Bitcoin is the reserve currency of crypto gambling?

[xhomerx10]

I've only made the statement that you have posed shit.  One only need read the shit to substantiate my claim.  Apparently you don't even read your own shit.

Thats not an argument. It is trolling. When you are ready to make an argument, such as posting statistics on Bitcoin's usage, I will welcome the challenge. Until then, your posts are vacuous.

Hope it is starting to sink in, that you are trolling someone who is very smart and has even been alleged to be Satoshi.

 It's not trolling to make a statement in your thread about an illogical conclusion you have come to with a few disjointed re-posts of shit you typed earlier in the day/week.  I initially read the post thinking I might learn something.  No doubt you are smart and possibly also  manipulative but if you want to debate the intelligence of Satoshi, we'd better begin another thread because that would be off-topic.

[TPTB_need_war]

It's not trolling to make a statement in your thread about an illogical conclusion

Explain why the conclusion is illogical? Why is Bitcoin not the reserve currency of crypto gambling?

Please don't reply again if you aren't going to get directly to the point. You are filling the thread with useless noise. I will flag your posts to the moderator if you continue posting noise and not making an argument.

[xhomerx10]

It's not trolling to make a statement in your thread about an illogical conclusion

Explain why the conclusion is illogical? Why is Bitcoin not the reserve currency of crypto gambling?

Please don't reply again if you aren't going to get directly to the point. You are filling the thread with useless noise. I will flag your posts to the moderator if you continue posting noise and not making an argument.

 I've already gotten to the point.  NONE of the quotes in the initial post either individually or as a whole would lead to the conclusion that Bitcoin is the reserve currency for gambling.  That is my argument.  There is no explanation required.  Listen, my reading comprehension is generally pretty good and I have read the first post more times  than I probably should have already but I can't make anything of it.  AS an aside, if you can honestly tell me after reading your initial post that it leads you to any sort of conclusion about anything at all, then I suggest that you might need some help.  This is not an attack on your person nor am I trolling, I am genuinely concerned for your well-being. 

[TPTB_need_war]

It's not trolling to make a statement in your thread about an illogical conclusion

Explain why the conclusion is illogical? Why is Bitcoin not the reserve currency of crypto gambling?

NONE of the quotes in the initial post either individually or as a whole would lead to the conclusion that Bitcoin is the reserve currency for [crypto] gambling.

The question of the thread is not "is the OP a conclusive proof of...?".

The question is, "Bitcoin is the reserve currency of crypto gambling?".

The OP offers some initial thoughts to stimulate the discussion.

Post should argue yes or no and give their reasons why. Complaints about what you did or did not learn from the OP (and other posts in the thread) is irrelevant.

Btw, even if you did argue the OP is not conclusive, that does not prove the answer to the question is No.

P.S. your reading comprehension is apparently not good, since you didn't read or didn't comprehend the clearly stated question.

[The Sceptical Chymist]

Evidence the explosive growth of ShapeShift.io that the gambling is primarily for altcoin gambling:

Replies from others are emphasizing the use of BTC for gambling, but the keyword in my subject title is "reserve".

My point is that BTC is the unit-of-account by which everyone measures their gambling success, not fiat.

When someone gambles on an altcoin "investment" (speculation), they are hoping to get more BTC. They don't cash it out to fiat, they HODLit to gamble some more altcoin "investments". Even if you include gambling sites that accept Bitcoin, the gambler is likely HODLing their BTC gains (if any) and not cashing out to fiat.

Yeah I'll buy that, more or less.   I'm not a gambler but bitcoin is perfect for it as are all the altcoins.  But yeah, they're all priced in btc and that's the standard.

[TPTB_need_war]

@TPTB: Isn't gambling on alts very risky long term since BTC could crash anytime ? I'm always scared into putting money in ETH or XMR because while I see them increasing in BTC price at certain times, they could also decline in term of USD... I missed the latest XMR rally because of that. I saw it coming but I thought : yeah it can go x2 but btc could go down to 150...

