LOTTOCOIN OLD THREAD, [CLOSED]

[damnation]

what did you sell at?

yesterday morning i sold at stupid 16 :/
but i think we will see 16 again.
so...

wierd according to pete.. price touched 16.. approx 3 hours ago... but my buy order dint get filled ..

nothing on cryptsy to show fall to 16... perhaps on coined up?

hmm likely ur right.. i think coinedup is consistently lower in price..by 1 point

[skillrun]

what did you sell at?

yesterday morning i sold at stupid 16 :/
but i think we will see 16 again.
so...

wierd according to pete.. price touched 16.. approx 3 hours ago... but my buy order dint get filled ..

nothing on cryptsy to show fall to 16... perhaps on coined up?

hmm likely ur right.. i think coinedup is consistently lower in price..by 1 point

coinedup is much too less volume to send the coins over there and sell. Would take much time to sell. Probably it goes down on cryptsy and i have to get back on the end of the queue. so no. already went through this

[damnation]

what did you sell at?

yesterday morning i sold at stupid 16 :/
but i think we will see 16 again.
so...

wierd according to pete.. price touched 16.. approx 3 hours ago... but my buy order dint get filled ..

nothing on cryptsy to show fall to 16... perhaps on coined up?

hmm likely ur right.. i think coinedup is consistently lower in price..by 1 point

coinedup is much too less volume to send the coins over there and sell. Would take much time to sell. Probably it goes down on cryptsy and i have to get back on the end of the queue. so no. already went through this

true there really is no volume there at all..

i do like the highest sell price on coinedup though..

12132012BTC for   1 LOT = 12132012 btc

[heartthew]

I make most of my cheap purchases there throughout the day, actually...

Coined Up is a lot more useful than people give it credit for. Bought at 14 1m Lotto yesterday during the big press...

[funkycoin]

SERIOUS LEGAL QUESTION... feedback and answers appreciated.

I'm a big investor in LOT so I need to know my investment is safe...
OK I take the risk that 'share' price or LOT price goes up and down but in investing I have to have 100% confidence in the 'Brand' and future of the brand, its ethics and its core values.

So please explain this:

Casinos use chips which you have to buy... then you use chips to bet.
Lottocoin affiliate casinos use LOT which you have to 'buy' using bitcoin... OK you could argue that bitcoin has no value but you'd be skating on thin ice here as BITCOIN has now been rubber stamped by the US senate as being a true viable currency.

Lottowin casino states:
Lotwincasino does not use real money and is for entertainment purposes only (R18).

So in real terms LOT are your 'chips' which you have to purchase via BITCOIN. (yes some are given away to promote the site and generate customer awareness but these LOT are simply the casinos 'promotion bounty' and openly used as a promotion tool). If the statement was correct LOT would be 100% available for free so you could use the casino, as stated, just for fun and for entertainment purposes.


QUESTION:

'Lotwincasino does not use real money and is for entertainment purposes only (R18)'

IS THIS STATEMENT LEGAL or does it contravene gambling laws in that LOT has a real price on the exchange and is bought to bet:

At the top of the page it states:
LotwinCasino, uses Lottocoin crypto currency

CLEARLY LOT IS A CURRENCY THAT IS BOUGHT AND EXCHANGED VIA BITCOIN which is a real trading currency... I am puzzled and need this cleared up to understand if the developing brand is going to last long term with real viable investment growth potential through the affiliate sites that accept Lottocoin.

1. Does any one on the DEV team or their legal advisors know what the legal situation is regarding this statement?
2. Has this statement been placed having had legal advice that it is correct and that it is legal to state such a fact.
3. Does the statement contravene current gambling laws.

Many thanks in advance for your learned advice and feedback.
Understanding the legal position will greatly increase investor confidence so I am hoping this statement is legally correct

[damnation]

I make most of my cheap purchases there throughout the day, actually...

Coined Up is a lot more useful than people give it credit for. Bought at 14 1m Lotto yesterday during the big press...

was thinking about it.. but dont have the btc to spread around just yet... i do like the 0% exchange fee though

[Redcoin]

SERIOUS LEGAL QUESTION... feedback and answers appreciated.

in our view its real money.

but the law makers can keep thinking its play money.

