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

[libert19]

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?

[Oshosondy]

Many people are using centralized exchanges for bitcoin and cryptocurrencies in general just as banks are used for fiat. But people are not using their crypto gambling accounts to save their coins just as banks are used for fiat. That is the difference.

You can read what most people posted here: Do you guys hold funds on Casino?.

[salad daging]

My personal assumption - maybe many gamblers don't keep money in casinos hence the phrase “Not your key, not your coin” is rarely heard because they know casinos are places to play not to keep money, unlike exchanges because still most of the majority keep money on centralized platforms.

[rohang]

You arent supposed to 'store' your crypto at casinos
You deposit there if you want to play, and if you happen to win you withdraw them

Its a really really bad idea to store any meaningful amount of crypto at ANY casino

[blomen]

no one claims that the bitcoins they deposit on gambling sites are theirs. but that's what people who trade on crypto exchanges and keep their “bitcoins” on these exchanges claim.

the phrase “not your keys, not your coins” is used for this reason; i think you understand the logic behind it. if you use a gambling site as a hot wallet, you can only take this phrase to heart. if what you're doing is gambling, then of course you should send your coins to the gambling site, and they are no longer yours.

[Beparanf]

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?

This should be applied in general. I think the reason why this catch phrase is not popular is because most gambler withdraw their funds as much as possible when they are done due to fear on being greedy to play and lose it all in gambling.

The fear on losing is much greater than considering leaving the coins on the casino that’s why it’s already an automatic behavior of gambler.

Instant withdrawal was the main feature of casino because this is what most gambler look forward.

[Zaguru12]

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?

‘Not your keys not your coins’ actually evolved when some people started treating exchanges as custodial wallet and not as a marketplace so this phrase was common to let them know that it’s not proper, but looking at casinos right from the very start Gamblers do not for one day actually treat casinos as such, most of the time after winning a bet they simply just cashout and straight withdraw I haven’t seen any casino user breaking this chain of command.

The only amount you see on casinos are usually those which are actually meant for waging or to place bets and this is mostly what the user can afford to lose because why bet on it already. If same thing is done to exchanges where what you will use to trade and can afford to lose is the only funds on your exchange then there won’t be this constant warning.

Also it’s worth to also say that exchanges suffer more hacks than casino so this also contributes to why it has it’s warning loud and clear

[freedomgo]

The thing is we’re not holding our coins in a casino the same way we hold them in an exchange for long-term. In casinos, we can withdraw anytime and we don’t put a significant amount of money there. We might build a significant bankroll, but most of the time we just deposit what we plan to bet for the day.

The phrase “not your keys, not your coins” only applies to decentralized systems. Casinos are centralized, so when we gamble, we choose them based on their reputation. We trust them to take care of our funds. And if they’re regulated, maybe they even have some form of insurance if they get hacked, though I wouldn’t expect too much.

Also, exchanges are more prone to hacks than casinos. That’s why it’s too risky to HODL in an exchange.

[Orpichukwu]

They hold users' coins and funds just like centralised exchanges, but we don't see many people leaving their money in casino accounts like they have turned centralised exchanges into their places to save their money. Aside from the risk of hacking or freezing, leaving your coin in the casino possesses a much greater risk, as you could be tempted to gamble with the money you left there. You don't leave yam in a goat cage.

[_act_]

My personal assumption - maybe many gamblers don't keep money in casinos hence the phrase “Not your key, not your coin” is rarely heard because they know casinos are places to play not to keep money, unlike exchanges because still most of the majority keep money on centralized platforms.

Not an assumption but what is happening, most gamblers if not all gamblers will either lose the money on their gambling account and have no money there until they want to gamble again or they win money and withdraw the money won. Gamblers can not leave money on the gambling sites like how people leave their money on exchanges.

[Mrbluntzy]

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's a big difference between casino and centralized exchange, the exchange is where crypto enthusiats deposit Fiat to buy Bitcoin and altcoins, that's more like an investment platform but some investors start holding those bought coins on that exchange, that is the reason they are regularly reminded about not your key not your coin. The casino is not an exchange that we deposit our funds to make an investment I believe that's why "not your key not your coin" is insignificant to gambler. People deposit money on the casino to gamble and make more money and after which they immediately withdraw their profits or hold it to spend sooner, gamblers don't hold money on crypto casinos for a long time as much as crypto investor hold their coins on a centralized exchange for 6 months or 2 years.