The only speculators who are consistently winning on altcoins are those who buy/mine them when they are worthless, and then selling them when they get pumped.

Long-term if you believe a particular altcoin has a feature set and adoption direction that will drive it to compete with Bitcoin, then perhaps you can justify a long-term holding and just ignore the gut wrenching volatility.

I believe perhaps the Chinese felt Ethereum would be a major coin and thus I believe they have thrown BTC at it. And I think many people mined ETH because it can be mined with a GPU, thus there are many people willing to evangelize it. So it was a self-fulfilling bubble because so many people got interested in it. I do believe it will end up like Litecoin and BTS did, because fundamentally AFAICS it doesn't add anything realistic that is a huge market. But it might be good for another move up to perhaps a double-top before we are done. Right now is maximum pessimism because Vitalik admitted he sold 25%. And Homestead hype is already released. But there is still the hype coming before the release of Casper (if we haven't preempted it with the Ethereum Paradox thread, but I doubt we have that power here in this obscure forum).

Right now all the CCs have to be analyzed in terms of what speculators want to buy and mine. The speculators are like a hive of bees and they move from one arbitrage to the next, not only on price but also on mining hash functions, etc.. There is a lot of game theory to analyze in this speculation ecosystem comprising Bitcoin and the altcoins.

I don't really know what to advise you. I would not short BTC. I am not that confident of a crash.

What I am doing is moving to cash USA dollars (because upside on speculation is limited to perhaps a 100% gain and I am more interested in preservation of capital for the moment and the US dollar should give me solid 30 - 50% gains if I hold to late 2017) and I want to buy an altcoin very cheap later this year or early 2017 to aim for 10 to 1000X long-term gain (not a pump). I think you can guess which altcoin I would want to buy because I would have the most confidence in my own role as a lead dev.

The lack of timeline in the fall of BTC makes me miss alot of profit !!!

It is easy to convince ourselves of the profit we would have made, because we ignore all the wrong speculations we would have also made. In retrospect our performance is perfect, lol.

@TPTB: I have a theory regarding ETH. We all thought wallstreets would wake up to BTC at some point and they would end up buying it from us. We all thought we were front running them. What if Wallstreet has another strategy ? they back coins such as ETH, and use their enormous positions to pump the price to agitate greed inside us so we give them our rare btcs for their unlimited eth ?

Excellent! Yeah the game theory is complex.

[TPTB_need_war]

Ransomware operators might keep some BTC too, though I doubt it is much. No one other than speculators wants BTC; everyone who uses it just seems to treat it like a hot potato.

That is why I have said the only economy where Bitcoin is the unit-of-account is the crypto gambling market.

That is why I am going to attempt to create a new microtransactions economy for CC with my JAMBOX wherein the users do not cash out and their unit-of-account are the Jambits or Jamcash. The distinction from GetGems will be there will be actual use cases that drive the users to do these microtransactions. Also I intend to solve all the scaling and centralization problems of Bitcoin, by employing my clever modification to Satoshi's proof-of-work by employing unprofitable mining with a perpetual tail block reward. The math is irrefutable, that Bitcoin's spendable supply will asymptotically trend to 0 due to lost coins. Monero and Jambits will both trend to constant spendable supply due to the tail reward. The difference is Jambits' mining will be unprofitable and mined by the millions of users. I will explain in a white paper why this will remove the tendency to centralize mining and why it will circulate the coin from the power-law savers to the spenders in a virtuous cycle that is necessary otherwise unions and socialism forms to do that job.

[Herbert2020]

My point is that BTC is the unit-of-account by which everyone measures their gambling success, not fiat.

not really, for the good or bad, when people say their loss in bitcoin they are mentally measuring it in fiat. they just say it in bitcoin because they have used bitcoin and lost bitcoin. you never say someone say "aww that is a lot of bitcoin you lost" they say that is a lot of money. they will all multiply it with the price and then decide how big it was.

