What OnTiltGuru said is correct unless the ATO makes changes to the tax code (which is possible, but would be a separate process to this legislation)

Also just verifying Endthefed is one of our resident bitcoin experts, and will generally give good advice in thread. I've asked another Aussie bitcoin trader I know to make a post too, he said he will sometime this week.

For what its worth I deposited $300 to Ignition today with no issue using my Mastercard I always used to deposit on Stars, games seem soft, decent array of MTTs, not Stars size site or anything but it's similar to a slightly smaller 888 with anonymous tables basically (which I personally like, as it destroys the usefulness of huds which i'm in favour of). Games seemed softer than Stars by a reasonable margin (played a range from $10-100 today and ended up with two 7ths for a small profit) and site seems decent. When I run up enough to withdraw 1k i'll do a withdraw and report back how the process goes.

I'm going to end up playing on a combination of Ignition, SWC and Monster personally I think.

^Swoop did you suffer disconnect/timeouts? I had them continuously, whilst on cable ,and virtually never dropping on stars

I signed up to Coinjar and from what I can tell it can do everything from depositing cash to the site, transferring it to btc and then sending it to a poker site. However, I haven't used it yet and all the posts itt seem to indicate that I will need to open a separate blockchain/wallet account before I can transfer to a poker site.

Is that correct or is Coinjar the only site I need?

You go bank account->coinjar->blockchain->poker for deposit

poker->blockchain->coinjar->bank account for withdrawal..

I think you can go from coinjar->poker but i think it's safe to eliminate the direct link, so its better to do it in the aforementioned order.

Hope that helps.

Thanks!

Just out of curiosity, what is unsafe about it? Can these btc sites seize your funds if they think it is coming from a poker site?

From what i gathered it seems to be about remaining as anonymous as possible, probably due to the high level of ID you need to give, and access to the bitcoin addresses that link to your account, honestly i can't give a concise answer, i don't think its a matter of being unsafe more then just adding an extra level of precaution. Personally, i would prefer to detach my bank account details as much as i can from a having a direct link but that's my opinion, i could be wrong, as with many people on this forum as of late i've had to do copious amounts of research, and i was hesitant in giving my ID and personally thought it was a good idea to add an extra step in the middle to make it less traceable. The actual reason could not be this, but it makes sense.

Thanks again.

I thought it was actually still technically legal for Aussies to play online poker and so any money we received from poker sites should be fair game. I'm probably way off on that, though.

Legal to play, illegal to offer, so should cancel eachother out but those sites don't care lol.

No, don't worry about having your money taken. In every case that I've seen over the years even in the US the exchange wouldn't seize your money, they would just close your account.

It's possible if an exchange is based in Australia and only has to worry about the laws there it might be ok. You'd have to check the TOS to see if there's anything about gambling transactions with the specific exchange you want to use. Even if something is legal the exchange might have their own rules against it.

Yeah, that is a good reason. Same reason to always use a new bitcoin address to receive bitcoin in your wallet.

Also, it gives you more control over your bitcoin. In general you don't want to send bitcoin from one 3rd party to another 3rd party - from an address you don't control to an address you don't control.

So even if you want to move money from one poker site to another site, you should have it withdrawn to your own wallet first and then you send the deposit to the second site.

I've seen people go through delays and hassles with support when trying to send a withdrawal from one site directly to the deposit address of another site.

similar to street prostitution in Victoria

Cheers.

So you have seen people have their account closed due to dealing with poker sites? Is that common?

Also, I checked the coinjar TOS and there is nothing in there specific to gambling and it operates under English law, so seeing that online poker is completely legal there, we might be safe? But, assuming I go from coinjar to blockchain and then to a poker site, what is to stop my blockchain account getting closed instead?

I just downloaded the ignition software and signed up with an account. Everytime I try signing in it just loads and loads and does nothing Do you know what the issue is?

