For someone who recently got into crytpo's and has only been on bitcointalk for a few weeks you sure do run your mouth a lot.
I don't know your qualifications, you might be great trader, but you don't know jack about crypto's.
Why would the coin go up in 6 months?
Instead of asking that you should be asking what coin that is half decent hasn't gone up in the last 6 months?
Why is crypto currency better for gambling sites then fiat? That you don't know this shows how ignorant you are.
First it bypasses most of the regulatory structure of government. In order for governments to regulate they need jurisdiction. They get there jurisdiction when you use fiat and involve banks in the matter. They can shut down a gambling site by taking control of their bank accounts. Maybe do a little reading on what happened to some of the bigger poker sites a couple years back.
If you host your gambling site offshore and only accept crypto's what is there for them to regulate? They can't shut down the website, it is offshore and they can't block transactions or seize assets because it is p2p crypocurrency. Basically the government can't do a damn thing. You don't have to worry about regulation. duh Now anyone can open a casino.
Secondly crypto's are way faster to use then fiat and more anonymous. If I am going to gamble do I want go through all of the trouble of setting up an account, revealing my identity and then when I want to cash out I have to wait a week or more for a check, and then pay taxes?
Crypto's make it way easier. I don't have to give up my anonymity to gamble and cash outs are basically instant. You get to decide if you want to pay taxes or not.
Pull your head out of your ass and put your ego in check and you might learn something.
Crypto's aren't going away. They are the antidote to out of control government that has over controlled and regulated every part of our lives.
And these casinos are never going to want to turn their crypto currency back into fiat? Of course they are, and when that happens, all that regulation and jurisdiction that you mention, hits them. Secondly, the fact that crypto can beused to "avoid taxes" is largely irrelevant when it comes to gambling, ans wining from gambling are tax exempt (at least where I live). If you think governments around the world arent going to move to regulate and control crypto, you are very much mistaken.
An online casino, if you take out government regulation and taxation has very little overhead. You don't need to convert much back into fiat to operate it, if I am not mistaken you can even pay for hosting with BTC now and more services are sure to follow. Profits could be held in crytpo until there is a way to cash out. Even local bitcoins would work. Remember we are talking about the virtual world here, you don't need to be a multimillionaire to start your own casino you just need to know how to code.
Unless all the governments pass similar legislation there will always be a point where you can cash out large amounts outside of your own governments jurisdiction.
I've learnt a lot in my life, not least of which is that people who wade in big and brash like you trying to poke holes in my arguments are usually dumber than a box of rocks. By spouting your socialist garbage about crypto freeing people from government jurisdiction is just garbage, its pretty clear what your level of understanding is.
and
socialism are pretty much an oxymoron. I would categorize myself somewhere in between libertarian and anarchist.
That you would lump me in with socialists is a hint that you have contradictions in your own mind you need to clear up.
Simple question... Do you think the federal officials moved to legitimize bitcoin for any other reason other than to be able to exert controls over its use? You think governments around the world are going to sit back and let people just idly ignore taxation regulation. Allowing those with money to just opt out of the tax system, leaving the countries finances ruined. Again, thats pure fantasy. People may be getting away with a bit of money here and there on crypto right now, but 12 months from now given the huge upsurge in people taking part, I predict a lot more regulation and it being a lot tougher to move money from the virtual world to the real world with anonymity.
Of course they want to regulate it but wanting to regulate something and actually being able to enforce those regulations is a different matter.
I know a guy who sold $20,000 of BTC on local bitcoins in a week. Now if he wants so claim it that is up to him but it just shows that there are work-arounds to everything including the exchanges. Hell people will send you $100 bills in the mail for a small profit.
In order for government to really squash crypto all the major governments would have to come to an agreement and implement it quickly. Pretty damn hard to do considering they can't even agree on most issues. The more this catches on the harder it is going to be to stop it. People are sick of the government abusing, and taxing the crap out of them and then saying it is for their own good.
