1. 09-26-15 02:49 PM #1
    combination lock
    combination lock's Avatar Become A Pro!
    Join Date: 01-08-13
    Posts: 193
    Betpoints: 470

    Are books now at risk if bitcoin crashes?

    What are books doing with bitcoin deposits? Are they holding or dumping?

    If bitcoin tanks how will it impact some of the big dawgs...

    I remain skeptical. It seems like with bitcoin everyone is playing pong on Atari right now and everyone loves it but Nintendo and Sega are right around the corner...

    Then im sure we'll see PlayStation and Xbox at some point.....
    Reply With Quote Reply With Quote
  2. 09-27-15 09:54 AM #2
    Buffalo Nickle
    Buffalo Nickle's Avatar Become A Pro!
    Join Date: 11-12-14
    Posts: 3,228
    Betpoints: 878

    I doubt they hold enough to hurt them much since very few of their customers are using it. It could hurt them a little. On the other hand, if sportsbooks are using bitcoin, it has a growing demand which reduces the chance of it tanking. If people actually use bitcoin, it will not crash. Gambling can support bitcoin on its own. Any movement away from bitcoin is likely to be gradual and not that disruptive.

    Coinbase and Circle will likely provide access to any alt currency that gains traction so probably not such a big deal for gamblers one way or another until the govt puts the crack down on it. Books will offer anything that becomes popular which will reduce their risk and exposure.

    People holding bitcoin may be disappointed in its investment prospects if competition enters the market and people start using it. But they'll probably be the first to buy the other thing and dump bitcoin.
    Reply With Quote Reply With Quote
  3. 09-27-15 02:14 PM #3
    combination lock
    combination lock's Avatar Become A Pro!
    Join Date: 01-08-13
    Posts: 193
    Betpoints: 470

    Good post buff

    That outlook seems to make good sense
    Reply With Quote Reply With Quote
  4. 09-27-15 04:28 PM #4
    King23
    King23's Avatar Become A Pro!
    Join Date: 09-24-15
    Posts: 95
    Betpoints: 120

    Quote Originally Posted by Buffalo Nickle View Post
    I doubt they hold enough to hurt them much since very few of their customers are using it. It could hurt them a little. On the other hand, if sportsbooks are using bitcoin, it has a growing demand which reduces the chance of it tanking. If people actually use bitcoin, it will not crash. Gambling can support bitcoin on its own. Any movement away from bitcoin is likely to be gradual and not that disruptive.

    Coinbase and Circle will likely provide access to any alt currency that gains traction so probably not such a big deal for gamblers one way or another until the govt puts the crack down on it. Books will offer anything that becomes popular which will reduce their risk and exposure.

    People holding bitcoin may be disappointed in its investment prospects if competition enters the market and people start using it. But they'll probably be the first to buy the other thing and dump bitcoin.

    Yup i agree they do not have enough of it to worry about
    Reply With Quote Reply With Quote
  5. 09-28-15 02:07 AM #5
    3runhomer
    3runhomer's Avatar Become A Pro!
    Join Date: 08-23-10
    Posts: 423
    Betpoints: 1901

    Well said Buffalo
    Reply With Quote Reply With Quote
  6. 10-28-15 08:10 AM #6
    evo34
    evo34's Avatar Become A Pro!
    Join Date: 11-09-08
    Posts: 1,032
    Betpoints: 4198

    "Any movement away from bitcoin is likely to be gradual and not that disruptive."

    I could not disagree more. If it really starts to crash (drops 50% in a week, say), people could very well panic and start to cut their positions. That could become a snowball effect as buyers step aside and spell the end for bitcoin. Any funds held in bitcoin should be money you are fully prepared to lose, IMO.
    Reply With Quote Reply With Quote
  7. 11-21-15 12:12 PM #7
    Fischnasty
    come on Papanick!
    Fischnasty's Avatar Become A Pro!
    Join Date: 02-10-09
    Posts: 1,931
    Betpoints: 311

    Quote Originally Posted by evo34 View Post
    Any funds held in bitcoin should be money you are fully prepared to lose, IMO.
    Reply With Quote Reply With Quote
  8. 11-22-15 03:22 PM #8
    Grivas_Digeni
    Mini Horses FTW
    Grivas_Digeni's Avatar Become A Pro!
    Join Date: 05-08-15
    Posts: 5,307
    Betpoints: 23436

    Quote Originally Posted by evo34 View Post
    "Any movement away from bitcoin is likely to be gradual and not that disruptive."

    I could not disagree more. If it really starts to crash (drops 50% in a week, say), people could very well panic and start to cut their positions. That could become a snowball effect as buyers step aside and spell the end for bitcoin. Any funds held in bitcoin should be money you are fully prepared to lose, IMO.
    All of my gambling funds is just that. A rush stack that's all-in every other day. I'm pretty sure it's like this, or similar, for 90% of people who are reading this. Nothing wrong with a little extra gambling on that exchange rate
    Reply With Quote Reply With Quote
  9. 12-01-15 03:09 PM #9
    Theo_Goodman
    Theo_Goodman's Avatar Become A Pro!
    Join Date: 11-17-15
    Posts: 26
    Betpoints: 77

    The books, and the players can also hedge against sell-offs in price. For example if you were to buy 1 BTC then you could take 0.10 BTC and take a 10x Short position. If the price goes up then the bitcoin you bought has gone up in value but your short position has gone down and you have not lost anything. If the price goes down the bitcoin you bought went down in value but the short position went up in value. This is a simplified way to explain how to hedge your bitcoin. If you want to know more about bitcoin trading, hedging ect then just ask.

    I asume that some of the books do this, or sell some of the bitcoin to fiat to avoid any big swings. However if the book is totaly denominated in BTC then there is not that much of a risk.
    Reply With Quote Reply With Quote
Top
« Previous Thread | Bitcoin Sports Betting | Next Thread »