I just did my first bitcoin cashout thanks for the help. I made $155 on the transaction from blockchain. Is this uncommon? What's the most you guys have made or lost during the conversion?

You prob know a lot more about markets than I ever will, but I've also noticed that as soon as some big human error or human thievery occurs in the BTC world (but not an existential threat or systemic error), price quickly drops over 24-48 hrs and then rebounds over a 5-15 day period. That's what I generally remember and is not based on any real financial analysis.

Its free money to cash out BTC from bovada to your wallet when the price drops and then re-deposit the same BTC once the stabilization occurs. There's def a lot of variance in dealing w BTC for poker or trading so the added gamble is great for the inner degen in me.

this is not rocket science. u watched end the fed's videos? then u should have more specific questions.

do what nimbus said, then once the btc is in your wallet, u get a new address on circle to receive btc (in a desktop browser, click the dropdown in the upper right corner and hit Get Address), then send the btc from your wallet to that address. then cash out on circle (hit Cash Out).

When you paste your new bc address into bovada try hitting ctl V instead of right clicking your mouse.

I didn't say it was the norm. I said that clearly it happens and has happened before and will happen again.

The fact that risk exists in the stock market has nothing to do with my point.

Has anyone cashed out from Circle via their debit card attached to the account, and not the actual routing and account#? If so, how long did it take?

This is an accurate statement. Very observant too. There are a few reasons why this happen. The most simplistic way of explaining this is news can move the price of anything. If the news moves the price down, there will be more buyers buying btc driving the price up. When there is bad news, sellers are willing to take less and less per btc and the price goes down. This also goes the same for the inverse of both of these statements, e.g. Good news comes out, btc jumps up to 620 but can't go past 620 because there are too many people selling at 620 or willing to take 620.

The second part is called averaging down, it is very common practice but can definitely cause an even greater loss or gain.

Back go why I don't like putting any money in btc is because I think there will be more bad news. The fact that this money is gone and nobody knows how it happened is scary. Pretty much anymore news on how it happened, unless it was something done client side will cause another price drop. Even having it there for a bit it a big gamble at this point.

Anyone know how long it usually takes to get money on to circle? I did a cash out with them and it took about 12 hours to get my money, but its going on day 3 trying to get money on there. I know it says 1-4 days, but I was hoping it would be faster.

If you deposit onto circle with a debit card, it clears in less than an hour.

You're missing my point. I'll concede anything can happen but you need to balance that with the likelihood if it will happen.

I say Bovada is not going to be shut down by the government today. You say "clearly it happens and has happened before and will happen again" Using that logic we should take all our money off bovada.

I can understand if you personally don't want to deal btc for whatever reason.

Got email from CB asking my profession. I've been a poker pro bout 7 yrs. Anyone dealt with same situation or have suggestions?

Hacking bitcoin is an out of sample event relative to the stock market. The modern stock market has been around since the mid 1700's. Bitcoin is very new and certain markets have been hacked at least twice. You can't possibly make this type of analogy between the stock market and the bitcoin market.

People still buy stocks today because the stock market is proven positive ev in the long run.

Yep, agreed.

I'm shocked more people aren't worried about this, either. Hacking too has a lot of implications. If more thefts like this happen, yeah, 5% in a day down will be nothing compared to what we could see

hello

i live in the us and recently became interested in playing bovada. problem is i keep reading that its legal and its illegal and so back and forth. i certainly am nerveous about a money check arriving to my house from canada/singapore i would not like to make the authorities suspicious.

now that im reading about bitcoin i feel a little better as its faster and more discrete i can say. i now understand that the way its supposed to go is bank acc > circle or coinbase > personal wallet > bovada and vice versa for cashout.

question is that if its possible to deposit and cash out with a re-loadable pre-paid visa card? i would not really not like to link my bank account to anything like this but if its the last option...then.

Deposit and play you're fine. If you happen to win make sure you use a major bank as opopposed to a small local one or credit union

thanka for the fast response. why not a smaller one or credit union. so bank account is really my only option. hate to have some type of info like my name associated with checks. also anybody else actually put their real info registering with bovada ? or does it matter if i enter a fake name?

sorry for seeming paranoid but im not scared to play i just want to do the best research i can before i dive in

because the smaller places will send your check off to collections and itll take several weeks before you can get your money and will probaly also be asked a ton of questions when depositing checks from out of the country at those places.

yes you put your real info, if you ever actually plan on getting paid. i personally never had to but sometimes they ask people to send in verification of who they are

Btc reqd: 8/2 8pm
Btc in chain: 8/3 10am
$ in O: 8/3 10:30am
$ in bank: 8/4 11am

Withdrew via courier check at 2am on August 1st, I figured I'd try to beat what I imagine is a big rush of withdrawals by players on the first of the month. It's been 96 hours now, still hasn't been processed. Wtf. What's the longest you guys have ever had a withdrawal request go before being processed?

Coinbase locked my account, and terminated our relationship. I always used block chain then transferred to bovada. Any other routes?

It's not illegal under federal law to play online poker in the U.S.. However under the UIGEA, banks and similar entities like Circle have to follow different regulations. So that's where some problems lie. Bitcoin has been working fine, at least for me. And yes, bank acc > circle or coinbase > personal wallet > bovada and vice versa for cashout is correct.

seems to take usually 30ish hours for me

when i dep. on circle with my debit card it was instant.

besides the good advice from others above, my thoughts:

- i agree that u should use your real name on bovada as they may require u to prove your id.

- there are several ways to use bitcoin without attaching your bank account:

for cashouts, u just get the bitpay visa debit card. (altho this still requires your id to be attached to it) If that's a problem u could use Localbitcoin or trade with peeps on this site for cash.

for deposits, u can use Localbitcoin... u can buy bitcoin from a reputable seller on this site... u can just deposit direct on bovada with some prepaid card that works, then call them and request btc withdrawals even tho u didn't deposit with btc...

IMO tho, it's not worth all the trouble trying to not attach ur bank acc. to circle or coinbase, or not cash checks from bovada. I would probably only be concerned if you were not paying taxes on your poker winnings and u were likely to be audited.

there have been some cases in here in the past weeks that have taken 6+ days.

Yup..

Ck Req: 07/27 (afternoon)
Ck processed: 07/31 (afternoon, just under 96 hrs)
**Bright Side**: Ck Rec: 08/05 - 10:15am (just a bit ago)

Received on morning of 5th business day after processed is obv quite good (variance), but processing took 4 days which is historically unusual.

I mentioned in a post a few days ago how I couldn't believe the lengthy processing time for a common check request. Can't say for certain site-wide but I know that I've never experienced even close to a 4+ day processing time pre-BTC, even when they have advised it is a high volume cash out time. Hope this is not the norm going forward.

what happened? Circle is good too.

Does anyone have any experience with multiple checks?

I have 4 queued up. I had 5, but received one. The other 4 are still sitting there? 2 are recent and 2 are in late July. 3 for 3k and 1 for around 2k. Do they all get sent at once or one per check date. Also, I've never had to deposit this many at once at a bank. Carbon was always easy cause you couldn't queue multiples.