Online sportsbook 5Dimes officially adds Bitcoin to cashier

**elgreco** · 08-01-14, 09:44 PM

Originally posted by Hareeba!

You're right. Anyone, including a government can "declare" something has zero value.

But then there's the whole rest of the world which will make their own determination of something's value and trade it accordingly despite what you, I or some government might like to think.

Wow, Hareeba. I've never seen you skip an opportunity to bash BTC. I'm proud of you

. I was also surprised to find out you were an Aussie. There are lots of Aussies in the BTC circles I hang out in.

**Domestic** · 08-01-14, 10:06 PM

Originally posted by elgreco

Wow, Hareeba. I've never seen you skip an opportunity to bash BTC. I'm proud of you

. I was also surprised to find out you were an Aussie. There are lots of Aussies in the BTC circles I hang out in.

Don't think he has ever really bashed it, just stated it does not grant him any worthwhile advantages over what is currently available to him in terms of gambling.

**Hareeba!** · 08-01-14, 10:35 PM

Originally posted by Domestic

Don't think he has ever really bashed it, just stated it does not grant him any worthwhile advantages over what is currently available to him in terms of gambling.

Thanks Domestic. That pretty well sums up my attitude to it. Not only for gambling, but for anything. Yet to have seen any advantage at all. But of course I'm not a Yank.

**Hareeba!** · 08-01-14, 10:39 PM

Originally posted by elgreco

Wow, Hareeba. I've never seen you skip an opportunity to bash BTC. I'm proud of you

. I was also surprised to find out you were an Aussie. There are lots of Aussies in the BTC circles I hang out in.

So for what dodgy purposes are they using BTC? Or are they purely speculating?
In which country?

**muldoon** · 08-02-14, 07:28 PM

Deposited a small amount (0.105) into Nitrogen 5 minutes before the start of the yankees/bosox game
BTC credited to my account within 30 seconds
Bet over 8.5 (-105)
Play was graded aprox 15 minutes after the game ended
Withdrew to my wallet - funds showing in my wallet within 60 seconds.

Your move 5-dimes.

**Primer** · 08-03-14, 05:47 AM

I tried nitrogen for the first time yesterday. Like it so far

**wakefield23** · 08-03-14, 05:57 AM

Really nice

**TheMoneyShot** · 08-03-14, 06:44 AM

If you can trade these things really fast to fund your sport accts... so be it. I would dare not hold onto to these things for any long periods of time. I'd get rid of them in 24-48 hrs.

1. Can you open a 50k business and pay everyone off with these things? Nope.

2. Can you pay off your home mortgage with a BTC? Nope.

You mean to tell me 1 of these coins reached $1,120.00 USD in value? And it fluctuated down to $581.50 USD? Wow.

**Domestic** · 08-03-14, 07:00 AM

Originally posted by TheMoneyShot

If you can trade these things really fast to fund your sport accts... so be it. I would dare not hold onto to these things for any long periods of time. I'd get rid of them in 24-48 hrs.

1. Can you open a 50k business and pay everyone off with these things? Nope.

2. Can you pay off your home mortgage with a BTC? Nope.

You mean to tell me 1 of these coins reached $1,120.00 USD in value? And it fluctuated down to $581.50 USD? Wow.

Sure, if you are going to use bitcoin to gamble with and don't have confidence in its long term value you should definitely be converting profits into fiat consistently.
I'd urge you to read more into not just bitcoin the currency but the potential of its blockchain technology and public ledger to provide an explanation as to why it is so highly valued.

**HuskerExpat** · 08-03-14, 05:19 PM

Originally posted by TheMoneyShot

If you can trade these things really fast to fund your sport accts... so be it. I would dare not hold onto to these things for any long periods of time. I'd get rid of them in 24-48 hrs.

1. Can you open a 50k business and pay everyone off with these things? Nope.

2. Can you pay off your home mortgage with a BTC? Nope.

You mean to tell me 1 of these coins reached $1,120.00 USD in value? And it fluctuated down to $581.50 USD? Wow.

Your "argument," as it is, has changed quite substantially from the nonsense about "what if the gubmint says it is worth zero?!" Your first two points seem to be bitcoin has zero value. The answer is that you can pay your mortgage or open a 50K business with bitcoins. It is like if you owned gold or stocks. You can't pay your mortgage or "open a 50k business" with gold or stocks either. Instead, you have to go to an exchange and sell them, transfer the money to a bank account and then pay your bills. Exactly the same with bitcoins, except it is probably easier. As to your final point, bitcoins do fluctuate in value just like gold or stocks.

