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Author Topic: What do you think will happen to BTC prices  (Read 1242 times)
Koekiemonster
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January 30, 2012, 01:53:56 PM
 #1

when a major pokersite/-skin starts accepting Bitcoin?

I can tell you this isn't an unrealistic scenario.
https://bitcointalk.org/index.php?topic=61892.0

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January 30, 2012, 01:59:02 PM
 #2

Neutral/Nothing.

Why would their acceptance of BTC influence prices? It would be just us Bitcoiners who have an interest in depositing via BTC there, and we already have Bitcoins.

Also, it makes no sense to me anyway if they just get converted to fiat like you stated. It could actually be bearish because Bitcoins which were formerly held would now be sent to a poker site which just sells them for fiat.

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Mushoz
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January 30, 2012, 02:04:04 PM
 #3

Neutral/Nothing.

Why would their acceptance of BTC influence prices? It would be just us Bitcoiners who have an interest in depositing via BTC there, and we already have Bitcoins.

Also, it makes no sense to me anyway if they just get converted to fiat like you stated. It could actually be bearish because Bitcoins which were formerly held would now be sent to a poker site which just sells them for fiat.

What if they get more customers due to them accepting Bitcoins, and other networks/skins follow? It could set a chain of events in motion, which could potentially be huge. Imagine the media coverage if major poker network(s)/skin(s) started accepting Bitcoins?

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labestiol
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January 30, 2012, 02:33:18 PM
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US players are not able to play online anymore, so obv it looks like a good idea for a network to go shady and start accepting US customers by using bitcoin.
But the law is in the making, so there's also an incentive to follow the law and wait for the regulation of online market.

I don't know about the US, but for example switchpoker (which accept btc) prevented me to register, because i'm french (and you need licence in order to propose a legal offer).

I don't see any big player in the poker industry taking the risk to go rogue right when the whole world is regulating these markets.

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January 30, 2012, 04:33:16 PM
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Why would their acceptance of BTC influence prices? It would be just us Bitcoiners who have an interest in depositing via BTC there, and we already have Bitcoins.

Also, it makes no sense to me anyway if they just get converted to fiat like you stated. It could actually be bearish because Bitcoins which were formerly held would now be sent to a poker site which just sells them for fiat.
This makes no sense, if you can also withdraw money in bitcoins it's not a loss to the economy.

Second of all, this would be HUGE. There has already been news in poker industry sites about Bitcoin and as a poker player I believe it has massive potential in gambling. It wouldn't instantly create a million new Bitcoin users but it could over the long term have a significant impact in the whole industry.

To me it's only a matter of time that we start to see Bitcoin more in gambling sites and this will be a much bigger boost to Bitcoin than Silk Road ever was. I don't know how long it'll take but I expect that we'll see a major skin of a major poker network to start accepting Bitcoin this year, next year at the latest.

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January 30, 2012, 04:35:03 PM
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Why would their acceptance of BTC influence prices? It would be just us Bitcoiners who have an interest in depositing via BTC there, and we already have Bitcoins.

Also, it makes no sense to me anyway if they just get converted to fiat like you stated. It could actually be bearish because Bitcoins which were formerly held would now be sent to a poker site which just sells them for fiat.
This makes no sense, if you can also withdraw money in bitcoins it's not a loss to the economy.
He said "deposit method", so that’s what I interpreted.

Feel free to hype on, though. Grin

"Bitcoin had been transformed from an anarachistic challenge to the financial status quo, to the crypto spawn of Satan, fuelled by cut-throat greed and delusions of avarice." - MatTheCat
"these people don't seem to want to stop till Bitcoin is completely destroyed and left like an old cum rag in the corner of the room." - ShroomsKit
StewartJ
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January 30, 2012, 04:35:22 PM
 #7

I have played for fun with 2 gambling sites: BTCSportsBet and Bets of Bicoin.

Very easy to register, with instant delivery of BTC funds... you can start betting right away.  

