Recently [on blackjackinfo.com] "meistro" mentioned,
in a review of casinos in Medellin, Colombia, the use of
BitCoin to circumvent currency laws, but he failed to elaborate.
My spouse has been day-trading in three different Crypto Currencies.
Any thoughts on this topic as it may relate to other casino venues?
In my experience, it seems the people who are saying how bad cryptocurrency is are the people who know very little to nothing about it, while people who have spent the time to research and learn about it agree it's at the least a legitimate way to make money.
"Everyone wants to be rich, but nobody wants to work for it." -Ryan Howard [The Office]
Colombia has a restriction on entering or leaving the country with more than 10k usd in cash. So you could circumvent this by buying or selling bitcoin within the country. But the table limits are so low here that 10k usd should generally be sufficient anyway as most max bets are $166 usd equivalent or less. Foreigners can open Colombian bank accounts as well so it would probably be easier or cheaper to just use bank wires.
Many, but not all. Just like in the stock market there are very knowledgeable investors out there. Of course it involves a lot of luck but not solely. Those who got in a year or two ago were either lucky or did a lot of reading. Or both.Originally Posted by 21forme
I am sure many members here are involved in Cryptos in some way or another. It's a great gamble at this point.
The underlying value of these instruments is the perplexing part. Once beyond that, Bitcoin has a finite number of coins and the market is clamoring to buy. Supply and demand.
Yes, I am a speculator in some of these without a really warm feeling about the risk. Certainly view it as high risk/reward venture. If I lose the play then it does not change my lifestyle, if it hits, then I leverage to higher positions using the gain.
Luck is nothing more than probability taken personally!
I don't understand how Bitcoin could be used in any regular transaction at the current time. As a currency it's not stable. Why would anybody pay for something in Bitcoin, or why would anybody accept payment in Bitcoin? They have no idea what the value of the transaction might be by the time it settled. The variance in the "currency" dwarfs the underlying values that are intended to be exchanged.
So right now Bitcoin is a gambling play, legal Ponzi scheme and nothing more....
More places are using bitcoin and other cryptocurrencies right now. I believe you can use it at many places in Japan. According to some website, you can use it at some places in Vegas. Online websites are using it, like eBay, amazon, etc. types (idk about those specifically). You used to be able to use it on Steam, a video-game platform(?), but I think they removed BTC but maybe have replaced it with some other crypto. Many gambling websites allow you to deposit using BTC, I wouldn't be surprised if some allow other cryptos like ETH primarily. Other cryptos have legitimate uses, so part of it is some people or businesses are treating it as an actual currency, so it matters less (in a way), what BTC:USD value is, as they view these currencies as the future and USD will be in the past, so the conversion isn't as important anymore. People are looking at the value for what it's going to be in 2 years, 5 years, or 10+ years down the road.
So I would say no -- it's not a Ponzi scheme. It's here and it's here to stay, whether that's bitcoin or another crypto. BTC, as it turns out, isn't a super great product because there are others that work much better.
"Everyone wants to be rich, but nobody wants to work for it." -Ryan Howard [The Office]
@Bigdaddy: Most people consider BTC a method to make money rather than preserve value. It's extremely volatile, as you point out. If people accept payments by bitcoin it can be converted right away upon receipt. However, cryptos are not limited to Bitcoin and there are many other providers with countless pros and cons. Anyone who is able to figure out the true advantages early on and willing to invest/ risk can gain great profits.
What I personally like about the idea of cryptocurrency is that it's finally an alternative to the FIAT banksters. It's only alternative is gold, which is great but has very different properties.
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