[Amph]

Evidence the explosive growth of ShapeShift.io that the gambling is primarily for altcoin gambling:

Replies from others are emphasizing the use of BTC for gambling, but the keyword in my subject title is "reserve".

My point is that BTC is the unit-of-account by which everyone measures their gambling success, not fiat.

When someone gambles on an altcoin "investment" (speculation), they are hoping to get more BTC. They don't cash it out to fiat, they HODLit to gamble some more altcoin "investments". Even if you include gambling sites that accept Bitcoin, the gambler is likely HODLing their BTC gains (if any) and not cashing out to fiat.

that because you can't really use it as you can use fiat, this is the big stop for bitcoin

now try toc ompare the two with a scenario were both can see the same usage, i know personally that i would never touch fiat ever, if i could buy stuff with bitcoin only, and i mean every fucking thing out there, not just online

fiat do not have the problem of usability, or at this time would have been a worse gambling tool than bitcoin could ever be

[HeroCat]

In Dice Bitcoin is even main currency for gambling. And also online casino start to implement BTC. 

[TPTB_need_war]

My point is that BTC is the unit-of-account by which everyone measures their gambling success, not fiat.

not really, for the good or bad, when people say their loss in bitcoin they are mentally measuring it in fiat. they just say it in bitcoin because they have used bitcoin and lost bitcoin. you never say someone say "aww that is a lot of bitcoin you lost" they say that is a lot of money. they will all multiply it with the price and then decide how big it was.

Disagree, because the are counting the Bitcoin's future value at $10,000+ per Bitcoin. They only care they earned more Bitcoin out of the trade. Whether they compute that in Bitcoin or fiat is irrelevant, because they want more Bitcoin. If they had a fiat loss but got more Bitcoin, they are happy. Because sometimes they will have a fiat gain but less Bitcoin, which is not what they want.

[cjmoles]

Hmmm.  I've been gambling online longer than I'd like to admit.  I've had to use several methods over the years to get funds transferred to my gambling sites due to various restrictions in my region.  I've used everything from phone credit schemes to Western Union....So, bitcoin does have an unrecognized value here in the gambling industry.  I don't trade my bitcoin out for fiat....it's too valuable a gambling commodity!  And, I do use my bitcoin to invest in alts to increase the size of my bitcoin holding.  My bitcoin is reserved for gambling, period.

[Hirose UK]

if you ask does bitcoin reserve gambling, I'll say it doesn't. it's just like fiat money. no one expressly reserve money for gambling, but it depends on people use it. so is bitcoin. some people use it for gambling because of their own will.

[richkellj]

Does gambling industry require a reserve currency in the first place ?

Yes Ofcourse, gambling industry require a reserve currency for being operational.

[Boosterious]

you mean reserve is a backup?i think bitcoin has been become a main subject of gambling industries now,yes online gambling i mean. we can't deny that bitcoin is the most easy and simple to make good and big gambling site.

[TPTB_need_war]

you mean reserve is a backup?

Read the thread!

Replies from others are emphasizing the use of BTC for gambling, but the keyword in my subject title is "reserve".

My point is that BTC is the unit-of-account by which everyone measures their gambling success, not fiat.

When someone gambles on an altcoin "investment" (speculation), they are hoping to get more BTC. They don't cash it out to fiat, they HODLit to gamble some more altcoin "investments". Even if you include gambling sites that accept Bitcoin, the gambler is likely HODLing their BTC gains (if any) and not cashing out to fiat.

Unit-of-account doesn't mean backup. You need to learn what reserve currency means.

[dearbesz]

 Bitcoin is the reserve currency of crypto gambling?

i absolutely agreed that Bitcoins can possibly reserve currency in crypto gambling,
because of its popularity it will be easy for bitcoins to be use it there in gambling.

[Quickfant]

Bitcoin is the reserve currency of crypto gambling?

i absolutely agreed that Bitcoins can possibly reserve currency in crypto gambling,
because of its popularity it will be easy for bitcoins to be use it there in gambling.

the early major usage for the bitcoin is for dark market and the gambling. In the future, the proportion will be reduced.