How to Avoid Taking a Loss when Bitcoin's Value Seesaws

[BuckyOne]

Players are at risk due to the time frame to get a fill. Book sends x and we are stuck with what we receive or the sportsbook gets.

Do the sportsbooks lose money on bitcoin transfers? - It does not look like it as long as they can move it fast. They only credit us for what they get and when they send - boom it is locked in and done.

So, am I on track with this?

What I worry about is if the book (if they do) get 1 second fills - why can't the players get fast fills - do we have to have our own guys on the job mining?

[Optional]

Players are at risk due to the time frame to get a fill. Book sends x and we are stuck with what we receive or the sportsbook gets.

Do the sportsbooks lose money on bitcoin transfers? - It does not look like it as long as they can move it fast. They only credit us for what they get and when they send - boom it is locked in and done.

So, am I on track with this?

What I worry about is if the book (if they do) get 1 second fills - why can't the players get fast fills - do we have to have our own guys on the job mining?

You could use Betonline then.

They quote you a price they will honor as long as it is sent within 15 mins (not confirmed, sent). So I am sure they have taken losses when the market is volatile.

[evo34]

You could use Betonline then.

They quote you a price they will honor as long as it is sent within 15 mins (not confirmed, sent). So I am sure they have taken losses when the market is volatile.

Something tells me they would not honor this policy if BTC dropped 40% during that 15 minutes.

[Optional]

Something tells me they would not honor this policy if BTC dropped 40% during that 15 minutes.

It says they will on the deposit page.

So I'd hope so!

[KVB]

They're going to change the wording and limit the liability with some maximum reimbursement percent any time now...lol.

They can benefit from swings one way, and limit liability the other way. That is, after all, part of a book's business.

[BuckyOne]

Thanks for the tip on Betonline. I do use them. I guess that is nice of them. Actually, I do not want them to ever get stuck either. The whole system needs to get better. There is no excuse for 45 minutes to confirm a bitcoin send. None! it is not a question if somebody is going to get burned - it is when! Don't get me wrong - I think it is a fabulous money transfer system when it works.

[RudyRuetigger]

that's why you should always have multiple wallets open

exchanges/wallets are the same as books - you can't rely just on a single out

ill have to take it more seriously

depositing in a book is like having betpoints, theyre as good as gone

with these puppies showin up, I could use the cash to take them to a vet to get checked and try a bitcoin cashout as well

seems ill need to start trying to deposit larger, withdraw more (hopefully) and hang in bitcoin forum

[TheMoneyShot]

Everyone so tax knowledgeable in this thread. You guys should all be C.P.A.'s I'm not saying this in a MEAN INTENT. I'm saying this jokingly.

Since you guys are so tax wise... I'd love to check out your tax returns and see if there's anything as "wagering" related on them. If you say there is... I call bullsh#$. Easy to ramble a few lines that we've all read on message boards etc. But have you ever encountered someone who got audited because they were TOO HONEST on their tax return? I have. There's a thread here at SBR somewhere about this.

You can use numerous sayings on this....

"Why open up a can of worms."
"If it isn't broke why fix it."
"I didn't see anything."

Proof is... give the IRS any reason to look more thorough at you or your business... and they will. If you know how to balance everything accordingly... and WASH things out. They will overlook you.

Again, do you wager $1,000 a game and legitimately make 50k a year in wagering? That's hard to cover up. But it can be done.

Do you wager $100 a game and make 5k-7k a year in wagering? IRS isn't concerned with you. Very easy to cover up.


So for all the women who are sugar mama's and they have debit cards that their sugar daddy's put money on for them etc... the IRS is going to come after the women right? lol Right? Because the card is in their name? Right? Don't believe I ever heard that one before.


The IRS will send you a written notice if they believe they have enough evidence to support tax evasion on your part. They CANNOT just assume. The reason why businesses are sent immediate forms for tax evasion and/or self employed individuals because the IRS has concrete 100% evidence that shows you fukked up on prior yearly data. They know it. And now you know it. Again, the IRS can't just suspect someone is doing it. They need clear cut evidence.

Let me put it this way to you... I get a letter that says I must show up to an IRS center. Ok... I show up. They say... do you know why you're here today? I say... I have no clue why I'm here. They want you to talk. You don't say anything. They MUST SHOW YOU in writing why you're here today. If you open up your mouth... you're the ignorant one.

Again, for everyone that says... OMG you better have bank information... you better have this... you better have that. It's nonsense. FIRST, the IRS needs to tell you what you OWE and why you OWE IT. They have to show you FIRST. Not you.

[KVB]

lol TMS.

If people are playing for pennies and filing normally, ok, that's one audience.

But for those who's stakes are bigger, and are filing a certain way, the expectation is not only different, it's real. There's a level of professionalism expected in an audit when filing a certain way. Sometimes records are extensive, as expected, but I can assure you IRS as access to information when they need it, beyond a bank account.