[funkycoin]

SERIOUS LEGAL QUESTION... feedback and answers appreciated.

in our view its real money.

but the law makers can keep thinking its play money.

Is this the actual legal position... 'Lottocoin and ALT currencies are all play money'.
Is this the legal advice given by Lottocoin's and its affiliate site's legal advisors?
A statement from the DEVS confirming this would inspire long term confidence in the coin and its developing affiliate projects.
That would be great for lottocoin

[Redcoin]

SERIOUS LEGAL QUESTION... feedback and answers appreciated.

if it was a licensed casino using "real money", anyone playing from US would be breaking the law.

[damnation]

SERIOUS LEGAL QUESTION... feedback and answers appreciated.

I'm a big investor in LOT so I need to know my investment is safe...
OK I take the risk that 'share' price or LOT price goes up and down but in investing I have to have 100% confidence in the 'Brand' and future of the brand, its ethics and its core values.

So please explain this:

Casinos use chips which you have to buy... then you use chips to bet.
Lottocoin uses LOT which you have to 'buy' using bitcoin... OK you could argue that bitcoin has no value but you'd be skating on thin ice here as BITCOIN has now been rubber stamped by the US senate as being a true viable currency.

Lottowin casino states:
Lotwincasino does not use real money and is for entertainment purposes only (R18).

So in real terms LOT are your 'chips' which you have to purchase via BITCOIN. (yes some are given away to promote the site and generate customer awareness but these LOT are simply the casinos 'promotion bounty' and openly used as a promotion tool. Otherwise LOT would be 100% available for free so you could use the casino for fun.


QUESTION:

'Lotwincasino does not use real money and is for entertainment purposes only (R18)'

IS THIS STATEMENT LEGAL or does it contravene gambling laws in that LOT has a real price on the exchange and is bought to bet:

At the top of the page it states:
LotwinCasino, uses Lottocoin crypto currency

CLEARLY LOT IS A CURRENCY THAT IS BOUGHT AND EXCHANGED... I am puzzled and need this cleared up to understand if the developing brand is going to last long term with real viable investment growth potential.

1. Does any one on the DEV team or their legal advisors know what the legal situation is regarding this statement?
2. Has this statement been placed having had legal advice that it is correct and that it is legal to state such a fact.
3. Does the statement contravene current gambling laws.

Many thanks in advance for your learned advice and feedback.

it is a serious question and a valid one at that.. but if you weren't so down on gambling and attempted to look at other casino sites you would realise that BTC casinos state the same thing... Yes its a contrived statement to circumvent gambling laws but in the same breath cryptocurrencies are not considered to be legal money. And,

For example: The ever popular zynga poker... allows one to buy chips but its one way though with dev's supposedly being the only ones being able to sell it.. however there is a huge underground community selling those chips for fiat..

To be honest as far as i know there are no laws against gambling with cryptocurrencies.. America accepted cryptocurrencies recently but that was mainly to bring it under "Money Laundering" Laws. Different countries have taken different stances on how they treat a cryptocurrency.

IMHO, there is no such thing as safe when it comes to cryptocurrency as a coin can pretty much tank any idea... BTC built its network of services up thanks to all those gambling sites you abhor.. you obsess about the "BIG LOSS" but frankly you forget that without those services there would be no real world value for a coin in its early stages... maybe some of the new 3rd gen coins might be different... but then again most of their prices are currently just speculated based on potential... and are just as likely to crash..

[funkycoin]

SERIOUS LEGAL QUESTION... feedback and answers appreciated.

if it was a licensed casino using "real money", anyone playing from US would be breaking the law.

So is this the actual legal position... 'Lottocoin and ALT currencies are all play money' and not a real currency even though they have a direct exchange rate with Bitcoin that has in itself been rubberstamped by the US senate as a real trading currency.
Is the statement quoted correct and is this the legal advice given by Lottocoin's and its affiliate site's legal advisors?
A statement from the DEVS confirming this would inspire long term confidence in the coin and its developing affiliate projects.
That would be great for lottocoin

[damnation]

SERIOUS LEGAL QUESTION... feedback and answers appreciated.

if it was a licensed casino using "real money", anyone playing from US would be breaking the law.

