1. #1
    SBR Forum
    SBR Forum's Avatar Become A Pro!
    Join Date: 12-02-06
    Posts: 4,551
    Betpoints: 993293

    Bitcoin Webinar Part 1: What is Bitcoin & Why Should Bettors Care?

    Update: Part 4 is now up http://www.sportsbookreview.com/foru...s-rewards.html

    Update: Part 3 is now up http://www.sportsbookreview.com/foru...coin-cash.html

    Update: Part 2 is now up http://www.sportsbookreview.com/foru...e-bitcoin.html


    __________

    Bitcoin Webinar Part One: What is Bitcoin?


    Sportsbook Review's Peter Loshak is joined by bitcoin expert Justin for a four-part webinar on bitcoin. Bitcoin has exploded in popularity in recent years and has been of particular interest to online sports bettors frustrated with the lack of easy ways of funding their accounts. Part one focuses on the basics: What is bitcoin? | Jump to article

    Last edited by SBR Forum; 02-09-16 at 09:28 AM. Reason: added part 2
    Nomination(s):
    This post was nominated 2 times . To view the nominated thread please click here. People who nominated: BIGDAY, and vavoulas

  2. #2
    jjgold
    jjgold's Avatar Become A Pro!
    Join Date: 07-20-05
    Posts: 388,190
    Betpoints: 10

    Still a lot of steps though

    I still will not do it

  3. #3
    Russian Rocket
    Kleptoman
    Russian Rocket's Avatar Become A Pro!
    Join Date: 09-02-12
    Posts: 43,910
    Betpoints: 533

    Thanks for the video Peter & Justin.

  4. #4
    shaunovery
    shaunovery's Avatar Become A Pro!
    Join Date: 11-15-07
    Posts: 18,143
    Betpoints: 103

    Too confusing

  5. #5
    KVB
    It's not what they bring...
    KVB's Avatar SBR PRO
    Join Date: 05-29-14
    Posts: 74,849
    Betpoints: 7576

    Well, part one really dug deep. Can't wait for part two.

    lol...good job guys...look forward to the rest.



  6. #6
    gauchojake
    Have Some Asthma
    gauchojake's Avatar SBR PRO
    Join Date: 09-17-10
    Posts: 33,668
    Betpoints: 12952

    Hard hitting and in depth

    Kudos Loshak

    You made it pal

  7. #7
    raiders72001
    raiders72001's Avatar SBR PRO
    Join Date: 08-10-05
    Posts: 10,405
    Betpoints: 14978

    Good video.

  8. #8
    JAKEPEAVY21
    JAKEPEAVY21's Avatar SBR PRO
    Join Date: 03-11-11
    Posts: 28,126
    Betpoints: 47418

    good segment, thanks Loshack and Justin

  9. #9
    BIGDAY
    angelman.org
    BIGDAY's Avatar SBR PRO
    Join Date: 02-17-10
    Posts: 48,240
    Betpoints: 25806

    Nice work.

  10. #10
    raiders72001
    raiders72001's Avatar SBR PRO
    Join Date: 08-10-05
    Posts: 10,405
    Betpoints: 14978

    Quote Originally Posted by shaunovery View Post
    Too confusing
    'The terminology may be confusing. Synopsis:

    1. Bitcoin is decentralized meaning that bitcoins aren't controlled by banks, governments or other financial institutions.

    2. Crypto-currencies are digital cash. Here's a list. http://coinmarketcap.com/. Most are just traded, but some such as Litecoin can be used to purchase items. Bitcoins have been around for 7 years. Not in video but bitcoins have been used by sportsbooks for 5 years.

    3. Wallets are safe and only controlled by you. Wallets are different than exchanges such as Coinbase and Circle. A wallet, such as one at blockchain.info, does not care who you make transactions with and won't ask. Your bitcoins are stored in a wallet the same way as cash is stored in a bank.
    Last edited by raiders72001; 01-29-16 at 07:38 PM.
    Nomination(s):
    This post was nominated 2 times . To view the nominated thread please click here. People who nominated: Bitcoin Justin, and goombah

  11. #11
    KVB
    It's not what they bring...
    KVB's Avatar SBR PRO
    Join Date: 05-29-14
    Posts: 74,849
    Betpoints: 7576

    So if you make a mistake with a transaction, it isn't coming back. Whether you send to the wrong place or give the sender the wrong info there's no way to track the coin down.

    Correct?

    Are wallets, when left alone with Coin in them, safe?

