Bitcoin Forum

Bitcoin is the reserve currency of crypto gambling:

Does gambling industry require a reserve currency in the first place ?

Gambling industry requires a currency that's wild and free. Like Bitcoin :)

Evidence the explosive growth of ShapeShift.io that the gambling is primarily for altcoin gambling:


More details at this interview:

https://bitcointalk.org/index.php?topic=1447019.0

 You've pasted a few disjointed quotes (your own quotes I might add) from other threads together illogically concluding that Bitcoin is the reserve currency of gambling.  Is this the clever new way to create new threads; cutting and pasting from old posts?  Somebody call the mods!

its really possible,so many new gambling site everyday,they keep grwing up and so many people interest with that,people are running for make the best gambling site with good promotions,and its make bitcoin look deserve to get special place in gambling.

It's the best way to gamble, a dream for gamblers in fact. When I was younger, I wanted to play poker for real money, but all those sites always wanted my id, so of course I couldn't join the fun because I had problems

1) getting a bank account at my age back then (I was still in HS)
2) getting this money transferred into a gambling site
3) registering to gambling site, sending all the data, getting verified (impossible cause I was underage)

With Bitcoin I would have been able to have some poker fun in seconds and playing for real money (with fake money it was so boring). And I was not stupid and i would not do crazy gambles, I just wanted to start practicing with the feeling of playing for real money and not fake credits. I could have been playing for real money vs any player in the world in a restrictionless way. Bitcoin doesn't give a single fuck about who is using it so I could have been free to do anything.

Well Bitcoin has definitely made it a bit easier to gamble on global sites... even though some slots and games are still region specific. {NetEnd}  ??? Bitcoin will not need to be a reserve currency for online

gambling, but rather a enabler for innovation and new sites. The Bitcoin gambling sites have sprung up like mushrooms lately and they manage to bypass some strict regulatory frameworks often linked to

other regulated online gambling sites. This is not always a good thing, because some of these sites exploit gamblers, but other under cut the regulated casinos, which is good for some people.  ::)

Oh the horror of Do Not Repeat Yourself (https://en.wikipedia.org/wiki/Don%27t_repeat_yourself) and the SPOT (https://en.wikipedia.org/w/index.php?title=Single_Point_of_Truth&redirect=yes) principles of good design.

Replies from others are emphasizing the use of BTC for gambling, but the keyword in my subject title is "reserve".

My point is that BTC is the unit-of-account by which everyone measures their gambling success, not fiat.

When someone gambles on an altcoin "investment" (speculation), they are hoping to get more BTC. They don't cash it out to fiat, they HODLit to gamble some more altcoin "investments". Even if you include gambling sites that accept Bitcoin, the gambler is likely HODLing their BTC gains (if any) and not cashing out to fiat.

Most of the gambling are fiat based. As the casino has to verify the age of the gambler so as to obey laws.

 Money doesn't give a single fuck about who it using it.  Alcohol doesn't give a single fuck about who is drinking it.  Your underage girlfriend doesn't give a single... wait maybe she does; my point is that it is illegal.  It is not Bitcoin breaking the law here, it is you and if you wanted to find a way to break the law there would be a myriad of ways to do so.  Don't use Bitcoin as a scapegoat - it can't smoke weed for you.

I have changed the subject title to "of crypto gambling".

 You forgot to mention the fallacy of your non-argument.  Your point is invalid.

You forgot to make an argument. I can't provide a rebuttal to unstated logic. I can't read your mind. You actually have to state the logic of your argument.

 I didn't want to cut and paste my first post into my last post.  It's lazy... look up.

I don't see any argument there on your first post (in this thread). Where is the logic substantiating your allegation?

Note I don't think porn and camgirls have any significant market share of the Bitcoin economy. The economy is most speculating on altcoins and then dumping profits back to BTC, then repeat.

And depositing BTC to other gambling outlets.

The rest is just HODLing BTC as an ideological speculative investment (i.e. gambling).

 I've only made the statement that you have posed shit.  One only need read the shit to substantiate my claim.  Apparently you don't even read your own shit.

Thats not an argument. It is trolling (unless you clarify that is just your opinion without any stated logic to back it up). When you are ready to make an argument, such as posting statistics on Bitcoin's usage, I will welcome the challenge. Until then, your posts are vacuous.

Hope it is starting to sink in, that you are trolling someone who is very smart and has even been alleged to be Satoshi (https://bitcointalk.org/index.php?topic=1438301.0).

 It's not trolling to make a statement in your thread about an illogical conclusion you have come to with a few disjointed re-posts of shit you typed earlier in the day/week.  I initially read the post thinking I might learn something.  No doubt you are smart and possibly also  manipulative but if you want to debate the intelligence of Satoshi, we'd better begin another thread because that would be off-topic.

Explain why the conclusion is illogical? Why is Bitcoin not the reserve currency of crypto gambling?

Please don't reply again if you aren't going to get directly to the point. You are filling the thread with useless noise. I will flag your posts to the moderator if you continue posting noise and not making an argument.

 I've already gotten to the point.  NONE of the quotes in the initial post either individually or as a whole would lead to the conclusion that Bitcoin is the reserve currency for gambling.  That is my argument.  There is no explanation required.  Listen, my reading comprehension is generally pretty good and I have read the first post more times  than I probably should have already but I can't make anything of it.  AS an aside, if you can honestly tell me after reading your initial post that it leads you to any sort of conclusion about anything at all, then I suggest that you might need some help.  This is not an attack on your person nor am I trolling, I am genuinely concerned for your well-being. 

