I believe ACR is converting BTC to USD upon confirmation, making the drop in value irrelevant except for that brief time the BTC is in transit.

Yeah that is the good thing about how ACR is running the btc deposits. The drop in price sucks for a player who plays on a skin like Betcoin though which our whole roll is in bitcoin. Was watching prices fall to below $150 then back up to $190, crazy bankroll swings without even playing. Smarter players on the skin pre reg tournaments for today last night before the conversion rate changes to register into tournaments. To play the same 10k gtd that cost .130 BTC yesterday will cost more today if you wait for conversion rate to upgrade. Its crazy. Strongly thinking of changing to a real money skin so my roll don't keep taking hits even though I support bitcoin, not good for a poker roll.

I made 2 seperate BTC deposits last night. Both took about 30 minutes each. Pretty happy, now on to implementing withdrawals

I completely agree.

One of my first big first poker decisions was made when I got my first "big" cash (micro MTT that I final-tabled for a cash of 116 buy-ins)--whatever I won would be all mine. I would never be staked, backed, or sell pieces.

I want to know what the prize pool is and how much of it could be mine. As soon as I heard about the possibility of using Bitcoin for poker, I made an addition to my list of rules--I will never subject my bankroll to the volatility of Bitcoin.

http://www.investopedia.com/articles...o-volatile.asp

Wow. Adds a whole other element of variance to playing.

I have a dollar bankroll for dollar denominated games and a bitcoin bankroll for bitcoin denominated games. In the latter case, the movement of bitcoin makes me want to sell high and buy low. For example, when it ran up to 1200, I had excess bankroll for the games that were running, so I sold some. Now as the price falls, I don't have enough bitcoin to play the highest regular games that run, so I have to buy. It keeps me on the right side of the market, and I've actually made more from the run up than I did playing poker.

Just a tip... if you are trying to send from one Bitcoin gambling site to WPN, either be very sure that they only send from one wallet or send it to your own wallet first, then to WPN. The site I used sent from 3 wallets and now support isn't able to do the deposit.

Made a $50 deposit this morning and still pending. Exchanged several emails and even went so far as sending in a screenshot of the confirmation.

taken from the "CEO Twitch Stream" thread:

Bitcoin withdrawals should be up this week. The way they'll work is that you get the price that btc was when you request your cashout.. even if their security review takes a day or two. So say when you request your cashout, btc price is $200..and you request to cashout $200. You will get 1 btc sent to your account whether the price spikes to $400 or drops to $100.


what kind of "security review" would take a day or two for withdrawals? I guess there isn't a need for security for giving them money?

If someone hacked a bunch of accounts, they could empty them all easily with bitcoin withdrawals. A security review is good. Adding two factor authentication is even better.

This seems wrong. You should get the dollar amount requested, in bitcoin. If you request a cashout of $200, you should always get $200 worth of bitcoin when the security review is completed. It is a dollar denominated site after all.

A security review is completely standard.. something I did forget to put in there is that he said most will take around a few hours, but did mention that there are times when it can take longer (holidays, something on the account they want to look into further, etc).

And I agree with TimM that this is a bad way of doing this. It's fine for a company that only plays in bitcoin, such as SWC, but unless WPN or their processing company is holding the bitcoin for whatever reason, I can't think of a reason why it should matter what the price does between requesting the withdrawal and approving/sending it.

Is this only on the ACR skin?

It's ACR,BCP,True Poker, and YaPoker (the network's main skins).

Yeah. For deposits it works exactly that way because we agree on a dollar amount that the player will receive for a given amount of btc (regardless of any fluctuation before the player sends the btc).

It sounds like for withdrawals, the player will effectively be forced to hold the value in btc for the duration of the processing time, being subject to btc volatility.

They should publish their method for determining the exchange price and then we can agree to that method being used at the time they transmit, rather than agreeing on a fixed btc amount.

Deposits are cancelled on WPN's end if not submitted within 7 minutes. If we have to agree on a fixed btc amount at the time of request, we should at least be given the same option to cancel the transaction after some reasonable delay.

I don't see why they cant hold onto the dollars until the security review is completed, and then make the exchange. There is potential for abuse here too. For example, "security reviews" could take longer while the price is falling. Even if this never happens deliberately, you know some players will make the accusation if the price falls during their review. Poker sites are very bad about understanding the need to avoid even the appearance of impropriety.

As someone who owns some bitcoin, I could request a cash out and then sell an equivalent amount to lock in the price. But then what if the security review is denied.

In fact, what does happen if the security review is denied? You cash out 1 btc at $200/btc. If the price falls to $100 during the review, they send you 1 btc. If the price rises to $400, the security review is denied and $200 goes back into your account? That seems absurd.

This policy is very bad and needs to be changed.

Question, just got my coinbase account set up to transfer bitcoin to usd by sending to my bank account. I know already I shouldn't send bitcoin directly from a poker site to coinbase and should send it through another wallet first. But was wondering do anyone else use coinbase to sell bitcoin for funds to bank account?

Do they give you the price for that day that you request the transfer or can it change before the transaction is actually complete?

I use Coinbase... they will almost always give you the price at the moment you do the transaction. However, I have read stories where the price changed a bit... so keep an eye on your transactions.

I agree. I think someone should create a new thread explaining the reasons why the policy should be changed. WinningCEO is an admitted fish when it comes to Bitcoin, so perhaps a well-reasoned post explaining why its an issue and what should be done differently will increase the chance that the policy is changed.

I actually think there is a chance that WinningCEO just misunderstood their own policy, so I'm waiting for clarification.

Wow good point indeed. I think the policy should be to lock in the price regardless of the "security review is denied" giving you time to correct it. Otherwise you are right, they just issue a denial if BTC has dropped much in a few days. And then of course never deny it if BTC has gone up since the review.

I just noticed that Bitcoin is now a withdrawal option in the cashier!

Requested $25 to test. Of note, the amount was not deducted from my playing balance.

what was the min./max. cashout amount?

Mine is showing $25 min and $10k max.