1. #1
    sam9ball
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    Bitcoin the new way to anonymously bet online?

    http://sports.yahoo.com/news/bitcoin...161411695.html


    A sign announces a German pub's loyalty to Bitcoins, where they are accepted for payment. (Getty Images)The emergence of controversial virtual currency Bitcoin has given high-stakes American sports gamblers the chance to circumnavigate federal anti-betting laws and wager vast sums on major sporting events.

    With full-scale betting on sports legal only in Nevada, options have been somewhat limited for those seeking a piece of the action during big games in both college and the pros.
    Until now.
    "Bitcoin is the new thing, the new rage," one New York-based poker player and sports bettor told Yahoo! Sports. "There are great options out there and new Bitcoin betting sites springing up all the time. Often they offer better odds or bonuses for signing with them. I personally know of around 15 big money guys who are using it, so in total there must be hundreds."
    The complete anonymity afforded by Bitcoin, which technology experts expect to be the first of many similar digital currencies, allows legal restrictions to be avoided. Government jurisdictions have no way of tracking or tracing the source of the money as all transactions are fully encrypted and handled by a decentralized global network.
    Bitcoin uses incredibly advanced technology to concoct a heavily encrypted piece of code, which can be purchased at simple online exchange websites such as BitInstant. Users convert their local funds into the digital currency, which can then be traded on a person-to-person basis or used to purchase goods.
    Or to gamble with without the threat of prosecution.
    Even if enforcement agencies were able to track through an IP address that a user had visited a Bitcoin gambling website, Bitcoin's encryption makes evidential proof that funds have been deposited and gambled impossible to trace.
    Bitcoin's origins are somewhat murky, but also fascinating. Created by a hacker who has never revealed their identity, it was initially used by arms and narcotics dealers, sex traffickers and other unscrupulous entities as a way of transferring money outside of the reach of international law.
    It gained prominence and popularity during the recent financial meltdown in Cyprus, which raised concerns about the future viability of the Euro. Those worries prompted many speculators to stash their funds in Bitcoin, believing it to be a safer long-term option. That flurry of interest sent the value of a Bitcoin soaring to $266, though it has since come down to around the $100 mark. Partial Bitcoins can be purchased and exchanged for smaller transactions.
    The currency is rapidly becoming more mainstream, with Winklevoss twins of Facebook fame revealing they hold a Bitcoin batch conservatively valued at $11 million.
    Some businesses, such as online dating site OkCupid.com, have started accepting it due to its remarkably low transfer fees, while Ebay is investigating means to incorporate it into its site.
    Yet just as Bitcoin might be a savior for the gamblers, gambling could be a lifesaver for Bitcoin. Betting, experts believe, could turn into Bitcoin's greatest growth market, especially with many sites offering more favorable odds than the traditional bookmakers.
    European soccer, the NFL and the NBA have all attracted strong interest for those with a mind for a flutter and a Bitcoin to spare. Tantalizingly for privacy-minded punters, no addresses or CC information need to be provided, and no intrusion from prying government eyes.
    "Bitcoin is borderless, unregulated and anonymous," said futurist Erica Orange, an expert on technological predictions and vice president of Weiner, Edrich and Brown, a New York-based strategic management company. "That makes it very attractive to those looking to trade and it fits hand in hand with the gambling and sports betting industry.
    "It is almost like a perfect match. You have an industry which is restricted and outlawed in large parts of the country then now there is this outlet that offers the service without the possibility of detection."
    Yet those seeking a quick buck with Bitcoin should exercise caution. The currency's value is based on a mathematical algorithm rather than typical factors of supply and demand and has experienced wild peaks and troughs.
    Even for the most hardened of gamblers, that might be a risk too far.

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  2. #2
    ryanspeer2001
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    I had given this a try about 6 month's ago when BTC was between 13-21 USD a unit. God I'd love to have those 14 coins I lost back now (Roughly 1550 USD)

    The market has a way to go as a lot of shops have swindled customers and the juice on anything other then pk lines is ridiculous. Think -320 +210 on NBA, College ball sides.

  3. #3
    tto827
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    And being anonymous and untraceable makes it that much easier for the bookie to disappear into the night with your bitcoins....
    Nomination(s):
    This post was nominated 1 time . To view the nominated thread please click here. People who nominated: MrZ

  4. #4
    sideloaded
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    nothing anonymous about it. Any exchange if you are in the US wants your blood type and birth hospital and a month to send all your documents to feds.

