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

[Churchillvv]

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Some gambler are just too lazy to withdraw because they want to play again after they end their gambling session for the day but this is dangerous thing to do since some casino close without further notice like what happened to Freebitco.in right now that offers investment opportunities that’s why players usually leave their funds there for investment and at the same time for casino bankroll.

There’s betnomi too that disappear out of nowhere despite being popular already and have a lot of active promotion in the forum. I believe on withdrawing funds right after you gamble is always the best practice.

I literally haven’t paid any attention to any of this happening in the forum or gambling world generally but however I’m sure it should be able to serve as a reminder to people not to keep their funds in a custodial account where they have no full control of since gambling crypto casinos are all custodial accounts then leaving out one’s finance in there is a certain amount of risk I basically would be avoided if people thought better.

[Odohu]

This is like a universal law that applies to every centralized platform, you don't have to save your money there. My patter is that whenever I have winnings, I withdraw my money to my personal wallet and leave the part I'm using to gamble more on my account. Any money I will not be using to gamble have no business being in my casino account because I may even be tempted to increase my bet so to avoid such temptation, I leave what I'm gambling with in my account which is strictly what I can afford to lose.

[freedomgo]

Like treating our coins of “spend-and-forget”

I can’t do that when I’m gambling. I know the risk of losing is high, but what I’m risking isn’t something I “spent,” because if we use the word spend, it sounds like the money doesn’t grow. That’s not the goal. Our goal is to grow the money, so the right term for that is “invest.”

[Hypnosis00]

Has someone used a casino to store their BTC or any cryptocurrency? I don't think so. In fact, even an exchange wallet is discouraged from being our storage wallet. It is more in casinos, where we don't have full control.

I think this should be at the top of your mind—we deposit funds in the casino for gambling purposes, not for holding. This is not like something where we can expect our money to grow but rather to spend it all. But if our goal is to hold, there is a right wallet for that.

Not your keys, not your coins—it wasn't for casinos.

[Patikno]

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 phrase "Not your keys, not your coins" actually also applies to crypto casinos, meaning we don't have full control over the coins we hold at a particular casino. However, I assume most people gamble at crypto casinos temporarily, meaning they don't have the potential to hold their crypto long-term and probably withdraw it immediately after winning, myself included. So, I think that is why we don't see the discussion you are referring to very often, but when it comes to crypto exchanges, most people probably hold them for the long term, and they also hold a significant amount of crypto (including in terms of value). Because of this, many people warn each other about the risks of holding on centralized crypto exchanges.

By the way, I think the many hacking cases against exchanges are also the cause of the many discussions about "the phrase". As a reference you can see it in the following post : bitcointalk.org - Hacked Exchanges since 2011 by @VB1001

[Odogwu-Blockchain]

I've come across a casino platform who uses a decentralised wallet system to connect before staking on a casino, if I can remember clearly, mode casino platform works by connecting to a decentralized wallet, which means, you need keys to access coins on a casino platform.

[mikel_012]

I've come across a casino platform who uses a decentralised wallet system to connect before staking on a casino, if I can remember clearly, mode casino platform works by connecting to a decentralized wallet, which means, you need keys to access coins on a casino platform.

That's very interesting but it depends on the blockchain used because some can make this impossible. If you need to confirm a bitcoin transaction the moment you stake it won't work since the transaction can take from 10 minutes to even hours when the blockchain is with heavy use

With solana or another quick network this is possible and I like the idea of putting the money only when you bet for real. Which casino was this?

[criptoevangelista]

To be honest with you, I didn’t really understand what you meant. Do you think people use casinos as cryptocurrency wallets? Well, generally people don’t keep money on HOLD in casinos. The most natural thing is for someone to make a deposit, play, and then withdraw. That’s the normal cycle of a regular person using a casino. I have no idea about anything beyond that.

[DPHOR]

This can never happened in this line because lot people or almost all gamblers doesn't store crypto on the gambling platform, whereas exchange is place where people keep storing their funds meaning anything can happened to their funds when they don't get it withdrawn from the exchange but Gambling everyone keep making withdrawal immediately they have managed to secure little winning they wouldn't want to lose it again to the casino or even being tempted to use and gamble.

