5dimes is adding bitcoin as a payment option.

[CHOPTALK]

So your account @5D is in BC or in US$?

USD 100% of the time.

 

[RenoChazz]

Well of course. But if people are going to pimp this off as an "alternative currency", it's definitely not stable. It's an investment like you said, not a real currency. But it's an investment like tulips, absolutely nothing of substance backing it but what someone will pay.

Kind of like fiat currency . Except bitcoin is limited and regulated by supply and demand instead of being fractioned and regulated by fat cats.

 

[akphidelt]

You guys are missing the whole point.
This will never have the same implications as neteller if BC gets shut down.
Neteller dealt in USD.

Bit coin is something if you do it right you will only own for a few seconds at a time.

BC is being used as a transfer tool only when it comes to sports books.
Yes I have a few bit coins that I bought a few years ago for speculation and if the FEDS ever come down on BC that money is at risk but thats a separate issue.

For the sports book side of BC none of that matters.

The only time you will ever be at risk is if you keep BC in inventory after getting paid out.

5D does not hold a BC inventory and neither should you unless you just want to keep some on hand for an investment.

But if the FEDS do come down on BC the sports books will not be in near as much of a bind as they were when Neteller happened.

Well, just like netteller or checks, someone has to convert something in to USD. Whoever does that will be a target and a very easy target for the Feds if the volume gets large enough. But as always, we are not at risk, so as long as it works, can't wait to use it.

 

[snoop]

USD 100% of the time.

That could be a mess. BC exchange rate is very volatile. The books would benefit when it tanks. But what happens when it spikes back up to $1,000/BC. What if they refuse to pay?

 

[akphidelt]

Kind of like fiat currency . Except bitcoin is limited and regulated by supply and demand instead of being fractioned and regulated by fat cats.

There's $17 trillion worth of goods and services backing the USD. And they've learn over a century ago that currencies do not work if they are limited in supply. The Great Depression showed the world how dysfunctional an economy is using some limited currency (aka Gold). That truth will never change. Bitcoin will always be an investment with pretty much nothing backing it but what someone is willing to pay for it.

 

[CHOPTALK]

Nice, you just about quadrupled. See AK people have made money too. Who do you use for your wallet?

Bought some through a friend of mine before I got setup.
Then opened an account with bit quick

 

[RenoChazz]

You guys are missing the whole point.
This will never have the same implications as neteller if BC gets shut down.
Neteller dealt in USD.

Bit coin is something if you do it right you will only own for a few seconds at a time.

BC is being used as a transfer tool only when it comes to sports books.
Yes I have a few bit coins that I bought a few years ago for speculation and if the FEDS ever come down on BC that money is at risk but thats a separate issue.

For the sports book side of BC none of that matters.

The only time you will ever be at risk is if you keep BC in inventory after getting paid out.

5D does not hold a BC inventory and neither should you unless you just want to keep some on hand for an investment.

But if the FEDS do come down on BC the sports books will not be in near as much of a bind as they were when Neteller happened.

Exactly, bitcoin is a currency or investment, think of it like digital gold, not like Pay pal or netteller which are businesses. The Feds could come down on the banks for processing regular money. Bitcoin is processed different so its hard to know where its coming and going. They could try to regulate coinbase, but it would be like the Fed trying to track where I spent cash.

 

[RenoChazz]

That could be a mess. BC exchange rate is very volatile. The books would benefit when it tanks. But what happens when it spikes back up to $1,000/BC. What if they refuse to pay?

5dimes isn't holding on to the coins either, so you get the going rate when you cash out too.

 

[CHOPTALK]

That could be a mess. BC exchange rate is very volatile. The books would benefit when it tanks. But what happens when it spikes back up to $1,000/BC. What if they refuse to pay?

None of that matters in this situation.
Does not matter how volatile BC is if its only being used as a transfer tool.

If one BC is $600.00 USD when I make a deposit and its only worth $100.00 when I make a withdraw neither me or 5dimes loses or makes any money as long as you use it as a transfer tool.

 

[RenoChazz]

None of that matter in this situation.
Does not matter how volatile BC is if its only being used as a transfer tool.

If one BC is $600.00 USD when I make a deposit and its only worth $100.00 when I make a withdraw neither me or 5dimes loses or makes any money as long as you use it as a transfer tool.

Which is probably why withdraws haven't been figured out yet. When they figure out the withdraws all the other books will follow.

