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Bitcoins for gambling....

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Posts: 430

sparty444

All-Star

Joined: Dec, 2005

Posts: 10039

Posted: Mar. 26, 2013 - 5:39 PM ET #76

Its hard to invest serious money with all of the security issues involving it. If the bitcoin concept takes off it has potential to be worth thousands of dollars or more. Is a reason a bitcoin is divisible by 8 decimal spaces

But lets face it... are you ready to invest serious capital in a concept with serious security issues? Think of it this way...would you put your money in a bank that had no security?

If the security issues can get solved... it could take off in a huge way. But until those issues are solved.... its nothing more than a currency to fund illegal activity

chisy22

Rookie

Joined: Dec, 2005

Posts: 722

Posted: Mar. 26, 2013 - 6:26 PM ET #77

Van, or anyone, bare with me I am new at this, have just read this thread...

you say that a bitcoin can be divisible by 100 million or so, and sold, but what I didnt understand is if you buy one bitcoin, for 75 bucks or so, do you get one password for the btc, and do you choose that password your self? and how do you sell off a portion of a bitcoin.

How do you do a private sale of a bitcoin, do you tell them the password and they give you money? I'm just confused as hell haha.

TRAIN69

Legend

Joined: Oct, 2002

Posts: 55644

Posted: Mar. 26, 2013 - 8:01 PM ET #78

Van-

I get the concept, I just dont get the behind the scenes. "Someone" just created bitcoin, but nobody regulates it, it has no real backing, and is only as valuable as its perception to the buying pub;ic? How are bitcoins tracked? I understand they all have a serial number (or the equilvalent), but if nobody is responsible, whats to keep the creators from having made many more than they originally said in order to dump when the value increases greatly? They are already worth roughly 15 times what they were just a short while ago.

Sounds like a ponzi scheme. Am i wrong or missing something?

uclabruins

Prospect

Joined: Mar, 2013

Posts: 258

Posted: Mar. 26, 2013 - 9:20 PM ET #79

I picked up a WU from 5dimes today and it was such a hassle and I was so worried that I'm tired of it...got grilled by the clerk at the check cashing place, put me on the phone with a lady from WU, had to answer 10 minutes of interrogation, finally was able to get my money thank god...my previous two attempts at sending money were blocked and this was the first time I tried receiving and as I just described I had to jump through hoops to get the money...not to mention every payout costs anywhere from $04-$60...I'm done with this bs...

when I got home, I opened an acct at Mt.Gox and btcsportsbet...waiting for my acct at Mt.Gox to be verified which they say should take a day or two, once it is I'm buying a couple bitcoins and I'm going to try the bitcoin route...from what a few of my friends tell me, this is the way to go int terms of sportsbetting today...can deposit/withdraw as you please instantly and without any fees! they both tell me its great and that they could never go back to the ways of nervously waiting on 5dimes checks from canada to clear and getting ripped on the $50 fees

I'm excited...I'll update in a few days when I've actually purchased a couple btc's and have experienced it a little bit

SALTY

Veteran

Joined: Aug, 2007

Posts: 4800

Posted: Mar. 26, 2013 - 11:47 PM ET #80

I have heard a little about this from a friend not too long ago.

Good info V

Nut_Flopper

Veteran

Joined: Jan, 2004

Posts: 2413

Posted: Mar. 27, 2013 - 1:14 AM ET #81

Quote Originally Posted by uclabruins:

I picked up a WU from 5dimes today and it was such a hassle and I was so worried that I'm tired of it...got grilled by the clerk at the check cashing place, put me on the phone with a lady from WU, had to answer 10 minutes of interrogation, finally was able to get my money thank god...my previous two attempts at sending money were blocked and this was the first time I tried receiving and as I just described I had to jump through hoops to get the money...not to mention every payout costs anywhere from $04-$60...I'm done with this bs...

