5dimes is adding bitcoin as a payment option.

[CHOPTALK]

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.

Yea I misunderstood you.

You are correct.
The exchange rate does not matter.

1 BC could be $700 USD when you make a deposit and it could drop to $100 USD when you make a withdraw.

Neither you or the sports book loses or makes any money on the fluctuation of the exchange rate because neither you or the 5D is holding onto the BC for any length of time.

 

[RenoChazz]

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

They are going to have withdraws soon they said. In other words you can convert BC to cash to play there but you can't withdraw it back to BC yet.

 

[snoop]

They are going to have withdraws soon they said. In other words you can convert BC to cash to play there but you can't withdraw it back to BC yet.

They can sell your coins yet they can't buy them back when you withdraw. How convenient.

 

[akphidelt]

They are going to have withdraws soon they said. In other words you can convert BC to cash to play there but you can't withdraw it back to BC yet.

That's so strange. The point of doing it would be the instant withdraw. So you give them BC but then have to wait for a sketchy foreign check to come after couple weeks?

 

[CHOPTALK]

They can sell your coins yet they can't buy them back when you withdraw. How convenient.

It 100% can be done.
Same exact process just the reverse.
It pisses me off how sports books have the deposit thing down to a science but withdraws are just an afterthought.

There is a sports book that I deal with as soon as I make a deposit I get an alert from my bank that money came out of my account.

The sports book literally instantly removes the money from my bank account as soon as I press the submit button to make a deposit.

 

[CHOPTALK]

That's so strange. The point of doing it would be the instant withdraw. So you give them BC but then have to wait for a sketchy foreign check to come after couple weeks?

If they can't send the money back to you the same way you send it to them its a waste of time.

But they will have to pay you in BC for this to work.
They can't pay you with USD.

 

[snoop]

It 100% can be done.
Same exact process just the reverse.
It pisses me off how sports books have the deposit thing down to a science but withdraws are just an afterthought.

There is a sports book that I deal with as soon as I make a deposit I get an alert from my bank that money came out of my account.

The sports book literally instantly removes the money from my bank account as soon as I press the submit button to make a deposit.

It's shady I know. But until they can figure that out, I don't think anyone would take any risks.

Sure they can sell your coins, you would think they can buy them without any problem.

 

[RenoChazz]

It's shady I know. But until they can figure that out, I don't think anyone would take any risks.

Sure they can sell your coins, you would think they can buy them without any problem.

It's still in Beta, and only test group volunteers are doing it, so I'll give them that. It's not like withdraws aren't going to be allowed ever, but has got to be a done deal before coming out to the masses. If they do 5dimes is going to get a lot of new customers, not just the hard core sports gamblers, they will gain customers that haven't even heard of 5dimes until now.

 

[snoop]

They probably will get half of theRX regular degens back in action.

 

[HarryCaray]

Yea I misunderstood you.

You are correct.
The exchange rate does not matter.

1 BC could be $700 USD when you make a deposit and it could drop to $100 USD when you make a withdraw.

Neither you or the sports book loses or makes any money on the fluctuation of the exchange rate because neither you or the 5D is holding onto the BC for any length of time.

Glad to see someone gets it.

BTC will just be a money movement vehicle, no more no less.

Now if you want to hold onto some as an investment, and gamble on the fluctuation of the exchange rate, that's another story.

 

[akphidelt]

It's still in Beta, and only test group volunteers are doing it, so I'll give them that. It's not like withdraws aren't going to be allowed ever, but has got to be a done deal before coming out to the masses. If they do 5dimes is going to get a lot of new customers, not just the hard core sports gamblers, they will gain customers that haven't even heard of 5dimes until now.

I was thinking about this earlier. Do you think the problem is that exchanges are going to have trouble accepting USD for BC's? I can see how it would be easy for them to accept BCs for USD because that's kind of like a purchase. But accepting USD for BC's is like a sale and might be where the system is stuck on how to get by the Feds? Just a thought.

 

[HarryCaray]

I was thinking about this earlier. Do you think the problem is that exchanges are going to have trouble accepting USD for BC's? I can see how it would be easy for them to accept BCs for USD because that's kind of like a purchase. But accepting USD for BC's is like a sale and might be where the system is stuck on how to get by the Feds? Just a thought.

To process a withdrawal 5dimes would just have to be hooked into a broker site like Coinbase, which they already have to be to process your deposit (unless they are holding onto the BTC which I doubt as this would expose them to market fluctuation risk).

You deposit 2 BTC, 5dimes immediately takes them and sells them for ~1266 USD and puts that in your account.

You run that up to 2532USD, go to take a withdrawal. They take that 2532 from your account and buy 4 bitcoins, and give them to you.

I don't see where that would cause a problem with the feds.

 

[akphidelt]

To process a withdrawal 5dimes would just have to be hooked into a broker site like Coinbase, which they already have to be to process your deposit (unless they are holding onto the BTC which I doubt as this would expose them to market fluctuation risk).

You deposit 2 BTC, 5dimes immediately takes them and sells them for ~1266 USD and puts that in your account.

You run that up to 2532USD, go to take a withdrawal. They take that 2532 from your account and buy 4 bitcoins, and give them to you.

I don't see where that would cause a problem with the feds.

Well what Reno is saying is that 5dimes is not paying you back in bitcoins at this moment. I'm just thinking of reasons why that might be the case. I think of bitcoin exchanges just like banks. They can't just easily accept USD in exchange for bitcoins without reporting on where they are getting that USD from. So that's just a possible reason for why 5dimes is not paying people back in bitcoins. I don't know it for a fact and open for other suggestions, just seems a logical reason for why they can accept bitcoins instantly but not pay you back in bitcoins. The most attractive reason for using bitcoins would be the instant withdraw, so it's kind of a big issue if they aren't paying you back in bitcoins instantly.