So I guess if the point you're NOW trying to make is that bitcoins are like gold or stocks, I guess we can agree, at least for now. There are already retailers that will accept bitcoins as payments, whereas I don't know any that will accept stock certificates or gold bullion.

**existential** · 08-03-14, 05:34 PM

Originally posted by muldoon

Deposited a small amount (0.105) into Nitrogen 5 minutes before the start of the yankees/bosox game
BTC credited to my account within 30 seconds
Bet over 8.5 (-105)
Play was graded aprox 15 minutes after the game ended
Withdrew to my wallet - funds showing in my wallet within 60 seconds.

Your move 5-dimes.

which btc exchange do you use?

**thespeculator** · 08-03-14, 06:13 PM

Originally posted by existential

which btc exchange do you use?

I just signed up with localbitcoins,,,,, they seem to have the best option,,,cash,going to try nitrogen

**muldoon** · 08-03-14, 10:53 PM

Originally posted by existential

which btc exchange do you use?

I keep my BTC in a couple blockchain wallets and localbtc wallet.

**elgreco** · 08-05-14, 06:45 PM

Originally posted by thespeculator

I just signed up with localbitcoins,,,,, they seem to have the best option,,,cash,going to try nitrogen

How'd it go?

**elgreco** · 08-05-14, 06:51 PM

Originally posted by Hareeba!

So for what dodgy purposes are they using BTC? Or are they purely speculating?
In which country?

Dodgy? That's the Hareeba I'm used to

Most are just technology enthusiasts and work in IT. But two other Australians I've met are working on infrastructure projects. Exchanges and mining pools and whatnot. OzCoin is struggling as a business at the moment, but they were strong players in the earlier days.

**Indeep** · 08-07-14, 09:13 AM

So I decided to try out the whole btc experience with 5dimes. I made a small btc deposit to try their system, and it showed up within 2 hours without a hitch, and they also sent me an email to let me know that it was received, and that future deposits had to be at least $100 or would incur a $10 service charge.

Overall a good experience other than having to set up various btc wallets and vaults and verifying ************, bank accounts etc to be able to buy btc if you are from the US and want to convert back to US funds. Hopefully it will all work out.

**KGambler** · 08-08-14, 11:17 AM

Originally posted by Indeep

Overall a good experience other than having to set up various btc wallets and vaults and verifying ************, bank accounts etc to be able to buy btc if you are from the US and want to convert back to US funds. Hopefully it will all work out.

You're doing it wrong. You don't have to buy from a place like Coinbase.

**Indeep** · 08-08-14, 11:20 AM

Originally posted by KGambler

You're doing it wrong. You don't have to buy from a place like Coinbase.

KGambler pm me with some additional info

**trytrytry** · 08-08-14, 12:03 PM

Originally posted by KGambler

You're doing it wrong. You don't have to buy from a place like Coinbase.

please inform us ...

**Indeep** · 08-08-14, 02:43 PM

Well I'm not to impressed with 5dimes btc deposit department at the moment. They can't seem to find my deposit today, even though its confirmed and was sent to exactly the same address as the test amount I sent them two days ago. I even sent them a screenshot from my account showing the two addresses and the hash, the confirmation etc. They say they are still trying to find it. 8 hours and counting

**NunyaBidness** · 08-08-14, 03:03 PM

Originally posted by trytrytry

please inform us ...

http://www.coindesk.com/bitcoin-atm-map/

**HuskerExpat** · 08-08-14, 03:30 PM

When using a bitcoin ATM, be mindful of the fees/commission. Some of them are fairly outrageous.

**Indeep** · 08-08-14, 04:13 PM

Originally posted by Indeep

Well I'm not to impressed with 5dimes btc deposit department at the moment. They can't seem to find my deposit today, even though its confirmed and was sent to exactly the same address as the test amount I sent them two days ago. I even sent them a screenshot from my account showing the two addresses and the hash, the confirmation etc. They say they are still trying to find it. 8 hours and counting

They just found it.

**LordVodka** · 08-08-14, 04:22 PM

Coinbase takes 4 days to process an order. It's a pain in the ass if you want to make a quick bet.

**bookie** · 08-08-14, 05:24 PM

Originally posted by LordVodka

Coinbase takes 4 days to process an order. It's a pain in the ass if you want to make a quick bet.

Have they gotten better at doing the initial verification? Also, do you know the price you bought at? And then you just have to wait the four days for delivery? Or does it take them that long to execute the order?

**LordVodka** · 08-08-14, 05:28 PM

I didn't buy because they told me it would take 4 days. I sent money p2p. I wanted to bet that night. You can do instant buy but you need to verify a *********** and for some reason they can't verify the address on my card. It's an issue they have. They said I need to put the address on there exactly as it appears on my card. I did and they still said it couldn't go through.

