Anyone else betting with Bitcoins?

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spatzle

EOG Member
Seems with all the hassles of shipping money around that something like Bitcoin would catch on.

Sure bitcoins are volatile and somewhat hard to get, but once you have them betting is really easy. There are a few legit bitcoin books out there - just wondering how many of you guys use them?

:pop:
 
August West

August West

Rambler
Re: Anyone else betting with Bitcoins?

Aren't Bitcoins the currency used on the Deep Web, aka, the modern day black market?

No thanks
 
S

spatzle

EOG Member
Re: Anyone else betting with Bitcoins?

Well, yeah. they are used on Silk Road for drugs and other things. But that's what makes it perfect for sportsbetting. No central authority to shut down like pokersites or paypal or neteller. Really is a cool concept and think you guys should read up on it. I've been playing at btcsportsbet for a while with no problems.

Figured some others here were as well.
 
J

joeybagadonuts

Guest
Re: Anyone else betting with Bitcoins?

August West said:
Aren't Bitcoins the currency used on the Deep Web, aka, the modern day black market?

No thanks
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Much more complex than that.

I've looked into using them but there are still a few security issues that need to be worked out. I do believe that in the near future (1-5 years) they will be used as a normal form of currency,
 
August West

August West

Rambler
Re: Anyone else betting with Bitcoins?

So you think they'll become legit joey? Can't see it happening as from what I read its the main form of currency on the silk road and other sites down on the deep web.
 
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joeybagadonuts

Guest
Re: Anyone else betting with Bitcoins?

August West said:
So you think they'll become legit joey? Can't see it happening as from what I read its the main form of currency on the silk road and other sites down on the deep web.
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Bitcoins are already being used for non-deep web sorts of transactions, including the movement of gambling funds.

Not sure how familiar you are with how they actually work but bc he are ONLY housed locally within your computer in a file, they are ripe for theft still. They are working on other forms of encryption that should solve this problem at some point but anyone using them now is very vulnerable.

Even more interesting than the bitcoins is the 'deep web' itself. I had only learned of its existence maybe 2 years ago and decided to 'explore'. Not from my own computer, of course, but god damn it was an eye opening experience of what is actually out there... I was only shown a small bit of it by a friend of a friend who has experience dealing with a very small subset of what goes on in deep web land but still I got the gist and was amazed.
 
August West

August West

Rambler
Re: Anyone else betting with Bitcoins?

John Kelly said:
First time I've heard of the "Deep Web."
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Its pretty fascinating (and kinda depressing) to read up on, but I really have no interest of acutally poking around down there. And no f'ing way would I do it from my own computer.

You basically have to download a router called The Onion Router to actually get to it. Then there are apparently many layers of crazy/sick/illegal/etc. stuff.

What kinda stuff did you see down there Joey?
 
J

joeybagadonuts

Guest
Re: Anyone else betting with Bitcoins?

August West said:
Its pretty fascinating (and kinda depressing) to read up on, but I really have no interest of acutally poking around down there. And no f'ing way would I do it from my own computer.

You basically have to download a router called The Onion Router to actually get to it. Then there are apparently many layers of crazy/sick/illegal/etc. stuff.

What kinda stuff did you see down there Joey?
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Well, a lot of what I saw was related to the buying/selling of information such as identification templates, driver license templates, credit card numbers, SSN numbers, visas, etc....

The thing is there is no real search engine for the 'deep web' you need to know where to go to see any of the 'good' stuff.

There are all sorts of odd fetish sites that are probably the easiest to find but I didn't have a strong desire to see snuff films or live rapes or any of the other sick shit people show there.

:shoot:
 
S

spatzle

EOG Member
Re: Anyone else betting with Bitcoins?

lol...yes the darkweb is pretty interesting. But I thought you guys would be into the betting angle. fast and no fee transfers of any amount. There is a betting exchange using em, not a ton of liquidity yet but some good action. Vig free lines and 1% fee on won amounts only. btcsportsmatch.com - there is also a regular post up book btcsportsbet.com which has been around over a year with no problems.

