Hey guys, just came across this article on Ars Technica..
Bitcoin Based Gambling to Expand in 2013I'm impartial to the expansion of gambling and the use of Bitcoin with it, but I do think this will ultimately lead to an increased USD/BTC price overall (obviously not immediately). Thoughts?
The U.S. government went really harsh after online gambling businesses 5-10 years ago; I am somewhat concerned that Bitcoin in general may end up taking heavy beating ("we don't do body counts" is the stated U.S. government approach to pursuing their agenda).
This is where Bitcoin Foundation and vanilla businesses come in - educating the public, the law enforcement, and the representatives about all the facets of this wonderful technology.
That's fine. BTC doesn't do bodycounts either, and much unlike the various people making up the US Gov't BTC doesn't actually have bodies, either.
In a way I hope Bitcoin isnt used more in gambling websites. It already has a bad rep as it is, (drugs, money laundering, etc) more criminal activity and people will start looking at Bitcoin as a currency for criminals.
Gambling is not criminal activity.
Being a US citizen is criminal activity.
Forget the other way around, it's high time for the US to start spending their own dime to educate the world about how they're not really Nazi Germany v2.0.
I wonder how much of the value in a bitcoin at the moment is due to it being the accepted chip at the worlds biggest dice game.
Jan 08 09:28:08 <midnightmagic> mircea_popescu: the value of keeping sdice txn in the blockchain is less than the value of keeping diffuse txn in the blockchain, including mixnets btw.
Jan 08 09:28:31 <midnightmagic> and miners are the ones who set fee structures.
Jan 08 09:28:35 <mircea_popescu> this is a moot question
Jan 08 09:28:41 <midnightmagic> that is part of the whole nature of bitcoin.
Jan 08 09:28:43 <mircea_popescu> nobody's to evaluate the value of keeping a tx in the blockchain
Jan 08 09:28:48 <mircea_popescu> other than the issuer of the tx.
Jan 08 09:29:08 <mircea_popescu> miners stick with this or get lost.
Jan 08 09:29:17 <midnightmagic> that's not true.
Jan 08 09:29:23 <mircea_popescu> hey, it's the exact standard
Jan 08 09:29:39 <mircea_popescu> but you're welcome to establish it through experience if simple theory doesn't cut it for ya.
Jan 08 09:29:53 <midnightmagic> the exact standard has fees, and the code has anti-dust-spam exceptions in it. satoshi foresaw operations like sdice.
Jan 08 09:29:59 <mod6> *whew* almost forgot that mtdew in the freezer
Jan 08 09:29:59 <midnightmagic> hah, lol.
Jan 08 09:30:23 <mircea_popescu> i guess at some point the split between the people who matter and the people who think they know better is inevitable
Jan 08 09:30:43 <mircea_popescu> contrary to what the people who think they know better think, their fall into oblivion will be immediate.
Jan 08 09:31:04 <midnightmagic> let other people who don't care, mine sdice txn, and take the hit to block propagation. the incentive is against including sdice txn in the blockchain.
Jan 08 09:31:15 <mircea_popescu> yeah, i guess time will tell.
Jan 08 09:31:32 <mircea_popescu> the incentive really is against including miners who don't ihnclude transactions into bitcoin.
Jan 08 09:31:53 <midnightmagic> that's not true. even miners who do *no* txn in their blocks are still burying txn in work.
Jan 08 09:32:11 <midnightmagic> they're still securing the blockchain.
Jan 08 09:32:15 <assbot> [MPEX] [S.DICE] 550 @ 0.00477167 = 2.6244 BTC
Jan 08 09:32:28 <mircea_popescu> you'll at some point have to come to terms with the cold reality that about half of bitcoin's utility atm is s.dice
Jan 08 09:32:48 <mircea_popescu> i know you like bitcoin in principle. but in practical terms, it's useless other than because its that thing where sdice happens.
Jan 08 09:33:26 <mircea_popescu> "not including" the filling in the donut is pracrtically speaking not including yourself among the donut makers.
Jan 08 09:33:32 <mircea_popescu> because donuts WILL be made.
Jan 08 09:34:01 <midnightmagic> lol hilarious analogy. But! Are they Tim Horton's doughnuts, or Krispy Kremes?
Jan 08 09:34:14 <mircea_popescu> apparently they're E Vor Hee's
Roughly half.
That is why I created a bitcoin gambling site. So lol away at reality too I guess.
The guy does nothing but knows better. It's a sickness.