 

[CHOPTALK]

Which is probably why withdraws haven't been figured out yet. When they figure out the withdraws all the other books will follow.

Why would withdraws be any different then deposits?
Same thing as a deposit except the reverse.

All they have to do is convert your USD into BC and send it to your BC wallet.
Then its on you to convert that money back to USD.


5D is going to have to payout in BC.

You bet with USD but they have to pay you in BC.

SO its on the player to convert that money back to USD once they get a withdraw unless they want keep some in BC for speculation purposes.

 

[snoop]

Which is probably why withdraws haven't been figured out yet. When they figure out the withdraws all the other books will follow.

Maybe they just assume everyone will lose anyway, so it will take a while to figure out the withdrawal procedure.

 

[RenoChazz]

Why would withdraws be any different then deposits?
Same thing as a deposit except the reverse.

All they have to do is convert your USD into BC and send it to your BC wallet.
Then its on you to convert that money back to USD.


5D is going to have to payout in BC.

You bet with USD but they have to pay you in BC.

SO its on the player to convert that money back to USD once they get a withdraw unless they want keep some in BC for speculation purposes.

Personally I wouldn't do it till they are letting players convert it back. I'm not a big fan of them waiting on that.

 

[CHOPTALK]

Personally I wouldn't do it till they are letting players convert it back. I'm not a big fan of them waiting on that.

What do you mean?

Are you saying you would not do it until the sports books figure out a way to pay you back with USD?

If thats the case BC accomplishes nothing.


They are going to have to pay you in BC.
There is no other way around it unless you want to just keep doing things the same way its been done since Neteller.

The same reason you are depositing BC is the same exact reason they need to pay you back in BC.

Cant be done any other way.

 

[snoop]

Why would withdraws be any different then deposits?
Same thing as a deposit except the reverse.

All they have to do is convert your USD into BC and send it to your BC wallet.
Then its on you to convert that money back to USD.


5D is going to have to payout in BC.

You bet with USD but they have to pay you in BC.

SO its on the player to convert that money back to USD once they get a withdraw unless they want keep some in BC for speculation purposes.

No. If your account is US$, they would be paying you in US$. Like you said in earlier post, basically 5D is your BC trading broker. They sell & buy BC on your behalf when you deposit or withdraw fund.

 

[RenoChazz]

What do you mean?

Are you saying you would not do it until the sports books figure out a way to pay you back with USD?

If thats the case BC accomplishes nothing.


They are going to have to pay you in BC.
There is no other way around it unless you want to just keep doing things the same way its been done since Neteller.

The same reason you are depositing BC is the same exact reason they need to pay you back in BC.

Cant be done any other way.

No I wouldn't do it until 5dimes figures out withdraws to BC. 5dimes isn't doing withdraws in BC as of now. I think there's a reason why they aren't doing it yet. I'm suspicious of it.

 

[CHOPTALK]

No. If your account is US$, they would be paying you in US$. Like you said in earlier post, basically 5D is your BC trading broker. They sell & buy BC on your behalf when you deposit or withdraw fund.

No.
You deposit BC.
Once they receive your BC they immediately sell the BC and convert that money to USD and deposit it into your 5D account.

After you bet with USD and win money and you are ready for a withdrawal of XXXX USD.

5D will take the xxxx USD that they owe you and purchase xxxx worth of BC and send it to you.

Then you the player will take that xxxx of BC and sell it for USD.

Thats the only way to bypass the banking laws.

 

[snoop]

That's what I said. Basically 5D is your book and your BC trading broker at the same time. They simply sell & buy BC on your behalf when you deposit or withdraw. Exchange rate is a non issue for the books. They just sell your coin when you deposit, they buy them when you withdraw.

 

[CHOPTALK]

No I wouldn't do it until 5dimes figures out withdraws to BC. 5dimes isn't doing withdraws in BC as of now. I think there's a reason why they aren't doing it yet. I'm suspicious of it.

Some of these BC wallets can be setup to immediately convert BC into USD instantly if you tell it to.

If you are expecting 5D to send you $3000 BC into X BC exchange you can tell your wallet exchange to convert that money through the exchange into USD as soon as it arrives.

 

[akphidelt]

No I wouldn't do it until 5dimes figures out withdraws to BC. 5dimes isn't doing withdraws in BC as of now. I think there's a reason why they aren't doing it yet. I'm suspicious of it.

So if they don't withdraw in BC there is no reason to deposit in BC unless you have some already?