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Title: Bitcoin as a casino Post by: billyjoeallen on April 01, 2014, 06:55:43 AM Bitcoin may be a commodity, currency, unit of account, medium of exchange and/or a store of value, but I had not considered until recently that it is also a gamble that provides entertainment value. Casinos can be very profitable as entertainment venues so let's examine how bitcoin trading compares.
As a bitcoin holder, I am both a customer and a shareholder in the casino. I have coins in cold storage and in exchange accounts. Some people go even further and are also employees. The advantage of this is that a gambling loss as a customer contributes to my profits as a shareholder and rewards other players, encouraging them to continue playing. Here on the speculation forum, we brag about wins, cry about losses, gloat about good predictions and jeer those with blown calls. It's entertaining, so entertaining that we have people who hang out here who don't even own BTC. All this with a much smaller rake and better odds than conventional casinos. Title: Re: Bitcoin as a casino Post by: GigaCoin on April 01, 2014, 08:31:10 AM The world's entire economy in a way has become one giant casino
Title: Re: Bitcoin as a casino Post by: knightcoin on April 01, 2014, 09:24:04 AM Blame the global network scaling :D ... bitcoin is becoming a black swan the "animal" part of this game ...
http://cdn.static-economist.com/sites/default/files/imagecache/print-cover-full/20101016_CNA400.jpg Title: Re: Bitcoin as a casino Post by: knightcoin on April 01, 2014, 09:26:07 AM But since we have a constant on supplier side, the problem is all on demand side, isn't it ???
Title: Re: Bitcoin as a casino Post by: oda.krell on April 01, 2014, 02:28:21 PM Bitcoin may be a commodity, currency, unit of account, medium of exchange and/or a store of value, but I had not considered until recently that it is also a gamble that provides entertainment value. Casinos can be very profitable as entertainment venues so let's examine how bitcoin trading compares. As a bitcoin holder, I am both a customer and a shareholder in the casino. I have coins in cold storage and in exchange accounts. Some people go even further and are also employees. The advantage of this is that a gambling loss as a customer contributes to my profits as a shareholder and rewards other players, encouraging them to continue playing. Here on the speculation forum, we brag about wins, cry about losses, gloat about good predictions and jeer those with blown calls. It's entertaining, so entertaining that we have people who hang out here who don't even own BTC. All this with a much smaller rake and better odds than conventional casinos. Nice one. Got nothing to add, other than that I'm afraid this thread will probably be moved by Blitz to OT. |
