Bitcoin

[rocket surgeon]

The way it works on BetOnline is that you tell BOL you want to deposit $100, using the method of crypto.  They look at the current rates and say "Ok, transfer X crypto to this wallet and we'll put $100 in your account".  This deposit is basically instant, it only takes the time a normal crypto transfer from wallet to wallet takes.  So you're only exposed to the same fluctuation any other crypto transfer takes.

Now, withdrawal is where it gets a bit shady.  They take 24-72 hours to process your request, and the crypto to USD exchange rate isn't determined until your request is processed.  So, you're susceptible to them being scummy and finding a 72 hour low point and only giving you that much crypto.  In practice I haven't noticed anything too egregious in the couple of times I've done it on BOL, and I'm not sure if Bovada et al. have a similar 24-72 process period.

I may be explaining everything you already understood, just wanted to make sure you were aware that for the large majority of the time (save that 1-3 day processing period), the money you have in your account is all USD and not subject to market fluctuation.

no, that was excellent-thanks!  that also was my suspicion-at what point do they do the conversion?  as we all know, bitcoin can go through many fluctuations over 24-72 hours.  they ain't in the gamblin biness to lose, eyn'a?   heads i win-tails you lose

[Benny B]

Curious as to whether any of the crypto backers are still bullish on BTC et al and why.

Or are any y'all having a change of heart on the viability of cryptos as an investment?

[Hards Alumni]

Time to get back on board guys... Well, a month ago was, but ya know.

[Heisenberg]

Here was your buy signal

https://twitter.com/biancoresearch/status/1127690566270103554?s=20

[Benny B]

Anyone care to share what their basis is in BTC?  Not total investment, just the price (or average price) you're in at.

[🏀]

Anyone care to share what their basis is in BTC?  Not total investment, just the price (or average price) you're in at.

Jumped in right at $4,000.

[Tortuga94]

Anyone care to share what their basis is in BTC?  Not total investment, just the price (or average price) you're in at.

Never bought bitcoin, but I did buy Ethereum at $301 on 10/11/17.Sold it on 1/2/18 at 858.92.
Haven't bought any cryptos since but I am considering jumping back in.

[mu03eng]

At this point, I'm not sure that the cryptos are anything but an investment engine. Their practical utility seems to be disappearing.

[Hards Alumni]

At this point, I'm not sure that the cryptos are anything but an investment engine. Their practical utility seems to be disappearing.

What?  I thought you were smarter than this.

What about Venezuela?  Their printed currency is worthless, and basically every transaction is currently being done in cryptocurrency.

[Jockey]

What?  I thought you were smarter than this.

What about Venezuela?  Their printed currency is worthless, and basically every transaction is currently being done in cryptocurrency.

How does "basically everybody" have access to cryptocurrency in a country like Venezuela?

People in the ghettos and rural areas are using crypto?

[mu03eng]

What?  I thought you were smarter than this.

What about Venezuela?  Their printed currency is worthless, and basically every transaction is currently being done in cryptocurrency.

80% of the population doesn't have electricity or running water but they are leveraging cryptocurrencies? How are they acquiring them? I'm doubting they are mining for it.

[Dr. Blackheart]

80% of the population doesn't have electricity or running water but they are leveraging cryptocurrencies? How are they acquiring them? I'm doubting they are mining for it.

Pneumatic batteries, hey?

[Coleman]

What?  I thought you were smarter than this.

What about Venezuela?  Their printed currency is worthless, and basically every transaction is currently being done in cryptocurrency.

The overwhelming majority of Venezuela's "transactions" are being done via barter or US Dollars.

https://www.miamiherald.com/news/nation-world/world/americas/venezuela/article227261249.html

[Coleman]

Crypto is pure speculation. It may or may not gain value in the future, but any gain in value is based on what people think it is worth, not inherent value like stock (revenue, dividends) or even commodities, which have practical uses.

