Not your keys, not your coins — does this not apply to crypto casinos?

[Big Dirams]

I mean sure, it should. Why should it not? But, I don't see this line, "not your keys, not your coins" frequented in this sub (I haven't seen this line a single time here in my visits tbh but I might have missed, so I went with the possibility that it might have been mentioned) as much as the line is paraded when crypto exchanges are in question.

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

As far as I know gambling casinos I don't think gamblers actually use them to save their coins, although they might leave the coins won there for some time maybe to play more games with the hope to win more before withdrawing them. There is more risk in holding funds in centralized casinos, which is the temptation to play games with the money which is not the same as with exchanges.

The first danger when holding funds in casinos is the temptation of playing more games even when you don't want to, I believe this is the reason why many don't hold their money there.

[cryptoaddictchie]

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

But there are some options to hold asset on noncustodial in a crypto gambling casino like the metawin casino. I used my noncustodial metamask to login and play on my account. Though Im not used to doing so on evm for casino but since they are trusted and reputable enough. Some of my casino online are also cex, maybe some firm should adopt on using wallet as sign in and not a web2 login.

[Finestream]

But there are some options to hold asset on noncustodial in a crypto gambling casino like the metawin casino. I used my noncustodial metamask to login and play on my account. Though Im not used to doing so on evm for casino but since they are trusted and reputable enough. Some of my casino online are also cex, maybe some firm should adopt on using wallet as sign in and not a web2 login.

The funds don’t really stay in your wallet. Once you place a bet, that amount still moves out of your wallet and into the contract, and only if you win does it come back. So in a way, you’re still giving up control during the bet even if the login itself is non-custodial.

[cryptoaddictchie]

The funds don’t really stay in your wallet. Once you place a bet, that amount still moves out of your wallet and into the contract, and only if you win does it come back. So in a way, you’re still giving up control during the bet even if the login itself is non-custodial.

Yes It should be like on dex trading if you let someone approved smart contract for swap. I guess it's better than to use web2 login such as email instead. It's not like we can store and play at the same time even at none custodial without leaving the funds in wallet or at least set in a smart contract. As long those contract are safe and well audited.

[Finestream]

The funds don’t really stay in your wallet. Once you place a bet, that amount still moves out of your wallet and into the contract, and only if you win does it come back. So in a way, you’re still giving up control during the bet even if the login itself is non-custodial.

Yes It should be like on dex trading if you let someone approved smart contract for swap. I guess it's better than to use web2 login such as email instead. It's not like we can store and play at the same time even at none custodial without leaving the funds in wallet or at least set in a smart contract. As long those contract are safe and well audited.

That’s good if you feel it’s safer for you, but for me honestly, I’d still stick with the traditional way. I’m not really risking a lot of money in gambling anyway. I can deposit like $20 in a day and I’m fine with that. If the casino gets hacked and my money is gone, it won’t really hurt me.

[Akbarkoe]

I mean sure, it should. Why should it not? But, I don't see this line, "not your keys, not your coins" frequented in this sub (I haven't seen this line a single time here in my visits tbh but I might have missed, so I went with the possibility that it might have been mentioned) as much as the line is paraded when crypto exchanges are in question.

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

Do you keep a lot of crypto in casinos? in the long term for example a year or two or more? if yes this is really for you, but if not then you don't need to talk about it, in general exchanges are sometimes used to hold coins in the long term for those who don't understand securing their assets, I like to use it as a personal safe even though the exchange is just a market not a place to store, so the word is useful for people who don't understand the security of their bitcoin, while casinos, different he is not a market he is a place to play, most gamblers will spend their money there, no one dares to keep money in the long term in casinos.

[viljy]

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

There are people who only use DEX. They do this precisely because they distrust centralized exchanges (and there is a good reason for this distrust). There are custodial wallets and there are non-custodial wallets. But I don't know about a decentralized casino (unless you take the Polymarket and the like as such, although in fact it's more of a prediction market, betting, etc.). Therefore, this saying does not apply, because there is simply no alternative. It is pointless to talk about key ownership in such a situation. That's when decentralized casinos appear (if at all), then there will be a choice and you can remember the saying about keys.

[Hardyrobust]

I mean sure, it should. Why should it not? But, I don't see this line, "not your keys, not your coins" frequented in this sub (I haven't seen this line a single time here in my visits tbh but I might have missed, so I went with the possibility that it might have been mentioned) as much as the line is paraded when crypto exchanges are in question.

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

The difference is very simple. First of all ,the main reason for this saying not your key not your coin is mostly for long term holders that intend to be holding bitcoin for a long time. So it is important for them to be able to secure there coin they need to keep there key secure but this is not these same when it comes to casino. Casino is not a place for holding cryptocurrency and I also believe if you lost your key you can also recover it but this isn't the same thing with noncustodial wallets.

[0x000369]

what youre saying it totally applies to casinos too since theyre centralized just like exchanges and hold your funds without you having the keys

The big difference is mindset though people use exchanges like a bank to store and hodl long term thats why the phrase gets hammered in to remind folks to self custody

With casinos its more like a quick in and out you deposit to gamble risk it all or win and pull out fast no one treats it as storage because the whole point is to bet and potentially lose it

But heres the thing casinos can get hacked or go bust just like exchanges remember that one big casino hack a couple years back where users lost everything? So yeah not your keys not your coins should be shouted here too especially if youre leaving winnings sitting around

Withdraw often and only keep what youre ready to gamble thats my rule

[goldkingcoiner]

I mean sure, it should. Why should it not? But, I don't see this line, "not your keys, not your coins" frequented in this sub (I haven't seen this line a single time here in my visits tbh but I might have missed, so I went with the possibility that it might have been mentioned) as much as the line is paraded when crypto exchanges are in question.