Maybe if some of you other guys try it out more books will accept em. :btj:
 
raiders72001

raiders72001

1
Re: Anyone else betting with Bitcoins?

saab seems to be the forum expert on bitcoins. Here are some of his thoughts.

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Saab
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If I were a book, I'd accept bitcoin...http://www.bitcoinme.com/

a lot of more complicated implementation details can be found at

http://www.bitcoin.org/faq

Anonymous, encrypted, decentralized currency with a solid network of dollar to bitcoin and bitcoin to dollar exchanges. It gets no press because it seems like such a weird system, but it works.

Unfortunately the technical details that make it so great are exactly what are holding bitcoin back, but I would use it... Picture it being like paypal, without chargebacks, without the man confiscating payments, etc, combined with egold in that bitcoin is worth actual money, minus the whole funding and cashout issues that egold has.

Pretty interesting idea, i'll be looking for it in the future.
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raiders72001

raiders72001

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Re: Anyone else betting with Bitcoins?

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Saab
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Re: If I were a book, I'd accept bitcoin...

The craziest part is that an online book could accept bitcoin, and bitcoin only, and players and the book would be completely anonymous and protected from eachother.

the transactions are anonymous and yet guaranteed because of the encryption process. no government could interfere, players can instantly cashout and deposit, and the book could easily transfer the bitcoin money to real money in a safe banking location worldwide. As far as the book is concerned, there is no need for any player information except the username, password, and bitcoin balance since transactions are instant, guaranteed in value, and irreversible.
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raiders72001

raiders72001

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Re: Anyone else betting with Bitcoins?

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Saab
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Re: If I were a book, I'd accept bitcoin...

the idea is you can transfer usd to bitcoins and say you will be using them for any legitimate purpose (there are merchants and stuff up there, trading markets, all kinds of stuff). once you have bitcoins, one person transferring to another is completely anonymous and untraceable, so you can spend the bitcoins however you want, you are simply an account id (the sportsbook i tried out doesnt need any personal info at all, not even an email address). then you get bitcoins back from the sportsbook, but there is no way to prove that the coins came from that sportsbook, so when you cashout there is no trail and no way to say it is laundering or from drugs or something.

i am afraid that the system is so well designed (so anonymous), that the govt will knee-jerk react and just try to shut it down somehow (dunno how though). If the CIA started using this, then bitcoin will go the route of the TOR anonymous internet network (which is supported and designed by the navy) and we will all have a great, safe, anonymous alternative to western union or wire transfers.
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S

spatzle

EOG Member
Re: Anyone else betting with Bitcoins?

raiders72001 said:
The craziest part is that an online book could accept bitcoin, and bitcoin only, and players and the book would be completely anonymous and protected from eachother.

the transactions are anonymous and yet guaranteed because of the encryption process. no government could interfere, players can instantly cashout and deposit, and the book could easily transfer the bitcoin money to real money in a safe banking location worldwide. As far as the book is concerned, there is no need for any player information except the username, password, and bitcoin balance since transactions are instant, guaranteed in value, and irreversible.
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This is exactly how btcsportsbet.com works - you don't even have to give them an email address or anything. Deposits/Withdrawals are fast and automatic. They give you a unique bitcoin address for payments, and it works very smoothly. Been with them for about a year and surprised it has not caught on more. Probably needs more time.
 
hels

hels

EOG Dedicated
Re: Anyone else betting with Bitcoins?

I don't bet sports with them but I am a vendor on the silkroad and have purchased both from SR and the armoury (before it got shutdown).

Never had a problem but haven't used them for sportsbook/poker.
 
scrimmage

scrimmage

What you contemplate you imitate
Re: Anyone else betting with Bitcoins?

King Lear somehow Shakespearean-Archie Bunker-don't stifle yourself is a character...
 
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