  5. #5
    face
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    feds are trying to shut down mt gox, a main exchange, i think. don't know much about bitcoins, was just googling around thinking about doing it, but this is 13 hours ago.
    http://gigaom.com/2013/05/14/homelan...change-report/

    http://arstechnica.com/tech-policy/2...change-mt-gox/

  6. #6
    sideloaded
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    this is only the beginning once it's almost impossible to go from fiat to btc and btc to fiat, what will be the f-cking point of it all?

  7. #7
    daneblazer
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    Quote Originally Posted by face View Post
    feds are trying to shut down mt gox, a main exchange, i think. don't know much about bitcoins, was just googling around thinking about doing it, but this is 13 hours ago.
    http://gigaom.com/2013/05/14/homelan...change-report/

    http://arstechnica.com/tech-policy/2...change-mt-gox/
    Unreal. Too bad we can't seize the national debt.

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  8. #8
    manny24
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    flyingillinois check in to clear this up for the eses
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  9. #9
    sideloaded
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    haha, btc will be going f-cking nuts, expect a huge crash hahahaaha

  10. #10
    The Kraken
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    Sider, what kind of ads are you seeing today?

    Man on man?
    Man on Donkey?
    Shirtless pics of Lou?

  11. #11
    Smoke
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    Not sure about sider but I had an add for horses

  12. #12
    sideloaded
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    Quote Originally Posted by The Kraken View Post
    Sider, what kind of ads are you seeing today?

    Man on man?
    Man on Donkey?
    Shirtless pics of Lou?
    ads for the muse

  13. #13
    The Kraken
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  14. #14
    looneytunes
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    http://www.gambling911.com/businessf...r-stage-051DOJ Freezes Accounts Between Bitcoin Exchange, Mt. Gox and Dwolla.

    When I opened an account awhile back they required all kinds of info just to get verified- glad I passed

  15. #15
    RickySteve
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    The last paragraph of OP is laughably misinformed.

    Good riddance to MtGox, they are pompous amateur hour hacks and have done considerable harm to the Bitcoin movement.
    Points Awarded:

    ACoochy gave RickySteve 5 SBR Point(s) for this post.


  16. #16
    ACoochy
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    Only a noob opens accounts at exchanges....

  17. #17
    birdmanweezy
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    I bet and play poker with bit ions have never had any problems with payment....you can use sites that you send them bitcoins for one bet and if you win it's paid out instantly to the same bitcoin address right after the game.....I use coinbase to buy and sell them money goes right back into my bank wheni cash them out......never use gox or any of the exchanges can also buy bitcoins using ** through bitinstant

  18. #18
    GunShard
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    I do not trust this currency.

  19. #19
    sideloaded
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    Quote Originally Posted by ACoochy View Post
    Only a noob opens accounts at exchanges....
    some people want volume, they dont play with 2 btc.

  20. #20
    LT Profits
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    Bitcoin is now dead!

    Financial privacy free of government intrusion and interference is dead.

    In what seems to be the government’s latest attack on private transactions between individuals, the Department of Homeland Security has shut down funds transfers operated by mobile processing platform Dwolla, which is responsible for managing transfers for the BitCoin digital currency exchange.

    Details are still sparse, but a spokesperson for U.S. Immigration and Customs Enforcement (ICE) confirms that an investigation is in progress and Dwolla is no longer able to accept currency transfers for its customers.

    The U.S. Department of Homeland Security confirmed it has initiated legal action that prompted the Dwolla payment service to stop processing bitcoin transactions.

    Nicole Navas, a spokesperson for U.S. Immigration and Customs Enforcement, confirmed the legal action to CNET this afternoon.

    Dwolla, a Des Moines, Iowa-based startup, which raised $16.5 million in funding two weeks ago, notified users about the move earlier Tuesday. It blamed the decision on “recent court orders” limiting its ability to send money through Mt. Gox, the largest bitcoin exchange.

  21. #21
    MUHerd37
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    Won't work because currency is so volatile.

  22. #22
    LT Profits
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    Quote Originally Posted by MUHerd37 View Post
    Won't work because currency is so volatile.
    Moot now, no longer an option.