The problem with most regular online gambling site is the funding hassles. BTC mitigates this
whole problem.

Barring any legal roadblocks, I would think BTC is ideal for this application, and would really help
it gain a wider audience.
antoineph
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January 30, 2012, 05:23:02 PM
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not to mention there will be new ways to gamble online with BTC that haven't been invented yet. I'm sure of it.
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January 30, 2012, 05:49:14 PM
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As long as the pokersite accepts BTC (converted to fiat) as deposit and then fiat to BTC as withdrawal it would be great.

What worries me is that this would still be a fiat withdrawal process in order to make sure about specific user details which is not going to help improve the usage of bitcoin. Wether its legal or not, this bitcoin to fiat poker deposit would help alot with getting US players back onto poker sites, anonymously. US players contributed to some of the softest days at the poker tables Smiley

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January 30, 2012, 06:10:20 PM
 #10

when a major pokersite/-skin starts accepting Bitcoin?

I can tell you this isn't an unrealistic scenario.
https://bitcointalk.org/index.php?topic=61892.0

A $250k buy in MTGOX moves the market massively. Full Tilt Poker, (ponzi scam that it was), owes players $300million. There is a massive gap to bridge before bitcoins can actually be used for such large commerce. I do agree with your premise however, I just don't see it coming soon. The upside is that the price certainly needs to be much higher to be useful for large scale monetary operations.

antoineph
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January 30, 2012, 06:22:08 PM
 #11

when a major pokersite/-skin starts accepting Bitcoin?

I can tell you this isn't an unrealistic scenario.
https://bitcointalk.org/index.php?topic=61892.0

A $250k buy in MTGOX moves the market massively. Full Tilt Poker, (ponzi scam that it was), owes players $300million. There is a massive gap to bridge before bitcoins can actually be used for such large commerce. I do agree with your premise however, I just don't see it coming soon. The upside is that the price certainly needs to be much higher to be useful for large scale monetary operations.

It doesn't matter. As soon as someone wants to gamble with or pay out in bitcoins, they will have to buy them first. It is simply impossible for bitcoin commerce to exceed bitcoin demand (and hence the market value of all bitcoins). The gap you refer to is not an obstacle for anyone who wishes to make use of bitcoins. The only real question is whether or not people decide to use them.

Besides, if one of the big poker sites announced they were using bitcoins, we'd see an instant rise in price due to speculation. Come to think of it that might be an interesting way to make some money if you are a poker site. Buy a bunch of coins and then announce that your site is going to use them Smiley

It would also be a rather foolproof way if you are Amazon or Ebay. I wonder who will be the first to do it.
StewartJ
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January 30, 2012, 06:46:48 PM
 #12

when a major pokersite/-skin starts accepting Bitcoin?

I can tell you this isn't an unrealistic scenario.
https://bitcointalk.org/index.php?topic=61892.0

A $250k buy in MTGOX moves the market massively. Full Tilt Poker, (ponzi scam that it was), owes players $300million. There is a massive gap to bridge before bitcoins can actually be used for such large commerce. I do agree with your premise however, I just don't see it coming soon. The upside is that the price certainly needs to be much higher to be useful for large scale monetary operations.

It doesn't matter. As soon as someone wants to gamble with or pay out in bitcoins, they will have to buy them first. It is simply impossible for bitcoin commerce to exceed bitcoin demand (and hence the market value of all bitcoins). The gap you refer to is not an obstacle for anyone who wishes to make use of bitcoins. The only real question is whether or not people decide to use them.

Besides, if one of the big poker sites announced they were using bitcoins, we'd see an instant rise in price due to speculation. Come to think of it that might be an interesting way to make some money if you are a poker site. Buy a bunch of coins and then announce that your site is going to use them Smiley

It would also be a rather foolproof way if you are Amazon or Ebay. I wonder who will be the first to do it.

We need Bitcoin Poker Chips.

Might want to hold on to that 500 BTC Chip....   Grin
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