Topic: Bitcoin Gambling Expansion? (Read 3490 times)

The last thing we need is more gambling, all it does is prey upon desperate people or those that don't understand probability.  It is a zero sum game doesn't add anything to society.

Despite the significant growth of the online gambling industry, several on-going issues have made some countries (the US most prominently) reluctant to legalize online gambling. Additionally, a large number of people are deterred from trying out betting games due to problems with trust, security and reliability.

Also, problems such as account restrictions due to location, withheld bonuses, withdrawal fees and restrictions among other tend to deter people from even trying out online betting.

Our Team at Faireum aims to get rid of the restrictions placed upon the online betting community, and along with that, all the insecurities plaguing the minds of potential clients.

By creating a new blockchain and a set of protocols with custom features to meet Online Gambling requirements, Faireum will introduce a platform that is trustful, borderless, secure, and fast for blockchain-powered online gambling, therefore:

-Our Solution Reducing operational costs of online gambling therefore providing higher payouts

-Reducing the risk of fraud Reducing the cost of user accounts and money management for online casino operators

-Creating an open ecosystem of provably fair interoperable online casinos

-Providing third parties with trustful and transparent services to fit development under Faireum protocols

-Providing an official gambling platform that is based on the Faireum network for fully transparent betting and charging

No, this is a very valuable discussion muchly on topic and so forth. Let us continue it indefinitely and then act as if THAT makes us important and gives our verbose opinionation weight. Not in any case having made "a website", as if that has anything to do with what MPEx is.

for fucks sake. i now understand where you are coming from. since you created a website or have some
relationship with someone who created a website that has something to do with bitcoin.. you are better then
those who have not. got it. you are a bitcoin expert/god/high roller/old schooler/whatever.

i should have known better to respond back to you. feel free to set me on ignore.

It's a statement, I showed its source, that's what it is. The source of course happens to be somebody in BTC. That you personally for your own existent or inexistent BTC agree or disagree with what that somebody says is entirely your own private personal problem. But you're still a nobody, and simply the act of nobody disagreeing with somebody doesn't make the nobody into a somebody too. It's not how it works, even if it's how plenty of nobodies want it to work.

Opinions based on nothing are not worth sharing. Think about that for a second, if you can take your eyes off "my bottom line" for that long. I imagine you mean my ass, right?

Take your claim for example in the post above. That bitcoins value.. half of it is due to SD. You really
believe that? You expect others to believe that? That somehow you managed to get SD onto your exchange
all of a sudden makes your opinion god like?

I realize you make some good posts. Intelligent posts. I am not calling you an idiot. But to start going back
and forth with you on this forum is pointless. I have an opinion. I gave it. I should know better to respond back
to you on topics that are too close to your bottom line.

Everyone, eh? What's with this everyone bullshit people run and hide behind? What's everyone ever done for you?

But yeah, it's all in Meni Rosenfeld's vanity thread.

"Gambling is not criminal activity. Being a US citizen is criminal activity."

How can one hope to debate this with you when you have your own version of reality?

"mircea_popescu
 Fuck that shit. The US is a rogue state. Americans should just be executed on sight."

Uh, yea sure.

"The guy does nothing but knows better. It's a sickness."

I know people have gotten into huge arguments with you so I will not go there.
Everyone here already knows how you roll.

That's fine. BTC doesn't do bodycounts either, and much unlike the various people making up the US Gov't BTC doesn't actually have bodies, either.


Gambling is not criminal activity. Being a US citizen is criminal activity.

Forget the other way around, it's high time for the US to start spending their own dime to educate the world about how they're not really Nazi Germany v2.0.



The guy does nothing but knows better. It's a sickness.

Don't forget about the impact velocity has on prices as well.  Even if gamblers keep a single BTC in "circulation" for 5mins at a time between fiat purchase to fiat sell but there are 20million people doing it at a time this will cause prices to go up.

Correct me if I am wrong but the way SD is designed one has to have a large pool of btc to make sure you do  not
go broke from an amazing lucky streak by users. So sure.. one would want to save a large pool of btc for that occasion.
Is that most of the btc you are referring to?

Anyway.. my point was that gambling sites as a whole do not just collect btc and put them in long term storage.
They just recycle most of them for currency and will not be a huge factor in raising the price of bitcoin long term.
To expect every gambling site operator going forward to be a bitcoin evangelist is highly unlikely and they will
want the "finer things in life" if they succeed. That means selling bitcoins.

Online gambling is not illegal in the US. The Unlawful Internet Gambling Enforcement Act of 2006 outlawed the funding of online gambling sites.

I specifically didn't say that. What I said was that I created the site in order to get bitcoins. gl w/ the bridge.

No you should not believe that. Of course some profit is sold for fiat currency. What's your point? The important thing here is that some profit is NOT sold for fiat. That's is the phenomenon you should ponder about for a while...

So i am to believe every bit of bitcoin profit.. None was sold to get a countries currency? Really? Pfft. I have a bridge to sell. Brb.

That is why I created a bitcoin gambling site. So lol away at reality too I guess.

 You might find that some people actually believe in Bitcoin as a superior asset to paper.

I've found that most Bitcoiners are wonderful, inspiring people. It would be silly though to expect that no scumbags would exist within this movement. Fortunately, they get weeded out over time, and the reputations of the legitimate people and businesses establish themselves. This process takes time.

Online gambling isn't illegal in many parts of the world. As far as I know that's primarily a USA and China thing.

SatoshiDICE presumably.

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?