  23. #23
    cmaulsby
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    US Homeland Security is after MT Gox and Mark Karpeles for the time being. In a nutshell the warrant is based on a Wells Fargo applicationby Karpeles stating that he will not be conducting currency transfers in the US (Otherwise he would need to be licensed and regulated) - this is what they are hanging him on. Other processors available but this is just the first step for the US to get a regulatory (Taxing/Monitoring) foothold on bitcoin. The real problem is that the major books aren't accepting/distributing bitcoins so scam bitcoin books are out there and cleaning up. http://gigaom.com/2013/05/15/bitcoin...t-gox-seizure/

  24. #24
    aca
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    Quote Originally Posted by sideloaded View Post
    haha, btc will be going f-cking nuts, expect a huge crash hahahaaha
    Yep, price crashed badly from yesterday!

    Sorry US guys, but nobody cares!

  25. #25
    touchback
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    Quote Originally Posted by aca View Post
    Yep, price crashed badly from yesterday!

    Sorry US guys, but nobody cares!
    Saw this coming a mile away... BitCoin is done. It was basically what everyone thought it was and they got hammered by the US.

  26. #26
    konck
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    Seeing the dirt that was the first to use this ill take a pass. Smells really bad

  27. #27
    RickySteve
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    High concentration of retardation ITT, even for this forum.
    Points Awarded:

    ACoochy gave RickySteve 1 SBR Point(s) for this post.


  28. #28
    ACoochy
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    Quote Originally Posted by RickySteve View Post
    High concentration of retardation ITT, even for this forum.
    Couldn't agree more.

    There's dumb and dumber, and then there's threads like this

  29. #29
    looneytunes
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    Quote Originally Posted by LT Profits View Post
    Bitcoin is now dead!

    Financial privacy free of government intrusion and interference is dead.

    In what seems to be the government’s latest attack on private transactions between individuals, the Department of Homeland Security has shut down funds transfers operated by mobile processing platform Dwolla, which is responsible for managing transfers for the BitCoin digital currency exchange.

    Details are still sparse, but a spokesperson for U.S. Immigration and Customs Enforcement (ICE) confirms that an investigation is in progress and Dwolla is no longer able to accept currency transfers for its customers.

    The U.S. Department of Homeland Security confirmed it has initiated legal action that prompted the Dwolla payment service to stop processing bitcoin transactions.

    Nicole Navas, a spokesperson for U.S. Immigration and Customs Enforcement, confirmed the legal action to CNET this afternoon.

    Dwolla, a Des Moines, Iowa-based startup, which raised $16.5 million in funding two weeks ago, notified users about the move earlier Tuesday. It blamed the decision on “recent court orders” limiting its ability to send money through Mt. Gox, the largest bitcoin exchange.
    Since the news on 5/14 the price has actually been climbing. Actions by US must only account for very small portion of market

  30. #30
    ACoochy
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    Quote Originally Posted by sideloaded View Post
    some people want volume, they dont play with 2 btc.

    Loader, all I'm gonna say is that the www is a fokkin BIG place...

    If u think exchanges are the only places that trade volume then you need to open your eyes and ears...

  31. #31
    FreeFall
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    Quote Originally Posted by RickySteve View Post
    High concentration of retardation ITT, even for this forum.
    it's scared away all the smart people worth talking to around here.

  32. #32
    sideloaded
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    Quote Originally Posted by looneytunes View Post
    Since the news on 5/14 the price has actually been climbing. Actions by US must only account for very small portion of market
    Of course it's climbing. It's all a big scam. The price is being fixed by the guys sitting on large amounts of btc.

  33. #33
    retard
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    ...
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  34. #34
    touchback
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    It was mentioned that BitCoin uses a programed algorithm to calculate its real time worth which makes me think that this upward trend is possible manipulation by BitCoin and is more air than true value... something to think about. This indicates that BitCoin is far from a true exchange and highly suspect, be warned.

  35. #35
    looneytunes
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    Quote Originally Posted by sideloaded View Post
    Of course it's climbing. It's all a big scam. The price is being fixed by the guys sitting on large amounts of btc.
    I agree there is something off, but arguing a conspiracy without elaborating doesnt really say much.

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