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Author Topic: SwitchPoker.com - Adds Bitcoin Deposits!  (Read 4583 times)
FlipPro
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November 23, 2011, 05:24:08 AM
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"Switchpoker.com, the world's first real money online poker site compatible with the iPhone, iPad, and iPod Touch, today announces it is the first real money poker site to offer the revolutionary virtual currency Bitcoin as a deposit and payment method.

Bitcoin is a distributed currency that operates without any central point (such as a bank) and without any governmental control. It is very much like gold is in the offline world. Bitcoins can be exchanged from one person to another directly, anonymously and without fees."

Here's their site, they have some awesome software!

Great news for Bitcoins!

https://www.switchpoker.com/

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Eveofwar
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November 23, 2011, 05:25:16 AM
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For the lulz.
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November 23, 2011, 05:37:19 AM
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Great news - proof of concept for a "normal" business to integrate Bitcoin with legacy systems.  Really exciting  Grin
MemoryDealers
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November 23, 2011, 05:50:31 AM
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I wish switchpoker.com accepted US based players.

I think that is the next big step.

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November 23, 2011, 07:04:15 AM
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It would be a much bigger deal if they took US players. Euro players have little reason to use bitcoin over standard deposit methods. US players don't have standard deposit methods available.
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November 23, 2011, 07:45:37 AM
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  Great news.
  How is conversion between Bitcoin and Euro done?
  There is a refference to bitcoin 24/7 who are they? I hope it's got nothing to do with the defunct bitcoin7.
  May additional identification be required for Bitcoin withdrawals? How is excahnge rate set for that? Is it the same rate
for deposit and withdrawals? If not, what's the spread?
GideonGono
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November 23, 2011, 08:34:23 AM
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Great news! Any idea how much traffic they have? Also, won't US based players be able to play (with a vpn of course) since they can now deposit/withdraw with BTC?

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November 23, 2011, 12:54:27 PM
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I wish switchpoker.com accepted US based players.

I think that is the next big step.

How are they supposed to know you are a US based player, specially if you pay with bitcoins? Proxies are cheap. I think that is what they are really aiming at.
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November 23, 2011, 01:28:46 PM
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Proxies are cheap. I think that is what they are really aiming at.

Yes, I think so, too. With anonymized IP and bitcoin payments, everybody can use their site without any problems, however they probably don't announce that in this way officially :-).

Btw are there some proxies4btc?

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November 23, 2011, 02:45:18 PM
 #10

I've been waiting for this. As a semi-professional poker player I've thought highly of the gambling potential of Bitcoin. This is the beginning.

Denarium - Leading Physical Bitcoin Manufacturer - Special Xmas deals now live!
onesalt
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November 23, 2011, 03:00:28 PM
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So basically, they're using bitcoin to dodge the "Do not use US currency for online poker sites" law that was introduced a while back. So yet again another shady internet buisness with questionable legal status is dragging bitcoins name into the mud.
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November 23, 2011, 03:05:48 PM
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Proxies are cheap. I think that is what they are really aiming at.

Yes, I think so, too. With anonymized IP and bitcoin payments, everybody can use their site without any problems, however they probably don't announce that in this way officially :-).

Btw are there some proxies4btc?

Exactly. Plausible deniability.  They can comply w/ US laws & regulations meanwhile technology being what it is (VPN proxy & Bitcoin) make it possible for Americans to circumvent any restrictions.

Of course anyone expecting them to say anything other than the "official line" on the website is naive.

I think they are hoping to avoid this awesome new logo.



http://www.fulltiltpoker.com/us/

If the DOJ can take down full tilt poker ($5B company throwing off >$200M a year in free cashflow annually) they can take down this small player if they step even a inch over the line.

US players have always been able to deposit/play using VPN.  What made it difficult was cashing out.  Bitcoin solves that.

As far as BTC-only plays.  There is no interest from the regular/grinder community.  The margins in pro-poker are very small.  Grinding out tiny profits on each hand.  If you are playing in BTC and make a 10% profit for the month and then BTC:USD value falls 70% kinda makes it impossible to make a living.  The regulars drive traffic, and that makes it so the fish can play when they want (a game is always available 24/7/365 anywhere in the world).  That is how the economics of poker work.

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November 23, 2011, 03:09:00 PM
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So basically, they're using bitcoin to dodge the "Do not use US currency for online poker sites" law that was introduced a while back. So yet again another shady internet buisness with questionable legal status is dragging bitcoins name into the mud.

NO.  They are speaking out for freedom against an oppressive regime.

https://www.bitcoin.org/bitcoin.pdf
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November 23, 2011, 03:38:09 PM
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Quote
NO.  They are speaking out for freedom against an oppressive regime.