I'm excited...I'll update in a few days when I've actually purchased a couple btc's and have experienced it a little bit

Exact reason I got out of off shore a few years ago. Bitcoin revived my gambling interests.

uclabruins

Prospect

Joined: Mar, 2013

Posts: 258

Posted: Mar. 27, 2013 - 2:17 AM ET #82

Quote Originally Posted by Nut_Flopper:

Exact reason I got out of off shore a few years ago. Bitcoin revived my gambling interests.

yeah, i mean 5dimes did their part they provided the correct/legit info and I ultimately got my money but only after getting interrogated by WU lady on the phone about what this transaction was "regarding"...got to the point where I was almost yelling at her before she finally relented and instructed the cashier to process the transaction and give me my money...throughout the whole episode im just thinking to myself is this seriously what a little bit of sportsbetting has come to in this country? just to much, the bitcoin route seems to be ahead of the curve, much easier, much cheaper, and much more convenient and it is instantaneous. I'm definitely willing to at least test it out

uclabruins

Prospect

Joined: Mar, 2013

Posts: 258

Posted: Mar. 27, 2013 - 2:23 AM ET #83

BTC currently @ $80...unbelievable

GunShard

Veteran

Joined: Sep, 2009

Posts: 1534

Posted: Mar. 27, 2013 - 2:23 AM ET #84

The flaws with BitCoin is that the BitCoin Blocks takes a day to download and it drains your hard drive space to 8GB.

The size is increasing, so if you have a computer with less than 20GB, and your computer cannot download any more Blocks. Then your BitCoins are useless on your computer, since it cannot update due to no hard drive space.

uclabruins

Prospect

Joined: Mar, 2013

Posts: 258

Posted: Mar. 27, 2013 - 2:24 AM ET #85

Quote Originally Posted by uclabruins:

BTC currently @ $80...unbelievable

CORRECTION: $83...WOW

uclabruins

Prospect

Joined: Mar, 2013

Posts: 258

Posted: Mar. 27, 2013 - 2:26 AM ET #86

Quote Originally Posted by GunShard:

The flaws with BitCoin is that the BitCoin Blocks takes a day to download and it drains your hard drive space to 8GB.

can't you just keep them in your wallet and Mt.Gox?

forgive me if i'm missing something, i'm BRAND NEW to this

FrozenTundra

Captain

Joined: Mar, 2006

Posts: 8001

Posted: Mar. 27, 2013 - 2:31 AM ET #87

Interesting article on the crash of BitCoins in June 2011 when it fell quickly from $30 to $2. https://www.guardian.co.uk/technology/2011/oct/18/bitcoin-value-crash-cryptocurrency

Also released today - looks like the US government are taking notice and regulations to follow (if possible). https://www.newscientist.com/article/mg21729103.300-us-to-regulate-bitcoin-currency-at-its-alltime-high.html

The key to BitCoins from what I've been reading is they need you to join their network (comment shared by GunShard) & they want you to use the BitCoins as part of the problem 2 yrs ago were hoarders. Problem is, with this volatility, who would want to spend them and "fear" missing the rise. However, if it started to fall, it will fall hard b/c this is all based on confidence in the currency. As we all know, we are not a loyal society, once fear sets in, we'd sell especially if we held quite a few BitCoins.

Last thing I don't like is BitCoins compare themselves to the USD and Euro. Sorry, but they are no where near what the USD or Euro is.

Best of luck for those of you who jump in, but it's not for me, but I could be wrong.

superwerewolf

Prospect

Joined: Oct, 2010

Posts: 27

Posted: Mar. 27, 2013 - 2:57 AM ET #88

Quote Originally Posted by uclabruins:

can't you just keep them in your wallet and Mt.Gox?

forgive me if i'm missing something, i'm BRAND NEW to this

online wallets are not full proof , i would not store more than 50 coins at these online wallets. if u have alot of coins ,take some time to learn how to secure them off line.

uclabruins

Prospect

Joined: Mar, 2013

Posts: 258

Posted: Mar. 27, 2013 - 3:52 AM ET #89

Quote Originally Posted by superwerewolf:

online wallets are not full proof , i would not store more than 50 coins at these online wallets. if u have alot of coins ,take some time to learn how to secure them off line.

