Hey all

I'm just starting to use Litecoin to deposit and withdraw from my poker accounts and I had some questions about how the fluctuating coin price effects it.

Lets say I deposit $1000 and at the time, 1 Litecoin = $177.37 USD.

This would be the rate I'm getting at the time for my deposit, and now I had $1000 USD in my poker account.

Fast forward 3 months later and I've increased my roll from $1000 to $3000 so I've decided to take out the $2000 profit. Lets say at this point in time, 1 Litecoin = $132.45 USD.

Does this mean now that my $2K profit will have a huge chunk reduction because of the change in the Litecoin value? If that's the case, is the best strategy to leave the money in the poker account until the Litecoin value is around the same as it was when I deposited?

I'd appreciate your advice because I've looked around on Google and this forum and I can't seem to find my answer.

Thanks

it works exactly the same as when i had $xk in my ftp account then the pound tanked against the dollar, things change and your investment may go up as well as down. this isn't a "currency" speculation forum, it's a poker forum. go to BFI maybe.

It's relevant for beginners who are new to playing poker with crypto. The purpose of this thread is to find out specifically the implications of playing poker and using crypto to deposit and withdraw. I doubt it's a long drawn out answer. That's okay if you don't know, maybe someone else will.

Well unless you’re playing on some pure crypto site you’re only subject to fluctuations between the time you withdraw and when you convert back to USD. There’s no reason to worry about what the price is when you withdraw because there’s no way you’ll be able to predict the fluctuations favorably. If you could do that you should be day trading crypto instead of playing poker.

Thanks for the information. Yeah that makes sense.

I know absolutely nothing about crypto and in the past I've only ever deposited/withdrawn via. my bank account, so this whole thing is new to me.

Just to wrap my head around this. So basically when I increase my roll playing poker and I want to withdraw the profit out, it will be the same value regardless of the Litecoin price at the time.

For example, my bankroll starts at $1,000 USD. I (out of crazy luck) win a MTT and my balance shoots up to $3,000 USD. I decide to take out my $2,000 USD profit via. Litecoin. Long story short it doesn't matter whatever the Litecoin price is at the time of my withdrawal because I'll still get the $2,000 USD at whatever price the coin is at that time?

If your balance is in dollars rather than magic beans, why are you bringing magic beans into it?

Lol thanks for the useless post.

I got the answer I needed. No thanks to you

I mean I guess if I had nothing better to do and my life was determined by my post stats, I'd probably make useless posts everywhere I can to boost my numbers too

There's no such thing as useless posts, only useless interpretation.

Is your balance in dollars or not, it's a simple question. If it's not in dollars, don't pretend it is, and don't ask daft questions like "well i spent $1,000 dollars on five magic beans, now i've gambled it up to fifteen magic beans but now a magic bean is only worth $50, did i make any money"

Actually, I was wondering the same thing as Six Four. if your balance is in a stable currency like USD, how does the interim fluctuation in the value of cryptos affect your poker balance at all? You convert from cryptos to USD and USD to Cryptos when you by in and check out at market value, so it seems like any activity in between those points is irrelevant?