[Furball808]

No one really stores their money on crypto casinos. If not because of safety, it’s because they are going to want to spend it one way or another. They might want to spend it somewhere else and so they want to take it out of the casino.

Not your keys, not your coins—it wasn't for casinos.

[Sanitough]

To be honest with you, I didn’t really understand what you meant. Do you think people use casinos as cryptocurrency wallets? Well, generally people don’t keep money on HOLD in casinos. The most natural thing is for someone to make a deposit, play, and then withdraw. That’s the normal cycle of a regular person using a casino. I have no idea about anything beyond that.

He was probably comparing casinos to keeping money on exchanges, where a lot of people say it’s not a good idea because exchanges can get hacked, and once the money is gone, that’s it. Or the exchange itself can scam you and you can’t get your funds back since you don’t really control it even if it’s in your account. That seems to be the point OP was trying to make, but it shouldn’t really be compared like that. In gambling, you can deposit and withdraw anytime you want as long as there’s no active bet, and you can cash out whenever you feel like enjoying your profit.

[SmartGold01]

Before asking this question you should first ask yourself if someone funds  has been withdrawn from gambling site before or they lose deposited funds from gambling?
To me it is a capital NO, except when the gambling site has denied the person their access to make withdrawal or something similar, maybe it could be that they failed kyc or even place illegal bet that could caused the casino to restrict them from having access to their funds, but apart from that if your details are checked and all are correct and sound there is no reason a casino should hold back your fund that won on their gambling site, maybe after checking the legitimacy of your bet, then they has all right to either allow you to have access or deny you your funds.

[blockman]

I've come across a casino platform who uses a decentralised wallet system to connect before staking on a casino, if I can remember clearly, mode casino platform works by connecting to a decentralized wallet, which means, you need keys to access coins on a casino platform.

To be honest, I don't like that way of logging in. Because if you're not careful with how you access that casino and that's the required logging in through your wallet. Some hacks may happen by the hackers and could change where you're redirecting from that website and with the use of logging in with your wallet, you might be logged on to the wrong one that they have made. Like a phishing website that looks like where you are accessing with the use of your decentralized wallet and that's why I don't choose this method but to each their own.

[mak013]

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 can suppose, that when you have money on exchange deposit - it mostly big enough for some trade operations. And when your money on casinos` balance - they are for losing. Different attitude to money.

But as for me -  money becomes mine only when i have it in my pocket and i prefer to withdraw it after game session/big win.

[eisen33]

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, this is also true for casinos, but the difference is huge because at casinos, we only keep a portion of our bankroll and deposit only what we're willing to lose. Therefore, we're less worried about something happening to our account, and as casino hacks have shown, there's no need to worry either, as large casinos value their reputations and these hacks almost never affect users. So, deposit only what you're comfortable losing, and you'll be fine.

[davis196]

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 line "not your keys, not your coins" isn't paraded because decentralized gambling isn't dominating the crypto gambling industry.
I can assume that nobody has an incentive to build a truly decentralized gambling platform. Running a centralized crypto casino/bookmaker is more profitable and the owners of such platforms have absolute control over the crypto, that comes in their hot wallets. Another issue is KYC. The authorities don't want decentralized gambling platforms, because it would be very easy for such platforms and their users to bypass KYC.
Most gamblers are losing the coins in their casino/bookmaker accounts. Why would they even care about having the private keys/see phrases of the crypto wallets inside their casino accounts?

[CryptoHeadlineNews]

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's a very wrong comparison you just made above, because there is a very big difference between a crypto exchange and a crypto casino where people goes to gamble frequently. Because on a crypto casino, people don't hold their money their, but rather only deposit when they wants to gamble and withdraws the funds back to either their fiat bank account or crypto wallets, of which in most cases can be on a centralized exchange or a non custodial wallet. And as such, because of that exact reason, the principle of not your keys, not your coins can't be applicable to gambling.

[Y3shot]

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.

Yes you are correct, the phrase is mainly for those who are hodling their asset in a centralized exchange but as for gambling account, this phrase has nothing to do with gambling because people only deposit money that they want to use in gambling and they do not have their life saving in gambling account thst is why the phase has nothing to do with gambling.  Maybe those gamblers who usually win bigs and keeps their fund in gambling account for a while needs to hear this.