The IRS has already set rules about bitcoin and people should no where they stand and that the IRS is prepared, and still probably preparing...lol.

Again, I may be talking to a totally different audience, in fact, I know I am.

And I agree, consult the professional, especially when filing a certain way. I'm simply telling you what to expect and what is expected before you even get to your tax guy.

Don't minimize these facts just because they aren't relevant to most of the readers. Sure the IRS has a certain burden of proof, but I can't stress enough the difference in expectations they have for some filers.

Everyone has a different situation. I think we already had a tax thread and much of this was discussed.

[BuckyOne]

lol TMS.

If people are playing for pennies and filing normally, ok, that's one audience.

But for those who's stakes are bigger, and are filing a certain way, the expectation is not only different, it's real. There's a level of professionalism expected in an audit when filing a certain way. Sometimes records are extensive, as expected, but I can assure you IRS as access to information when they need it, beyond a bank account.

The IRS has already set rules about bitcoin and people should no where they stand and that the IRS is prepared, and still probably preparing...lol.

Again, I may be talking to a totally different audience, in fact, I know I am.

And I agree, consult the professional, especially when filing a certain way. I'm simply telling you what to expect and what is expected before you even get to your tax guy.

Don't minimize these facts just because they aren't relevant to most of the readers. Sure the IRS has a certain burden of proof, but I can't stress enough the difference in expectations they have for some filers.

Everyone has a different situation. I think we already had a tax thread and much of this was discussed.

What is your opinion on using somebody like Kraken and storing in USD and periodically speculating/day trading bit coin? That is a form of gambling even higher risk than sports. Outside of the tax discussions - so far I have not learned how to sell bitcoin short - to analyze the charts etc. - any news in the marketplace appears to be always bad and apparently no news is good news in this area???

[Not4love]

Funny?

It's not that difficult. Use bitcoin to transfer between Books, minimizing the time you're in this "funny money". When you need an actual withdrawal to collect a profit, have a check sent. The less time spent in bitcoin the better.

Yeah I guess it Funny. The price is up over 5,000% from its existence. Also, still up at least 75% this year.

[puckk]

i think there are bitcoin ewallets that let you convert and keep your balance in $ or euro, just dont remember the site

[Gaze73]

Do people in the US actually have to pay taxes from gambling profits? Jesus fukking christ.

[jjgold]

Bitcoins now getting pounded

so few can manipulate the market which makes it a dangerous currency to hold

[RudyRuetigger]

so I withdrew $2100 from betdsi, and again...coinbase wont let me transfer to bank

wtf

[Sam Odom]

Rudy... move to Vegas

cash only

[RudyRuetigger]

I have no fukkin idea what to do right now

$2106 just floating around (up to $2112)

[big joe 1212]

I have no fukkin idea what to do right now

$2106 just floating around (up to $2112)

Can't you have a family member open a coinbase account and transfer the funds to them? Then they can cash out to bank for you.

[tb1984]

I have no fukkin idea what to do right now

$2106 just floating around (up to $2112)

There are plenty of ways to cash your bitcoins: localbitcoins.com, paxful,...

[KVB]

What is your opinion on using somebody like Kraken and storing in USD and periodically speculating/day trading bit coin? That is a form of gambling even higher risk than sports. Outside of the tax discussions - so far I have not learned how to sell bitcoin short - to analyze the charts etc. - any news in the marketplace appears to be always bad and apparently no news is good news in this area???

I'm no expert, but clearly it's one volatile instrument for trading. I wasn't sure about some of the trading, like shorting, as well. Rocket and others have good info.

I think it's a good idea to keep en eye on, and always learn if we can. It'd probably good to be patient and trade on the ends of those big swings. Patience means not trading on every big swing, but the ones to that send it outside of some parameters...even basic ones.

Then again, it's tough to force this thing into known patterns and metrics, even when it fits patterns perfectly...lol.

But yes, I think it isn't a bad idea (even a good idea) to have some "trading" cash on hand to move in and out at some points. I'm starting to look at other markets (again) on more of a daily basis, and BTC (for the first time) will be one of them.

I expect to learn quite a bit of new things this year when it comes to BTC markets.

In the end, it's hard not to be bullish on bitcoin.

Eventually it will be rare, but it will probably always be manipulated...like metals and other currencies. As long as we keep it mind when trading, and take measures to avoid big losses, we should get some good trades out of it.

I think other posters are far ahead of me on this learning curve and SBR should show show some real value as we learn.

[RudyRuetigger]

Can't you have a family member open a coinbase account and transfer the funds to them? Then they can cash out to bank for you.

I don't get it, ill just be leaving a family member stuck with money in a coinbase account. if I had it in usd then id be ok but I cant

There are plenty of ways to cash your bitcoins: localbitcoins.com, paxful,...

never tried it, ill need to next time.

think ill just send back to betdsi now so im not fukked by chinese

[Sam Odom]

think ill just send back to betdsi now so im not fukked by chinese

you want your CB acct closed ?

