Topic: Bitcoin Gambling Expansion? - page 2. (Read 3490 times)

What is this gambling site called? Wouldnt mind checking it out.

So in other words the gambling websites sucking usd from the chumps....
You dont think they created bitcoin gambling sites to just keep the bitcoins? Lol at the thought.

+1

Also the amount of people involved with bitcoins who have turned out to be scumbags is depressing. The path of more quasi illegal biz using bitcoin is a short term gain, possible long term black eye. I would not be sad if all bitcoin gambling disappeared overnight. Nothing of value would be lost.

In a way I hope Bitcoin isnt used more in gambling websites. It already has a bad rep as it is, (drugs, money laundering, etc) more criminal activity and people will start looking at Bitcoin as a currency for criminals.

Those that are breaking even or winning aren't necessarily all in a rush to cash out their coins.  So after playing, those funds remain in bitcoin instead of at the exchanges looking for buyers.  This creates a fantastic opportunity for bitcoin as now the currency is distributed wider and merchants others than just those who offer more than Anonymous VPN and GPU cards will start to see more bitcoin-related commerce.

Also, for those who have won big generally bet big, meaning they might be interested in buying the higher end goods and services that bitcoin has not yet seen much demand (e.g., travel-related like perhaps hotel, and airfare) or the funds might start being used to speculate and invest (in options, futures or forex -- all of which now can be funded using bitcoins).

What none of these articles mentioned is how the many of the winnings are likely not going to be reported as income for tax purposes.  So not only are some of these Bitcoin online wagering services offer something not available in Vegas or nearly anywhere else ("provable fair") and not only do they offer higher odds of winning (house edge with SatoshiDICE is less than 2%, whereas Vegas is four percent, and sometimes 8% even -- they offer user-definable anonymity for the payouts.

The casino gaming and online gaming industry is so large that even if the bitcoin-based wagering only captured a tiny fraction of that it would provide some decent lift in the bitcoin exchange rate.

Another thread on the article in the Press board:

2013-01-03 businessweek.com - Bitcoin: Making Online Gambling Legal in the U.S.?
 - https://bitcointalksearch.org/topic/2013-01-03-businessweekcom-bitcoin-making-online-gambling-legal-in-the-us-134575

And the two other echo chamber articles:
 - https://bitcointalksearch.org/topic/2013-01-04-arstechnicacom-bitcoin-based-gambling-to-expand-in-2013-134754 (the Ars Technical article mentioned in this thread.)
 - https://bitcointalksearch.org/topic/2013-01-04-thevergecom-online-gambling-sites-adopt-bitcoin-in-an-effort-to-ci-134753 (theVerge.com)

Exactly my thoughts as well given the ferocity of the 2006 law banning the online gambling. Though I'm sure Bitcoin will once again be cast in a negative light in this scenario, it will also have a chance to show how awesome it is to the public in other areas.

I suppose as long as it keeps getting out to the public that Bitcoin can be taken seriously...

The U.S. government went really harsh after online gambling businesses 5-10 years ago; I am somewhat concerned that Bitcoin in general may end up taking heavy beating ("we don't do body counts" is the stated U.S. government approach to pursuing their agenda).

This is where Bitcoin Foundation and vanilla businesses come in - educating the public, the law enforcement, and the representatives about all the facets of this wonderful technology.

Hey guys, just came across this article on Ars Technica..
Bitcoin Based Gambling to Expand in 2013

I'm impartial to the expansion of gambling and the use of Bitcoin with it, but I do think this will ultimately lead to an increased USD/BTC price overall (obviously not immediately). Thoughts?