Online sportsbook 5Dimes named in multiple local news reports

[Waterstpub87]

But Bitcoin - what is backing it? By itself, is has no value. The US $$$ are backed against the gold standard.

False. Dollars are backed by the full faith and credit of the US government.

[raiders72001]

Is Poloneix and Bitstamp just as legit as blockchain? Thx for the info

Yes, they are both legit.

If you want to withdraw cash directly from Bitstamp it costs $15 + .09% by wire.

[success27]

I'm just starting to play with Bitcoins. I currently have an account with Coinbase/Circle and am waiting for my instant buy limits to go up. This is what I plan on doing so that I can avoid having my Coinbase/Circle account closed. I also plan on getting payed out via the steps listed below.

Deposit
Step 1. Buy Bitcoins from Coinbase/Circle
Step 2. Transfer to Blockcain wallet.
Step 3. Transfer from Blockchain wallet to an exchange.
Step 4. Sell and Buy Bitcoins on the exchange?
Step 5. Send directly from the exchange to sports book? or should I send it back to Blockchain and then send it to the sports book from there?

Payouts

Step 1. Transfer from Sportsbook to Blockchain wallet
Step 2. Blockchain wallet to an exchange.
Step 3. Buy/Sell bitcoins on the exchange.
Step 4. Transfer bitcoins from the exchange to Coinbase/Circle
Step 5. Convert Bitcoins from bitcoins to USD and transfer it back to my bank.

Am I doing this the right way? Any additional steps I should be using? Is there a better "wallet" than Blockchain? Airbitz maybe?

PS - I posted this in the bitcoin forum but only got one persons feedback and it looks like people are giving excellent feedback here so sorry for the repost!

[indio]

No, but I can recognize value and risk when I see it. The fluctuations in value of Bitcoins are not worth the risk I want to take on by holding them. To me, Bitcoins are sort of like a commodity. But there's nothing actually inherently behind it that is of any value. It'd be like if 5 dimes wanted to pay me in barrels of oil. I wouldn't know on a daily basis how much that oil they paid me was worth. But, I would still at least be confident it was worth something, because everyone NEEDS oil. Or bushels of corn, or any other commodity you can think of.

But Bitcoin - what is backing it? By itself, is has no value. The US $$$ are backed against the gold standard. Bitcoin is backed against virtually nothing - other than a group of people decided it had value, so they were going to trade with it. I still don't know how it even got started or how any person?? could create their own currency and have millions of people buy into it and assign it some value?

The Pro BitCoiners in this thread I believe are holding BitCoins and want others to buy in to drive the value up of what they themselves own. It's no different than the commercials I used to hear probably 15-20 years ago from similar people saying "Buy GOLD". But Gold is at least something you can touch that most everyone finds valuable (its shiny, brilliant, etc). There's nothing behind Bitcoin, unless someone wants to explain what really is?

Does trading in this currency have benefits? Sure, but you still have to convert it back to USD to buy things locally or from places that don't accept BTC. IMO, if you are doing a ton of illegal activity and want to leave no paper trail - BTC is great. The guy that invented Silk Road was a big backer of it. But, for those of us who really are not either illegal or at least not big enough fish to elicit much attention, I'll stick with the USD.

Federal Reserve Notes were completely taken off of the gold standard in 1971. Did you just wake up from a coma? One could make that assumption by reading your post. I mean, good lord, could you have embarrassed yourself any more? US Dollars don't fluctuate, they consistently lose their value. They're worth about 3 cents per dollar since when they were issued. I think the last time their value increased was in the 30's, and that was a depression era deflation problem when FDR's internationalists and banking magnates like Baruch robbed everybody blind in fixed commodities schemes. They are nothing but interest rearing credit fiat notes. Foreign countries, who are invested in US dollars have requested to see the supposed gold it used to be backed by, and they have been denied. It's a scheme that will eventually collapse.

