The very sad truth about Bitcoin : It might die to gambling

[Kouye]

I'm not a bitcoin elder, but I've done my share of reading back to catch up.
And among all the threats bitcoin faces, one struck me as the most dangerous:

Gambling.

Remember, limited amount of coin.
Each day, just-die (sp?) and MANY other clones are racking up coins. And a lot of those.
Disguised adds like this so-called news are hurting bitcoin bigway.

People running those gambling sites obviously don't wan't bitcoin to succeed. They just wanna get rich while it lasts.

Thus, they probably throw the coins back to get fiat, but... What if one decided not to ?

And what if we reach the goal to make banks&fiat vanish and bitcoin becomes the main currency?
I know this won't happen, but I also fear this CANNOT happen, because of the gambling sites.

TLDR;
A gambling business can't lose as much wealth as the other successful ones earn.
Bitcoin won't inflate.
Bitcoin will end up being held by gambling businesses.

I really hope someone proves me wrong, even if the process of doing so includes insults.

[TippingPoint]

I can assuage your fears with two words.

Silk Road

[01BTC10]

So this is the reason why the US government massively print fiat money so it doesn't all end in Las Vegas or Atlantic City?

[Birdy]

Bitcoin will end up being held by gambling businesses.

How is making a ton of Bitcoins from gambling business different from someone aquiring them with other business models?
You have some very Bitcoin-rich persons then, well that's no news. Everybody who got in early or just had enough fiat to buy a lot of Bitcoins already is that.

Furthermore everyone can invest in just-dice to be the house and the low house edge will put pressure on all other gambling sites, so they have to lower their profits. I think casinos in Las Vegas or state lotteries are making more .

[Mike Christ]

What's the point of making money and never spending it?

[Birdy]

What's the point of making money and never spending it?

Oh, you cannot do that with Bitcoins xD
Maybe with Casascius Coins

[empoweoqwj]

I'm not a bitcoin elder, but I've done my share of reading back to catch up.
And among all the threats bitcoin faces, one struck me as the most dangerous:

Gambling.

Remember, limited amount of coin.
Each day, just-die (sp?) and MANY other clones are racking up coins. And a lot of those.
Disguised adds like this so-called news are hurting bitcoin bigway.

People running those gambling sites obviously don't wan't bitcoin to succeed. They just wanna get rich while it lasts.

Thus, they probably throw the coins back to get fiat, but... What if one decided not to ?

And what if we reach the goal to make banks&fiat vanish and bitcoin becomes the main currency?
I know this won't happen, but I also fear this CANNOT happen, because of the gambling sites.

TLDR;
A gambling business can't lose as much wealth as the other successful ones earn.
Bitcoin won't inflate.
Bitcoin will end up being held by gambling businesses.

I really hope someone proves me wrong, even if the process of doing so includes insults.

You are assuming that more than a small minority of bitcoin holders are idiotic enough to give their coins away to casinos. Unless bitcoin holders are severely below the average intelligence level of the general population, this is clearly not going to be the case.

Fools and their bitcoins are easily parted. I'm not a fool. Are you?

[Chet]

Yet another xxxxx will kill bitcoin.
whats next pr0n?

[Kouye]

What's the point of making money and never spending it?

Care to show me a report stating gambling business in its whole is at a loss today, please ?
That would really be a releif.

[crumbs]

I know i'm missing something, but what makes gambling different from any other business, as far as bitcoin is concerned?  What makes gambling unique, in your opinion?

[Kouye]

I know i'm missing something, but what makes gambling different from any other business, as far as bitcoin is concerned?  What makes gambling unique, in your opinion?

That's an easy one.

Gambling businesses are earning wealth, globally.
Want proof ? Check for government lotteries, as a starter?

[Elwar]

What a great plan that all of these gambling companies have.

1. Start gambling site.
2. Hoard all of your earnings, pay for everything out of pocket.
3.
4. Profit!

[Kouye]

What a great plan that all of these gambling companies have.

1. Start gambling site.
2. Hoard all of your earnings, pay for everything out of pocket.
3.
4. Profit!

They don't have to hoard all their earnings, they just have to spend the bare mininum to keep on operating.

