A question for those people who suggested to use XRP, or TRX, or other altcoins instead of Bitcoin. If there was an easy and good UI/UX solution built to send and receive Bitcoin through the Lightning Network, would you choose that instead of the altcoin? Did you actually buy the altcoin because it's simply faster?
There are probably only two reasons I can think of why someone would prefer using altcoins over the lightning network to deposit/withdraw to/from a casino or any other crypto service. The first reason is that he never used the lightning network before and doesn't realise how easy it is to make a payment with it especially with the advancement of the wallet softwares supporting it. The second reason is that he has all his coins stored on centralized exchanges where the fees to withdraw altcoins are way cheaper than the fees to withdraw bitcoin. I believe there's one reason that holds more truth than your two reasons. It's plebs like us actually LOVE to invest/trade/speculate in altcoins/shitcoins, and every bull cycle brings newbies, looking for "the next Bitcoin". I was one of those plebs who day-traded, lost his savings/learned the HARD WAY. But it's partly because of the lack of education about Bitcoin and what it sets it above the shitcoins, and partly human nature of curiousity. |
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A question for those people who suggested to use XRP, or TRX, or other altcoins instead of Bitcoin. If there was an easy and good UI/UX solution built to send and receive Bitcoin through the Lightning Network, would you choose that instead of the altcoin? Did you actually buy the altcoin because it's simply faster?
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Zoom out, there's a bull/bear cycle pattern that Bitcoin always follows.
There is always a bull/bear cycle alright but if you analyze the previous cycles you realize that this is a brand new trend that has never happened. For example it is unprecedented to see this much drop after such a tiny rise to a very low ATH. The lowest price (currently $25k) is also unprecedented since the last cycle's ATH has never been reached in the bear part of the next cycles. Meaning when the $20k bubble popped price went as low as $3200 and previous ATH was $1100 (3x higher) or when the $1100 bubble popped it went down to $150 and previous ATH was about $20 (7x higher). Is every cycle required to be as large, or as closely proportional as the last cycle? I believe not. This cycle might be "such a tiny rise to a very low ATH", but it shouldn't be assumed that the next bull cycles will be smaller and smaller surges too.
The problem I have is not even the drop itself but the reason why people are panic selling. They aren't panic selling because of bear market or bubble pop or anything like that. As I said above, people are panic selling simply because S&P 500 is crashing which makes no sense at all!
We don't know why, but I believe it might be because there are now more institutional investors/hedge funds/professional legacy market traders in Bitcoin Land. |
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Hourly wagering has really pushed up the daily wagering numbers from what I can notice  40 mbtc wagered already in 10th place  Haha, What's your username in there? There’s more than 10 active whales in the Blackjack.fun right now and you should not farm on early stage of the contest because whales will easily erase your entry and bypass you. Start farming 10 minutes before the clock ends so that they will be surprised. By the way you should try participating on hourly biggest win contest because you can enter a spot easily there by just winning small amout. Use plinko and low risk so that you will have high chance to win even just 1.1 since the initial bet is counted as win amount. Same as here but you will not see me in the top wager any time soon,,, just not ready to do so with a smallish balance. Maybe top hourly wager for the small prizes. Like you said,,, all the action happens near the end and by that time either I am not online or there is just too much to catch up from what I see every day. Thanks for the tip, I like blackjack  Yesterday I was active on blackjack.fun for almost 4 hours I monitor what games they play for Hourly Wager Competition most of them play in-house game blackjack and games from third parties 888Dragon I don't see any other games My tip is that most of the participants are from the European region so make sure you fight while they sleep I mean based on hours of sleep To the whales. In-house Blackjack is the most convenient game to fare wagering volume hourly win entry since they huge bank roll and they can get huge amount by playing in a quick way since in-house BJ is a very fast game especially if you are quick to think. I believe you already notice there timing of there bets usually last 10 mins or later. They are betting huge amount at that time consecutively they get a place theyare comfortable while they are still breakeven on there bets. My highest rank somfar on hourly win contest is just 3rd place but that time other whales is not online and only is active.n  How much capital do you actually need to join the leaderboards, and how large should the bets be on average? Asking for a friend. Plus consider that my friend is only a small fish who probably has a disposable income of only a few hundred U.S. Dollars per month for gambling. Maximum maybe $300. |
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What are the most popular slot machines that have an actual progressive jackpot? I want to play, but I don't see them. Because, there's a "theory" among my older relatives who play slots that "once a slot machine is holding more and more of that jackpot money, the player will have more and more probability of winning". I want to try my luck. Haha.