[Optional]

so I withdrew $2100 from betdsi, and again...coinbase wont let me transfer to bank

wtf

I have no fukkin idea what to do right now

$2106 just floating around (up to $2112)

Is this just that you can't work out how to do it or that Coinbase has restricted you personally for some reason?

If you can't work it out, sending to a book will get it back to US$ but will also require a 1x rollover.

1) I would get onto coinbase and ask them how to make it US$ so you out of the market. Then work out your next step.

If that wont work, send it to Kraken, or any other trading exchange, and sell it for US$ ASAP(you should get better price at Kraken than Coinbase as well)

Then get your withdrawal setup in order.

Order a Bitpay http://www.sportsbookreview.com/foru...ebit-card.html is my suggestion. Will take 2 weeks to arrive but once you have it then this will seem very easy. It sounds like this is by far the best way for you and worth the wait.

[RudyRuetigger]

yea, I did that withdrawal for $500 as a test run. I saw that there was upgrade maintenance. Later in the night I was able to sell to my bank and that money went to my bank.

yesterday I sent more and it will not let me sell again.(been about 18 hours now that I cant). ive been able to move money there from blockchain and then back to blockchain. the send/request but only the buy in the buy/sell

so clearly its my account now and not sitewide? I have no emails saying im flagged or anything

[Optional]

Pretty sure the forum would be full of complaints if people were being forced into holding bitcoin for hours waiting at coinbase.

Not sure wtf is going on for you.

Just unlucky these two times probably. I guess

[Russian Rocket]

yea, I did that withdrawal for $500 as a test run. I saw that there was upgrade maintenance. Later in the night I was able to sell to my bank and that money went to my bank.

yesterday I sent more and it will not let me sell again.(been about 18 hours now that I cant). ive been able to move money there from blockchain and then back to blockchain. the send/request but only the buy in the buy/sell

so clearly its my account now and not sitewide? I have no emails saying im flagged or anything

your account might be limited to a preset daily limit on how much you can transfer/sell per day
you need to email them and ask, if that in fact is the case here

[RudyRuetigger]

weird, at the top of the page it says buy/sell/limits

I was trying to click that sell tab (which is what I clicked for the 500 withdrawal)..nothing happens

I saw an increase limit button next to account and under (deposit from)

I click that and it shows my limits (10k withdrawal max)..but on the page it lets me click sell

so I think I actually can do it that way




im almost certain last time I clicked buy/sell on left and at top clicked sell tab. oh well atleast I think it works now

thanks men

[RudyRuetigger]

I copy/paste the bitcoin address, but what happens if you forget to highlight 1 last letter/number or delete/add a letter by accident? you just lose that money or the transaction just gets declined?

[Russian Rocket]

I copy/paste the bitcoin address, but what happens if you forget to highlight 1 last letter/number or delete/add a letter by accident? you just lose that money or the transaction just gets declined?

It won't let you send the transaction through...The money balance will stay unchanged on your acct

[Optional]

Part of it is a code calculated from another part of it Rudy.

Near impossible to stuff it up and get the complete thing correct to send.

[MalikHusam]

bitcoinisdope

[silverdollar444]

Cashing out at the wrong time can be devastating, especially if the price is crashing by hundreds of dollars (which it does regularly). If you lose a lot of cash value from the time you withdraw to when you receive your bitcoin, I would suggest that you hold it - the price will be going up for a while (long-term)...you just have to be patient.

[Optional]

Cashing out at the wrong time can be devastating, especially if the price is crashing by hundreds of dollars (which it does regularly). If you lose a lot of cash value from the time you withdraw to when you receive your bitcoin, I would suggest that you hold it - the price will be going up for a while (long-term)...you just have to be patient.

If it was that easy and that sure everyone would be rich.

Dont fool yourself. Bitcoin could very easily be the next MySpace/Alta Vista/ICQ sob story.

If you are betting, just view it as an awesome money transfer tool. That's the benefit of it to bettors. Don't be distracted by rampers telling you to invest because they 'know' it's just going to rise in value. No one knows that.

[ace7550]

No one really knows what btc is going to do next. I just bought 2k of bitcoin 2 days ago with the intention of depositing it into a book and didn't get around to it. Oops! It went down about $200 a btc. But it might be back up tomorrow.
I'll say this, if you bought btc anytime in the last year and waited a few days to deposit it you probably made some money.
It's a great tool for gamblers that's for damn sure.

[BuckyOne]

I am convinced the answer for players is a kraken type account. Bitcoin is a commodity. You short sell on margin if you are at risk by holding bitcoin for a period of time. Store in usd - there is more money to be made trading bitcoin long and short on margin than gambling with it. But that is commodities!

I look at bitcoin themselves as the sports book and I am out to kick their fxxxxng arse!