Regulational pressure from the governments and their impotent laws toward decentralized cryptocurrencies like Bitcoin will only push us further towards removing banks and other centralized middle-men platforms like (centralized) crypto exchanges from the world of crypto. I see absolutely nothing wrong with this. Not only is it helping our cause and further developing decentralized technologies to replace the old centralized ways, but it also shows how powerless the governments are in face of decentralized blockchain technology. Its been years of promises of regulations and bans and many years later, we still stand strong.

The governments have nothing that could destroy or regulate crypto.

The only parallels between cryptocurrency and gambling is that we do not know whether we will lose or win money on our investment. But we are completely leaving out the property of probability from the comparison.

The probability of you making $10000 Dollars out of a $1000 investment with cryptocurrency is much much higher than you making the same by gambling. The reason for this is because in the gambling casino world, the casino always has house edge and mathematically, cannot be the one losing money over an extended period of time. It just would not work.

We can all agree Bitcoin will definitely reach 100k (at least) during the next ATH. It might take years but that's already 5x profit with 99% certainty that you won't get from any casino.

You could also avoid that by creating an account with a non-us based crypto exchange with lax regulation laws. For example, Kucoin or Poloniex will not touch you with KYC demands if you are not a big fish trading hundreds of thousands everyday. Although they could freeze your funds and demand KYC. Not sure how they could manage to do it legally but I am guessing probably something to do with accusing you of being a money launderer or possible terrorist.

Still, as you said its not safe either way and not only is your money in the hands of someone else, who you must trust not to randomly freeze, lose or steal your funds but those same untrustworthy people store your private information and government issued documents?


Thats a no-go for me.

I completely agree.

Simply put, I believe that exchanges are very important for the role of adoption. One way or another everyone has an option of how securely they want to buy their Bitcoin. We have the people who want an easy user experience so they go for exchanges. That makes sense and is one of the cheapest alternatives (unless you plan on withdrawing to a different wallet in which case you will pay a small fee). But you still trusted a third party to hold your money for you.

People who distrust those third parties (as they should) can buy Bitcoin without having to go to an exchange. P2P and cash are always options.

But like 99% of people don't seem to care about that, even though they support a decentralized concept like Bitcoin.

In this very particular case, if a player finds a way to exploit the code then that is the same as if you found a way to steal money from an atm. So why would anyone allow you to keep that money? Seems unfair/illegal to me.

If you are worried about being treated unfairly you can ponder the following:

First, in order to be sure of whats right or wrong I would probably look at your countries laws regarding this and the laws of the country in which the gambling casino is based. Bad Casinos usually like to base themselves in countries with corruption problems and/or lack of gambling regulations.

That makes it much harder to get your money back (if you are indeed dealing with a bad casino).

In the case of good casinos you should try to work it out with the casino. They surely would not want do anything against the law, (like steal your fair-earned money) as registered, licensed casinos.

Hire some wise guys to break their legs. I am joking of course. Although that would be a dark option 

The best thing to do is to make them nervous by showing proof of their unfair actions to their social medias. They really do not want to lose customers so they will be sure to quickly remedy the situation. This has proven true time and time again. Unless, of course, the gambling casino website in question is scamming on purpose and does not care about user retention. In which case you might have a problem. Especially since they probably covered their tracks in some offshore country known for its corruption...

In that case, bad luck.

I do not think there is anything going on but just in case you have a gut feeling that there is something wrong, then I suggest listening to your gut feeling and play something else. As far as I know these things are audited regularly. I believe some people here already have mentioned that.

It also feels like the casino is cheating to me, everytime I lose. But I can't really say that everytime I lose. That would be petty finger-pointing.

We should just remember that house always has the edge. Otherwise owning a gambling casino would not be worth it and would make absolutely no sense, from a business standpoint.

Mitigate your risks by not betting too much.

The amount of unknowable variables interferes with the prediction algorithmic formulae of cryptocurrencies just as much as it does with stocks. That's why it will never be possible to predict price moves at 100% accuracy. And that is exactly why there will always be an element of gambling in cryptocurrencies. The big difference between gambling and crypto/stocks is that you decide how much risk you are ok with and where you can lower the risk by doing deeper market research. In gambling you get what you get. And with a fixed probability of winning each time.

But if you think about it, life is all risk. You just choose between the risky and less risky options. There is never an option with no risk whatsoever.

Weeeelll, I would love to be able to say that I would choose the smart path, which is to keep my winnings and know when to stop. But reality can be a bit disappointing. Meaning I could very well see myself losing everything just because I "felt" like I was in the moment of a lucky streak or something. I am only human too and casinos are designed to be psychologically stimulating for risk takers like most gamblers.

That being said, I still think that it would be a better choice to take the money and go home. Maybe invest it into something useful like 50 different, promising start ups.

Man, am I glad this is over and true justice is served. Although in the case of Craig Wrong, it would be true justice if he was sent to a mental health facility which cures him of his seemingly psychopathic mental state. Or at least keeps him away from the public where he can do no more harm.

Egotistical, petty, delusional and power hungry. These types of people are always trying to screw other people over to make themselves richer/more powerful/etc. Although who knows, this might all be a giant ploy to get Satoshi to reveal himself. Not that I am much of a conspiracy theorist but I do enjoy the occasional conspiracy.

