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Next Major Bitcoin Market - Legal Online Gambling

Discussion in 'CASINO NEWS' started by Mben, Jan 31, 2014.

  1. Mben

    Mben No Deposit Forum Admin Staff Member

    I'm not up on Bitcoin but now it looks like it may be time to really find out what it is all about. Any of you know about Bitcoin? Coin Desk - The international online gambling industry is an estimated $30bn market, and growing. More importantly for Bitcoin, it's a global market that depends on fast, irreversible payments. Just like a ordinary casino chip in any land-based casino, digital bitcoin provides privacy, immediacy, and payment finality. Unlike most typical consumer purchases (where returns and chargebacks are usually legitimate), a wager is a one-way transaction. Of course, you may be dissatisfied with the outcome, but that does not justify a reimbursement. The online gambling industry has struggled with this fact for years.Plagued by chargebacks and fraudulent transactions, specialized payment methods and payment companies have sprouted up around the online casino world to address the problem of payment finality.For the first time ever, the world's largest and most comprehensive trade event in gaming, ICE Totally Gaming 2014, will feature a half-day seminar on bitcoin in the iGaming environment on 4h February. The London-based conference represents every gambling sector: betting, bingo, casino, lottery, mobile, online, and social gaming.Organized by Gran Via's Willem van Oort, the seminar features two extraordinary panels: 'Regulatory Aspects' and 'Bitcoin's Competitive Edge'. I will also be speaking on the evolution and future of bitcoin as a new monetary unit.Moderated by iGaming attorney David Gzesh, the regulatory panel will assess the compliance challenges in dealing with bitcoin payment processing applications, including currency conversion, reduced transaction costs, payment finality, Know Your Customer rules, and coin management techniques.<a href="http://www.coindesk.com/legal-online-gambling-next-major-bitcoin-market/" >FULL STORY</a><a href="http://www.thisweekingambling.com/2014/01/31/legal-online-gambling-is-next-major-bitcoin-market/?utm_source=dlvr.it&utm_medium=facebook" >source</a>
  2. slotgal47

    slotgal47 WELL KNOWN MEMBER

    Don't know anything about it but will be researching it. I did run into some site with bitcoin when I was trying to get a Paylinq account, when clicking on their links on how to deposit and withdrawal. That was awhile back though. If I find out anything I will let you know.
  3. Sookie

    Sookie Mother of Cats

    I know it came out years ago, and I know a couple months back there was a news story about a guy who had bought a small amount ,forgotten all about it - then found out that small amount was worth like $1,000,000,000 now.Then Bitcoin started showing up in the news a lot. Unfortunately the most recent stories I have seen are that 2 or 3 of the the Bitcion guys have been arrested for money laundering.
  4. Mben

    Mben No Deposit Forum Admin Staff Member

    I read that too, Sookie.Here it is ... <a href="http://www.theguardian.com/technology/2013/oct/29/bitcoin-forgotten-currency-norway-oslo-home" >http://www.theguardian.com/technology/2013/oct/29/bitcoin-forgotten-currency-norway-oslo-home</a>Lucky, lucky, lucky! I wish my bad memory would pay off for me some day. :lol:
  5. Georgebracken

    Georgebracken Banned

    Bitcoin is currently the most impactful emerging technology for me. Its infrastructure is complex, price is unpredictable. They say most Americans are still unaware that it exists and those that have heard about it don't fully understand it. Check this link on how bitcoin works and anything about it: http://bitcoindaily.com/decoding-the-bitcoin/. Hope this helps!
  6. Bitcoin is just simply the new alternative digital currency that circulates through peer-to-peer transaction. Its been used by many business owners like bitcoin casino sites as a new form of payment system.
  7. Guest

    Guest Guest

    I think the only way for online gambling to be legalized is through bitcoin system since gambling with it has no risk involve. So it is possible that the gambling industry is going to be the next major bitcoin market.
  8. Sookie

    Sookie Mother of Cats

    Bitcoin's Price Plummets As Mt. Gox Goes Dark, With Massive Hack Rumored</h1>    For years, Mt. Gox was the most important business in the Bitcoineconomy. Now, as it teeters on the brink of total failure, it's become the cryptocurrency's greatest liability and one that may call its future into question.Bitcoin's value fell close to 23% from its already battered price to around $418 at its lowest point Monday night as the oldest and once-largest Bitcoin exchange went offline completely, showing a blank website and even deleting all messages from its Twitter feed. That dramatic drop in Bitcoin's price, in fact, doesn't even factor in the digital currency's exchange rate on Mt. Gox itself, where Bitcoins were selling for less than $200 as users feared that they wouldn't be able to retrieve coins they'd bought due to the company's potential bankruptcy. And while the company went silent, rumors have swirled that its downtime is a result of a massive hack that has stolen as many as 744,000 bitcoins, fully 6% of all bitcoins in existence. <img class="wp-image-13237" src="http://blogs-images.forbes.com/andygreenberg/files/2014/02/Screen-Shot-2014-02-25-at-1.53.40-AM.png" alt="Screen Shot 2014-02-25 at 1.53.40 AM" width="500" height="500" style="padding:0px;vertical-align:baseline;background-color:transparent;height:auto;margin:0px;" />Bitcoins price Monday night, as measured by Bitcoin news site and price tracker Coindesk. Mt. Gox chief executive Mark Karpeles didn't respond to a request for comment, and Mt. Gox hasn't explained the company's decision to go offline. But the exchange, which was once responsible for the majority of all Bitcoin trades,  has been fighting a public battle with an issue in Bitcoin's protocol known as transaction malleability that has prevented users from withdrawing bitcoins stored by Gox. Other bitcoin exchanges and developers have noted that the issue, a known property of Bitcoin since 2011, could be avoided with coding workarounds.Meanwhile, a supposedly leaked document from an internal Mt. Gox discussion posted online Monday by a Bitcoin-focused blogger Wired has identified as Ryan Selkis claims that Mt. Gox has been severely hacked, with a massive reserve of its bitcoins stolen. The document, whose authenticity I couldn't verify, blames the transaction malleability issue for allowing 744,000 bitcoins to be taken from both Mt. Gox's active accounts and its cold storage. The document, a presentation created by an unknown author, goes on to suggest a relaunch and rebranding of Mt. Gox as simply Gox, in an effort to salvage its reputation and the future of Bitcoin. The reality is that MtGox can go bankrupt at any moment, and certainly deserves to as a company, reads the document. However, with Bitcoin/crypto just recently gaining acceptance in the public eye, the likely damage in public perception to this class of technology could put it back 5~10 years, and cause governments to react swiftly and harshly. At the risk of appearing hyperbolic, this could be the end of Bitcoin, at least for most of the public. Despite the complete lack of evidence as to the document's authenticity, that stark language no doubt helped trigger Monday night's selloff.In an attempt to shore up the widening crisis around Mt. Gox, a group of Bitcoin businesses released a statement, distancing themselves from the faltering exchange. This tragic violation of the trust of users of Mt.Gox was the result of one company's actions and does not reflect the resilience or value of bitcoin and the digital currency industry, the statement reads. There are hundreds of trustworthy and responsible companies involved in bitcoin. These companies will continue to build the future of money by making bitcoin more secure and easy to use for consumers and merchants.  As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today...  <a href="http://www.forbes.com/sites/andygreenberg/2014/02/25/bitcoins-price-plummets-as-mt-gox-goes-dark-with-massive-hack-rumored/" >source</a> -- Edited by Sookie on Tuesday 25th of February 2014 12:19:07 PM
    Last edited by a moderator: Oct 26, 2014

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