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Worsening standard of living, on average, around the globe might still worsen. In Shangai, China there's about 63% of factories owned by Japanese companies that are not operating, and the operating factories are running only at around 70% output. Those factories probably should be producing goods that different regions in the world need. It's very obvious that it will impact the global economy negatively and therefore, also your standard of living, but it has not been felt yet.
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The old times were certainly great for gamblers. Anyone who wins a lot doesn't need to send KYC, but the platform just verifies that the game that was played was fair and went completely according to the rules of the said game. Lots of original concepts on games too, and most gamblers share tricks and tips on how to win against the casino and it's just overall enjoyable. Nowadays, it's just the same rehashed version of the same games over and over again that it's hard to find original content that is fun and enjoyable.
What were those original Bitcoin casino games/apps? I believe Binary Options based on the price of Bitcoin was one such game, although I'm not sure if it was a game everyone could play onchain. But what I read/heard about that could be played onchain was a simple dice game called SatoshiDice, which could be revived in Lightning. There was another early site I heard was called AnoniBet, for sportsbetting. |
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Onchain gambling is gone, it was one of the first ways to gamble our bitcoins... The casinos used to be totally anonymous, to the point where you don't have to create an account on the casino to place a bet. And that was what I call freedom.
When I join to this crypto world in 2014, there use to be 2 casinos with this feature, their name was Lucky bit and Satoshi Bones. And their games have a unique address where you can send your coins and get back to the bet result to the address where the bet comes from. That was how they didn't ask for an account to place a bet.
Those engines were provably fair, and the max wins were up to 100BTC in lucky bit (in that time BTC was at $500 approx) but still huge.
The new casinos are crazy with their KYC rules and customer support. They hold users' money as if they were the owners of the money, and you can find all the same slots games bringing a lack of original and probably fair games.
Maybe regulation brings us to the current situation, but in the past was funnier, fair, and legit. And that's why I miss the old onchain gambling.
Do you remember those old casinos, and what are your thoughts about the current gaming sites compared with the old ones?
Completely agree. Some on-chain casinos were goated, for instance Directbet - I remember you could literally drop tens/hundreds of BTC per bet and it's just such a smooth and classic experience. But some others like Chain-bet just never took off despite being on chain, mostly because it was just really inconvenient to use their platform. And I certainly don't miss that. But that's the point of DirectBet closing down their services though. They can't assure the same "smooth experience" as they did during 2012. It was before my time in Bitcoin, but I believe it was a time when the blocks were always empty, and the fees were always low. It's simply not feasible anymore, for the casino and the user. |
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They want to protect their own reputation too
They would do a far better job of protecting their reputation if they actively fought for privacy and against censorship, instead of implementing procedures which do the exact opposite. But it would also be that, or face sanctions and lose their users, or shut the service down. They simply chose the trade-off, and lose some reputation. Plus Wasabi isn't just a CoinJoin service, it's also a wallet where people hold some of their Bitcoins. And yet there are wallets such as Electrum which have been developed for more than a decade without any income source and without even accepting donations. zkSNACKs have already admitted in interviews (see quote below) that their decision to start censoring their users was because they want to make profit from institutions. This is the driving force behind every decision they are making. if you, as a CoinJoin coordinator, if you want to work with institutional clients, hedge funds, insurance funds, Michael Saylor, and all these people, well, even if ZKSnacks were not to be regulated, those customers might very well be, maybe because they’re custodians of other people’s money or whatnot. And then these regulated entities can only become users of a coordinator—arguably, I’m not sure—if such a blacklisting is involved. It then makes logical sense for them. They want to provide their services to institutions who merely want a mixer/tumber, but without "the taint". Did nopara73, or someone from the core Wasabi team know something about the U.S. government's sanction on Blender.io? If they did, then that I believe, would make sense for WasabiWallet to accept the trade-offs to protect its users.
This is called being a fully regulated centralized company. I wonder what you would have said if zkSNACKs was the same centralized company but located for example in China and nopara73 was Jihan Wu... Would you still consider their actions "protecting its users"? From their perspective, yes, and not only their users, they're also protecting themselves from being sanctioned. |
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The difference that I was pointing out is, there was a narrative change during the bull phase which started during 2020 after the pandemic crash. Because during this current bull phase, the institutions came in, Elon Musk came in, Chad Saylor came in. The anti-Bitcoin trolls can't make an argument that Bitcoin "is dying" when the next crash arrives. They simply can't anymore.
Plus there are also other narratives, like the tens of thousands who came in here to "be rich". Some of them will eventually understand, and truly learn about Bitcoin. They will learn the importance of running a node, even if they will not run a node. Because if indeed they find themselves to be in an adversarial environment that forces them to run a node, they can do it.