Bitcoins represent a huge opportunity for the world to escape the chains of central banks and their tentacles. It might work, and it might not, and if it gains popularity, it will be attacked by some very powerful people. But the history of the world is defined by those who dare to fight their oppressors in the never ending struggle for liberty and human dignity against those who live at their expense.

Bitcoin is a baby in the world of currency, in a whole new world of the internet. US Dollars is an old tired man, still powerful and respected, but aging fast and losing it's abilities. While babies are more vulnerable, they have potential to grow strong, vibrant, and last a long time. The old man, while wise and experienced, is near the end of his life.

[raiders72001]

Edited it some

Deposit
Step 1. Buy Bitcoins from Coinbase/Circle
Step 2. Transfer from Coinbase/Circle to an exchange.
Step 3. Transfer bitcoins from exchange to wallet.
Step 4. Transfer from wallet to sportsbook.

Payouts reverse order


!

You can cut out the wallet if you want but I like to have the wallet. It makes it easier to track if a book denies that they paid you. SBR will have a cleaner trail if there's ever a dispute.

If you use airbitz, you can cut out Coinbase/Circle. Airbitz has the glidera exchange included in their app. No one has been banned yet using glidera and airbitz.

There are a lot of wallets that can be used other than blockchain and airbitz.

[Microphone]

Edited it some



You can cut out the wallet if you want but I like to have the wallet. It makes it easier to track if a book denies that they paid you. SBR will have a cleaner trail if there's ever a dispute.

If you use airbitz, you can cut out Coinbase/Circle. Airbitz has the glidera exchange included in their app. No one has been banned yet using glidera and airbitz.

There are a lot of wallets that can be used other than blockchain and airbitz.

Raiders, I'm trying to learn Bitcoins. I can cut them out only if doing the exchange route right?

[raiders72001]

Raiders, I'm trying to learn Bitcoins. I can cut them out only if doing the exchange route right?

yes, using an exchange allows you to cut out a wallet if you choose.................... An exchange is great to have in the middle somewhere. If Coinbase/Circle ever question your transactions, you can show that they are going to an exchange and claim to be a trader.

[theviking]

I'm just starting to play with Bitcoins. I currently have an account with Coinbase/Circle and am waiting for my instant buy limits to go up. This is what I plan on doing so that I can avoid having my Coinbase/Circle account closed. I also plan on getting payed out via the steps listed below.

Deposit
Step 1. Buy Bitcoins from Coinbase/Circle
Step 2. Transfer to Blockcain wallet.
Step 3. Transfer from Blockchain wallet to an exchange.
Step 4. Sell and Buy Bitcoins on the exchange?
Step 5. Send directly from the exchange to sports book? or should I send it back to Blockchain and then send it to the sports book from there?

Payouts

Step 1. Transfer from Sportsbook to Blockchain wallet
Step 2. Blockchain wallet to an exchange.
Step 3. Buy/Sell bitcoins on the exchange.
Step 4. Transfer bitcoins from the exchange to Coinbase/Circle
Step 5. Convert Bitcoins from bitcoins to USD and transfer it back to my bank.

Am I doing this the right way? Any additional steps I should be using? Is there a better "wallet" than Blockchain? Airbitz maybe?

PS - I posted this in the bitcoin forum but only got one persons feedback and it looks like people are giving excellent feedback here so sorry for the repost!

If you want a more secure wallet i can recommend this one http://www.bitcoinarmory.com with offline paper backup ,multi signature,and offline wallet feature . I only use this one

[Microphone]

But I can't go bank account--Airbitz---Book correct? At least need Coinbase or Circle in the mix yes?

I did watch all the videos, I just don't see this addressed.

[raiders72001]

But I can't go bank account--Airbitz---Book correct? At least need Coinbase or Circle in the mix yes?

I did watch all the videos, I just don't see this addressed.

You don't need Coinbase/Circle with Airbitz.