[tabas]

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?

I think that it's that most gamblers know this line already and they're entrusting their funds to the casino because it will eventually lose. I'm not sure if that's the exact but that seems to be acceptable if it's with the casinos because we'll lose the money. But with exchanges, we have that goal of winning against the other traders and the market itself and that's why we apply this and it's common that people who uses exchanges are treating it as a safe vault compared to the gamblers who uses the casinos to actually spend their funds and gamble it all the way.

[Russlenat]

We don’t really have decentralized casinos. If there are any, they’re not popular, so we have no choice but to trust the centralized ones. And if you look closely, we call them “crypto casinos,” but they’re not that different from fiat casinos. The only real difference is we use crypto as the payment method, and the KYC requirements are usually less strict compared to fiat casinos.

Just remember this: once something requires KYC, you can’t apply the phrase “not your keys, not your coins.”

[Pandu Geddon]

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?

That sentence is appropriate for exchanges to give a warning to beginners that exchanges are not a place to store assets, especially for a long period.
But unlike gambling, I think gamblers leave their coins in a centralised casino only for a short time. Gamblers use the coins they have to play and wager. Perhaps that mindset will highlight the difference.

[aioc]

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?

These are two totally different platforms; people are trading their coins on the exchange for profit, but they are risking all their funds on casinos.
Yes, they can lose part of their coins on the exchange through trading, but not the way they do on a gambling site. where you totally lose everything.
On exchange, you are against the market; on casinos, you are fighting against the house edge, so it's totally two different platforms with very different features, so that saying will not apply.

[uneng]

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?

Maybe because gamblers don't manage to hold funds for too long on gambling platforms, since they lose all their money quite fast betting, compared to exchanges where customers may let their funds idle for several months (up to few years), even forgetting about it at some point.

In every cases, the same principle applied to exchanges should be applied to casinos as well. After all, it's all about third party platforms where you don't have any control over the money deposited there. They can vanish at anytime claiming to have been scammed or hacked, like many crypto services have already claimed in the past.

[BitMaxz]

Actually, you don't have full control of any amount you deposit to a casino because what's the purpose of wagering 1x the amount you deposit if you have control of your casino wallet?

I think the only reason why casinos want to have full control of how much you deposit in the casino is to avoid money laundering. They don't want to be involved with this; that's why they don't allow this scheme.
Another reason is it eats too many fees. I don't see why a casino would sacrifice to have a decentralized casino.
If I were the casino owner, I wouldn't do that because I believe customers would choose to gamble at other casinos if I had this. scheme.

[beveryu778]

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?

You are correct, you say not your keys, not your coins, it applies equally to crypto casinos as it does to exchanges. The majority of the citizens do not talk about it, as they believe that the casino deposits are not long-term and are not concerned about the possibility of losing custody. However, the reality remains the same: with a centralized casino, the withdrawals can be frozen, the payments slowed down or even disappear with your money in the same way unregulated exchange does. When you do not have possession of the keys, it is not really your coin, be it in an exchange or a casino.

[BitMaxz]

Actually, you don't have full control of any amount you deposit to a casino because what's the purpose of wagering 1x the amount you deposit if you have control of your casino wallet?

I think the only reason why casinos want to have full control of how much you deposit in the casino is to avoid money laundering. They don't want to be involved with this; that's why they don't allow this scheme.
Another reason is it eats too many fees. I don't see why a casino would sacrifice to have a decentralized casino.
If I were the casino owner, I wouldn't do that because I believe customers would choose to gamble to other casinos if I had this scheme.

[Cointxz]

Actually, you don't have full control of any amount you deposit to a casino because what's the purpose of wagering 1x the amount you deposit if you have control of your casino wallet?

I think the only reason why casinos want to have full control of how much you deposit in the casino is to avoid money laundering. They don't want to be involved with this; that's why they don't allow this scheme.
Another reason is it eats too many fees. I don't see why a casino would sacrifice to have a decentralized casino.
If I were the casino owner, I wouldn't do that because I believe customers would choose to gamble at other casinos if I had this. scheme.

This is correct, X1 wagering requirements was introduced only by the casino that has a license such as Curacao.

I remember Fortunejack is my first casino that experienced this x1 wagering requirements on deposits way back when casino don’t normally pursue license to operate.

Money laundering is the main reason why wagering requirements was introduced since it’s easy to launder money before by placing few bets only on dice then withdraw immediately.