Unfortunately the only existing and dominating narrative right now is the one that has convinced everyone that bitcoin follows US stock market which means as it is dumping hard, people panic sell bitcoin too. Sadly it has been an impossible task to make them realize that bitcoin was the exit not the repetition of the same corrupted markets. That's not a narrative. It's simply the market naturally acting like the market. Zoom out, there's a bull/bear cycle pattern that Bitcoin always follows. But where is it truly going? Up. Bitcoin is still on its path to price discovery. Would any Bitcoiner actually believe that this is "the end"?
The only question remaining is how much more are people going to follow this fake narrative and act irrationally since I don't think the US stock market crash is going to stop but I also don't think bitcoin can continue falling like this. At some point it has to stop and reverse while the stock market continues crashing.
In any case it is interesting to see this very new market behavior this year.
Markets have always been, at times, inefficient. It will never change. |
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I just visited the website and to be honest I wouldn't dare to make a deposit on there. There are too many red flags starting from the OP who created this announcement thread and never came back to address users concerns or answer their questions to the poor design of the website and the annoying ads that you will never find on any respectful and legit service.
I advice everyone to say away from this casino if they don't want to lose their money.
I will not form any conclusions that any Bitcoin service/merchant is a scam before showing any proof. I would also respect if people form they're opinions based on red flags that they notice/see. The solution, I believe is, OP should find someone who is trusted in the forum to vouch for them. The community we have in the forum is mainly based on trust. when it comes to small issues which there are even people who do directly tagged it as a scam even with the slightest problem. Whenever it been proven then this is where valid negative feedbacks would be given out. Lets see if they would made out some responses which the community is really seeking on. Its not really that good when you do just simply post up without any other activities or response on what people been saying on here. It would automatically placed you up on being a scammy site. Because the community is based on trust, it's very understandable, and in my opinion it's to be expected that it will not change. Scams are everywhere in Bitcoin Land. BUT, it's a double-edged sword. It might discourage new and better services/merchants from coming in the forum to interact with the members of Bitcointalk. |
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Onchain gambling is gone, it was one of the first ways to gamble our bitcoins... The casinos used to be totally anonymous, to the point where you don't have to create an account on the casino to place a bet. And that was what I call freedom.
When I join to this crypto world in 2014, there use to be 2 casinos with this feature, their name was Lucky bit and Satoshi Bones. And their games have a unique address where you can send your coins and get back to the bet result to the address where the bet comes from. That was how they didn't ask for an account to place a bet.
Those engines were provably fair, and the max wins were up to 100BTC in lucky bit (in that time BTC was at $500 approx) but still huge.
The new casinos are crazy with their KYC rules and customer support. They hold users' money as if they were the owners of the money, and you can find all the same slots games bringing a lack of original and probably fair games.
Maybe regulation brings us to the current situation, but in the past was funnier, fair, and legit. And that's why I miss the old onchain gambling.
Do you remember those old casinos, and what are your thoughts about the current gaming sites compared with the old ones?
That's why the community should start asking, and start encouraging their favorite internet casinos/gambling sites to start implementing the Lightning Network. I believe that if implemented, some of them will start doing the natural evolution of offering games, or separate apps themselves where you interact directly with Lightning while playing the game. The same interaction with onchain gaming, but offchain.  |
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"Decentralized", does that mean gambling through Web 3.0 will be censorship-resistant? That no governing/regulating entity can shut the site down, or ban users from using the site?
It will likely be censorship-resistant because the government can't do much to the casino. In addition, the casino owner will make his casino outside the jurisdiction of the country that prohibits gambling. I don't know about the regulators of a country that can close a site but if it's outside the jurisdiction of that country, they can't do anything. That's not the point, what I mean is truly and technically censorship-resistant like Bitcoin. Because the purpose of decentralization isn't decentralization in and of itself, but censorship-resistance. Plus I'm asking, are these Web 3.0 casinos not merely centralized websites running on top of centralized data-centers/servers? It's a trade-off, and another set of challenges for the casino. Multi-accounting to take advantage of sign up bonuses could be one kind of swindle that a group of users can do to a casino without KYC.
Casinos will not stand idly by with multi-accounting that will be tried by a group of people because the casinos must have learned to deal with the problem. Every casino must have a problem with those multiple accounts but they sure know how to solve it. I believe not always, that's why they require KYC, it's easier for them than developing a security system which smart users can go around eventually. Plus casinos without KYC can also be used as mixers/tumblers. |
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Another shower thought. Can this be considered what they call a "Black Swan" event? Or were there enough amount of people who saw this Ponzi to crash like this because they knew how it actually worked? I admit that I was wrong for having the opinion that HODLing Bitcoin in Terra's reserves would a benefit for Terra. What it actually did was be a dis-benefit for Bitcoin because they are required to sell to maintain the peg.