Pretty much.  Although it's purely profit motivated and not some altruistic move, it still has the same effect.  As a US citizen, I am absolutely appalled by what our nation and government does most of the time.  One of the main reasons I am permanently emigrating to Australia.  On behalf of intellectually and morally mature citizens of America, I apologize for our behavior.

But, on the flip side... Fulltilt poker was a giant, festering, money grubbing, cheating, lying sack of corporate shit and I am glad they got smashed. 


If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
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November 23, 2011, 04:34:34 PM
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Do it work also on Android or is iCrap only?  Roll Eyes i i i i, like the world is only i  Roll Eyes
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November 23, 2011, 04:52:30 PM
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But, on the flip side... Fulltilt poker was a giant, festering, money grubbing, cheating, lying sack of corporate shit and I am glad they got smashed. 

Agreed but sadly they brought down $300M worth of player deposits with them.   Hopefully the POS law will eventually be repealed.  The greatest hipocracy.

Online lotto sales = legal
Online horse racing = legal
Online poker = OH NOES OH NOES ban it. 

Oh shit they moved offshore and took all that money, jobs, and tax revenue with them.   Ok BAN money transfers.  Ok they got around that.  Ok spend even MORE money investigating & prosecuting them.

Just legalize, regulate, and tax it.  That goes for plants and poker.

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November 23, 2011, 05:22:23 PM
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But, on the flip side... Fulltilt poker was a giant, festering, money grubbing, cheating, lying sack of corporate shit and I am glad they got smashed. 

Agreed but sadly they brought down $300M worth of player deposits with them.   Hopefully the POS law will eventually be repealed.  The greatest hipocracy.

Online lotto sales = legal
Online horse racing = legal
Online poker = OH NOES OH NOES ban it. 

Oh shit they moved offshore and took all that money, jobs, and tax revenue with them.   Ok BAN money transfers.  Ok they got around that.  Ok spend even MORE money investigating & prosecuting them.

Just legalize, regulate, and tax it.  That goes for plants and poker.



I totally agree... $2500 of that $300M was mine!  Actually, FTP had already stolen it by then by "freezing" my account, so I couldn't withdraw it.  Screw them.

It's so ridiculous the lengths the US government goes to to crack down on things that can't be stopped AND/OR make no difference anyway.  Lotto is a lot more gambling than poker is.  At least in poker, you have some measure of control depending on your skill level. 

If you're searching these lines for a point, you've probably missed it.  There was never anything there in the first place.
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November 23, 2011, 06:15:34 PM
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Quote
NO.  They are speaking out for freedom against an oppressive regime.

Pretty much.  Although it's purely profit motivated and not some altruistic move, it still has the same effect.  As a US citizen, I am absolutely appalled by what our nation and government does most of the time.  One of the main reasons I am permanently emigrating to Australia.  On behalf of intellectually and morally mature citizens of America, I apologize for our behavior.

But, on the flip side... Fulltilt poker was a giant, festering, money grubbing, cheating, lying sack of corporate shit and I am glad they got smashed. 



I totally understand, good luck in Aussieland Smiley.  Besides family and friends, the only thing keeping me from reconsidering where I live is the idea of what happens if all the intelligent people leave.  Lowering the average IQ of the nation with the largest military doesn't seem prudent.  No, I'll stick around and keep beating my head against the wall.  One day either it will crack or I will, but I refuse to give in or run away.

https://www.bitcoin.org/bitcoin.pdf
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GideonGono
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November 23, 2011, 08:00:50 PM
 #19

As far as BTC-only plays.  There is no interest from the regular/grinder community.  The margins in pro-poker are very small.  Grinding out tiny profits on each hand.  If you are playing in BTC and make a 10% profit for the month and then BTC:USD value falls 70% kinda makes it impossible to make a living.  The regulars drive traffic, and that makes it so the fish can play when they want (a game is always available 24/7/365 anywhere in the world).  That is how the economics of poker work.


They can get round this by offering BTC hedging like Silk Road does.

onesalt
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November 23, 2011, 08:05:36 PM
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Quote
NO.  They are speaking out for freedom against an oppressive regime.

Pretty much.  Although it's purely profit motivated and not some altruistic move, it still has the same effect.  As a US citizen, I am absolutely appalled by what our nation and government does most of the time.  One of the main reasons I am permanently emigrating to Australia.  On behalf of intellectually and morally mature citizens of America, I apologize for our behavior.

But, on the flip side... Fulltilt poker was a giant, festering, money grubbing, cheating, lying sack of corporate shit and I am glad they got smashed. 



You're appalled that they would possibly try and protect american's from what are generally regarded as corrupt and illegal business and business practices, and then go on to name one company that was notably corrupt and ethically bankrupt and still say it's bad that the government could possibly want to shut them down.
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