 

[HarryCaray]

Well what Reno is saying is that 5dimes is not paying you back in bitcoins at this moment. I'm just thinking of reasons why that might be the case. I think of bitcoin exchanges just like banks. They can't just easily accept USD in exchange for bitcoins without reporting on where they are getting that USD from. So that's just a possible reason for why 5dimes is not paying people back in bitcoins. I don't know it for a fact and open for other suggestions, just seems a logical reason for why they can accept bitcoins instantly but not pay you back in bitcoins. The most attractive reason for using bitcoins would be the instant withdraw, so it's kind of a big issue if they aren't paying you back in bitcoins instantly.

Yes they can, bitcoin isn't government regulated. Who do they have to report it to?

I'm quite sure before they roll this thing out to the masses the withdrawals will be ironed out. Maybe they're just figuring out one piece at a time.

 

[akphidelt]

Yes they can, bitcoin isn't government regulated. Who do they have to report it to?

I'm quite sure before they roll this thing out to the masses the withdrawals will be ironed out. Maybe they're just figuring out one piece at a time.

Anyone who profits or accepts USD has to report it. Bitcoin is not a "business". They have exchanges and those exchanges have to report where they are getting their USD from. They have already looked in to some Bitcoin exchanges for taking in money for illegal transactions.

I'm not saying this is the reason why, but to me it's a huge possibility for why they can so easily accept BC's but not exchange them.

A number of Bitcoin exchanges, including Mt. Gox, have received subpoenas relating to possible ties to shuttered online drug marketplace Silk Road.
The Wall Street Journal reports that Bitcoin exchanges, including bankrupt Mt. Gox, are being investigated in relation to possible ties to Silk Road, an illegal online marketplace shut down by the FBI in October last year.


Silk Road used the Tor network to keep purchases in the marketplace as untrackable as possible. After closing down the marketplace, over $28 million in Bitcoin was seized. According to US prosectors, Silk Road accounted for over one million users who used the marketplace to purchase items which may not have been illegal, spanning from marijuana to fake passports and drugs. Silk Road only accepted Bitcoin as currency, which allowed users to anonymously purchase such products, and some argue that this association has tainted overall acceptance of the cryptocurrency.
In relation to Mt. Gox, subpoenas sought customer-transaction logs and materials related to investor solicitation. Citing people familiar with the matter, the publication says that prosecutors and the FBI are examining whether the exchange processed transactions connected to Silk Road.

http://www.zdnet.com/bitcoin-exchanges-investigated-over-possible-silk-road-links-7000029660/

 

[akphidelt]

And on top of that if BCs were offered as withdraws, US customers are still stuck with finding a way to convert BCs to USD. If you transferred $5k in BCs and won $30k in BCs. Then wanted to buy a car with USD, you'd still have to try to find a way to get $30k in USD with out setting off any flags unless you report it as gambling winnings. To me, we are left in the same spot although, it would be nice to get instant payments in BCs then worry about ways of hiding the money afterward.

 

[CHOPTALK]

Yes they can, bitcoin isn't government regulated. Who do they have to report it to?

I'm quite sure before they roll this thing out to the masses the withdrawals will be ironed out. Maybe they're just figuring out one piece at a time.

Yea they are figuring out the only part of the process they give a fuck about. Deposits.
They don't give 2 shits about you getting your money and it pisses me off.
You know we they player have been putting a lot of blame on the difficulty of receiving a payout on the government. But I bet if we really knew the truth we would be shocked.

Even with all this government regulation BM and Bovada has figured out how to instantly remove money from my checking account in less then 1 second.

I can press submit at BM and bovada for a deposit and before my finger lets go of the mouse from pressing submit my BANK app beeps on my phone telling me that XXX dollars has just been taken out of my account.

If they have that ability to take my money that fast, they also have that same ability to give it back to me when its my turn.

Its bullshit.

 

[CHOPTALK]

And on top of that if BCs were offered as withdraws, US customers are still stuck with finding a way to convert BCs to USD. If you transferred $5k in BCs and won $30k in BCs. Then wanted to buy a car with USD, you'd still have to try to find a way to get $30k in USD with out setting off any flags unless you report it as gambling winnings. To me, we are left in the same spot although, it would be nice to get instant payments in BCs then worry about ways of hiding the money afterward.

Thats simple.
Very easy to convert BC to USD and vise/versa.
I have done this myself several times already.

 

[akphidelt]

Thats simple.
Very easy to convert BC to USD and vise/versa.
I have done this myself several times already.

It's simple to cash checks also. Was not talking about the simplicity of it was talking about the transaction of dollars to your account and the flags it would set.

 

[akphidelt]

Yea they are figuring out the only part of the process they give a fuck about. Deposits.
They don't give 2 shits about you getting your money and it pisses me off.
You know we they player have been putting a lot of blame on the difficulty of receiving a payout on the government. But I bet if we really knew the truth we would be shocked.

Even with all this government regulation BM and Bovada has figured out how to instantly remove money from my checking account in less then 1 second.

I can press submit at BM and bovada for a deposit and before my finger lets go of the mouse from pressing submit my BANK app beeps on my phone telling me that XXX dollars has just been taken out of my account.

If they have that ability to take my money that fast, they also have that same ability to give it back to me when its my turn.

Its bullshit.

Thats the same dilemma I'm talking about with Bitcoins. It's easy to transfer money overseas, it's much harder getting it back in the US. Offshore banks can't pay you back instantly because US banks can't accept money from offshore books. That's why you have to rely on sketchy foreign checks. It's always been the problem, it's easy to give BCs or USD away, getting USD back is the tricky part.