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Bovada is nr1 gambling site. It has much more bitcoin users than all the other bitcoin sites together. They convert traffic into real players by far the best. This is why low or zero edge does not matter. http://www.alexa.com/siteinfo/megadice.com http://www.alexa.com/siteinfo/bovada.lv -> traffic of bovada is by orders of magnitude higher So they are by far not a legacy yet. It is bovada that is teaching ppl to gamble through bitcoins. All the btc community should be thankful to them. |
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Yes.
Gambling because:
Your correct point about the price being speculative. It’s not a stock where you can do analysis on the strength of the company and decide what you are comfortable paying for it.
A lot of the trading essentially requires you to have trust in an exchange that is built by others (some are reputable and trustworthy), but it’s not the same as investing in the stock market or any other financial instrument that is legal. This is high risk, it does feel a little like throwing your money in a basement dog fight or something where you have no idea who the bookies are and it’s your first time there and everyone around you looks sketchy.
Adoption is still uncertain from a perspective of daily usage in economies. There are very limited places you can buy milk or gas with Bitcoin.
It feels like playing roulette or black jack or any other betting game where it’s you vs. the house, where skill does *not* come into play.
Now, a twist on this answer is that you could technically reduce your risk and make it “less gambling” by implementing a trading strategy that may work (as it’s super volatile). There are obviously countless companies and individuals who are trading bitcoin (and other altcoins) in manners similar to HFT and other automated means.
As well, I have 12 bitcoins, threw in some money a few years ago and that gamble paid off nicely.
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yea, i know. just sayin' to get the conversation started. That's why i mentioned the "whole idea of"
Well, it defeats the purpose, I wouldn't do it, we already live in a surveillance state, a worldwide one. but wouldn't the fact that you could use bitcoin or whatever at your local stores and shops just like regular currency be a pretty good argument otherwise? An good argument for what? im not tagging my bitcoin wallet addresses with my physical address, wtf |
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The transaction in Bitcoins occurs almost instantly.
Bitcoin Network is Secure and very very strong, you control your coins and you keep them all at your disposal all the time. Removes the trust factor.
You pay a very small amount of fee for any transaction.
Bitcoin rates against fiat currencies worldwide fluctuates a lot and the profits (and losses) could be very dramatic very soon.
Bitcoin price factor are universal and it is same for anyone. Same for you and for anyone anywhere else in the world.
Bitcoin transactions are anonymous and there is no third party that can, in any way manipulate with your transaction.
Features like anonymity, security, control, faster transactions, availability, universal nature makes Bitcoin popular among people.
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Bitcoin investing is like poker. It's very profitable when everyone else sucks at it.
bitcoin hoarding/investing is very profitable when bitcoin succeeds and very lossy if bitcoin fails. There is nothing in between. i assumed that it's obvious that daytrading and trading share the same properties and that "There is nothing in between" applied to the preceding sentence not the first sentence.... No, they do not have the same "properties", as one is done for short term profit, and one is done with the expectation of a long term profit. Day trading is like poker in that its highly profitable when others suck at it. Hoarding is just hoarding, there is no "strategy" to hoarding. You just hoard until you can't wait any longer to cash out. mmh, do you know how to read? |
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Well I don't think even most bitcoin enthusiasts (like me) would say that was really smart. But then again what is a smart investment nowadays?
Stocks - Artificially inflated and disconnected from fundamentals. Major correction likely.
Bonds - Wouldn't touch with a 10 foot pole.
Real Estate - I like real estate but it takes management and maintenance and taxes and we are probably in another bubble here as well.
Precious Metals - Has history on its side but is target of confiscation and has issues with liquidity and storage.
US Dollar - LMAO
It is about risk appetite, not being smart. If you want to gamble, then Bitcoin is a good instrument for that. And it is better gamble than casinos, because at casinos your EV is negative. With Bitcoin you don't know the EV, but you can try estimating it  The only free lunch is diversification (first rule of investing). This guy is needlessly risking his life savings. |
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That is a bad move. Get your BTC out immediately into an encrypted bitcoin-qt wallet - figure out how to use paper wallets (good) or Armory (better) later.
Get them out!
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Get it out NOW. There have been lots of cases where people waited too long and all the BTC were gone (exchange hacked, went down, was fraudulent...)
Why? What's the risk in generating a paper wallet private key set and transferring it to that all in one go? If you generated the private keys on a computer with a virus you could loose them immediately, but even if you use an offline linux-live usb drive, the tool to generate the private keys could not use enough entropy. The private keys could still stay on the computer even if you delete them (undelete, swap etc...). The paper could be physically destroyed (fire?). It could be stolen by a friend or relative taking a picture with a mobile phone. And if you die, will your family know how to unlock the bitcoins ? |
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is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!
