Saw this elsewhere:

Quote:

---

There are two sides of BTC as it relates to gambling - the present, and the potential.

First - the present.....

Most recreational sports bettors don't know that BTC is relatively easy to buy, relatively easy to sell, and that the two major US books take them and pay in them - but most importantly - that there are several really good BTC only sportsbooks like nitrogen, cloudbet and others. The great thing about these books are IMMEDIATE payouts, and anonymity. No personal info has to be disclosed - and you can get paid right after the game.

The problem in the present world is the fluctuation in BTC prices. It is problematic that you win at gambling, and because the price of BTC drops, it eats in to profits. Nobody likes this. But the remedy is to get in and out of BTC as quickly as possible.

So in todays world - you can get BTC - transfer it to a book like Nitrogen - bet - win - get paid right away from nitrogen - and turn your BTC in to dollars - all in a few hours. No other method gives you this opportunity. If you aren't in a rush to get paid, you simply deposit when you want to bet, WD after you win - and keep your BTC in your BTC wallet.

You can also make deposits and WDs from traditional books like 5d with ease and usually within hours. Limits are big. It is almost like Neteller used to be. You take your WD, and turn it in to dollars the same day and avoid the BTC fluctuation risk.

So even today in the present- there are many ways to use BTC - and frankly I am surprised that all rec gamblers don't use it. The new BTC books are great with little risk. Limits are a little low (usually about 10 BTC or 3k per game), but you can open multiple accounts and bet at several books.
The potential....

The potential is huge. Everything I say to follow has IF in front of it - I don't want to be quoted as being wrong in the future because BTC died - I am not a fortune teller on the future of BTC. BUT...
If it stays the current course, and if the price stabilizes - you can just imagine what it would mean to gamblers. Offshore books that don't take Americans might suddenly reconsider because there is no violation of UIGEA. You would always be able to get the best line at the best price because you always hold your money. No more risk of SB going under and stealing your money (I guess unless they did it in the middle of a game).

So overall - very promising - and if you aren't currently involved - get your feet wet with it. I cant imagine how it isn't better than using CCs, or whatever the current deposit and WD method of choice is at traditional SBs.

---

Could it exist primarily as a form of currency for sports wagering?

You should read about prediction markets. But yes, gambling may be the inboard vehicle for a number of consumers.

Look at wagerwall it's setup by the old yahoo sports CFO. I've been following them since they were conceptbohase and they have really taken off. No need to hassle with pixie dust coins either.

wheelskjm said:

---

You should read about prediction markets. But yes, gambling may be the inboard vehicle for a number of consumers.

---

You mean markets like Intrade?

It is very widely used in sports gambling because one of the biggest issues sportsbooks face is credit card chargebacks -- and you can't chargeback with bitcoin. It's why deposit fees and identification measures are so high/strict to use CC at many places -- because players would deposit via CC and if they won, great... If they lost? Chargeback. Many knew this and it was still allowed as a deposit method -- that should give you an idea of just how much money was floating around in the offshore gambling industry back in it's heyday. We had books give us high 4 figures a month to advertise and not even need to see any kind of site analytics. Stupid money just being thrown everywhere.

It also allows some of the shadier books one more means of squeezing (scamming) a few more in fees out of customers. I'd venture to say at least half of BTC withdrawals will always end up with the bettor on the "wrong side" of the currency exchange, no matter the market. The book will shave a few extra bucks off and claim it was due to currency conversion unless they are challenged on it.

As for whether or not you think it's a good thing to be associated with gambling when you are making an attempt to be considered legitimate -- the bulk of Paypal's transactions were porn and gambling in it's early days. Neteller only popped up when Paypal tried to distance itself from both... and that market was obviously ripe for the picking because if you ever saw the inside of Neteller's offices you would know just how easy it was to make money in those days.

Zoneclub, your business is about to be outdated by less human error prone machine learning AI's. You sure speak from the highest of horses.

Maybe you'll make the transition like a champ, but I doubt it. Hopefully you're old enough and successful enough to retire soon and not have to worry about means to about end.

CFO of yahoo sports or a bit coin peddler..... Ill take my chances.

As a CFO you should already be doing some things to prepare for the blockchain concept.

Quote:

---

"CFOs have to get up to speed on the concepts," he said. "There are whitepapers, vendors, consulting firms like Deloitte and others that are looking at this thing and can provide advice and education and guidance."

However, Schatsky noted that getting familiar with the concepts of blockchain is different from getting a deep understanding of blockchain technology, which isn't necessary at this stage of the game. "It's a little early," he said.

Next, CFOs should learn about the popular applications for blockchain that are most relevant to the finance organization in general, such as supply chain and trade finance, he said. It doesn't just pertain to intercompany transactions, but to intracompany transactions as well, including transfer pricing and corporate budgeting.

"There are lots of use cases, but pay attention to the ones that will directly change the life of the finance executive," Schatsky said.

CFOs should also experiment with proofs of concept by setting up blockchains and playing with them, Fearnley said.

"CFOs are showing interest in this because it can help to lower costs, provide new services and it can be an opportunity to reduce settlement times, which can improve liquidity," Fearnley said. "Blockchain people are saying, 'Remember the first webpage you ever saw?' That's where we are right now with blockchain."

The successful CFOs who are starting to understand blockchain are dreaming big, and they're trying to plot the incremental path to get there, Cuomo said.

"Picking your place to start using blockchain is important," he said. "Disputes, compliance, auditing [and] reporting are all things that nag at CFOs because they take time and they're error prone. In many cases, they're paper prone. So looking at those kinds of things as your first endeavor with a blockchain seems to be prudent."

---

http://searchfinancialapplications.techtarget.com/feature/What-CFOs-should-do-to-prepare-for-blockchain-tech

http://searchfinancialapplications.techtarget.com/answer/Why-should-CFOs-care-about-blockchain-technology

I'm pretty suspect that any cfo would be so dismissive, but people did believe the personal computer would never catch on, so, there's that.

Can you not read? I said that the ex CFO of Yahoo Sports is the main backer of Wager Wall.

Personal computer thrown out to show bitcoins disruptive nature.... Another really bad red herrings by you.

When is staff going to put a ban on this BTC BS?

******* you're a good troll.

jh0400 said:

---

wheelskjm said:

---

You should read about prediction markets. But yes, gambling may be the inboard vehicle for a number of consumers.

---

You mean markets like Intrade?

---

similar but I meant specifically the decentralized versions like https://augur.net