Approaching fair value | Bitcointalksearch.org

BookishOwl

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Quote from: FooDSt4mP on May 22, 2011, 08:55:42 PM

Quote from: BookishOwl on May 22, 2011, 05:30:28 PM

Quote from: marcus_of_augustus on May 22, 2011, 05:18:51 PM

If you can transfer between players and deposit with non-bitcoin currencies isn't that as good as a poker/exchange site?

The currency exchange/use of the USD is what got the sites in trouble with the law. This site would deal entirely in bitcoins and the coins can be handled in an exchange fashion from a third party site as is done now.

At least thats my line of thinking.
Should I make a new thread? I dont want to derail this one... not a good way to officially start my membership here. haha
Cheesy

I would suggest you ask anyone with questions or suggestions to pm you, then create your thread once you have a product to announce, or at least are ready for beta testers.

Yep. thats now the plan.

Now redirecting back on topic. Grin

Sorry OP.

FooDSt4mP

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Quote from: BookishOwl on May 22, 2011, 05:30:28 PM

Quote from: marcus_of_augustus on May 22, 2011, 05:18:51 PM

If you can transfer between players and deposit with non-bitcoin currencies isn't that as good as a poker/exchange site?

The currency exchange/use of the USD is what got the sites in trouble with the law. This site would deal entirely in bitcoins and the coins can be handled in an exchange fashion from a third party site as is done now.

At least thats my line of thinking.
Should I make a new thread? I dont want to derail this one... not a good way to officially start my membership here. haha
Cheesy

I would suggest you ask anyone with questions or suggestions to pm you, then create your thread once you have a product to announce, or at least are ready for beta testers.

BookishOwl

newbie

Activity: 5

Merit: 0

Quote from: marcus_of_augustus on May 22, 2011, 05:18:51 PM

If you can transfer between players and deposit with non-bitcoin currencies isn't that as good as a poker/exchange site?

The currency exchange/use of the USD is what got the sites in trouble with the law. This site would deal entirely in bitcoins and the coins can be handled in an exchange fashion from a third party site as is done now.

At least thats my line of thinking.
Should I make a new thread? I dont want to derail this one... not a good way to officially start my membership here. haha
Cheesy

marcus_of_augustus

legendary

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Eadem mutata resurgo

If you can transfer between players and deposit with non-bitcoin currencies isn't that as good as a poker/exchange site?

BookishOwl

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Quote from: FreeMoney on May 22, 2011, 06:29:10 AM

Quote from: BookishOwl on May 22, 2011, 01:24:38 AM

Quote from: DATA COMMANDER on May 20, 2011, 07:36:57 PM

This site is starting to annoy me:

www.bitcoinpoker.net

I don't believe that they have any plans to make a poker site.

I think he is just cyber squatting the domain name in the hope of making a quick buck off it.
I wonder if he will take Bitcoins for it? Grin

I think my weekend project will be to setup a site just for fun. Any interest here?

A poker site? Yes there is interest.

Alright I'll set one up. Should be fun.
I spent last night reading into the 'Unlawful Internet Gambling Enforcement Act' and what brought down FullTilt (ect) and talked to my lawyer friend. It should be legal, and with the nature of BitCoin, completely anonymous. (no holding onto players data, transfers directly between players, ect)...

As long as there is interest I dont mind putting in the time to program something up.

FreeMoney

legendary

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Strength in numbers

Quote from: BookishOwl on May 22, 2011, 01:24:38 AM

Quote from: DATA COMMANDER on May 20, 2011, 07:36:57 PM

This site is starting to annoy me:

www.bitcoinpoker.net

I don't believe that they have any plans to make a poker site.

I think he is just cyber squatting the domain name in the hope of making a quick buck off it.
I wonder if he will take Bitcoins for it? Grin

I think my weekend project will be to setup a site just for fun. Any interest here?

A poker site? Yes there is interest.

BookishOwl

newbie

Activity: 5

Merit: 0

Quote from: DATA COMMANDER on May 20, 2011, 07:36:57 PM

This site is starting to annoy me:

www.bitcoinpoker.net

I don't believe that they have any plans to make a poker site.

I think he is just cyber squatting the domain name in the hope of making a quick buck off it.
I wonder if he will take Bitcoins for it? Grin

I think my weekend project will be to setup a site just for fun. Any interest here?