  12. #12
    Russian Rocket
    Kleptoman
    Russian Rocket's Avatar Become A Pro!
    Join Date: 09-02-12
    Posts: 43,910
    Betpoints: 533

    Quote Originally Posted by KVB View Post
    So if you make a mistake with a transaction, it isn't coming back. Whether you send to the wrong place or give the sender the wrong info there's no way to track the coin down.

    Correct?

    Are wallets, when left alone with Coin in them, safe?
    That is correct...That's why when the BTC hack occur, majority of the times it will be on the wallet side...the hacker basically gains access to your wallet and ships BTC to a specific address - The hack is done and there is nothing you can do about it.

    Nowadays wallets are a lot more secure, than they used to be...using a two-factor authentication for your acct is a must. Encrypting your wallet or smartphone is very important here. This however won't save you from keylogging programs.

    Many people use offline wallets also known as cold storage for just storing and saving BTCs.
    Points Awarded:

    KVB gave Russian Rocket 2 Betpoint(s) for this post.


  13. #13
    raiders72001
    raiders72001's Avatar SBR PRO
    Join Date: 08-10-05
    Posts: 10,405
    Betpoints: 14978

    I use 2FA for my wallets and will get a text message with a code. My password and the code will have to be entered to open my wallet.

  14. #14
    raiders72001
    raiders72001's Avatar SBR PRO
    Join Date: 08-10-05
    Posts: 10,405
    Betpoints: 14978

    With Bitcoin sportsbooks, most now offer 2FA if you choose so that no one can hack into your account.

  15. #15
    Russian Rocket
    Kleptoman
    Russian Rocket's Avatar Become A Pro!
    Join Date: 09-02-12
    Posts: 43,910
    Betpoints: 533

    Quote Originally Posted by raiders72001 View Post
    With Bitcoin sportsbooks, most now offer 2FA if you choose so that no one can hack into your account.
    This is totally untrue...anything can be hacked even a 2FA...There was this very famous 2FA hack that happened about 2 years ago for @GB Instagram acct. Read about it online.
    What hackers do is instead of going after the most secured acct, that has 2FA protection on it, they rely on using weak points in other services to get into a key hub account. As an example, a lot of people use Google 2FA and if that's the case, hackers will go after your Gmail account and then try to do standard password reset on any account associated with that email address.

    There are many other ways to crack 2FA protection, but won't go into details here.

    Don't think that 2FA is bulletproof - It's not...it just makes it harder to crack...but you can still crack it.

  16. #16
    raiders72001
    raiders72001's Avatar SBR PRO
    Join Date: 08-10-05
    Posts: 10,405
    Betpoints: 14978

    Quote Originally Posted by Russian Rocket View Post
    This is totally untrue...anything can be hacked even a 2FA...There was this very famous 2FA hack that happened about 2 years ago for @GB Instagram acct. Read about it online.
    What hackers do is instead of going after the most secured acct, that has 2FA protection on it, they rely on using weak points in other services to get into a key hub account. As an example, a lot of people use Google 2FA and if that's the case, hackers will go after your Gmail account and then try to do standard password reset on any account associated with that email address.

    There are many other ways to crack 2FA protection, but won't go into details here.

    Don't think that 2FA is bulletproof - It's not...it just makes it harder to crack...but you can still crack it.
    How would they hack 2FA with text messages?

  17. #17
    Russian Rocket
    Kleptoman
    Russian Rocket's Avatar Become A Pro!
    Join Date: 09-02-12
    Posts: 43,910
    Betpoints: 533

    Quote Originally Posted by raiders72001 View Post
    How would they hack 2FA with text messages?
    the keylog app on your phone/computer would be one of the ways to do it

    it records every keystroke you make on your device and also sends screenshots of your texts and pages that you visit

    it can sit their for years and you wouldn't even know that it's there

  18. #18
    raiders72001
    raiders72001's Avatar SBR PRO
    Join Date: 08-10-05
    Posts: 10,405
    Betpoints: 14978

    Quote Originally Posted by Russian Rocket View Post
    the keylog app on your phone/computer would be one of the ways to do it

    it records every stroke you make on your device and also sends screenshots of your texts and pages that you visit

    it can sit their for years and you wouldn't even know that it's there
    But the code changes every time you try to open your wallet. The other thing with your wallet is that you can add IPs allowed.

    In essence, how are bitcoin wallets less secure than your bank account?

  19. #19
    raiders72001
    raiders72001's Avatar SBR PRO
    Join Date: 08-10-05
    Posts: 10,405
    Betpoints: 14978

    Blockchain.info even allows you to block Tor IP addresses.