So is this the actual legal position... 'Lottocoin and ALT currencies are all play money' and not a real currency even though they have a direct exchange rate with Bitcoin that has in itself been rubberstamped by the US senate as a real trading currency.
Is the statement quoted correct and is this the legal advice given by Lottocoin's and its affiliate site's legal advisors?
A statement from the DEVS confirming this would inspire long term confidence in the coin and its developing affiliate projects.
That would be great for lottocoin

not to be a dick but you might have better confidence if you emailed BTC dev team asking if it was legal to use BTC in gambling for the simple reason that BTC probably has at least 100 times more gambling sites than LOT and as its the currency from which LOT derives value...

IMO, value of an alt coin vs btc is initially determined by about 80% speculation and 20% services after that its like 60% speculation and 40% supply/demand from services, difficulty, block rewards, etc.. redcoin is right in that alt coins only has value to us who are miners/traders..

Anyway, BTC might have been rubberstamped as 'real' money but it doesn't cover the rest of alt currencies. It comes down to being unregulated, decentralized, blah blah blah (we've all heard the spiel) currently the only 'real' way for a government to monitor it is when you declare the fiat you earn in exchange..

right now its along the lines of buying beads, pots and pans.. heading off into the west and trading it for leather and furs... coming back to civilization and making a killing at the market

[hash.so]

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[funkycoin]

SERIOUS LEGAL QUESTION... feedback and answers appreciated.

right now its along the lines of buying beads, pots and pans.. heading off into the west and trading it for leather and furs... coming back to civilization and making a killing at the market

nice analogy... so in conclusion, if this is the true legal position,
great for lottocoin...

[skillrun]

I will leave my country on March the 7th. Will live for about 6 months in America.
That means i will hold my LOT and when i come back i will see what the coin did in the past half year.
What you suggest or what you would do:

1. Set a sell order -> what could be a big mistake when the coin rises high upove my sell order!

or

2. Just leave and come back too see what happened ?   

[kpg99miner]

I will leave my country on March the 7th. Will live for about 6 months in America.
That means i will hold my LOT and when i come back i will see what the coin did in the past half year.
What you suggest or what you would do:

1. Set a sell order -> what could be a big mistake when the coin rises high upove my sell order!

or

2. Just leave and come back too see what happened ?   

You could set a sell point with a percentage of your coins and leave it hoping it will sell, and keep the rest in cold storage in your wallet so that you can trade it when you get back.

or

You can just bring your wallet with you and still trade it while you are in America.

[KeyserSozeMC]

I will leave my country on March the 7th. Will live for about 6 months in America.
That means i will hold my LOT and when i come back i will see what the coin did in the past half year.
What you suggest or what you would do:

1. Set a sell order -> what could be a big mistake when the coin rises high upove my sell order!

or

2. Just leave and come back too see what happened ?   

Option 2 has been the best, always

[skillrun]

You could set a sell point with a percentage of your coins and leave it hoping it will sell, and keep the rest in cold storage in your wallet so that you can trade it when you get back.

or

You can just bring your wallet with you and still trade it while you are in America.

I know i got access to cryptsy. Could easily trade like i do now. But you can believe me i got better things to do then looking at the charts when i´m in america Won´t even think of crypto ! 

[kpg99miner]

You could set a sell point with a percentage of your coins and leave it hoping it will sell, and keep the rest in cold storage in your wallet so that you can trade it when you get back.

or

You can just bring your wallet with you and still trade it while you are in America.

I know i got access to cryptsy. Could easily trade like i do now. But you can believe me i got better things to do then looking at the charts when i´m in america Won´t even think of crypto ! 

Where will you be visiting for 6 months?

[skillrun]

Where will you be visiting for 6 months?

I´m based in Flagstaff/Arizona. Going to work in all the surrounding nature reserves. Will be epic