The question of the thread is not "is the OP a conclusive proof of...?".

The question is, "Bitcoin is the reserve currency of crypto gambling?".

The OP offers some initial thoughts to stimulate the discussion.

Post should argue yes or no and give their reasons why. Complaints about what you did or did not learn from the OP (and other posts in the thread) is irrelevant.

Btw, even if you did argue the OP is not conclusive, that does not prove the answer to the question is No.

P.S. your reading comprehension is apparently not good, since you didn't read or didn't comprehend the clearly stated question.

Yeah I'll buy that, more or less.   I'm not a gambler but bitcoin is perfect for it as are all the altcoins.  But yeah, they're all priced in btc and that's the standard.

The only speculators who are consistently winning on altcoins are those who buy/mine them when they are worthless, and then selling them when they get pumped.

Long-term if you believe a particular altcoin has a feature set and adoption direction that will drive it to compete with Bitcoin, then perhaps you can justify a long-term holding and just ignore the gut wrenching volatility.

I believe perhaps the Chinese felt Ethereum would be a major coin and thus I believe they have thrown BTC at it. And I think many people mined ETH because it can be mined with a GPU, thus there are many people willing to evangelize it. So it was a self-fulfilling bubble because so many people got interested in it. I do believe it will end up like Litecoin and BTS did, because fundamentally AFAICS it doesn't add anything realistic that is a huge market. But it might be good for another move up to perhaps a double-top before we are done. Right now is maximum pessimism because Vitalik admitted he sold 25%. And Homestead hype is already released. But there is still the hype coming before the release of Casper (if we haven't preempted it with the Ethereum Paradox thread, but I doubt we have that power here in this obscure forum).

Right now all the CCs have to be analyzed in terms of what speculators want to buy and mine. The speculators are like a hive of bees and they move from one arbitrage to the next, not only on price but also on mining hash functions, etc.. There is a lot of game theory to analyze in this speculation ecosystem comprising Bitcoin and the altcoins.

I don't really know what to advise you. I would not short BTC. I am not that confident of a crash.

What I am doing is moving to cash USA dollars (because upside on speculation is limited to perhaps a 100% gain and I am more interested in preservation of capital for the moment and the US dollar should give me solid 30 - 50% gains if I hold to late 2017) and I want to buy an altcoin very cheap later this year or early 2017 to aim for 10 to 1000X long-term gain (not a pump). I think you can guess which altcoin I would want to buy because I would have the most confidence in my own role as a lead dev.


It is easy to convince ourselves of the profit we would have made, because we ignore all the wrong speculations we would have also made. In retrospect our performance is perfect, lol.


Excellent! Yeah the game theory is complex.

not really, for the good or bad, when people say their loss in bitcoin they are mentally measuring it in fiat. they just say it in bitcoin because they have used bitcoin and lost bitcoin. you never say someone say "aww that is a lot of bitcoin you lost" they say that is a lot of money. they will all multiply it with the price and then decide how big it was.

that because you can't really use it as you can use fiat, this is the big stop for bitcoin

now try toc ompare the two with a scenario were both can see the same usage, i know personally that i would never touch fiat ever, if i could buy stuff with bitcoin only, and i mean every fucking thing out there, not just online

fiat do not have the problem of usability, or at this time would have been a worse gambling tool than bitcoin could ever be

In Dice Bitcoin is even main currency for gambling. And also online casino start to implement BTC.  ;)

Disagree, because the are counting the Bitcoin's future value at $10,000+ per Bitcoin. They only care they earned more Bitcoin out of the trade. Whether they compute that in Bitcoin or fiat is irrelevant, because they want more Bitcoin. If they had a fiat loss but got more Bitcoin, they are happy. Because sometimes they will have a fiat gain but less Bitcoin, which is not what they want.

Hmmm.  I've been gambling online longer than I'd like to admit.  I've had to use several methods over the years to get funds transferred to my gambling sites due to various restrictions in my region.  I've used everything from phone credit schemes to Western Union....So, bitcoin does have an unrecognized value here in the gambling industry.  I don't trade my bitcoin out for fiat....it's too valuable a gambling commodity!  And, I do use my bitcoin to invest in alts to increase the size of my bitcoin holding.  My bitcoin is reserved for gambling, period.

if you ask does bitcoin reserve gambling, I'll say it doesn't. it's just like fiat money. no one expressly reserve money for gambling, but it depends on people use it. so is bitcoin. some people use it for gambling because of their own will.

Yes Ofcourse, gambling industry require a reserve currency for being operational.

you mean reserve is a backup?i think bitcoin has been become a main subject of gambling industries now,yes online gambling i mean. we can't deny that bitcoin is the most easy and simple to make good and big gambling site.

Read the thread!


Unit-of-account doesn't mean backup. You need to learn what reserve currency means.

 Bitcoin is the reserve currency of crypto gambling?

i absolutely agreed that Bitcoins can possibly reserve currency in crypto gambling,
because of its popularity it will be easy for bitcoins to be use it there in gambling. :)

the early major usage for the bitcoin is for dark market and the gambling. In the future, the proportion will be reduced.