Bitcoin-based online gambling

[Matty]

Nice FF. I'll buy more if it drops down below $50, otherwise I'm just going to sit back and enjoy the madness.

 

[Matty]

I found a buyer.

 

[Blitty]

Article about the bar on front page of Yahoo

 

[MonkeyF0cker]

Nice FF. I'll buy more if it drops down below $50, otherwise I'm just going to sit back and enjoy the madness.

I saw a guy lose over $4.5 million in a week because he wouldn't let go of a losing trade.

Lost pretty much everything he had.

The lesson? Know when you're beat and let it go.

 

[Matty]

Aight, aight! Not buying more.

So, regardless of price fluctuations, why do you think BTC won't be around long?

 

[MonkeyF0cker]

I don't know if it will or not for sure, but it presents a money laundering opportunity that governments don't usually appreciate. In order to convert it to cash, it requires a processor and we've seen how those crackdowns typically turn out.

The bigger it gets, the more it will be regulated. The government wants its cut.

 

[Matty]

True. One could also just buy shit with their BTC then sell said shit for dollorz, but I reckon that that's probably not an alluring proposition for most investors.

 

[FreeFall]

I don't know if it will or not for sure, but it presents a money laundering opportunity that governments don't usually appreciate. In order to convert it to cash, it requires a processor and we've seen how those crackdowns typically turn out.

The bigger it gets, the more it will be regulated. The government wants its cut.

I don't see how that hurts the bitcoin economy. The more the government gets involved the more bitcoin becomes apart of our country. Does that only help overall volume? How does this exposure HURT it?

Initially sure it will hurt the illegal investors and maybe I'm nieve, but I don't guess the entire economy as illegal funds. If it is ALL illegal funds or enough to cause it to crash I could see that argument playing out.

I just see this exposure similar to offshore books. It only increased their popularity. THen the gov made rules against them and took them down. Now we're at the dying point where post up is dead. AFAIK the government (US) hasnt made many negative stances on bitcoin.

Granted my knowledge is shallow and inempt compared to some members here as I'm a computer nerd. Not a market professional. Please prove me wrong!

 

[MonkeyF0cker]

You mean like how offshore sports betting has become a part of our country?

 

[FreeFall]

You mean like how offshore sports betting has become a part of our country?

The us government took a negative stance on that. Have they taken negative stances on bitcoins? Are there laws made agains't it? Are their public statements claiming congress will make that happen?

 

[MonkeyF0cker]

Just because they haven't doesn't mean they won't.

Offshore sportsbetting thrived for years before the government got involved.

I shouldn't need to tell you this.

 

[betplom]

I can't see the BitCoin thing ending well.

For so many reasons.

 

[xpansive]

Short of turning off the net and destroying the entire economy how else can they stop this?

The joys of decentralization

 

[MonkeyF0cker]

You have to get the money in and out somehow...

That's how they stop it.

 

[betplom]

Short of turning off the net and destroying the entire economy how else can they stop this?

The joys of decentralization

Xpy, I don't have the answer to how but I'm sure that someone currently residing on planet earth does.


I also wouldn't underestimate the US governments ability to stop US citizens from using BitCoins.

 

[Saulty]

What are this virtual currency denominations? Like are they multiples of 100? And who owns the most bitcoins in the world and how much?

 

[Matty]

There are no actual denominations Saulty. You can buy 0.00000001 BTC if you wish.

No one knows who owns the most, but there are transaction logs showing dozens of thousands of BTC's being transferred at once.

 

[Saulty]

Thanks Matty. I am learning a little bit at a time on my free time.