The Bitcoin Thread

**elgreco** · 01-20-12, 12:33 PM

Found a nice chart site too:

**qubit** · 01-22-12, 02:23 AM

Bitcoin is making a comeback. Stabilized at $6.20 from a low of $2. No Ponzi here.

**Inkwell77** · 02-22-12, 03:36 AM

This is a crazy concept, but I like it. The whole mining aspect is a bit over my head. Hopefully it will one day be a viable international currency.

**Coachep** · 02-22-12, 01:26 PM

Bitcoins are so 2011. Cosbycoins are where the sharp money is.

**elgreco** · 02-23-12, 02:01 PM

Hehe. I remember Cosbycoins. I finally broke even on my rig. Took me since October. Pure profit from here on out. Only about $8 a day at this price, but whatever. My friend went over the deep end and is generating about $50 a day, 24/7/365. Hopefully this horse keeps on running.

**Rod_M** · 02-23-12, 02:09 PM

This thing never cease to attract me, but I may be too much of a coward or non believer to actually invest in a mining farm/rig. I may someday do it if it goes to $10+ again.

Best of luck and good work with your rig

**byronbb** · 02-23-12, 03:09 PM

I became aware of bitcoins when they were worth 20 cents or so. I ran the mining software on my 1.6Ghz Celeron laptop and nothing happened so I gave up.

**elgreco** · 02-23-12, 03:35 PM

Thanks Rob!

Ugh, that hurts byron... Yea, CPU's arn't any good at mining. I'd be sitting pretty if I had my rig running back when BTC was $0.20.

**Dutch** · 02-23-12, 04:22 PM

I still have a hard time wrapping my mind around bitcoins. I've read quite a bit about them and can't understand where the value comes from.

**Rod_M** · 02-23-12, 05:23 PM

Originally posted by byronbb

I became aware of bitcoins when they were worth 20 cents or so. I ran the mining software on my 1.6Ghz Celeron laptop and nothing happened so I gave up.

lol

**elgreco** · 02-23-12, 06:50 PM

Originally posted by Dutch

I still have a hard time wrapping my mind around bitcoins. I've read quite a bit about them and can't understand where the value comes from.

An easy way to wrap your head around it is to consider bitcoins like a "New Gold". Why is gold worth as much as it is? Gold is not worth as much as it is because of its limited industrial and cosmetic uses; it's worth as much as it's worth because gold is a finite resource that people have been using for thousands of years to store the value of goods and services between transactions. In short, gold is worth what it's worth only because people say its worth that much.

Bitcoin is aspiring to be the "New Gold". It's a super-secure finite resource that people can use to store value and complete transactions. Since BTC is a limited resource, if you want BTC, you have to buy it from someone that has it. The price of BTC is determined by the size of the market that wants to use it to store value and complete transactions. Like gold, it's value is set by the invisible hand of supply and demand. Unlike gold, if it crashes, you don't even have shiny necklace to give your wife.

I hope this helps.

**spencer7** · 02-28-12, 08:33 AM

Originally posted by elgreco

I'm opening this thread up in The Saloon to consolidate a few threads we have open in the Sportsbook section. Please post your Bitcoin related material here.

Link to the OSGA Article that Aca posted:

Link to the mining pool I am currently using:

Link to the Bitcoin trading platform that ByronBB posted:

Link to a good blog about Bitcoins:

I just signed at mtgox any suggestions on funding i'm in the us

**elgreco** · 02-28-12, 04:19 PM

Make an account at Dwolla, they look like they have a good thing going there.

**spencer7** · 02-28-12, 05:10 PM

Originally posted by elgreco

Make an account at Dwolla, they look like they have a good thing going there.

thanks did it they are verifying my bank account, looks they take 2-3 days to deposit/withdraw with only $.25 charge looks promising

**elgreco** · 02-28-12, 05:11 PM

I hear about them on CNBC all the time. Hopefully they will end up being a strong company.

If you don't mind me asking, what are you going to do with your BTC?

**spencer7** · 02-28-12, 05:24 PM

send to one of the books, don't understand mining seems like a scam

**elgreco** · 02-28-12, 05:30 PM

That's cool man. Best of luck!

