Bitcoin and poker

    • VorpalF2F
      VorpalF2F
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      Joined: 02.09.2010 Posts: 8,901
      G'Day all and Happy Monday

      Bitcoin is a form of online currency.

      I know little about it, and as far as I know no major poker site accepts bitcoin deposits.

      From what little I do know, I'm not sure I would want to do so.

      Even online processors of normal currency transactions have their share of problems, but bitcoin seems more like "virtual currency" than any tangible asset.

      What do you think?

      Have any members used bitcoin for any online transactions?

      Would you play poker with bitcoin?

      How would you "cash out"?

      All the best,
      --VS
  • 25 replies
    • Lazza61
      Lazza61
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      Joined: 23.03.2011 Posts: 9,164
      Hey Vorpal,

      You may be surprised to know Bitcoin is legitimate enough that it is now traded on the World's Forex markets.

      Seals With Clubs has always been the major bitcoin site but it is interesting that iPoker now have a bitcoin skin in WinPoker (EU only).
    • bettingstation
      bettingstation
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      Joined: 30.12.2009 Posts: 125
      how much now is the bitcoin?
    • Lazza61
      Lazza61
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      Joined: 23.03.2011 Posts: 9,164
      Originally posted by bettingstation
      how much now is the bitcoin?
      1.00 USD = 0.00147322 Bitcoin

      1 Bitcoin = 607.852 USD
    • TheMarxBros3
      TheMarxBros3
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      Joined: 21.09.2008 Posts: 1,346
      If I had a bitcoin where/who would I sell it to in order to turn it into cash for the real world?
      Bitcoins have no intrinsic value.
      There is nothing stopping the inventer of bitcoins from releasing/producing more then he said he would other then his word.
      Having said the negative.
      Bitcoins are unique in that they eliminate the middle man when doing currency exchanges.
      Bitcoins are an idea who's time has come.
      Bitcoins are not subject to the whims of banks

      This is my understanding of bitcoins from watching the news and reading Kevin O'Leary's report on them. Kevin is a money guru here.
    • Lazza61
      Lazza61
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      Yes. Liquidity will probably still be a problem for some time to come.
    • Ramble
      Ramble
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      Joined: 17.11.2008 Posts: 1,421
      Originally posted by TheMarxBros3
      If I had a bitcoin where/who would I sell it to in order to turn it into cash for the real world?
      Bitcoins have no intrinsic value.
      There is nothing stopping the inventer of bitcoins from releasing/producing more then he said he would other then his word.
      Having said the negative.
      Bitcoins are unique in that they eliminate the middle man when doing currency exchanges.
      Bitcoins are an idea who's time has come.
      Bitcoins are not subject to the whims of banks

      This is my understanding of bitcoins from watching the news and reading Kevin O'Leary's report on them. Kevin is a money guru here.
      I am by no means knowledgeable on the subject, but did do a fair bit of reading a few years back on bitcoins and other virtual currencies...

      If memory serves me correctly - many banks will trade bitcoins, and I believe there was talk of a debit/credit card that you could charge up with bitcoins (or any currency) and use to purchase goods/services and it would handle any bitcoin (or other currency) transactions for you in the background...

      As for the creation of extra bitcoins, it seems to me that the algorithm used to generate the bitcoins is finite meaning that at a certain number of bitcoins generated, no more can ever be produced. This is considered a good thing about bitcoins. The bad side, if I remember right is that early adopters of bitcoins generate the currency a weeeee bit faster than others - that part is fuzzy in my head so don't blindly accept that it is true...
    • Phgrinder
      Phgrinder
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      Joined: 16.02.2009 Posts: 1,002
      so once all bitcoins are mined out, whats stopping other people from making other virtual currencies that are finite and just name it extracoins or something?

      and im no expert but just like stocks once bitcoin goes to mainstream media now that it reached 650$ isnt it supposed to bubble since all the old school horders would just unload while the new ones who came riding in take the fall??
    • Lazza61
      Lazza61
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      Apparently production of bitcoins will halve every year until there are 21 billion in circulation and then no more will be produced
    • Jafreiteris
      Jafreiteris
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      Joined: 21.05.2008 Posts: 283
      There was article ib news where some dude deposited about 60 usd when bit coingig was started out and forget. After couple of years he bought new house cuz it grow liko over 200k. So sick
    • TheMarxBros3
      TheMarxBros3
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      Joined: 21.09.2008 Posts: 1,346
      Originally posted by Ramble
      Originally posted by TheMarxBros3
      If I had a bitcoin where/who would I sell it to in order to turn it into cash for the real world?
      Bitcoins have no intrinsic value.
      There is nothing stopping the inventer of bitcoins from releasing/producing more then he said he would other then his word.
      Having said the negative.
      Bitcoins are unique in that they eliminate the middle man when doing currency exchanges.
      Bitcoins are an idea who's time has come.
      Bitcoins are not subject to the whims of banks

      This is my understanding of bitcoins from watching the news and reading Kevin O'Leary's report on them. Kevin is a money guru here.
      I am by no means knowledgeable on the subject, but did do a fair bit of reading a few years back on bitcoins and other virtual currencies...