This is a major issue they have and they address it on their FAQ section.

**Indeep** · 08-09-14, 08:33 AM

Originally posted by LordVodka

I didn't buy because they told me it would take 4 days. I sent money p2p. I wanted to bet that night. You can do instant buy but you need to verify a *********** and for some reason they can't verify the address on my card. It's an issue they have. They said I need to put the address on there exactly as it appears on my card. I did and they still said it couldn't go through.

This is a major issue they have and they address it on their FAQ section.

i was was able to get verified no problem. I think it has to do with certain types of cards never work.

The 4 day wait is definitely an issue, but you can get up to 3k every 4 days.

**HuskerExpat** · 08-09-14, 11:36 AM

Originally posted by LordVodka

Coinbase takes 4 days to process an order. It's a pain in the ass if you want to make a quick bet.

Once you're verified and do all the steps, which is not all that hard (including a 30 day wait), you can get up to $1000 in bitcoin instantaneously. That's pretty convenient, actually. Not saying there aren't better offers out there, and I think the fee structure at Bitstamp is a little better, but just saying....

**Kindred** · 08-10-14, 01:51 PM

Originally posted by PharaohUB

Huge move for 5Dimes. They had lost my business and I'm sure others to Bitcoin books and probably more to come. I don't know why it took so long for a big player to make a move. Bitcoin is an obvious fit for this industry. Withdraw and deposit fees for about a penny for both players involved. Anonymity of financial transactions. I'm surprised one of the smaller shops like 1VICE didn't try to jump on this one to get an edge in the industry, but as usual 5Dimes is ahead of the rest.

Yeah I haven't played 5dimes in a long time, gonna give it a go now that BTC is an option. First heard of bitcoin after Full Tilt and stars were shut down by the feds. surprised it took this long for an established player to start accepting BTC.

**OMGRandyJackson** · 08-10-14, 04:35 PM

Originally posted by bookie

I still don't get the "subject to availability" thing. Is it possible for them to say, "We don't happen to have any Bitcoin with which to pay you and it's not our problem."

I would imagine they are not holding BTC to avoid the potential volatility of BTC.

Originally posted by TheMoneyShot

I thought that the Feds were onto this guy who created "BitCoin"

What happens if our government just declares "BitCoin" Zero Value?

The government can do whatever they want... it's not even a real currency according to their laws.

It does not matter what value a Government declares for BTC. If Person A is selling BTC for XX amount and person B is willing to purchase BTC at value XX, then the governments declaration of value for BTC is irrelevant.

It honestly does not seem like you know very much about BTC. If you are going to bash it, at least educate yourself about it.

**LordVodka** · 08-10-14, 04:38 PM

Has anyone gotten paid out by BTC yet?

**elgreco** · 08-11-14, 06:52 AM

5dimes says they will pay you in BTC up to the value of your BTC deposit. Anything above that is paid out using their normal payout methods. If you want it both ways, you have to go to a BTC book for now.

**cloverfield** · 08-11-14, 11:08 AM

Originally posted by elgreco

5dimes says they will pay you in BTC up to the value of your BTC deposit. Anything above that is paid out using their normal payout methods. If you want it both ways, you have to go to a BTC book for now.

It makes sense. They are wary of someone sending them a fraudulent transfer and then withdrawing 3 times that amount 2-3 days later. By the time they find out its a fraudulent transaction the extra BTC withdrawn is gone and there is no recourse.

It's not a tried and true method that's been in use for a long time for this sort of thing. They are afraid of techy people scamming them big time.

**jtoler** · 08-11-14, 11:21 AM

Read some on bitcoin still not understanding what actually makes its worth, the computer code is its worth? Still a little confused. Is it simply a free money enterprise where consumers determine the value, simply by what theyre willing to pay for it like everything else in the world or what.

**muldoon** · 08-11-14, 11:26 AM

Originally posted by cloverfield

It makes sense. They are wary of someone sending them a fraudulent transfer and then withdrawing 3 times that amount 2-3 days later. By the time they find out its a fraudulent transaction the extra BTC withdrawn is gone and there is no recourse.

Right now, 5-dimes doesn't want to pay in BTC because they only want to hold BTC on deposits, and not have to actually go and procure more in the event that someone wins - that's it.

Can you explain how a fraudulent transaction would occur using bitcoin? Scared of techy people scamming them? LOL - ok.

Once it's in the blockchain and there are a few confirmations, that bitcoin belongs to 5dimes.