The primary purposes of currency is to serve as a store of value, unit of account, and as a medium of exchange. For it to succeed at any of these, it needs to have a relatively stable value. Something as volatile as Bitcoin or any other crypto"currency" fails those litmus tests miserably.

If you want to gamble a small percentage of your net worth, go for it. But that's all it is, gambling.

Blockchain has real potential for non-currency uses. The technology itself is pretty revolutionary. I think it will have real applications for speeding up international money transfers and transactions with multiple types of currency.

[Hards Alumni]

Crypto is pure speculation. It may or may not gain value in the future, but any gain in value is based on what people think it is worth, not inherent value like stock (revenue, dividends) or even commodities, which have practical uses.

The primary purposes of currency is to serve as a store of value, unit of account, and as a medium of exchange. For it to succeed at any of these, it needs to have a relatively stable value. Something as volatile as Bitcoin or any other crypto"currency" fails those litmus tests miserably.

If you want to gamble a small percentage of your net worth, go for it. But that's all it is, gambling.

Blockchain has real potential for non-currency uses. The technology itself is pretty revolutionary. I think it will have real applications for speeding up international money transfers and transactions with multiple types of currency.

Wait, you just described gold.

[The Sultan]

Wait, you just described gold.

Which is why gold is no longer a currency.

[mu03eng]

Which is why gold is no longer a currency.

and Gold has other intrinsic "value" beyond that of a currency. Almost all electronics depend on gold in some capacity, especially electro-mechanical devices. It has value because it can be used to create something that also has value. Gold's volatility is tied to speculation AND it's scarcity within the demand of practical applications. Cryptos are volatile only because of speculation.

[Cheeks]

Which is why gold is no longer a currency.

??????

Will disagree on that one

[Benny B]

and Gold has other intrinsic "value" beyond that of a currency. Almost all electronics depend on gold in some capacity, especially electro-mechanical devices. It has value because it can be used to create something that also has value. Gold's volatility is tied to speculation AND it's scarcity within the demand of practical applications. Cryptos are volatile only because of speculation.

This.  Gold, silver, platinum, copper are all stores of value, and all have industrial applications.  BTC may be the former, but it certainly isn't the latter.

I'm curious as to whether there's a BTC mining rig out there that doesn't contain one of the above.  Otherwise, buying BTC because you want a store of value is like buying a gallon of milk because you want a plastic jug.

[Coleman]

and Gold has other intrinsic "value" beyond that of a currency. Almost all electronics depend on gold in some capacity, especially electro-mechanical devices. It has value because it can be used to create something that also has value. Gold's volatility is tied to speculation AND it's scarcity within the demand of practical applications. Cryptos are volatile only because of speculation.

Well said. Gold is a bit of an oddity because it does have practical uses but also has quite a bit of speculation behind it, and is influenced by monetary pressures such as the strength of the US dollar.

[Coleman]

??????

Will disagree on that one

Gold is definitely no longer a currency. It may still be considered "money," in the informal sense. But beyond bullion coins, whose face value are far below their true value it is no longer used by any central bank for the issuance of currency.

[The Sultan]

I guess it is a currency in the most basic of terms.  But it isn't a currency in the sense that it is the official currency of any nation-state.

[mu03eng]

I guess it is a currency in the most basic of terms.  But it isn't a currency in the sense that it is the official currency of any nation-state.

if by most basic terms, you mean a preppers wet dream, we are in agreement

[Cheeks]

I guess it is a currency in the most basic of terms.  But it isn't a currency in the sense that it is the official currency of any nation-state.

No longer legal tender, but in my mind it is still one of the most valuable currencies on the planet.....especially potentially if the shat hits the fan. Some interesting economic articles out there about whether Gold is a currency, a commodity, neither, etc.

[The Sultan]

No longer legal tender, but in my mind it is still one of the most valuable currencies on the planet.....especially potentially if the shat hits the fan. Some interesting economic articles out there about whether Gold is a currency, a commodity, neither, etc.

Glad to know that you have a nice stash of canned good if things really get bad.