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It is Do Kwon's fault if the Fed, and other government entities, step in and start another round of bans, regulations, and government FUD, causing Bitcoin to crash under the 200-weekly SMA line currently $21,843.85 right now. FACT.
Plus which of those other shitcoin protocols are "HODLing" UST/LUNA in their reserves/treasuries? They will DIE.
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Adding Bitcoin or any crypto is definitely only going to bring benefits to whatever you are bringing crypto to. As long as that system was dependent somehow on a monetary system for any reason. Gambling is only one of the many branches of industry which benefit from using blockchain technology. Although we have not yet come to the point where gambling is 100% transparent, decentralised, unregulated and fair. Smart contracts might not be complicated enough yet.
But I see web 3.0 as the next generation of gambling. And crypto will definitely be the key player in making that happen.
Web 3.0 can be a solution for decentralized gambling but it may still need more development and besides, casinos also need to upgrade to be able to use web 3.0. If that's the case, we might see something different next year and that could make the gambling business even better. "Decentralized", does that mean gambling through Web 3.0 will be censorship-resistant? That no governing/regulating entity can shut the site down, or ban users from using the site?
And it will provide convenience for gamblers because if they can gamble without KYC, it will provide security for them. After all, they don't have to give their data to third parties. But I don't know what the government will do regarding this because the government itself is likely to implement policies that are in line with technological developments.
It's a trade-off, and another set of challenges for the casino. Multi-accounting to take advantage of sign up bonuses could be one kind of swindle that a group of users can do to a casino without KYC. |
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Indeed, Buy the DIP, and HODL are good strategies to apply when investors are feeling FOMO, FUD, and various other potentially detrimental emotions. Especially when the price drops compared to when the price was purchased. This helps us to prevent wrong timing of sales in the market.
Easy to say but would really be hard when you are on the actual situation specially as of this moment where price decline is something recognizable or something which you cant ignore. Pretty much sure that to those who had bought on 36-38k are on panic now. Its true that buying even more on this price level is a good or ideal or simply talks about DCA. If you do still have that funds to invest then its up to your choice if you could still put risk but if not then its better to hold because price would recover no matter what but somehow knowing on when for it to happen is something that no one could really know. Investors who follow a truly DCA method don't panic, especially if the investment is in Bitcoin. Zoom out, where is Bitcoin going? Up. Plus from the use case side of things, the true underlying nature of Bitcoin,especially in geo-politics, might not be priced in yet. JuanJayGee is a believer of DCA, I respect his standpoint, but personally it's not good for my sanity. Hahaha. |
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@Daltonik. Is it a loan or have they dumped $750m of bitcoin to maintain the peg of 1 UST = 1 USD? Also, would that be enough? UST is presently $0.20 below the peg. It appears that Do Kwon will need to dump more. https://coinmarketcap.com/currencies/terrausd/It also appears that if Do Kwon can save UST and return the peg back to $1.00, will the cryptospace community still consider it a trustworthy stablecoin to hold? Shower thought. Why didn't Do Kwon keep their reserves in the U.S. Dollar to maintain the peg? Use Bitcoin in their reserves they bought last month, to sell them less than the buying price to defend the peg this month doesn't make logical sense. They should keep their reserves in cash. |
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I just visited the website and to be honest I wouldn't dare to make a deposit on there. There are too many red flags starting from the OP who created this announcement thread and never came back to address users concerns or answer their questions to the poor design of the website and the annoying ads that you will never find on any respectful and legit service.
I advice everyone to say away from this casino if they don't want to lose their money.
I will not form any conclusions that any Bitcoin service/merchant is a scam before showing any proof. I would also respect if people form they're opinions based on red flags that they notice/see. The solution, I believe is, OP should find someone who is trusted in the forum to vouch for them. The community we have in the forum is mainly based on trust. |
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The price still seems kinda high to me (like we should still be considering ourselves to be in a bull market). We've been around this area for quite a while and I don't think much has changed. I didn't expect up to reach 40k the last time we did and if we keep ranging between about 30k-40k (+/- a few k) then I think the price is pretty stable and strong.
We didn't have a blow off top this time either, we had a top that was reached twice and exceeded the second time. We have economic uncertainty to compete with this time too (2 years ago at the start of the pandemic, we crashed down to $3k)...
I think this is more a case of waiting for a strong break in either direction and either waiting for that to enter or just holding tight with what you have.
The United States' next narrative during the second quarter will be "We're in a recession!" causing markets to tumble and crash, and it will take everything with it. That announcement will be on June. Plus from the current price movement, there's more than 50% probability Bitcoin will crash to the 200-weekly SMA line in my opinion. |
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