**elgreco** · 03-11-12, 07:26 PM

For any miners out there that don't know about it's pretty slick. It's a marketplace where you can buy shares or lease your miner time to others. They charge buyers 0.000055 a share and pay miners 0.00005. I began pointing my rigs to it on friday and have had great results so far. When they have work for you, you get 0.00005 PPS, when they don't, they redirect you to your own mining pool. So far I have submitted 127k shares, of which 68k were leased at 0.00005 pps, and 60k redirected to my regular worker at my regular pool.

It's one of those "why didn't I think of that" ideas.

P.s. It's still in a closed-beta right now, but you're more likely to get in as a seller of shares than a buyer. Especially if you have a substantial rig.

**elgreco** · 04-19-12, 07:35 AM

Last price: $5.18

**elgreco** · 04-22-12, 10:27 AM

Bitcoins at Walmart?

**elgreco** · 05-14-12, 01:00 PM

If anyone is interested, this is what an $86,000 Bitcoin theft looks like:

Blockchain Explorer - Bitcoin Tracker & More | Blockchain.com

http://blockchain.info/tx-index/5416502/7a22917744aa9ed740faf3068a2f895424ed816ed1a04012b47df7a493f056e8

The most popular and trusted Bitcoin block explorer and crypto transaction search engine.

**elgreco** · 12-10-12, 09:04 PM

Bitcoin Betting Grows in Popularity

**PharaohUB** · 12-10-12, 10:49 PM

still dont get what the hell it is.

**elgreco** · 12-11-12, 08:10 PM

PharaohUB, here's a very basic introduction to bitcoin. Feel free to ask any questions if it interests you.

**waldroprob** · 12-18-12, 09:45 AM

the easiest way is to go to bitinstant.com or coinbase.com ; transfer money from your bank, get bitcoin, send to the sportsbook as needed. It's so easy sending bitcoins around that there is no need to keep a huge balance at a book. Keep the rest at a large ewallet like mtgox or blockchain.info.

elgreco - still mining? Difficulty is pretty high, but should be pure profit by now.

I just can't get over how easy it is to move money around, like neteller but without neteller.

**elgreco** · 12-18-12, 09:56 AM

Yep, still mining. Hardly making anything, but since electricity is free, I still have the miner cranking.

My fingers are crossed hoping my ASICs preorders come out soon.

**elgreco** · 01-04-13, 06:51 PM

Not the most elegant design, but 30 BTC up for grabs to whoever does best in the nfl playoff pool.

http://www.bitmadness.com

**elgreco** · 01-04-13, 07:12 PM

Bitcoin: Making Online Gambling Legal in the U.S.?

**waldroprob** · 01-13-13, 02:19 PM

what the hell happened to the big 'how to bet on sports with bitcoin' thread in the Sportsbooks forum???

**elgreco** · 01-13-13, 06:16 PM

Wow!!!! SBR must have pulled the thread!!!! Amazing!!!

Maybe they see it as a threat. I don't understand why, all their sponsored books could start accepting bitcoin.

I'll make a thread tonight asking the mods why they pulled it. It was just starting to get good.

**SBROdds** · 01-13-13, 06:21 PM

Please refer to the following section of our FAQ for the reason:

Content which cannot be posted

SBR Forum prohibits users from describing their financial transactions with third party companies. Any reference(s) to such activity with sportsbooks, poker rooms, or other gaming businesses that may or may not be considered illegal in any jurisdiction will be removed. Users who repeatedly violate this policy will have their posting rights revoked.

**waldroprob** · 01-13-13, 06:32 PM

You could have just XXX the financial transactions and let the rest of the thread, there was a ton of good info on Bitcoins in there. Unless you just pulled it because bitcoin is a financial transaction, in which case, LOLOL. What a joke. Probably the sponsored books don't like bitcoin getting traction and them losing business. Still ridiculous.

**Darkside Magick** · 01-13-13, 07:00 PM

Wow...lmaoooooooo

**elgreco** · 01-13-13, 07:13 PM

We'll start another thread in the sportsbooks section and tread carefully. I can't think of anything we would have said in the last few days that would have caused them to pull the thread, but maybe the first few pages contained questionable posts and they noticed when the thread started building steam.

Surely they can't be referring to bitcoin transactions as financial transactions.