Bitcoin Forum

A few weeks ago I deposited 0.25 BTC at a poker site which converts BTC into USD. The price was 4200USD/BTC.
Suddenly BTC goes up to +7000 and I am at a small loss of 84$ on the poker site. Yesterday, I decided to withdraw it all, but a BTC withdrawal would give me 0.12 BTC, so I search for other options. Saw that they accept other Altcoins as well. Checked prices for some lower waves and found Potcoin. Yesterday I withdrew 916 USD in POT directly to Poloniex, which gave me about 10500 POT, when price was 0.00001240. Put a sell order at a level that would give me a little win at 0.00002499. Sold it all and got back 0.255 BTC. Phew, that was close...

The moral of the story: HODL!

Converting BTC to fiat to play poker or on sports betting websites can be dangerous, I strongly recommend that you use websites where you can play poker, or bet on sports in BTC such as Nitrogensports, 777coin, FortuneJack, etc.
You will find a list on this forum.
I placed a few bets at Fairlay too and I am very happy with them. Got really lucky with one bet though, so be careful obviously.

Good for you! That was really close

That's nice strategy what you did. And give me idea on how to tackle with this kind of scenario.

Sometimes it's how you deal directly with bitcoin. If you will strategize in altcoin, instead of bitcoin you will really end up gaining. But you need to do it systematically.

I thought 4200 was a good price, but BTC surprised me again. I also had an incident years ago, where I played on another BTC/USD converting site, but BTC dropped significantly and I withdrew at a 50% BTC winning rate or so.

Yes I understand, but I would hate to convert BTC to fiat to play poker for this exact reason, unless I intend to withdraw a day or two later,it is like double gambling. Like you said, BTC is just too surprising and unpredictable these days.
Hold, yep, that is the best bet to make these days, better than a royal flush :)

Glad for you it all ended well!

I don't gamble but that sure sounds quite risky. Were you expecting a drop after you converted your bitcoin to fiat in the casino? Anyway glad you found a way around it.

And yes: HODL!

Yes, the best way to invest is to hold it and continue to hold it. Because we are not professional bitcoin technology personnel, and there is no wealth of investment company work experience, then, often to operate is very easy to lose.

actually i think the moral of the story that everyone will take home with them is this: altcoins get pumped!

and that's what helped you get away with missing out on the rise and also get away with the gambling losses you sustained. and you mostly got lucky with the POT coin. this coin rarely gets a decent pump but whenever it does the pumps are real big and the price goes up high to give a lot of profit.

The moral of the story: Do not regret your past decision ever.

When it comes to investements, it's good to learn from errors. For examle, I bought gold with Bitcoins in 2014, which I pretty much regret and I am not going to repeat this error again.

Good advice but I suspect AGD knows what he's doing, as he's no noob. 

I've made many mistakes myself where I've spent bitcoin or sold it when I should have just held on to it--and I mean many mistakes.  I get antsy very quickly when the price goes up a lot, because I know nothing goes up forever.   But bitcoin just keeps surprising me.  Glad OP didn't get wrecked on this, as 0.25BTC is a lot of dough these days.  And it's so crazy, because not very long ago 0.25 wouldn't have been much at all. 

Same thing has happened to me few months back.
But i was not lucky like you.
It is a risky things to convert to fiat.
But if these type of things happens HODLING is the best option.

Damn bruh! Your a one hell of a lucky guy to have los 84 dollars at a time like this when bitcoin's price continues to go higher with lower dips. Good for you man.
Also, looking for low priced coins was a great idea haha. You are a legend. Lol. Imma try that strategy also when i get to point where i have lost some tolerable amounts in gambling haha.

Its to much risky to play poker on betting sites.You can lose all your coins. If you're still interested you can use other poker sites where betting on sports not allowed. Or you can you any of these sites 777coins Fortunejack, I have never gambling.But still its risky for converting your bitcoin into fiat in casino

Goodness that was a close call indeed. I'm glad it all worked out in the end because your mind was fast at thinking. I agree with the lesson learned,HODL. Bitcoin is full of surprises. I am surprised myself by this recent run. It just goes to show that we shouldnt underestimate bitcoin.

Yep, I did not pay attention at AGD activity before I replied to the initial post. Felt a bit bad afterwards since my reply sounds a bit like a reply for noobs indeed, and AGD has the legendary status  :) so, kudos.
My initial advice still stands for other users who have less experience and never knew the existence of casinos/bookmakers running with Bitcoins  ;)

haha, it is that time of the year again. 4:20 guys are pumping the cannabis related coins again. they sit around with their bongs while buying the green cryptocurrencies while high. it would be nice if they could pump it 420% though ;)

I don't usually visit betting sites because it is really dangerous to your accounts and also your money is not safe with it. There's no such person who really won in a gambling site but the owner. Yes the owner always won because he can manipulate your chance of winning to 1%. So in short you will spend more and more and lose more and more. Though that was really close and you still won because of what you did.

damn lucky you dude!
But I am sure you do your homework before decide to buy POT, congrats ;D