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

Of course it does.

You need to be in sole possession of your keys. Nobody else should have access to your wallet. In a casino wallet, the casino has control over your coins. Same goes for any other custodial wallet.

If the wallet that you are storing your coins in does not belong to you, or a third party has/could have access to it, then it is not your wallet: not your keys not your coins.

[Hatchy]

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

Casinos are Centralized and so anyone who is using them already know that the moment you deposit into your casino account, the money is no longer yours. That's because the casinos is same like an exchange account where they hold custody of every users wallet keys. For someone who understands the kind of risk that's involved in storing your coins on centralized platforms,  you should know very well not to store your coins on a casino account because you would have to wager at least 1x of the deposit amount before you are able to withdraw it from the casino and I wonder if it's same for all but that's just how I've experienced deposit in the few casinos ive played on.

[Ultegra134]

It goes without saying that you shouldn't store high amounts of money on casinos either; I believe it's common knowledge, but I'm sure some people do it nonetheless. The difference has already been mentioned already, people use exchanges for storing their coins, even though there are alternative methods of safekeeping your funds. Just don't keep an outstanding balance on your casino account and you'll be okay, you can deposit only when it's necessary.

[acroman08]

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

It does, but then again, online casinos are not being used as a way to hold cryptocurrency in long term, unlike custodial wallets where there are people who tend to leave their crypto there for a long time. a lot of gamblers tend to deposit, gamble and withdraw, also, I think it is common sense to not leave your crypto in a casino for a long time.

[YOSHIE]

Not your keys, not your coins — does this not apply to crypto casinos?

This means that if you don't often hear the words you mean, it means users don't store their crypto assets in online casinos, in general users know the risks that online casinos are prone to going bankrupt, being hacked or other things that are likely to harm the user's crypto assets, basically the private keys are held by the casino, just like exchanges in general.

Personally, I don't need to store all my gambling assets and winnings in the casino, I focus more directly on the software wallet or hardware wallet, that way is safer and doesn't require the casino to unlock and open my coins.

[Findingnemo]

Is there difference that I am missing? Care to enlighten me?

Here is what I wrote yesterday in one of the thread

..
And it is really a good habit not to leave funds, which will help with the lowering of our gambling activity and also the basic, not your keys and not your crypto rule.

But yeah you are not wrong here, but those kinds of discussions don't come up very often here so the users' reply also doesn't mention it as often as we see on the main crypto-related discussion board.

[ryzaadit]

This does not apply in crypto casino.

Because, either the money is gone because of losing.... the people will withdraw their money after they're winning. It's rare people are storing money in casino, even they're put those into a vault.

I bet, not just one days passed they will use those fund for gambling and losing it all.

[coin-investor]

Like all the other opinions here, it doesn’t apply because casinos aren’t a place to store your coins for unspecified periods.
It's a platform where you will use your coins to gamble for enjoyment.
Once you deposit your coins into the casino, there is a chance you’ll lose them in a few hours; you are not storing them, but risking them for your enjoyment.

[Slow death]

I mean sure, it should. Why should it not? But, I don't see this line, "not your keys, not your coins" frequented in this sub (I haven't seen this line a single time here in my visits tbh but I might have missed, so I went with the possibility that it might have been mentioned) as much as the line is paraded when crypto exchanges are in question.

So I am asking you, why is this line not paraded as much when centralized crypto casinos are in question despite they holding user funds similar to centralized crypto exchanges? Is there difference that I am missing? Care to enlighten me?

Of course there's a difference. When people deposit money into a casino, they're putting in an amount they can afford to lose.  it's money they can't expect to be able to withdraw later. This is because casinos have wagering requirements, so it's not like people can deposit $100 and withdraw the same $100 an hour later.

They'll have to wager until the $100 becomes $200 in some casinos, and in others the wagering requirements exceed 1x. Whereas with exchanges, people deposit money to withdraw whenever they want; there are no wagering requirements. A person deposits $100 and can withdraw the same $100 an hour later.

[Ronsbit]

I think you should get this clear that exchange and casino are two different things. Exchange does trading and also savings as well and they operate like the real fiat bank but they take custody of asset and funds while the casino are game platforms which requires self discipline and self control so one of the measures to do so is to always kep away your assets and funds from casinos and besides casinos are designed for holding of assets and funds but rather to play games so why risk it when you alteady know their mode of operations. Already, the consciousness of not your keys and not your coins is already instilled in the gamers, which they already know, so i do not  think they would make such mistake of leaving assets in casinos .

[Mindyspace]

I think the difference lies more in how the person themselves uses it. In crypto exchanges, people tend to leave money sitting there for a while, so the phrase "it's not your keys, it's not your coins" comes up all the time.

In casinos, most people just deposit, play, and withdraw quickly. Almost nobody leaves a large balance sitting there; well, some do, but then the risk ends up being lost even though it's practically the same. In the end, the casino also retains control of all the money while it's there.

I think the phrase doesn't come up as often simply because people don't think about money control when talking about casinos, but fundamentally it should apply equally.