Let me try again:
1 - Bitcoins have a limited supply
2 - Gambling sites are globally earning more bitcoins than they have to spend to keep their business on
3 - Gambling sites will end up owning a lot of bitcoins, if we don't prevent this

The same thing is happening with fiat today.
Or can you just give me an example of government lottery which has a negative result ?

[crumbs]

I know i'm missing something, but what makes gambling different from any other business, as far as bitcoin is concerned?  What makes gambling unique, in your opinion?

That's an easy one.

Gambling businesses are earning wealth, globally.
Want proof ? Check for government lotteries, as a starter?

Are you saying that other businesses are just breaking even at best?  The point of most businesses is to ... earn wealth?

[crumbs]

...
Let me try again:
1 - Bitcoins have a limited supply
2 - Gambling sites are globally earning more bitcoins than they have to spend to keep their business on
3 - Gambling sites will end up owning a lot of bitcoins, if we don't prevent this

The same thing is happening with fiat today.
Or can you just give me an example of government lottery which has a negative result ?

1.  Bitcoins are a limited supply.
2. Gambling sites All successful businesses are globally earning more bitcoins than they have to spend to keep their business on.
3.  Gambling sites All successful businesses will end up owning a lot of bitcoins, if we don't prevent this.
 

[Kouye]

Are you saying that other businesses are just breaking even at best?  The point of most businesses is to ... earn wealth?

No. I'm saying that setting up a gambling business is way easier, and much safer, compared to other useful businesses.

There is no way denying sd and jd are racking in A LOT of bitcoins, today.
I'd be -really- interested in a list of BTC businesses that can match their volumes.

[Elwar]

2 - Gambling sites are globally earning more bitcoins than they have to spend to keep their business on

When you earn more money than you spend, that is called profit.

Where do company profits usually go?

A. Paid to investors
B. Invest back in the business
C. All of the above

[Birdy]

Are you saying that other businesses are just breaking even at best?  The point of most businesses is to ... earn wealth?

No. I'm saying that setting up a gambling business is way easier, and much safer, compared to other useful businesses.

There is no way denying sd and jd are racking in A LOT of bitcoins, today.
I'd be -really- interested in a list of BTC businesses that can match their volumes.

Ok, let's assume gambling business hoards lots and lots of Bitcoins, why exactly will Bitcoin die then?
As far as I know it will gain traction if the price skyrockets.

[Razick]

I'm not a bitcoin elder, but I've done my share of reading back to catch up.
And among all the threats bitcoin faces, one struck me as the most dangerous:

Gambling.

Remember, limited amount of coin.
Each day, just-die (sp?) and MANY other clones are racking up coins. And a lot of those.
Disguised adds like this so-called news are hurting bitcoin bigway.

People running those gambling sites obviously don't wan't bitcoin to succeed. They just wanna get rich while it lasts.

Thus, they probably throw the coins back to get fiat, but... What if one decided not to ?

And what if we reach the goal to make banks&fiat vanish and bitcoin becomes the main currency?
I know this won't happen, but I also fear this CANNOT happen, because of the gambling sites.

TLDR;
A gambling business can't lose as much wealth as the other successful ones earn.
Bitcoin won't inflate.
Bitcoin will end up being held by gambling businesses.

I really hope someone proves me wrong, even if the process of doing so includes insults.

I think the issue of hording has been addressed. I have to disagree that this is a problem, in fact, the way I see it, gambling transfers wealth from fools to (on average) people who are more responsible. I'm not saying that gambling automatically makes you a fool by the way, there is nothing wrong with wasting a few bucks for the chance of winning, but in the end, gamblers always lose in the long run.

[Razick]

...
Let me try again:
1 - Bitcoins have a limited supply
2 - Gambling sites are globally earning more bitcoins than they have to spend to keep their business on
3 - Gambling sites will end up owning a lot of bitcoins, if we don't prevent this

The same thing is happening with fiat today.
Or can you just give me an example of government lottery which has a negative result ?

1.  Bitcoins are a limited supply.
2. Gambling sites All successful businesses are globally earning more bitcoins than they have to spend to keep their business on.
3.  Gambling sites All successful businesses will end up owning a lot of bitcoins, if we don't prevent this.
 

4. That's how business works, and it is a good thing.