  20. #20
    FlipsideRM
    Summer 16
    FlipsideRM's Avatar Become A Pro!
    Join Date: 09-28-11
    Posts: 10,518
    Betpoints: 3216

    How long does a deposit from bank to Bitcoin wallet usually take?

  21. #21
    Russian Rocket
    Kleptoman
    Russian Rocket's Avatar Become A Pro!
    Join Date: 09-02-12
    Posts: 43,910
    Betpoints: 533

    Quote Originally Posted by raiders72001 View Post
    But the code changes every time you try to open your wallet. The other thing with your wallet is that you can add IPs allowed.

    In essence, how are bitcoin wallets less secure than your bank account?
    That's right the code changes every time...that's why they don't need you, if they already have access to your phone...you can be sleeping while they've generated a new code and copied from your phone.
    Adding allowed IPs is a good way to protect your acct.

    But to give you an example on why Bitcoin acct is less secure, than your standard bank acct. The simplest example of them all would be, if for example someone who works say for Coinbase and has access to the database of bitcoin accts and personal info, goes rouge and copies the entire access file with personal info, ph#, email addresses...etc. And then logs in into your acct and simply sends all of your Bitcoins to various addresses, you as a general user won't be able to do anything about it. You simply won't get your coins back. You can't call the bank, going to police won't help, your acct is not insured and there is no way to ever confiscate those coins and return them back to you.
    Last edited by Russian Rocket; 01-29-16 at 09:24 PM.

  22. #22
    raiders72001
    raiders72001's Avatar SBR PRO
    Join Date: 08-10-05
    Posts: 10,405
    Betpoints: 14978

    Quote Originally Posted by Russian Rocket View Post
    That's right the code changes every time...that's why they don't need you, if they already have access to your phone...you can be sleeping while they've generated a new code and copied from your phone.
    Adding allowed IPs is a good way to protect your acct.

    But to give you an example on why Bitcoin acct is less secure, than your standard bank acct. The simplest example of them all would be, if for example someone who works say for Coinbase and has access to the database of bitcoin accts and personal info, goes rouge and copies the entire access file with personal info, ph#, email addresses...etc. And then logs in into your acct and simply sends all of your Bitcoins to various addresses, you as a general user won't be able to do anything about it. You simply won't get your coins back. You can't call the bank, going to police won't help, your acct is not insured and there is no way to ever confiscate those coins and return them back to you.
    I'm just asking about extremes here since I don't know. Can you set your IPhone or Computer to fingerprint only?

  23. #23
    Russian Rocket
    Kleptoman
    Russian Rocket's Avatar Become A Pro!
    Join Date: 09-02-12
    Posts: 43,910
    Betpoints: 533

    Quote Originally Posted by raiders72001 View Post
    I'm just asking about extremes here since I don't know. Can you set your IPhone to fingerprint only?
    Yeah I understand...most of the times the most extreme scenario is also the easiest one to pull.
    You CAN set your iPhone to fingerprint only access (TouchID). But also make sure to never leave your device unattended for long periods of time and don't let anyone borrow your phone to make the call or text.

  24. #24
    Russian Rocket
    Kleptoman
    Russian Rocket's Avatar Become A Pro!
    Join Date: 09-02-12
    Posts: 43,910
    Betpoints: 533

    Quote Originally Posted by FlipsideRM View Post
    How long does a deposit from bank to Bitcoin wallet usually take?
    The bank transfer typically takes 3-5 business days to complete

  25. #25
    KVB
    It's not what they bring...
    KVB's Avatar SBR PRO
    Join Date: 05-29-14
    Posts: 74,849
    Betpoints: 7576

    Quote Originally Posted by Russian Rocket View Post
    ...Adding allowed IPs is a good way to protect your acct...
    So the wallet can ignore every IP except allowed ones? Is this easy to change?

    Quote Originally Posted by raiders72001 View Post
    ...3. Wallets are safe and only controlled by you. Wallets are different than exchanges such as Coinbase and Circle. A wallet, such as one at blockchain.info, does not care who you make transactions with and won't ask...
    Do the exchanges have consistent IP’s? In a sense, by adding only allowed IPs, the wallet does care who you make transactions with, right?

    Signed,

    Curious in Cali.


  26. #26
    raiders72001
    raiders72001's Avatar SBR PRO
    Join Date: 08-10-05
    Posts: 10,405
    Betpoints: 14978

    Quote Originally Posted by Russian Rocket View Post
    The bank transfer typically takes 3-5 business days to complete
    and purchases are instant with a credit card.

  27. #27
    raiders72001
    raiders72001's Avatar SBR PRO
    Join Date: 08-10-05
    Posts: 10,405
    Betpoints: 14978

    Quote Originally Posted by KVB View Post
    So the wallet can ignore every IP except allowed ones? Is this easy to change?



