Didn't Loki get his Asgardian attributes and his magic from odin? So why doesn't he take them away even though loki goes crazy and allways trys to take over asgard...
where did you hear this from? Loki's attributes and magic have nothing to do with odin, aside from the fact that odin opened him up to a much wider world than he would of experienced if he remained with the frost giants.
His magic is all a result of training and studying, he's one of the smartest people in asgard, and in terms of his appearance he was just a freak among the giants, small and peach in complexion, frost giants didnt start looking blue and icy until later years.
That's actually a pretty good question. I don't know what the in universe reason is but I do know from a meta standpoint is that if Odin took away Loki's powers, Marvel would be screwing themselves over because then there would be no more stories to tell.