Last week, I put all my life savings into Bitcoin. I'm only 30 so I know while it is a risk, I still have a chance to recover if it crashes, and I have a full time job anyway. I just thought how the people around me are putting money into their houses, into children and expensive weddings, and they will never get a return on that. It just disappears. I also thought how most people will go their whole life and not take a risk and 'go for it'... and when I'm older, I will not be able to things like this. I will be a lot more conservative. Now is the time for me to take a risk. So I put a total of about $50,000 USD and bought in. I don't know how long I'll keep it in, but I'm thinking at least 5 to 10 years, maybe longer. I haven't told anyone and I don't plan to, but I feel good about it. Another thing I think about is that there will only be 21 million bitcoins ever released, and that is NOTHING when I stop and think about it. To me it seems like a great opportunity. Sorry, I would not want this to lead to anyone acting irresponsibly or doing the same, unless they put the time to study the ins and outs and know the real risks. I took a risk because I am in a good place with my job and dont have any other responsibilities with family. Only posted here since I couldnt tell me friends or family, without them killing me. Since it flies in the face of a lot of common wisdom. In the exchange right now got to figure out paper wallets I hope when you say 'life savings' you are not including your emergency fund. An emergency fund of around 6 months of expenses should be kept in as liquid a state as possible, so that it can be used right away to deal with the unexpected. Not having a proper emergency fund can do major damage to you financially if you lose your job or have an accident. Just imagine how much it would suck to be forced to sell some of your coins during a temporary low in the market, only to watch the price go back up. In short, if you don't have an emergency fund, then you have an emergency. How do you store your loot? For this quantity of money there is only one valid choice: buy a secondary laptop, install Ubuntu in it, install Bitcoin-Qt in it, print the private keys (or better yet, write them down manually) and store several copies in a safe, encrypt the wallet with a secure passphrase (try this), make a few more backups, then transfer most of your funds there and don't touch it until you need them. I'd say most of the risk comes from bugs in software (look what happened to Android users), so try sticking to old and proven software whenever you can. That's why you shouldn't use Electrum (or other things like fancy hardware wallets) until it's been working for more years. Also good on you for making a new reddit account. Someone could try to target you with social engineering or computer malware. Thanks for the link to the Entima.net pasphrase generator. It does not seem to work for me ( Win xp, old dell laptop, firefox 23.0.1) I followed this direction on the webpage: Please move your mouse around in the window to generate enough random data to construct a secure passphrase. I did that untill the green bar went across and now it says "waiting" and the generate passphrase button seems to be not clickable. Does it just take a long while? Thanks |
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is it risky to turn all my money to bitcoins? anyhow this money sits in the bank and do nothing for!
Last week, I put all my life savings into Bitcoin. I'm only 30 so I know while it is a risk, I still have a chance to recover if it crashes, and I have a full time job anyway. I just thought how the people around me are putting money into their houses, into children and expensive weddings, and they will never get a return on that. It just disappears. I also thought how most people will go their whole life and not take a risk and 'go for it'... and when I'm older, I will not be able to things like this. I will be a lot more conservative. Now is the time for me to take a risk. So I put a total of about $50,000 USD and bought in. I don't know how long I'll keep it in, but I'm thinking at least 5 to 10 years, maybe longer. I haven't told anyone and I don't plan to, but I feel good about it. Another thing I think about is that there will only be 21 million bitcoins ever released, and that is NOTHING when I stop and think about it. To me it seems like a great opportunity. |
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So eventually bitcoin is gonna have to compete with credit cards and mobile payments. To do this people will need to have a bitcoin mobile app.
I know there are the lightweight wallet mobile apps. Are those any safe? Will those be the future. Or will the future be having a hosted service where the company has control over your bitcoin and you can just send them to pay with stuff with the mobile app? Like Square recent integration of Bitcoin.
I don't know what options are out there now. But it would seem to me that having a secure offline savings account coupled with a hosted mobile bitcoin service (checking account) for payments would make sense. I mean I guess obviously if you're making payments you can't have everything in cold storage so some compromises on security must be made.
Mycelium started out as a great wallet on Android and the dev team has been working hard at integrating with other partners. They make it very easy to watch your balances and make deposits while requiring you to insert a physical device in order to spend. Plus, if you have Galaxy S6 or Note 5 or higher, you can download an app that will turn a hardened section of your phone into one of those hardware wallets that are compatible with Mycelium. I'm using Mycelium and haven't got a hardware Wallet. Are you saying I will need one in the future to use Mycelium? If so, I will be moving away from it ASAP. Airbitz app is legit |
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So eventually bitcoin is gonna have to compete with credit cards and mobile payments. To do this people will need to have a bitcoin mobile app.