Got it, thx

I'm not going to do this as an investment, this is for sports betting...Im not going to be buying a lot at a time, I'm going to open up a dwolla account and that way I can fund my mt.gox account and buy a few bitcoins (or just keep a relatively small cash balance at my.gox) whenever I want...that way it wont matter what the price of bitcoin is...if it's $30 ill buy 5, if it's $85 I'll buy 2...that way all I will have to worry about in terms of price fluctuation is the fluctuation taking place in the few hours my wager is pending during the contest...if i win, i immediately withdraw the bitcoin (from what my friends tell me this is fairly instantaneous, and at most never takes more than a few hours) and sell it (instantaneous) and voila, cash money$$$

superwerewolf

Prospect

Joined: Oct, 2010

Posts: 27

Posted: Mar. 27, 2013 - 4:35 AM ET #90

Quote Originally Posted by uclabruins:

Got it, thx

looks like u got everything mapped out, nice job. just dont let the inner gamblor take u over. i would gamble on the games and take a gamble with the coins going up as well, so i barely cash anything out. havent cash out in like a year, but i have been using the coins to buy stuff directly. electronics, amazon gift cards, theres a online store that sells snacks ,nuts,chocolate,im gonna try it. cant wait to see ur exp with btc gambling, good luck with ur bets. take it easy friend.

uclabruins

Prospect

Joined: Mar, 2013

Posts: 258

Posted: Mar. 27, 2013 - 12:02 PM ET #91

Quote Originally Posted by superwerewolf:

looks like u got everything mapped out, nice job. just dont let the inner gamblor take u over. i would gamble on the games and take a gamble with the coins going up as well, so i barely cash anything out. havent cash out in like a year, but i have been using the coins to buy stuff directly. electronics, amazon gift cards, theres a online store that sells snacks ,nuts,chocolate,im gonna try it. cant wait to see ur exp with btc gambling, good luck with ur bets. take it easy friend.

uclabruins

Prospect

Joined: Mar, 2013

Posts: 258

Posted: Mar. 27, 2013 - 12:08 PM ET #92

$89

it just doesn't stop going up...basically goes up $5 every single day

never seen anything like this

uclabruins

Prospect

Joined: Mar, 2013

Posts: 258

Posted: Mar. 28, 2013 - 12:47 PM ET #93

$95

vanzack

Legend

Joined: Nov, 2001

Posts: 60107

Posted: Mar. 28, 2013 - 2:20 PM ET #94

Quote Originally Posted by uclabruins:

$95

So crazy.

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HALLINGGOL

Rookie

Joined: Aug, 2007

Posts: 748

Posted: Mar. 28, 2013 - 2:55 PM ET #95

I have over 1200 Bitcoins, and used to have a hell of a lot more. I know someone with well over 5000.

I know everything there is to know about Bitcoins, but have no plausible idea on why such a jump in them recently.

Everyone DOES understand Bitcoins true purpose, and to why they are so valuable, correct? I don't know if discussing such actions are in violation of Covers.com forum rules, or not.

But wow... make's me wish I had of just held on to -all- of my Bitcoins in the past. I know for an absolute fact, a lot of "Joe Smith's" are now overnight millionaires.

vanzack

Legend

Joined: Nov, 2001

Posts: 60107

Posted: Mar. 28, 2013 - 4:13 PM ET #96

Quote Originally Posted by HALLINGGOL:

I have over 1200 Bitcoins, and used to have a hell of a lot more. I know someone with well over 5000.

I know everything there is to know about Bitcoins, but have no plausible idea on why such a jump in them recently.

Everyone DOES understand Bitcoins true purpose, and to why they are so valuable, correct? I don't know if discussing such actions are in violation of Covers.com forum rules, or not.

But wow... make's me wish I had of just held on to -all- of my Bitcoins in the past. I know for an absolute fact, a lot of "Joe Smith's" are now overnight millionaires.

Wow. Congrats. You are making thousands every day.

Can you elaborate on why "Everyone DOES understand Bitcoins true purpose, and to why they are so valuable, correct?" because I don't think we do - at least I don't. I don't think it is a violation of covers rules if you use discretion.

Is it because you can buy illicit materials like drugs and ho's? Gambling?

Let us know what you know....

Support your local animal shelter. I am on twitter.

superwerewolf

Prospect

Joined: Oct, 2010

Posts: 27

Posted: Mar. 28, 2013 - 5:28 PM ET #97

btc would be great for a cyprus situation. their economy is collapsing , the ones with the money want to leave but they are only allowed to take out 1000 euro's out of the bank to go out of the country. unless u have gold,silver ,btc,cash ur stuck. and when things settle down who knows what percentage their gonna take out of the cyprus peoples bank acts.