What?

How is it easy to steal?

How does ti decrease the value of USD?

How is this like the dutch tulip?

Do you understand how bitcoin deposits work?

How much research have you done on this?

Why doesn't everyone just play on sealswithclubs then?

I'm not going to get too in depth here, I'm just going to make a quick point. If I deposit USD and you deposit bitcoin I'm risking my USD to win your bitcoin. Bitcoin is not backed by any government, is not insured by any bank and is not accepted by most major retailers as a form of payment. When you risk your bitcoin to win my USD you are basically freerolling me. Not a gamble I want to take.

I feel like you either just didn't read the posts explaining that bitcoin is converted into USD at the time of deposit or are just trolling.

I'd be selling my bitcoin to ACR for USD, who could sell it on the market immediately for USD, or use a service like bitpay to automatically convert it to USD at the time of transaction. They would hold 0 bitcoin.

All money on the site would be in $, no one would be betting in bitcoin and ACR/you would have 0 exposure to bitcoin. If I wanted to cash out in bitcoin I would buy bitcoin from ACR for $ at the market price on the day of my cash out, which again ACR could purchase on demand, just to send to me and would never have to hold. I could also cash out by check for $.

No one is betting their bitcoin for your dollars ever. You are welcome to think bitcoin is worthless and if it collapses then it will have 0 effect on you and on ACR with the system I outlined.

This is completely different from sealswithclubs because SWC keeps everything in bitcoin throughout the entire process. Nothing is ever converted to $ on SWC.

If I were to see a statement from WPN along these lines it would make me far more comfortable with the idea. So far it hasn't been presented and as you posted it is an assumption on your part.

That's certainly fair, agree with you on that.

not available to us players?

Only Canadian players at this time.


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Kahn

You're still risking USD to win USD - once the network takes a deposit in Bitcoin they are (if they're smart) going to cash it out to USD asap. If they hold a balance in BTC that would be pretty stupid IMO - but still okay if they set some extra money aside should Bitcoin have another crash or something.

Sure, by using BTC, they could risk losing some money due to the fluctuations in Bitcoin, but by offering this option they are probably assuming responsibility for the risk - which is minimal (a few hours...) and the risk is limited to one deposit at a time if they cash the BTC deposits out to USD as soon as they receive them.

They should actually save money doing this as processing fees compared to normal currency are very low, so low that it should make up for any fluctuations.

Cashing out via Bitcoin is even better because you don't have to deposit shady looking checks or bother with WU/MG. Just withdrawal your Bitcoins to a site like Coinbase then withdrawal USD to your bank account...

Kahn, any idea when this will be available to US players? Would be very interested in adding WPN to my schedule

probably 2016

FYP

Lot of people don't understand the concept of bitcoin there is a lot of ignorance about it in this thread. I wonder why more people especially usa facing don't play on seals as super easy as it is to get funds off.