      If memory serves me correctly - many banks will trade bitcoins, and I believe there was talk of a debit/credit card that you could charge up with bitcoins (or any currency) and use to purchase goods/services and it would handle any bitcoin (or other currency) transactions for you in the background...

      As for the creation of extra bitcoins, it seems to me that the algorithm used to generate the bitcoins is finite meaning that at a certain number of bitcoins generated, no more can ever be produced. This is considered a good thing about bitcoins. The bad side, if I remember right is that early adopters of bitcoins generate the currency a weeeee bit faster than others - that part is fuzzy in my head so don't blindly accept that it is true...
      Well I've yet to find a bank in Canada that will exchange bitcoins for real cash.
      With bitcoins not having an intrinsic value I'm not convinced they are worth investing in at the moment as
      1-I don't know enough about them
      2-I live in the real world and virtual money just doesn't seem right when I can use a credit card.
      3-At $650 per bitcoin the time for investing may have already gone.

      Thanks for the input
    • jules97
      jules97
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      Joined: 10.06.2012 Posts: 1,449
    • seanwilliam1988
      seanwilliam1988
      Global
      Joined: 08.03.2014 Posts: 10
      I’m a bitcoin online casino player. From my experience, playing casino with bitcoin is more convenient than using money. It’s hassle-free when it comes to deposit and withdrawal transaction. Plus, you can play anonymously.
    • tonypmm
      tonypmm
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      Joined: 11.01.2009 Posts: 3,853
      Originally posted by jules97
      Spot on! I did some research last April (when BTC was yet at $100-200 - tiiiilt) - the variance of the x-rate while you're playing (between the deposit and cashout, even if BTCs are exchanged from/to a fiat currency immediately before and after play!) is comparable to the variance of the poker game itself. I'm not sure if the field softness is sufficient to compensate for that.
    • FFRRAANNKKIIEE
      FFRRAANNKKIIEE
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      Joined: 30.12.2010 Posts: 3,107
      ^ so playing hyper satties with bitcoins would be the absolute variance champion game :D
    • toxicchili
      toxicchili
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      Joined: 01.04.2014 Posts: 42
      Bitcoin is so last year, Dogecoin is where it's at now.

      I have about 5000 Dogecoins, which I mined at RapidHash.
    • bennisboy
      bennisboy
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      Joined: 11.04.2011 Posts: 711
      Originally posted by toxicchili
      Bitcoin is so last year, Dogecoin is where it's at now.

      I have about 5000 Dogecoins, which I mined at RapidHash.
      good work :f_thumbsup:
    • lkdr9494
      lkdr9494
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      Joined: 26.01.2012 Posts: 210
      Bitcoin's purpose is to be an anonymous and untraceable currency in this world where you leave trace of everything you do online. Now, if it is illegal to play poker wherever you live, a poker room accepting bitcoin would be best.
      Otherwise I don't see much use on relating bitcoin and poker.
      Bitcoin is mostly used for illegal purposes in the deep web. Mining bitcoin used to be very profitable, back in the day when it was very risky, however know it's not.
      So I actually find it quite useless.
    • chenny8888
      chenny8888
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      Joined: 03.10.2007 Posts: 19,324
      Originally posted by tonypmm
      Originally posted by jules97
      Spot on! I did some research last April (when BTC was yet at $100-200 - tiiiilt) - the variance of the x-rate while you're playing (between the deposit and cashout, even if BTCs are exchanged from/to a fiat currency immediately before and after play!) is comparable to the variance of the poker game itself. I'm not sure if the field softness is sufficient to compensate for that.
      Not sure if this is the right way to logically think about this: if we assign some $$ value to the true value of bitcoins, all the variance (and it is stupendous) is just that: variance, and if the games are good then it's just an additional factor you need to consider.

      That being said, I haven't been following the news too much but I think the reason for the recent (read: last couple months) spike in bitcoin prices is because of China, and this bubble could easily burst if news goes one way or another (and it's unlikely to rise higher).
    • AlvisR
      AlvisR
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      Joined: 27.02.2009 Posts: 656
      isnt bitcoin dead atm? Because lots of Bitcoin sellers are facing bankrupcy in USA. Abd they even asked USA help to protect from Creditors. Is this all made up? Even hackers stole millions of bitcoins and then one day Bitcoin owners found 100 million $$ in bitxoins in some old wallet. It is all mistycal and unstable i think. So i dont wanna gamble on bitcoin existence right now.
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