    Do the exchanges have consistent IP’s? In a sense, by adding only allowed IPs, the wallet does care who you make transactions with, right?

    Signed,

    Curious in Cali.

    Here are the choices at blockchain.info

    Enable API Access

    Check the following option to allow access to this wallet through the wallet API.



    Block Tor IP addresses

    Enable the following option to prevent ip addresses part of the Tor network from accessing your wallet.



    IP Address Whitelist

    The whitelist is a list of trusted IP Addresses that are allowed to access your wallet via the merchant APIs and bypass certain security restrictions. You will still be able to access your wallet from other ip addresses however the connecting device must be authorized by email.
    Multiple ip addresses should be comma separated. Use % as a wildcard. For example 127.0.0.% to whitelist
    Multiple IP addresses should be comma separated.




    Restrict To Whitelisted IP Addresses Only

    Enable this to restrict access to your wallet to only IP addresses listed in the whitelist. You will not be able to login or access any API's from any computers not on the specified network however the mobile apps will continue to function once paired.




    2FA choices: SMS, Yubikey, Email, Google Authenticator.
    Last edited by raiders72001; 01-29-16 at 10:24 PM.
    Nomination(s):
    This post was nominated 1 time . To view the nominated thread please click here. People who nominated: KVB

  28. #28
    KVB
    It's not what they bring...
    KVB's Avatar SBR PRO
    Join Date: 05-29-14
    Posts: 74,849
    Betpoints: 7576


  29. #29
    Russian Rocket
    Kleptoman
    Russian Rocket's Avatar Become A Pro!
    Join Date: 09-02-12
    Posts: 43,910
    Betpoints: 533

    Yeah all of those IP exceptions options from Raiders post are great.

    And one more thing...since all of the BTC transactions can be traced to a specific address, as a good security practice, it is recommended to generate a new receiving address for every single transaction. This of course applies more to someone who has a large balance and/or does a big volume of transfers.
    Last edited by Russian Rocket; 01-29-16 at 10:28 PM.

  30. #30
    gauchojake
    Have Some Asthma
    gauchojake's Avatar SBR PRO
    Join Date: 09-17-10
    Posts: 33,668
    Betpoints: 12952

    I have been a bit of a contrarian to the whole bitcoin thing, but I decided to give it a try. I opened the wallet and exchange account and linked a few funding methods prior to my test. The transaction took a few minutes from funding the account to transferring the btc to the wallet to sending to the book. It was pretty easy. It reminded me of the good old NetTeller days TBH.

    I lost a couple bucks on the transaction from cash >BTC>book>cash but it wasn't really a big deal.

    A word of warning - DO NOT DO THIS WHEN YOU ARE DRINKING You will fukk it up.

    The downside is that you really have no recourse if you fukk up the address/get hacked/etc. Also the volatility of BTC is a concern which I have voiced before.

    All in all not bad.
    Points Awarded:

    NCarts gave gauchojake 1 SBR Point(s) for this post.

    KVB gave gauchojake 5 Betpoint(s) for this post.


  31. #31
    jjgold
    jjgold's Avatar Become A Pro!
    Join Date: 07-20-05
    Posts: 388,190
    Betpoints: 10

    good 1st part

    I still think safety of the coins is what will continue to scare people

  32. #32
    minet123
    Is JJ a Higher Power ?
    minet123's Avatar Become A Pro!
    Join Date: 02-17-07
    Posts: 10,280
    Betpoints: 3753

    seriously
    WTF
    3 years to late
    you can have hired that math wiz that rebate wager hired and now works at heritage to start a betpoint altcoin three years ago and now you have that Santa Rita practicing dope fiend Loshack acting like betcoins the greatest thing since running water

  33. #33
    Optional
    Optional's Avatar Moderator
    Join Date: 06-10-10
    Posts: 57,530
    Betpoints: 8683

    Quote Originally Posted by raiders72001 View Post
    How would they hack 2FA with text messages?
    The most common way is porting your phone number to another carrier.

    It's worth ringing your phone provider and asking them to add a password that is needed before your number can be transferred to beat this one.

  34. #34
    Optional
    Optional's Avatar Moderator
    Join Date: 06-10-10
    Posts: 57,530
    Betpoints: 8683

    Quote Originally Posted by raiders72001 View Post
    how are bitcoin wallets less secure than your bank account?
    They are way more secure than my banks online banking system.

    But the bank will return any stolen funds with almost no questions asked if hacked.

  35. #35

123 Last
Top