Bitcoin: Making Online Gambling Legal in the U.S.? - Page 33 - Poker News

You can get hit by a bus too, but with the ease of deposit and withdrawals, no need to keep a lot on there at risk like FTP (*cough*).

I have made 2 BTC withdrawals already with no problems. It's basically play money so the 'Zomg you could get banned!!one!!1' doesn't worry me, it's not like I'm entereing WSOP satellites or anything.

Worth a shot for guys who have bitcoin, no doubt.

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03-12-2013 , 05:18 PM

#803

Victor

banned

Join Date: Jul 2003 Posts: 73,070

Quote:

Originally Posted by DefendTheCult

What is everyones thoughts on what happened last night? Scary stuff.

wish the dip woulda lasted longer to get some coins at discount. pretty much the opposite of scary.

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03-12-2013 , 05:21 PM

#804

DefendTheCult

old hand

Join Date: Feb 2013 Posts: 1,934

Quote:

Originally Posted by Victor

wish the dip woulda lasted longer to get some coins at discount. pretty much the opposite of scary.

Sure, for those who wanted to buy low, but not for those who have a cache of coin.

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03-12-2013 , 06:55 PM

#805

sethseth

old hand

Join Date: Sep 2007 Posts: 1,342

Quote:

Originally Posted by Whitelextown

couldn't you technically get banned on iPoker site for being a US player on a VPN connection from the Netherlands.

Last I checked, the only site people get banned from is pokerstars. Eurosites put up error messages like "please connect from a supported country" if you connect from the US, and then you can turn on your VPN and instantly connect from the other side of the world. They don't care. Just don't be a total idiot.

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03-12-2013 , 07:19 PM

#806

DickFuld

Pooh-Bah

Join Date: Sep 2007 Posts: 4,113

Quote:

Originally Posted by sethseth

+1, though I'm clarifying by adding full tilt to that list too. Every other site basically doesn't mind as long as you're not an idiot as sethseth said.

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03-12-2013 , 07:21 PM

#807

MyStarsIDSucks

grinder

Join Date: Jan 2008 Posts: 682

Got the jakeys on woteva

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03-13-2013 , 01:33 AM

#808

BTC_Baller

enthusiast

Join Date: Sep 2012 Posts: 60

Quote:

Originally Posted by DefendTheCult

What is everyones thoughts on what happened last night? Scary stuff.

IMO Extremely awesome stuff happened last night.

The mining pools all worked quickly to fix the issue. Barely anything was affected and it was an interesting stress test. I think the humans in collective control of the network responded beautifully.

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03-13-2013 , 02:22 AM

#809

VP$IP

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 6,841

That which does not kill us makes us stronger.

The Bitcoin network is stronger now than it was before.

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03-13-2013 , 09:41 AM

#810

DickFuld

Pooh-Bah

Join Date: Sep 2007 Posts: 4,113

Quote:

Originally Posted by BTC_Baller

I really don't get why you guys believe that "nothing happened" or that what happened was good. A few people clearly do have control over issues like this, and they could easily be coordinated against by a hacker to control for other reasons. There is risk there, and it grows larger as the value of bitcoin grows larger. Sure they recovered relatively quick from a problem, but it certainly does not merit praise or the idea that the bitcoin network is stronger every time some new wrench is thrown into it.

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03-13-2013 , 10:17 AM

#811

optionality

grinder

Join Date: Mar 2008 Posts: 439

Don't know if this story has already been posted, apologies if it has.

Firm Offers Bitcoin Hedge Fund:
http://www.finalternatives.com/node/23100

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03-13-2013 , 10:42 AM

#812

dead serious

journeyman

Join Date: Feb 2013 Posts: 208

Quote:

Originally Posted by RaineTech

A few people clearly do have control over issues like this, and they could easily be coordinated against by a hacker to control for other reasons.

You are misstating what happened. The only reason "a few people" had any control whatsoever is that the processing power of the pre 0.8 chain was just less than the processing power of the post 0.8 chain. They just needed enough minors on the 0.8 chain to stop mining or preferably downgrade to get the 0.7 chain more power.

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03-13-2013 , 10:46 AM

#813

Hood

Carpal \'Tunnel

Join Date: Apr 2004 Posts: 6,895

Quote:

Originally Posted by JimAfternoon

You could start an *** Official WinPoker Thread*** in the Internet Poker forum to encompass all questions and discussion.

Don't think stuff like that comes free.

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03-13-2013 , 11:08 AM

#814

DefendTheCult

old hand

Join Date: Feb 2013 Posts: 1,934

Quote:

Originally Posted by BTC_Baller

I agree the response to the issue was very pleasing. It really showed that even in an emergency, the team can respond quickly and efficiently.

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03-13-2013 , 11:09 AM

#815

DefendTheCult

old hand

Join Date: Feb 2013 Posts: 1,934

Quote:

Originally Posted by dead serious

Actually Andreason (and his team) do have control over it.