I know there are the lightweight wallet mobile apps. Are those any safe? Will those be the future. Or will the future be having a hosted service where the company has control over your bitcoin and you can just send them to pay with stuff with the mobile app? Like Square recent integration of Bitcoin.
I don't know what options are out there now. But it would seem to me that having a secure offline savings account coupled with a hosted mobile bitcoin service (checking account) for payments would make sense. I mean I guess obviously if you're making payments you can't have everything in cold storage so some compromises on security must be made.
These wallets are all solid choices that offer both security and usability: Airbitz (iphone or Android) Breadwallet (iPhone) Mycelium (Android) Copay (all devices) Just make sure you follow the appropriate backup procedures for whatever wallet you choose. |
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So eventually bitcoin is gonna have to compete with credit cards and mobile payments. To do this people will need to have a bitcoin mobile app.
I know there are the lightweight wallet mobile apps. Are those any safe? Will those be the future. Or will the future be having a hosted service where the company has control over your bitcoin and you can just send them to pay with stuff with the mobile app? Like Square recent integration of Bitcoin.
I don't know what options are out there now. But it would seem to me that having a secure offline savings account coupled with a hosted mobile bitcoin service (checking account) for payments would make sense. I mean I guess obviously if you're making payments you can't have everything in cold storage so some compromises on security must be made.
You haven't mentioned what platform you're using but I recommend Bread wallet. |
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The solution is to immediately buy the amount of BTC you spent, the BTC ecosystem is strengthened every time you do it. Everyone wins. |
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Bitcoins are great to invest and trade. Why would anyone spend their bitcoins on Uber? Because it's supposed to be money, dude, not a nut you squirrel away. The solution is to immediately buy the amount of BTC you spent, secure in the knowledge that the BTC ecosystem is strengthened every time you do it. Only problem is that creates additional theoretical tax overhead (supposed to report the acquisition even if you only owe on sell to fiat).. at least best it was explained me, I keep getting different answers from different CPAs. LOL, of course! |
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Uber and Bitcoin are among the most groundbreaking technologies currently on the market. Uber, part of the so-called sharing economy, has created jobs and helped people arrive at their destination safely. |
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Good morning
Reading about bitcoin, I've found that there is a maximum of BTC that can be mined: 21 milions
It is said that this limit is due to the source code.
As probably you know more than I do about BTC:
- is it a real limit
- is it a good thing? I think it is but it looks like BTC will become more a commodity and not just a payment system
What do you think?
In fact, there are only 21 million Bitcoins that can be mined in total. Once miners have unlocked this many Bitcoins, the planet's supply will essentially be tapped out, unless Bitcoin's protocol is changed to allow for a larger supply. Read more: What Happens to Bitcoin After All 21 Million are Mined? | Investopedia https://www.investopedia.com/news/what-happens-bitcoin-after-all-21-million-are-mined/#ixzz50OabzzbM Follow us: Investopedia on Facebook |
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You guys should stop buying Bitcoin - how am I going to fatten my wallet if the price keeps rocketing up? What are we going to do when the Satoshi achieves parity with the dollar? You're right, honestly. I was a huge skeptic of BTC for a long time but am slowly realizing just how influential it may be. I have this odd feeling that in 10-20 years owning even .1 BTC will be incredibly valuable. The way I see it: If there are major wars, BTC will go up If there are problems with countries currency, BTC will go up More investing firms are adopting Bitcoin (finally) There is a finite amount of the currency Internationalism is growing, which is reducing powers of national governments. That should also reduce their power to control national currencies. So btc and other neutral international solutions will grow. I will always keep buying on dips and try selling on pumps while holding some |
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Hi I think just before a month we saw china banning ICOs and taking severe actions against bitcoin exchanges which led to the shut down of almost all the three big exchanges.We could clearly understand that chinese government is totally against bitcoin.China has the largest number of mining farms in the world.
But still china has not banned mining.So,what's actually stopping china from banning bitcoin mining totally there?
Kindly shed some light on this topic.
Wang’s planned farm in Gansu – one of the poorest provinces in China – will cost about 10 million yuan (US$1.52 million) to set up. |
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Hello pals,
Recently I introduced Bitcoin and cryptocurrency to my friends and family,they liked the concept but they asked me a question that I wasn't able to answer.Is Bitcoin really secure?What if a hacker was able to hack Bitcoin system/blockchain?Who manages Bitcoin security and what are the security measures taken to avoid hackers being able to steal Bitcoins?Why Bitcoin is not blocked for those who use it illegally by buying/selling in the deepweb market?What if governements ban Bitcoin because of these people?
I really appreciate if you guys give me some answers
Bitcoin is a “cryptocurrency” -- a form of digital money that proponents hope will get all the middlemen out of financial transactions and permit the parties -- even ones who do not know or trust one another -- to conduct their exchange directly between themselves. |
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