Quote:
Originally Posted by ZenForest
Why are the two major off shore (to the USA) sites (ACR & Bovada according to Pokerscout) accepting BTC deposits, but not allowing BTC cashouts ?
A little disconcerting IMHO.
BTC has been proving itself to be a very fast & reliable currency for electronic transactions.
If you can accept a BTC deposit, why on earth, would you not provide a BTC cashout option ?
The answer is easy. Those sites operate their games in USD and not in BTC or "chips". Thus they are protecting themselves against movements in bitcoins exchange rate by only allowing deposits but no BTC withdrawals. Basically they are (probably) auto-exchanging BTC for USD at the time of deposit.
Now, imagine you deposit 1 BTC which is converted to approx $450 balance. Over night BTC goes up $30 and the player hits the withdrawal button. The site lost $30 on the spot for no reason. Bitcoin poker rooms who ONLY operate with BTC don't have this problem because 1 BTC will be always 1,000 chips (or whatever) and thus they are not subject to any volatility, the player is.
However, BTC poker has one great advantage. It's almost like playing live at the casino. Buy your chips, play and cash out at the end of your session for almost 0 fee. Trustless. To "manage the bankroll" I recommend setting up a dedicated address for each site in ones wallet and use that to manage the roll, not the site(s).
Quote:
Of general interest:
Craig Wright revealed as Bitcoin creator Satoshi Nakamoto.
BBC
Yeah, he tried this last year already with a backdated PGP key and was outed to be a fraud. He now tried again and failed again. Wright is not Satoshi. Not last year, not now and he'll never be. When his latest stunt was torn apart by the community he quickly updated his blog to "this":
http://www.drcraigwright.net/
Quote:
Since players are having wallets closed on both Circle and Coinbase is it time to start using a second intermediary? Will it help? I am talking about:
gambling site>blockchain.info>circle>coinbase>bank
In general you shouldn't trust an online wallet or keep your coins with a 3rd party longer than needed. Defeats one of bitcoins core principles which is "being your own bank". Check out Electrum for your computer and Mycelium for your phone and BACKUP THE PRIVATE KEYS for any address in use.
http://bitzuma.com/posts/six-things-...-private-keys/
Embrace the financial freedom the way it's meant to be used and think outside the box of bank accounts,financial regulation, limitation on how YOU can spend YOUR money, online wallets and co.
I recommend checking out this well written article on Khan's site.
http://professionalrakeback.com/how-...nline-gambling
-HammerMan
Last edited by HammerMan72; 05-06-2016 at 11:13 AM.