No, didn't have any DC issues on Ignition although I only played one session

@wowsooted idk but they have support, try contacting their support I guess. Their support gave me a phone call offering a deposit bonus (same one advertised on their website) when I made an account so their support obviously exists. There's a contact us section on their webpage just get in touch with their support and ask

ok thanks managed to get into it, will be playing a session tonight will post back with overall thoughts

Is there a reason why bitcoin is preferred over neteller and skrill?

Lower fees/no cross currency vig. That's it basically.

Only lower withdrawal fees right?? I'm still a huge bitcoin noob so I was thinking I could deposit with Skrill and then study up on Bitcoin options when I actually want to withdraw and then withdraw using bitcoin. Will that work?

Hi guys.

I see a lot of us are in the same boat and are trying to learn the bitcoin process.
I PM someone that is a regular in this thread and knows a lot about how bitcoins work and he said to me this is 1 of the best places for Aussies to buy coins off. https://bitcoin.com.au/

I was also told if there is a bitcoin ATM near you your able to purchase using cash and not use your bank details but your looking at paying 5-6% and there isn't many ATM around.

I emailed Ignition and asked them do the bitcoins lose value while there sitting on their site their reply was no, we the player would only hope that the price hasnt fallen much or it has gone up when we withdraw.

I opened the site Today and mucked around on the free play to see what the site was like and all casino game loaded quickly and I didn't have any connection problems at all.

hope this helps GL guys.

i have used a few sites like localbitcoins etc, the only thing i had to give was a phone number, which is simple to get one not in your name, its quite simple to also get around the ID requirements, i have a few traders now that i use off the sites now, so dont need the 3rd party for escrow. So once you build up some trust with the traders on these sites you can ask them to work away from the site etc, this isnt really the place to be discussing these sort of things anyway, so i wont go in to details about bypassing their security/identifying measures

For all the bitcoin newbies asking whether bitcoin or neteller / skrill i would say the most significant factor is not the fees charged but the volatility in the bitcoin market. Swings are very very large, even in the short term (overnight 20% swings not uncommon). Bitcoin>>> FX> equity > interest rate markets.

So, unless you want to gamble on the bitcoin market steer clear. FWIW I like the gamble of it, long term it's either gonna make good money or prolly more likely go busto. I first bought at $20 a bitcoin but alas that was on MtGox. Now all I have is japanese emails regarding their bankrupcy.

yea I had this thought too, so I saw the price fell sharply in recent weeks. So might be a good time to buy now and cash out when its back up again?

My view is if you have coins it will be a value holder whatever the market is and just cash out when its a good time (ie: price is higher than what you brought it for). This obv sucks because coins is not 'liquid' cash and you can't just cash out when you feel like it, you have to wait for a good time. Then there is a chance that it all just goes busto, but I don't think thats likely to happen as it is the 'future' of digital, or so iv been told. But there is a non 0 probability it can happen just like the housing market crash or any other market crash.

Hi slightly off topic here, but I've just recently withdrawn funds from Neteller to my CBA and I've been charged a $30 fee when it was originally stated that it was a $15 withdrawal fee, has anyone else had this issue before in the past? Or knows where the other $15 fee has come from?

I was also annoyed by this issue as it wasn't stated anyway and when i asked them they basically just said that's the way it is. When i go neteller USD to AUD bank i get juiced on the FX fees and then it adds a 15$ fee

I just withdrew my roll on Stars directly to my bank account. First time withdrawing, I've only ever deposited $20 so I didn't really know what to expect and got smashed by the currency conversion fee. I had to submit ID verification before they allow withdrawal which I'm fine with, but lost a couple hundred $$$ in the conversion process. Is there anyway to avoid or minimise this?? It's too late now lol but for the future I'd like to know.

I was also told I have to withdraw my entire roll. What's the reason for this exactly?

what exactly happened? australia banned online poker or they passed a regulation with super high taxes that is impossible for sites to pay?

also, what was the arguments the politicians based this decision on?