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Topic: Silk road is down... Gambling guys next? (Read 2752 times)

newbie
Activity: 7
Merit: 0
October 10, 2013, 09:06:27 AM
#42
In the US, a common formulation is "anything of value."  So whether you're betting dollars, doughnuts, or tea-cakes, it comes under the law.  The authorities aren't necessarily very consistent about enforcement, though.  An example is a children's restaurant chain, Chuck E. Cheese's, which runs blatant games of chance offering prizes of value. There is no way this is legal, at least in jurisdictions that ban other games of chance run for profit, but you don't see the police knocking down their doors.  This is pretty silly, considering that if the addictive potential of gambling is why it's banned, it's utterly absurd to let children gamble.  It would be like banning cigarettes for adults, but then ignoring cigarettes marketed directly to children.

(Not that I think either is a good idea.)

They got Capone on Tax Evasion - when they can't arrest you for one law they will find something else.

If they want to shutdown a Bitcoin site that hasn't broken any other laws, they will apply it selectively here even though they don't apply it to Chuck E Cheese. After all, Chuck E Cheese has lawyers, lobbyists and friends in government and we do not.
legendary
Activity: 1176
Merit: 1005
October 10, 2013, 08:42:23 AM
#41
In the US, a common formulation is "anything of value."  So whether you're betting dollars, doughnuts, or tea-cakes, it comes under the law.  The authorities aren't necessarily very consistent about enforcement, though.  An example is a children's restaurant chain, Chuck E. Cheese's, which runs blatant games of chance offering prizes of value. There is no way this is legal, at least in jurisdictions that ban other games of chance run for profit, but you don't see the police knocking down their doors.  This is pretty silly, considering that if the addictive potential of gambling is why it's banned, it's utterly absurd to let children gamble.  It would be like banning cigarettes for adults, but then ignoring cigarettes marketed directly to children.

(Not that I think either is a good idea.)
newbie
Activity: 7
Merit: 0
October 10, 2013, 08:05:31 AM
#40
Bitcoin is not recognized as real money, right?

apparently it is considered a "virtual currency"

In the UK, the government doesn't consider it money or currency however the laws regarding gambling do not revolve around the concept of money, they revolve around the concept of "Money's Worth".

That means, anything with value - the UK Gambling Commission has confirmed they consider Bitcoin to be "Money's Worth" and therefor any UK based Sites, Developers or Business will need to be properly licensed.

I assume there will be other countries taking a similar stance who don't care whether Bitcoin is money or not, they care if they can collect revenue through taxing gambling. I can only assume gambling laws here don't mention money specifically so that people aren't using tokens or cakes, etc in place of money to skirt laws. I can't imagine we are the only country who has done this.
b!z
legendary
Activity: 1582
Merit: 1010
October 10, 2013, 06:42:36 AM
#39
Bitcoin is not recognized as real money, right?

apparently it is considered a "virtual currency"
sr. member
Activity: 406
Merit: 250
October 09, 2013, 08:07:11 PM
#38
My info might be old, but in the past this was discussed with current fincen regulations and it was determined that bitcoin gambling was not illegal.

I'm lazy and don't have your frame of reference.  Could you link to the previous discussion please?
sr. member
Activity: 252
Merit: 250
October 09, 2013, 01:26:55 PM
#37
Bitcoin is not recognized as real money, right?
sr. member
Activity: 420
Merit: 250
★☆★777Coin★☆★
October 09, 2013, 10:30:51 AM
#36
Gambling is legal in many places. On the other hand, illegal drugs are not.

and many bitcoin gambling sites not allowing US citizens to gamble with them just because of this I dont think they will do like silk road with these sites
b!z
legendary
Activity: 1582
Merit: 1010
October 09, 2013, 09:52:01 AM
#35
How could FBI collect the evidence?

From the blockchain. Some sites even have nice address: 1dice etc.
Pretty obvious to see it is gambling.
legendary
Activity: 1316
Merit: 1000
Varanida : Fair & Transparent Digital Ecosystem
October 09, 2013, 08:32:15 AM
#34
How could FBI collect the evidence?
legendary
Activity: 1692
Merit: 1018
October 08, 2013, 08:24:35 PM
#33
Gambling is legal in many places. On the other hand, illegal drugs are not.

Actually, there are many places drugs are decriminalized, and many like pot are entirely legal.  The United States is not the world.

The possession and use of small quantities of drugs are decriminalized (but still penalized) in places like Portugal, but SR and its ilk would still be illegal as clearly the site was being used for trafficking commercial quantities. 

In regards to online gambling, the sites I've seen make no attempt to verify a player's age or even offer a simple warning that under 18/21/whatever is not allowed.  Then there's money laundering laws, operating a gambling site without a license (in whatever country the site is hosted), etc.  I hope the sites involved are hosted in countries that don't care about online gambling and that investors' money is stored off site and automatically returned should something happen.
legendary
Activity: 1176
Merit: 1005
October 08, 2013, 11:35:23 AM
#32
Gambling is legal in many places. On the other hand, illegal drugs are not.

Actually, there are many places drugs are decriminalized, and many like pot are entirely legal.  The United States is not the world.
b!z
legendary
Activity: 1582
Merit: 1010
October 08, 2013, 10:49:43 AM
#31
Gambling is legal in many places. On the other hand, illegal drugs are not.
sr. member
Activity: 462
Merit: 250
October 07, 2013, 04:42:17 PM
#30
Rumor says FBI just took down Bitbook?

Rumor lies, bitbook just said its a server outage. Just a crack head trying to spread fear, be calm.
full member
Activity: 154
Merit: 100
Ice-Dice.com | Massive Referral Bonus!
October 07, 2013, 04:12:42 PM
#29
Rumor says FBI just took down Bitbook?
sr. member
Activity: 352
Merit: 250
October 07, 2013, 03:09:53 PM
#28
Now that FBI took down Silk Road, maybe we are their next target?
Bitcoin gambling isn't illegal.

I was about to say this. lol.
hero member
Activity: 626
Merit: 500
https://satoshibet.com
October 07, 2013, 12:30:46 PM
#27
Only site I know of that "took measures" is coincidentally the biggest of them all.
In May Satoshidice closed to US players and blocked US ip's "pro-actively to protect those involved in the project". And shortly after that sold the company to an unknown buyer. It's interesting to note, they are not located and have nothing to do with US yet still felt to take this measure.
legendary
Activity: 1176
Merit: 1005
October 07, 2013, 12:14:52 PM
#26
What happened to BTC not being a real currency?

Bitcoin may not be a "currency," (although it may be), but it is certainly legally "money" by most relevant definitions.
sr. member
Activity: 322
Merit: 250
October 07, 2013, 12:14:38 PM
#25
What happened to BTC not being a real currency?
Legally, it isn't. Fundamentally, it is.

So the SEC going after pirate I guess they are doing that for fun right? LOL Fincen ruled it is real money it is real money.
I'm living in the past Tongue
sr. member
Activity: 322
Merit: 250
October 07, 2013, 12:11:42 PM
#24
What happened to BTC not being a real currency?
Legally, it isn't. Fundamentally, it is.
sr. member
Activity: 462
Merit: 250
October 07, 2013, 12:06:08 PM
#23
What happened to BTC not being a real currency?
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