DATA COMMANDER

full member

Activity: 126

Merit: 100

This site is starting to annoy me:

www.bitcoinpoker.net

I don't believe that they have any plans to make a poker site.

tomcollins

full member

Activity: 182

Merit: 101

Quote from: chickenado on May 20, 2011, 10:09:59 AM

Quote from: tomcollins on May 20, 2011, 09:41:07 AM

Yes, because we know that someone buying the full price of a house with Bitcoins is *just around the corner*.

I'll tell you what's just around the corner: Poker sites. A volume of 4M USD per month, that is peanuts for a Poker site.

Exactly. Focus on that scenario. I think that's the first one that picks this up. Poker is also interesting because you generally will have the money people are gambling with in reserves. This is different than other businesses where you pay expenses with your revenue and keep profit. Poker sites will keep all of the BTC available for user accounts.

It's a game changer that actually makes sense RIGHT NOW.

chickenado

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Quote from: tomcollins on May 20, 2011, 09:41:07 AM

Yes, because we know that someone buying the full price of a house with Bitcoins is *just around the corner*.

Here's what's just around the corner: Poker sites. A volume of 4M USD per month, that is peanuts for a Poker site.

[edit] Also just around the corner: Remittances. The global remittance volume is 300 Billion USD per year.

tomcollins

full member

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Merit: 101

Quote from: chickenado on May 20, 2011, 09:34:29 AM

As long as it's difficult to get hold of enough BTC to buy a house, it's undervalued.

At the moment, you can get a hold of approx. 260k USD worth of BTC on mtgox. Perhaps another 50k on otc.

The monthly volume on mtgox is merely the price of 4 houses in city such as London or New York ($1 M).

If just ten people wanted to pay for a house in bitcoins, this would have a major effect on the exchange rate.

Therefore, undervalued.

Yes, because we know that someone buying the full price of a house with Bitcoins is *just around the corner*.

chickenado

hero member

Activity: 1036

Merit: 502

As long as it's difficult to get hold of enough BTC to buy a house, it's undervalued.

At the moment, you can get a hold of approx. 260k USD worth of BTC on mtgox. Perhaps another 50k on otc.

The monthly volume on mtgox is merely the price of 4 houses in city such as London or New York ($1 M).

If just ten people wanted to pay for a house in bitcoins, this would have a major effect on the exchange rate.

Therefore, undervalued.

DukeOfEarl

newbie

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Quote from: technotarian on May 16, 2011, 09:11:30 AM

Which country did you have in mind that would be criminalising Internet tokens?

Seems a far-fetched notion, but some countries have some pretty messed-up laws these days.

The US will be the first to criminalize it.

Sjalq

sr. member

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True, but it would need to be every country to really kill it

technotarian

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Quote

As long as the bitcoin-network is small it can be shut down pretty easy. (And i dont mean a technical attack, i mean by laws - preventing you from doing much with your bitcoins by criminalizing their use)

Which country did you have in mind that would be criminalising Internet tokens?

Seems a far-fetched notion, but some countries have some pretty messed-up laws these days.

Sjalq

sr. member

Activity: 280

Merit: 250

Highly doubtful BTC will be illegal any time soon.
Which jurisdiction would make it illegal?
How, completely, just for exchanges, for exchanges not paying tax, at a store front level, on an IP level?

Even if BTC succeeds in only one jurisdiction without restrain it has effectively succeeded everywhere because trade with one or a few regions would necessitate acquiring BTC, which will remain easy as long as you have something to trade.

-

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-

Sjalq

sr. member

Activity: 280

Merit: 250

Hi guys,

I see all the crazy chatter about bubbles and what not, exciting times Cheesy

Considering that there is a massive market for a product that allows for the easy, anonymous, reliable, exchange of goods, I'm personally not surprised that BTC is doing so well. Sure most of us are probably only buying cause its going up (mania; a fatal investment strategy) but I don't think we are in a "bubble". Even if BTC is overvalued for what it's supposed to be worth today (it probably is) we are now where near what it is worth a an actual product. That product being reliable money.

Also there are very rich folks on this planet who regularly want to move funds over jurisdictions and BTC must be incredibly valuable to people like that. It doesn't seem as though they've even entered the game yet.

Topic: Approaching fair value (Read 2933 times)