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Bitcoin-based online gambling

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Oh and btw, for those wanting privacy to purchase or do non legal stuff (which is around 0.44% of all bitcoin transactions from recent Canadian study), using bitcoin as a payment is probably the dumbest thing you could do. It's far easier to track than fiat and more difficult to use. As a store of value though it's the greatest digital asset you'll own in your lifetime...
 
Also guys, today there exists alot more outs for btc than in the past, you just have to avail yourself to them.

A lot of exchanges will cash you out. There's one trick where you can cash out but still stay in crypto. Keeping in mind, the following isnt for everyone as you need a certain mindset. This is where the subtle nuances between the hobbyist and the trader make themselves sparse...

So, go to an exchange that offers options to short.. For this example we'll use bitmex. Im not shilling here btw. So at this exchange theres no kyc or aml control structure type BS and they'll give you your coins after only a single confirmation.

You then open a short trade for whatever amount it is that you want to turn into cash and it gives you 'pseudo' cash, meaning you're still in crypto as they only accept btc as deposit and withdrawal, nothing else.

This is where it gets tricky so bear with me. So, whilst you have your short trade open and sitting on 1 to 1 leverage you're still in cash (technically). So hypothetically lets say you want to protect 100k worth of value right now. You could send 10k worth of btc to the exchange, short it at 10x leverage, so if the near impossible happens and they get hacked (which has never happened btw as they are the largest exchange in the ecosystem x4 at least in terms of volume), which means you now have a 100k short.

So, you've now protected your 100k by only risking 10% of it to exchange failure (which they've never had a problem) and if the price goes down then you get more btc, conversely if the price goes up you get less coins, meaning that you're effectively in cash but you never actually have to ever touch the real world bank accounts bullshit and depending on your tax jurisdiction it could be very likely that having a short opened up is much more favourably treated than selling coins outright because you didnt really sell your coins, you used them as collateral for something completely different where you'd make money if the price went down but its not a sale.


Personally, this is a nice way to sit in cash without having to use a bank... :cool2:
 
reno cool
see, complicated. ...and don't even start about storing bitcoin/wallets
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Lolz RC...

You're correct but YT is your friend here. Plenty of ppl like David Hay and Andreas Antonopoulos explain the differences in a manner that's easy to understand....

During the next run up what this space needs is a wallet whereby you don't need to be a dammed engineer to learn to use the bloody thing. Think trying to send an email 15 years ago. That's where we are with crypto at this point in time...
 
Who's ready for another dip?

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Boner_18
Does it use a blockchain? The transaction is recorded. Big banks promise to keep your transactions private until they're subpoenaed. This is just another scam from the fiat pushers to get us recording our every move. That's why I only barter livestock.
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Doesn't use IP addresses, that's one of the differences and what makes it truly private.

Also, if you really wanted to make bitcoin anonymous then it can be done. It's an involved process involving tumblers and multiple address swaps etc...
 
Losing motivation for crypto if I'm being honest. Got into this for the tech but there's so many dishonest and greedy actors (when lambo/moon) in this space now that the crypto space is turning into a bit of a joke if I were to say how I'm really feeling about things at present. The corruption alone is astounding, especially from the larger exchanges. This is not what crypto is about.

Naturally want the technology to succeed and can see how it will disrupt the sectors of our society that are the most evil ie governments and financial sectors. I'm sure it will still happen but for the time being we taking a bit of a backseat here until people begin to wisen up and understand just how beneficial this can be on a individual level.
 
Matty
All post-capitalist ideas are foolishly premised on the idea that people are good.
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Alot of this stuff I'm referring to is going down on Asian exchanges and ICO's...

If you've ever been to Shanghai then you'll understand just how capitalistic these people are. The place makes NY look like a third world city and the people were 10x more into the capitalist ethos of image and how that defines their identity and social hierarchy (even if it meant social retardation as a stereotype) than western cultured people. Its capitalism but on strong steroids.

Gonna stick to FX trading for the time being using dinosaur money 😊😉
 
xpansive
Losing motivation for crypto if I'm being honest. Got into this for the tech but there's so many dishonest and greedy actors (when lambo/moon) in this space now that the crypto space is turning into a bit of a joke if I were to say how I'm really feeling about things at present. The corruption alone is astounding, especially from the larger exchanges. This is not what crypto is about.
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I've said it last January that I believe that I felt that BTC was a pump and dump type of scheme.
 
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