Isle of Man to control digital currencies (Bitcoin)
http://www.gov.im/news/2014/jun/10/i...al-currencies/

We must be on the horizon of online poker sites adopting digital currencies.

Not having to pay the transaction fees for withdrawing from banks and then depositing back to them must be huge.

Therefore, the Government has instructed the relevant departments and statutory bodies to ensure there is a regime that promotes both business opportunities but also applies appropriate anti-money laundering requirements.

This typically means mandatory tracking and reporting of transfers between the local currency and digital currency (Bitcoins). Some players avoid this bureaucracy by conducting private transfers, or by using local exchanges, such as LocalBitcoins, instead of using "regulated" exchanges. In general, if you are required to provide your name and address, it will be reported.

I've put in a lot of time lobbying on this topic over the last year.

I think the announcement is huge news.

However the "to control digital currencies and online poker" tag line for this thread is a disservice, acceptance (with use-appropriate KYC) will spread across the regulated igaming markets

Other jurisdictions are expected to follow suit, according to IOM:

"We will work with the business community in the coming months to ensure that a proportionate and appropriate regime is implemented that meets international standards. We anticipate other jurisdictions will follow the Isle of Man’s lead.’"

Similar discussions with other regulators are taking place over the next few months. Hopefully, something good will come soon.

Bitcoin transactions by players can be comfortably accomodated within a typical regulated igaming or even in bringing cash to the tables in a typical B&M structure.

The KYC requirements of any regulated igaming already will require you to provide your name and address. This is not an announcement of anything that would lower that for regulated igaming.

HOWEVER, the benefits are huge to both players and operators from a low cost, direct transaction method.

The benefits to operators and under-served players also will be apparent in certain markets, where the current cost, efficiency and accessibility of transactions hurts the range of poker services that make business sense.

I disagree, there will always be a need for third parties if you want to achieve an online poker module like what we have today. People can get famous and well known by playing online with building a fan-base.

In a decentralized no third party module, you will never have the fan base which makes regular sports such as basketball or baseball popular.

Collusion is the reason and to eliminate collusion to something like what we have the third party module, you must make it follow these rules:
1. Heads up only poker
2. Or for 6man or more poker have so many tables and players where nobody is given a name and it's impossible to find which table you are at because the scale is too large to search through (Even for software this seems impossible to make so most likely option 1 only).

Point me to where I can read about how they solved it.

You make it sound like my security token will now come with a red pill.

I'll just leave this here

I honestly don't know if you're trying to become a cult leader but I get that impression from every post I read from you.

You play this game where you gloss over specific details and try to point somewhere else just like the group of people you seem to like to insult in your above post.

I'm a developer that has worked with implementing cryptocurrency into a product and knows what most of the hype is about. This hype is a big thing but nowhere does it handle the technological challenges of hiding non random events. People can write software very easy to collude when there is no third party and what you linked to gets rid of the third party.

Cryptocurrency has a future but just because it does...

It doesn't mean you can act like your goal which is just being hopeful and that people will all somehow put it together for you, when you don't have a clue.

This thread is way too much for NVG