Airbitz hasn't banned anyone yet. For now you can use Airbitz exchange glidera, included in Airbitz app, buy bitcoins and send straight to book. Then book to Airbitz for payouts.

[CanuckG]

Fellow poster Zetapsi just received a nice four figure payout from 5D. Theyre still legit.

[Microphone]

You don't need Coinbase/Circle with Airbitz.

Airbitz hasn't banned anyone yet. For now you can use Airbitz exchange glidera, included in Airbitz app, buy bitcoins and send straight to book. Then book to Airbitz for payouts.

Thank you.

[JayRow]

Has anyone received payout this week?

[nyplayer33]

I recv payout small last week..quickly

[19th Hole]

"Raiders" is astounding with his knowledge of the world of Bitcoin.

[Winpro]

Has anyone received payout this week?

I'm going to receive payout via wire to bank. The method seems to be new for them, but there is no alternative way to get real money.

[JayRow]

I can confirm a payout via bitcoin today. However, also a check was "delayed" from last week that I subsequently had to cancel... so not sure what to think.

[Renegades]

I had my chk cancelled last week too and was told I had to sign a waiver. The waiver was from an escrow attorney and it basically states that they are not liable for any tax consequences. Got my chk...it was issued by the same law firm. Very strange

[Renegades]

The good news is that the chk was issued from a US bank so no hassle with depositing. Before the checks always seemed to be from Canadian banks

[PD77]

11.77 Btc withdrawal processed and received in less than 12 hours.

[Microphone]

This thread has kind gone off tracks in a way. Bottom line is 4 things:

1) It appears a lot of people in the last several weeks that have tried bitcoin.
2) People are getting paid "as normal" by 5 Dimes.
3) Their methods continue to change. They are not the only book facing these challenges.
4) 5 Dimes doesn't appear in the SBR top rated books on the top RIGHT of this page going on week 3.

[PD77]

It's on track. Just keep posting on payment statuses and that will be our canary in the coal mine.

[Clown Shoes]

Doesn't coinbase have an exchange? I have done 2 four figure BTC payouts the last week. They BTC payment went into my coinbase. Then I did a sell right on coinbase and the funds were transferred to my bank account. I am new to BTC but wouldn't that make coinbase both a wallet and an exchange.

Are you saying I should open another account to have a back up? What one would you use? AirBitz? Circle? Thanks

[Winpro]

Received the wire to my bank from them. Comission is about 0,5% for 4 digit amount in EUR.

[Maverick11]

What if anything is wrong with requesting a withdrawal via check? That's the way I was paid the last time but I haven't heard any discussion on here regarding this. It has been awhile since I requested a check.

[Jayvegas420]

I was told they no longer issue cheques.

[Maverick11]

I was told they no longer issue cheques.

Well I guess I'm moving on to Bookmaker and Heritage then if they are not issuing checks anymore as I am low on funds at 5dimes anyway. Can anyone else confirm this? Not interested in learning bitcoin either.

[Foxx]

I was told they no longer issue cheques.

Wow. No more ewallets. No more checks. What's left, wires and bitcoin? I realize americans can't use ewallets, but for us non-usa customers, why would they drop ewallets like Neteller?

[Maverick11]

Yeah I live in the U.S. so if checks are no longer an option at 5d then I will have to move on. Has anyone been paid by check recently?

[Microphone]

Of course they issue checks good grief.

[bigskings]

I requested a check last week, and was told it got delay, will be processed by this week.

[dirtdog52658]

I requested a check last week, and was told it got delay, will be processed by this week.

Same here

[Maverick11]

Let us know if and when the check gets to you. Pretty weak of them if they are not issuing checks anymore.

[Brock Landers]

I was told they no longer issue cheques.

100% false

[Jayvegas420]

It's not "100%" false you dikk head.
They don't issue cheques to Canada anymore.
I had to call to clarify this.
You haven't sent for a cheque since....
Well, since you were relevant here.
Cary on BL.