proximity with the top casino.

[Die_empty]

- Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

It depends on the funds that were stolen and how much they have to repay customers. In most cases, if the hacked funds exceed what they can afford to pay customers, they will go out of business. It is not also all casinos that have extra funds kept in other businesses or banks.
 

- When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

Read the terms of services of casinos and you will understand how they operate. No casino guarantees that your money is safe and they don't also attest that you will get back your funds in cases of hack or other factors that will lead to bankruptcy. Don't believe any casino that assures you that your funds are safe. They will do only their best but they cannot guarantee that you will never lose your funds.
 

- When top casinos are hacked and they still operate and still  into their business without interruption do you believe that

You are just repeating questions. It is possible to happen but it depends on the level of damage the hack caused and the cost of keeping the business afloat.
 

- Top casinos should be our priority because small casinos cannot operate normally after the hacking.

That's true because bigger casinos have more financial base to withstand the losses. But this is not always the case like the issue of Stake. Some casinos have built their reputation and have remained strong for many years.
 

-  Do you believe that there will be more hacking after the top casinos?

I don't wish that more hacks should occur because it puts money in the hands of criminals and makes genuine people lose money and jobs. It will also affect the economy of countries negatively due to it will reduce tax revenue.

- Do you think gamblers will stop playing for the time being after this is all settled?

Stake is not the only casino, other reputable casinos offer better service. I don't think there is any problem. The rules are simple, don't use a casino as a bank account or noncustodian wallet, and gamble only the amount you can afford to lose.

[Hispo]

-
Stake is not the only casino, other reputable casinos offer better service. I don't think there is any problem. The rules are simple, don't use a casino as a bank account or noncustodian wallet, and gamble only the amount you can afford to lose.

Is there actually people out there who use casino as wallets of bank accounts? Because, even though I know there must be at least one who have tried it, from my personal point of view it does not make sense someone would try to do so having better options, to at least earn a small interest or even have more privacy.

i have written about it before but is not using a casino as bank account some sort of meme or urban legend started by the Simpson in that episode Homer decided to keep Lisa's college fund in a Poker website?

Anyways, regardless of it; you are right.

[arallmuus]

$40 million is probably a peanut for Stake since they reportedly to pay Drake $100 million per year: https://blockworks.co/news/crypto-casino-stake-revenue

Its definitely a peanut size amount for Stake but their reputation is basically getting 'robbed' not really the amount of money. Some people probably wonder of what will actually happen in the future if a larger size is seized and obviously this is going to affect them for a while. Some people probably withdraw from the site or probably keep a sizable amount in there which actually hurt the company in a way

Stake is doing what they can to cover it up and Im pretty surprised that this isnt really the headlines for crypto right now. Few years ago, this would have made a huge headlines everywhere

[o48o]

-cut-
 - Do you think that big casinos can survive hacking because they have enough funds stored elsewhere

It depends on the amount that gets hacked, but in case stake, it was fraction of fraction of yearly income. So no harm done there.

- When they assured that users are safe do you believe it or is it just a way to keep their status in the industry intact

I am happy to keep my money on reputable exchanges and  i've seen reputable exchanges getting hacked in the past, but i trust most reputable exchanges more than banks are next level and they are more than enough funded to cover the lossses

-cut-
 -  Do you believe that there will be more hacking after the top casinos?
-cut-

Of course. When there's money involved there will be hacking attempts. Some of them will succeed. They have in the past, so i can't see why wouldn't they succeed in the future.

[Die_empty]

-
Stake is not the only casino, other reputable casinos offer better service. I don't think there is any problem. The rules are simple, don't use a casino as a bank account or noncustodian wallet, and gamble only the amount you can afford to lose.

Is there actually people out there who use casino as wallets of bank accounts? Because, even though I know there must be at least one who have tried it, from my personal point of view it does not make sense someone would try to do so having better options, to at least earn a small interest or even have more privacy.

i have written about it before but is not using a casino as bank account some sort of meme or urban legend started by the Simpson in that episode Homer decided to keep Lisa's college fund in a Poker website?

Anyways, regardless of it; you are right.

I just used banks and wallets as figures of speech. I was referring to keeping large funds in the casino. Some individuals deposit large sums and use it to gamble gradually. Some persons might fail to withdraw their wins and the money will be kept in the casino. I intended to convey that it is risky to keep large funds in a casino.

Of course. When there's money involved there will be hacking attempts. Some of them will succeed. They have in the past, so i can't see why wouldn't they succeed in the future.

Each day hackers are coming up with new techniques to hack casinos. These hack attempts will not end but casinos should also ensure that they are ahead of them in terms of security. The best and trusted hands should handle the security of the casino and they should be up-to-date in cybersecurity.

[Casdinyard]

This comes with using centralized stuff on the cryptocurrency world, be it exchanges or casinos in this case, which drives the "not your keys, not your coins" statement even further. In any case, I don't think this is going to cause massive waves in the crypto world as big as Stake is. Casinos are just a percentage of the whole industry and since it's a niche hobby the ones who are truly affected by this are just those that gamble. This will definitely cause some massive changes in the gambling industry paradigms though, the fact that such hackings prove that no hot wallet is safe if it's centralized, may inspire/encourage people to use their own wallets and only transact in exact amounts which is actually good.