Local Bookie to use BitCoin Exclusively?

[Defying]

A couple questions regarding if a Local was to use BitCoin Exclusively

1. Is it true it'd be harder, near impossible to prosecute given the exchange is bitcoin instead of cash?

2. My biggest concern is the safety on the bitcoin sitting in the wallets.It not uncommon to have 6 figures in reserves. How safe is it there? Is there way to put extra security around it to prevent hacking?

3. Should I worry about having "wallets" closed due to the large volume of money coming in and out every week, even though its just from regular people?

[cankid]

good questions, looking forward to get some answers on those also

[milwaukee mike]

1) lol... nothing is "near impossible"... all it takes is one disgruntled player/wife/etc and you're prosecuted whether the method of payment was cash, bitcoins, or bananas
2) i'm not a tech guy but mtgox theft proved to me that nothing is safe in the bitcoin world. there is always a smarter hacker
3) if you're going through circle (goldman sachs) or another wallet that is run by the powers that be, then of course that is a concern

[jjgold]

1) lol... nothing is "near impossible"... all it takes is one disgruntled player/wife/etc and you're prosecuted whether the method of payment was cash, bitcoins, or bananas
2) i'm not a tech guy but mtgox theft proved to me that nothing is safe in the bitcoin world. there is always a smarter hacker
3) if you're going through circle (goldman sachs) or another wallet that is run by the powers that be, then of course that is a concern

that sums that up pretty good!

[Snowball]

i wouldn't trust a "local" who deals in bitcoins.

[Defying]

1) lol... nothing is "near impossible"... all it takes is one disgruntled player/wife/etc and you're prosecuted whether the method of payment was cash, bitcoins, or bananas

I have limited knowledge of the law, but I'm not sure this is true that you could ever be prosecuted for gambling bananas..

This question is raised because years ago when BTC first entered my vocabulary, there were articles circulating that gov couldn't prosecute drug dealers, prostitutes ect because they were exchanging BTC instead of gov money. I'm not sure if this had changed..

2) i'm not a tech guy but mtgox theft proved to me that nothing is safe in the bitcoin world. there is always a smarter hacker

I understand that nothing in the online world is safe from hacking. Put just as my money sits in PayP*l, its realtively safe. Is that true with Bitcoin.. I imagine if its not, there are programs or things you can do to provide quite a bit of safety -- if not, seems like a huge opportunity to make some cash for developers...

[Defying]

i wouldn't trust a "local" who deals in bitcoins.

why?

[milwaukee mike]

I have limited knowledge of the law, but I'm not sure this is true that you could ever be prosecuted for gambling bananas..

This question is raised because years ago when BTC first entered my vocabulary, there were articles circulating that gov couldn't prosecute drug dealers, prostitutes ect because they were exchanging BTC instead of gov money. I'm not sure if this had changed..



I understand that nothing in the online world is safe from hacking. Put just as my money sits in PayP*l, its realtively safe. Is that true with Bitcoin.. I imagine if its not, there are programs or things you can do to provide quite a bit of safety -- if not, seems like a huge opportunity to make some cash for developers...

i think your questions were more to ease your mind than to get concrete answers. like i said in the 5Dimes thread, if you're going to let fear run your decision making then you're in the wrong business!

and of course you could be prosecuted for gambling bananas. they are "something of value" and here is the Wisconsin law.

Code Section 945.01 et seq.; 562.001 et seq. Gambling Bargain in which parties agree, dependent upon chance even though accompanied by some skill, one stands to win or lose something of value specified in the agreement.

[Defying]

i think your questions were more to ease your mind than to get concrete answers. like i said in the 5dimes thread, if you're going to let fear run your decision making then you're in the wrong business!

and of course you could be prosecuted for gambling bananas. they are "something of value" and here is the Wisconsin law.

Code Section 945.01 et seq.; 562.001 et seq. Gambling Bargain in which parties agree, dependent upon chance even though accompanied by some skill, one stands to win or lose something of value specified in the agreement.

MM, actually the very opposite of that. I was looking for extremely precise answers to make a better business decision. I currently do not have anything in bitcoins...

