Bitcoin Forum

Hi guys,

I see all the crazy chatter about bubbles and what not, exciting times :D

Considering that there is a massive market for a product that allows for the easy, anonymous, reliable, exchange of goods, I'm personally not surprised that BTC is doing so well. Sure most of us are probably only buying cause its going up (mania; a fatal investment strategy) but I don't think we are in a "bubble". Even if BTC is overvalued for what it's supposed to be worth today (it probably is) we are now where near what it is worth a an actual product. That product being reliable money.

Also there are very rich folks on this planet who regularly want to move funds over jurisdictions and BTC must be incredibly valuable to people like that. It doesn't seem as though they've even entered the game yet.

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Highly doubtful BTC will be illegal any time soon.
Which jurisdiction would make it illegal?
How, completely, just for exchanges, for exchanges not paying tax, at a store front level, on an IP level?

Even if BTC succeeds in only one jurisdiction without restrain it has effectively succeeded everywhere because trade with one or a few regions would necessitate acquiring BTC, which will remain easy as long as you have something to trade.

Which country did you have in mind that would be criminalising Internet tokens?

Seems a far-fetched notion, but some countries have some pretty messed-up laws these days.

True, but it would need to be every country to really kill it

The US will be the first to criminalize it.

As long as it's difficult to get hold of enough BTC to buy a house, it's undervalued.

At the moment, you can get a hold of approx. 260k USD worth of BTC on mtgox. Perhaps another 50k on otc.

The monthly volume on mtgox is merely the price of 4 houses in city such as London or New York ($1 M).

If just ten people wanted to pay for a house in bitcoins, this would have a major effect on the exchange rate.

Therefore, undervalued.

Yes, because we know that someone buying the full price of a house with Bitcoins is *just around the corner*.

Here's what's just around the corner: Poker sites. A volume of 4M USD per month, that is peanuts for a Poker site.

[edit] Also just around the corner: Remittances. The global remittance volume is 300 Billion USD per year.

Exactly.  Focus on that scenario.  I think that's the first one that picks this up.  Poker is also interesting because you generally will have the money people are gambling with in reserves.  This is different than other businesses where you pay expenses with your revenue and keep profit.  Poker sites will keep all of the BTC available for user accounts.

It's a game changer that actually makes sense RIGHT NOW.

This site is starting to annoy me:

www.bitcoinpoker.net

I don't believe that they have any plans to make a poker site.

I think he is just cyber squatting the domain name in the hope of making a quick buck off it.
I wonder if he will take Bitcoins for it?  ;D

I think my weekend project will be to setup a site just for fun. Any interest here?

A poker site? Yes there is interest.

Alright I'll set one up. Should be fun.
I spent last night reading into the 'Unlawful Internet Gambling Enforcement Act' and what brought down FullTilt (ect) and talked to my lawyer friend. It should be legal, and with the nature of BitCoin, completely anonymous. (no holding onto players data, transfers directly between players, ect)...

As long as there is interest I dont mind putting in the time to program something up.

If you can transfer between players and deposit with non-bitcoin currencies isn't that as good as a poker/exchange site?

The currency exchange/use of the USD is what got the sites in trouble with the law. This site would deal entirely in bitcoins and the coins can be handled in an exchange fashion from a third party site as is done now.

At least thats my line of thinking.
Should I make a new thread? I dont want to derail this one... not a good way to officially start my membership here. haha
 :D

I would suggest you ask anyone with questions or suggestions to pm you, then create your thread once you have a product to announce, or at least are ready for beta testers.

Yep. thats now the plan.

Now redirecting back on topic.  ;D
Sorry OP.