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03-13-2013 , 11:34 AM

#816

dead serious

journeyman

Join Date: Feb 2013 Posts: 208

Quote:

Originally Posted by DefendTheCult

Actually Andreason (and his team) do have control over it.

No. They have control over the bitcoin open source software. They don't have control over the network and which software the miners are running. Not to mention that anyone can run a mining outfit to ensure their vote in the process.

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03-13-2013 , 11:53 AM

#817

JimAfternoon

Carpal \'Tunnel

Join Date: Mar 2011 Posts: 6,903

Quote:

Originally Posted by Hood

Don't think stuff like that comes free.

I thought I read before that they allow those threads for support to interact with the players, but the sub-forums have to be paid for.

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03-14-2013 , 03:03 PM

#818

EGarrett

old hand

Join Date: Oct 2007 Posts: 1,562

Quote:

Originally Posted by DefendTheCult

From an investing standpoint, yeah that is super sketchy when the price fluctuates so quickly. But from a poker player standpoint who is using BTC to play online, it's all about timing. If you can guy get a coin at 14, play on SWC, get on a good one and cash out the BTC when it was at 49, Jeez, look at that.

I won about 60 cents worth of Bitcoins last year playing freerolls on Sealswithclubs. Then I stopped for awhile. I just checked again and the amount of Bitcoin in that account is now worth nearly $10.

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03-14-2013 , 03:09 PM

#819

Hood

Carpal \'Tunnel

Join Date: Apr 2004 Posts: 6,895

Quote:

Originally Posted by JimAfternoon

I thought I read before that they allow those threads for support to interact with the players, but the sub-forums have to be paid for.

Nope, you def have to pay to have 'official' threads in zoo

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03-14-2013 , 03:10 PM

#820

Hood

Carpal \'Tunnel

Join Date: Apr 2004 Posts: 6,895

Bitcoin poker in Minecraft?

http://www.reddit.com/r/poker/commen..._holdem_poker/

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03-14-2013 , 03:21 PM

#821

idun215

veteran

Join Date: Jul 2012 Posts: 3,015

wish there was a "Bitcoin for dummies".....

Quote

03-14-2013 , 06:29 PM

#822

DefendTheCult

old hand

Join Date: Feb 2013 Posts: 1,934

Quote:

Originally Posted by EGarrett

Yup, my point exactly.

Quote

03-18-2013 , 11:13 PM

#823

invictus-1

old hand

Join Date: Jul 2009 Posts: 1,896

US government virtual currency regulations: Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies

tl;dr: bitcoin is legal

Quote

03-18-2013 , 11:21 PM

#824

VP$IP

Carpal \'Tunnel

Join Date: Aug 2007 Posts: 6,841

Quote:

Originally Posted by invictus-1

US government virtual currency regulations: Application of FinCEN's Regulations to Persons Administering, Exchanging, or Using Virtual Currencies

tl;dr: bitcoin is legal

Good find.

Issued: March 18, 2013

Users of Virtual Currency

A user who obtains convertible virtual currency and uses it to purchase real or virtual goods or services is not an MSB under FinCEN's regulations. Such activity, in and of itself, does not fit within the definition of "money transmission services" and therefore is not subject to FinCEN's registration, reporting, and recordkeeping regulations for MSBs.

Administrators and Exchangers of Virtual Currency

The definition of a money transmitter does not differentiate between real currencies and convertible virtual currencies. Accepting and transmitting anything of value that substitutes for currency makes a person a money transmitter under the regulations implementing the BSA.

c. De-Centralized Virtual Currencies

A final type of convertible virtual currency activity involves a de-centralized convertible virtual currency (1) that has no central repository and no single administrator, and (2) that persons may obtain by their own computing or manufacturing effort.

A person that creates units of this convertible virtual currency and uses it to purchase real or virtual goods and services is a user of the convertible virtual currency and not subject to regulation as a money transmitter. By contrast, a person that creates units of convertible virtual currency and sells those units to another person for real currency or its equivalent is engaged in transmission to another location and is a money transmitter. In addition, a person is an exchanger and a money transmitter if the person accepts such de-centralized convertible virtual currency from one person and transmits it to another person as part of the acceptance and transfer of currency, funds, or other value that substitutes for currency.

Last edited by VP$IP; 03-18-2013 at 11:29 PM. Reason: adding some highlights

Quote

03-19-2013 , 02:19 AM

#825

NUTZ2

old hand

Join Date: Aug 2004 Posts: 1,450

I think this is good for bitcoins in general but pretty bad for poker/online gaming futures. Maybe some lawyers can chime in here but from what I understand this means that any game that accepts bitcoins and pays out in bitcoin would be considered a transmitter according to FinCEN. This also means that they would need to get a license to legally operate as a money transmitter. No chance a poker room or sportsbook will get a license to operate.

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