I appreciate the answers and candor conversation. interesting how that law is written. Ill have to do some googling about BTC and prosecution

[Defying]

oops, still learning SBR. I clicked the thumbs up under MM post and it said I created a new thread with it..

sorry mods lol

[milwaukee mike]

sounds good defying

when dealing with the government/legal system and "new stuff" like bitcoins, i think the problem might be that they can make up any law/ruling they want because there is no clear guidance... like when internet sportsbooks/casinos started out and thought they were exempt from wire act and us prosecution, usa started making everything illegal like even using a bank account or credit card to fund something.

so now, not only are the gambling acts illegal, but even sending money to a place that might conduct gambling acts is illegal. land of the free my ass!

[Defying]

A couple questions regarding if a Local was to use BitCoin Exclusively

1. Is it true it'd be harder, near impossible to prosecute given the exchange is bitcoin instead of cash?

2. My biggest concern is the safety on the bitcoin sitting in the wallets.It not uncommon to have 6 figures in reserves. How safe is it there? Is there way to put extra security around it to prevent hacking?

3. Should I worry about having "wallets" closed due to the large volume of money coming in and out every week, even though its just from regular people?

adding a fourth question

4. If your wallet is shut down, do they give you all the money/btc in it? what hoops do you have to jump through?

[QuantumLeap]

adding a fourth question

4. If your wallet is shut down, do they give you all the money/btc in it? what hoops do you have to jump through?

Any bitcoin in a wallet is yours. It belongs to you.

It cannot be confiscated unless its by the government who has arrested you and that has been very rare like the guy from that drug site or an exchange holding your bitcoin shuts down.

[QuantumLeap]

1)
2) i'm not a tech guy but mtgox theft proved to me that nothing is safe in the bitcoin world. there is always a smarter hacker

Mike, that was a very limited case and there were many warning signs that they might close ahead of time. People left their money at Mt. Gox because they were greedy. Mt. Gox offered $100 more per bitcoin than the many other exchanges people could store their money in.

[CWD]

trainwreck x 1000

if u think u cannot get into trouble cause its BTC you are in for a world of hurt

[milwaukee mike]

Mike, that was a very limited case and there were many warning signs that they might close ahead of time. People left their money at Mt. Gox because they were greedy. Mt. Gox offered $100 more per bitcoin than the many other exchanges people could store their money in.

people (like me) left money at mt gox because they were the biggest, and we didn't know any better

how is the LARGEST bitcoin site in the world (paying back 30% of balances) a "very limited case"

[QuantumLeap]

people (like me) left money at mt gox because they were the biggest, and we didn't know any better

how is the LARGEST bitcoin site in the world (paying back 30% of balances) a "very limited case"

How many times have things like this happened? I can think of Mt. Gox and maybe one other exchange. Compare that to all the other exchanges that have had no problems.

[milwaukee mike]

How many times have things like this happened? I can think of Mt. Gox and maybe one other exchange. Compare that to all the other exchanges that have had no problems.

yeah you're probably right that it hasn't happened much, but they still aren't 100% safe from my ignorant point of view. i still see it as just a number on a screen, not backed by anything, and easily stolen.

kind of like the us dollar or a bank account, come to think of it

[TheMoneyShot]

A local who using BTC?

Yep... whoever said trainwreck X 1000

That about sums it up.

Don't know why a local would even try to use BTC exclusively? Clearly he doesn't want to deal with regular currency. But, by the same token... wants to keep everything BTC... his stash would climb UP or go DOWN with the fluctuation of BTC on the market.

Just mega trouble all around.

[MoneyLineDawg]

I wouldn't do it....too many variables and unknowns

Enough said

[Defying]

A local who using BTC?

Yep... whoever said trainwreck X 1000

That about sums it up.

Don't know why a local would even try to use BTC exclusively? Clearly he doesn't want to deal with regular currency. But, by the same token... wants to keep everything BTC... his stash would climb UP or go DOWN with the fluctuation of BTC on the market.

Just mega trouble all around.

?? you don't have to be vulnerable to the BTC market. you can leave the cash in your online wallet and convert to BTC when making payouts...

[GT21Megatron]

Saloon

[jjgold]

Too complicated for a local don't even bother