Anyway, great news for the Hodlnaut. Hopefully we will see some more good news in the coming days about Bitcoin adoption, after all this free BTC PR thanks to faketoshi.


Hire some pirates to start sinking yachts in international waters/or docked in third-world South American countries and we will see most of this trash disappear in a few years.

Well he also is not very good at winning lawsuits:

HODLONAUT DEFEATS CRAIG WRIGHT IN NORWEGIAN COURT CASE

Hodlonaut is acquitted of all claims for compensation and is not liable for damages related to the comments the pseudonymous account made on Twitter. Additionally, Wright has been ordered to compensate Hodlonaut to the tune of $348,257.
source: https://bitcoinmagazine.com/legal/hodlonaut-wins-defamation-case-against-craig-wright

Well, OP. To answer your two questions:

1. I do not believe in luck, I believe in probability. The probability of winning the lottery jackpot is almost impossibly high, yet if you were to compare that to dice, then obviously you would think dice to be the better game as it has a higher probability of you winning. But again, thats not luck. Its just picking a game with a high probability for winning over a game with a low probability. Winning hundreds of millions with a 10 buck bet is just as almost impossible as winning the lottery though.

2. The best game I have won the most money from would probably be blackjack. But then again I did put in a high bet compared to other gambling games. So that might be coincidence...

I don't know. Have a depressive feeling for the rest of the day and depending on the amount of coins I lost, maybe have a bad week?

What kind of question is that? What is my "favorite thing" to do after losing? Lol what.

I think you might have meant what do you do after you lose to keep your mind off the fact that you lost money. Because thats the one thing everyone does after losing. Find something to take their minds off their losses. Basically what is your favorite coping mechanism should be the title of this thread.

In which case,  my coping mechanism is ingesting large amounts of copium and watching movies or something.

While there are non-KYC online gambling casinos which have provably fair decentralized protocols handling the chain. So this way there is no third party present and gambling regulations take a dive into a grey area. But nobody can guarantee that you will not lose your money due to a hack or something.

That being said, the KYC not only protects the online casino but also you, in the case that something goes wrong or your money goes missing. You can prove that money belonged to you and the centralized casino will be responsible, legally, for paying you back.

But reality is often different. So you need to understand that both options have risks and choose the best option for you.

No. You really do not need a centralized exchange to trade, buy, sell or transfer your coins. This is an absolute bullshit comment. There are much better ways to buy Bitcoin or other coins and trade said coins for other coins. We absolutely do not need centralized exchanges just like we do not need banks.

They are the lazy man's (or woman's) tool. Its easy to use a centralized exchange to buy Bitcoin from your centralized bank account. Thats why people do it. Its easier.

You could just as well use a decentralized p2p platform like Bisq. Or you could even buy with plain old cash. In some countries you do not even need to worry about giving anyone your identification when buying Bitcoin unless its an absurd amount.

So why would anyone "need" a centralized exchange?

Binance is no saint. They are definitely doing this for the money.

I do not trust centralized entities like crypto exchanges. Their existence is completely redundant and they go against the very principles of decentralization. crypto exchanges are the enemies of decentralization. Storing Bitcoin on an exchange wallet is not safe. The end product resembles a government regulated lock-up of our money. It's dangerous because it means your coins are no longer in your control. If you live in a country with an oppressive government; they will simply confiscate your coins for whichever reason they like. And crypto exchanges in those countries will not hesitate to give them access to your coins while freezing you out of your account.

Hello OP, good to see you are interested in Bitcoin from an academic perspective. However this entire thread feels like you are trying to crowd-source your homework solutions from us and there is no point in doing that. Either you want to learn about Bitcoin or you just want to pass an exam. Furthermore, many of the questions have absolutely nothing to do with Bitcoin. So posting this thread in "Bitcoin Discussion" might be pushing it.


How about you try your best to solve the questions and we, as the community, will do our best to correct your work? Sounds better than just us giving you the answers.

I think you are describing the martingale strategy. I would not recommend doing this with large sums of money as you will definitely find the strategy to be extremely disappointing. It sounds good on paper but the real world does not like to see probability go our way. Especially with a house edge. In the end you lose everything the same way as newbies do. By doubling down on a bad streak. Or even a good streak.

Did you use this "strategy" yourself before coming here to tell everyone to try it?

Maybe don't give tips on things like this. If someone loses money because of you, you might get in trouble.

There is no such thing as a 100% safe centralized platform which offers to hold your money for you. As least that is my perspective on it all. Although I must admit that until we have a decentralized gambling casino, I will be unfortunately forced to participate in the whole "let us hold your money for you" business.

Apart from that, any casino with a good reputation here on this forum is relatively safe. (stay away from the new ones and the ones with negative trust/red trust and scam accusations).

Our tight-knit community will manage to spot scammers within mere hours. Maybe even faster. Just keep your eyes open in the scam accusations and gambling subforums here on Bitcointalk.

Sounds a bit too censor-y.
If only there were a minimum merit requirement for posting. Like if you had to have at least 1 merit from somewhere else on the board to post here. Wouldn't having tiered subforums be a good thing for Bitcointalk? You know, you first start off in beginners and work your way up by earning merits. This allows you to post in higher tier subforums. We would contain all the trash in the first tiers.