Hey CasioK,

I'd love to apply for this campaign.

Twitter account: @TheGodson14
Address: 16tUY3kpYc5kpnRat3Kc6mdX3u5e1NDmmF
Twitter followers count: 19,784 (I knew these followers would be useful someday.  )

I would store them in paper wallets. The best hacker in the world wouldn't be able to get your money since there is no electronic fingerprint for them to follow. If you download something from the internet there is no guarantee that you aren't also downloading a keylogger that monitors everything you do on your computer.

Call me paranoid if you want, but better that than careless.

Also make sure to keep the paper wallets in a safe place. You don't want some family member thinking it is some random numbers and letters on a sheet of paper and then throwing it away.  That would be awful!

I think being unemployed would make me less likely to go into Bitcoin. Bitcoin is so volatile that anything can happen. If your entire money supply is based on that you are going to live a stressful life.

I think the thing that drives people to Bitcoin are mostly three things: vision for the future, gambler spirit, and desire to make a lot of money with little effort.

I think it is really cool to see how people were talking about Bitcoin in the past. Who knows what the future holds for us. Perhaps Bitcoin will collapse. Perhaps it will be the next new thing. Only time will tell. I'm happy to have hopped on board thus far.

On a side note, apparently a mod didn't like my joke and deleted my post. I really don't understand why. Some people just don't have a sense of humor I guess.  

I mean, it is not like a big deal or anything, but still rubs me the wrong way. I just think it is pathetic to have someone policing what I say when it isn't in any way destructive. After the person started evaluating bitcoin being at the lofty number $1 trillion. I stated waiting 20 years and being at 8$ Quintillion... Okay so the joke wasn't that funny, but whatever. Is it really worth deleting?

@mindrust: I'm optimistic too, but 500k per bitcoin would be a total evaluation of 10.5 trillion dollars. That is equivalent to the amount of dollar currently in circulation... cool. Sounds to good to be true though. I hope I'm wrong and that you are right.

I wonder why people are so in disagreement with the 97% number? Seems fairly accurate to me. There were 4 who claimed they were women in this thread out of 131 posts above mine. That's about lol, 3% exactly. Also taking a binomial distribution with results closer to the end of a spectrum converges faster. In other words, the sample size doesn't need to be nearly as big if the number was closer to 50%.

The combination of Men being more risk takers and more into technology stuff makes 97% a very believable number.

Go to a poker table and you'll see most of them are guys. Stock trader people on the news are also mostly guys.

Sure 97% could be off, but I think it is probably very accurate. If I was to forecast the future. I believe this number will converge to 50% when the whole world is using Bitcoin.

Grrrrr. Bitcoin went up to $2222. 

Turns out my forcast was wrong. I decided to purchase it before it went up any further. Hurts to know that only a little while ago I could have purchased for 1900ish. Doh, there goes $1000. Hehe.

I bought 3.3 Bitcoin. I'm psyched! So glad that I did purchase though, because it is going to take 5 business days to process. Had the price not gone up I probably would have mistakenly waited too long past August 1st. I'm actually kind of worried, because my bank is moving soooooo slow to move my money over. I'm now afraid I won't make it in time.

I'm hoping that the price will continue to go down because of the August 1 thingy. I will probably wait for July 26 or possibly sooner to purchase some more Bitcoin. Then I will store them into some paper wallets. I bought some bitcoin for $500ish when it was at $2500. I'm hoping it will go down further maybe to like $1500ish. If it goes up to like $2,200 I may just buy, because I will assume my forecast of it going down was wrong. One thing I am sure about is that I will buy before August 1. If I wait until after August 1st it will be too late since all the danger will be gone.

I suppose there is a chance Bitcoin could collapse. The reward outweighs the risk though. Even if there was a 70% chance Bitcoin crashes and becomes worthless it would still be worth it. The reason being the potential rewards of this actually succeeding as an official currency would make investing a +EV decision.

Years later, I probably will cash some out to hopefully purchase a house or what not. However, I plan on keeping a majority of it since in the grand scheme of things it will be its own currency. I see no need to just use bitcoin as a money making machine and then jump out when it is successful. Isn't the whole point of it being successful to be a currency worth keeping? I won't need to cash it out to make money, because in the future it WILL be money. In the future, hopefully people will be "cashing" in their federal reserve notes for money to buy things. 

At this point in time I have no intention of day trading Bitcoin. I have, however, considered the possibility of purchasing many cheap altcoins that have potential.

I also have to make a decision on whether to hold my $7000ish worth of Starbucks stock for long term capital gains or write a call option now. After writing a call option and say it gets executed, I may end up putting that money in more bitcoin... on the other hand, maybe it might be better to repurchase and repeat the process so I can unlock better trading levels on my brokerage account.

I have a lot of decisions in the coming weeks.  

I don't suppose I could use a charity to offset the gambling issue by any chance. I'm guessing probably not.


I've thought of an alternative idea which I'm pretty sure wouldn't have any legal issues, but maybe I'm missing something:

I build a website with a virtual tree. People interact with the tree to get it to grow. If you are a top contributor to the growth of the tree you get access to place a message on one of the branches (this could be a friendly simple message or even an advertisement). Soon people start to realize that paying money/bitcoin is the quickest way to get treegrowth points and get a message on a branch. The short term plan would be to get interaction. The long term plan would be to make money.

To run a game like this would I be required to have some special license or permit? Anything illegal that I'm overlooking?


On a side note, I really must say that creating this AMA thread was a brilliant idea. If I ever get into Bitcoin legal trouble I'll know who to go to  ... Actually since you're in Nevada, which is a ways across the country for me, that probably won't happen. Good idea though nevertheless. Thanks for your help.

Hi George,

I'm interested in starting up a website where people can gamble with bitcoins. The game is similar to a "heads or tails" game. In my website there is no specific account where people sign up for. When they want to bet they send their money to one bitcoin address for "heads" and another for "tails". At the end of the week one side wins and the other side loses. The winning side gets slightly shy of double their money. The losing side gets nothing. I collect the remainder.

Since Bitcoin isn't technically recognized by the US as a currency does this even count as gambling? I live in Michigan if that changes anything.

1) Is this legal?
2) If it is illegal what are the consequences and likelihood of those consequences occurring?