Forum: Sportsbook Industry Discussion - Discuss Sports Book News, Ratings, Reviews, Sportsbook Work Scene Info, Afterhour Events, and subjects of interest to our posters.

Thread: Why would anyone ever use Bitcoin?

Page 1 of 2 12 LastLast
  1. #1 Why would anyone ever use Bitcoin? 
    RX Member
    Join Date
    Oct 2008
    Location
    Kiley, you're an idiot
    Posts
    178
    I have been thinking about using bitcoin to fund an account. Until, lol, I read where every time you buy a bitcoin, you get taxed on the value of it (???)....That simply can't be true, can it? Then, if you win and convert back to cash, you pay capital gains taxes on that? What's the point if you get taxed en you buy, then taxed when you sell?

    Can anyone tell me where I am going wrong with bitcoin?

    Thanks
    Reply With Quote  
     

  2. #2  
    RX Junior
    Join Date
    Jul 2011
    Location
    France
    Posts
    10
    Please not i'm not from the USA so i'm mostly ignorant on your legislation.
    First thing i'd do would be to call your accountant/ Lawyer/ qulified person and ask him what he knows about buying bitcoins. It seems surprising to me that you get taxed on the value of your purchase. Make sure you get information from a reliable source. Most sources on bitcoins are not very well informed. I wouldn't trust Fox News for anything either but i digress.
    The biggest forum i know about bitcoin is bitcointalk.org
    Then if it's only to consider funding an account, i wouldn't encourage you either as i've yet to see decent exchange rate offered.
    You may wanna try the few Bitcoin only bookies. I can't give you any names but you'll find easily enough on Bitcoitalk.

    Good Luck with your quest for informaation on bitcoin.
    Reply With Quote  
     

  3. #3  
    RX Junior
    Join Date
    Oct 2013
    Location
    here
    Posts
    60
    try it as a deposit and withdraw option, you will be surprised how easy it is
    Reply With Quote  
     

  4. #4  
    RX Senior Dog Daze's Avatar
    Join Date
    Apr 2009
    Location
    The Sticks
    Posts
    5,246
    I just used it for the first time and it was great.
    Reply With Quote  
     

  5. #5  
    RDWHAHB Kiln's Avatar
    Join Date
    Oct 2008
    Location
    East Bay
    Posts
    1,629
    this thread is pure lol.
    Reply With Quote  
     

  6. #6  
    RX Semi-God 5teamparlay's Avatar
    Join Date
    Sep 2004
    Location
    Riverview, Florida
    Posts
    32,570
    http://realmoney.thestreet.com/artic...ive-blockchain

    Bitcoin Is Dead, Long Live the Blockchain

    ByRoger Arnold

    Follow
    | Jan 21, 2016 | 2:00 PM EST |





    A revolution is at hand in finance, economics, markets and the way human beings interact with each other. And if you are not actively engaged in understanding it now, you risk having your investment capital obliterated as it slams into all of these systems and changes the way they work.
    This is not hyperbole, so you had best take note.
    About a year and a half ago, I introduced what was, at the time, a conceptual framework for a blockchain system that would operate on an open-mesh networking platform, in the column, Ethereum Is a True Game-Changer.
    Built by nonprofit Ethereum, this blockchain platform has since gone from idea to practical application, and was tested recently by 11 major banks as a platform for trading.
    But this is just the beginning of its application. I expect that the adoption of this technology will grow fast, and it will cause enormous disruption to every aspect of commerce, in the process.
    Any company not making the investment in adopting this technology will cease to exist, and even adopting it is no guarantee that they'll survive.
    The companies most actively engaged in building the supporting hardware and software associated with the implementation of the Ethereum platform are still Microsoft (MSFT) and Cisco Systems (CSCO), although every other technology company will have to, if only for survival's sake.
    The companies most actively engaged in the implementation of Ethereum for real commerce are in the financial sector now -- principally banks and consumer revolving-credit providers.
    These include all of the world's largest banks and credit card companies. The credit card companies to watch are MasterCard (MA) and Visa (V). This is a risky proposition for them, as their businesses will be radically altered by this development -- and they may not survive, even as they are on the cutting edge of bringing Ethereum to practical application.
    I addressed that issue in the December column, There's a Problem in the Credit Card Space.
    Do not confuse Ethereum with Bitcoin. Bitcoin was never a viable blockchain platform for commerce. Ethereum is. I'll not address here why Bitcoin is not viable, but if you want me to write a column explaining it send me a note to rogerarnold@gmail.com, and if I get enough responses requesting it, I will do so.
    You can also read this recent commentary from former Bitcoin proponent, Mike Hearn, on the subject, but there is much more that he's not addressed.
    Ethereum is a disruptive technology far greater than the Internet, itself. It will bring the dark web into the light and provide a platform for disintermediation that is almost unfathomable, today.
    The disruption in commerce afforded by the introduction of the Internet as a viable, and ultimately preferable, alternative to traditional bricks and mortar retailers has been the downfall of those not making the transition properly.
    The easiest examples of this are Amazon (AMZN) versus Sears Holdings (SHLD).
    What Amazon did to Sears is what the Ethereum platform may do to Amazon, as producers start to use the Ethereum blockchain to bypass intermediaries in order to deal directly with end consumers.
    The Internet provided a different means of intermediating between producers and consumers, albeit one that has proven to provide financial efficiencies for all parties.
    Ethereum allows for real and substantive disintermediation, affording producers globally the opportunity to interact directly with customers and bypassing banks, credit companies, Fed wire and clearing services, and, perhaps most importantly, the companies that have become the giants of advertising to consumers, namely Facebook (FB) and Alphabet (GOOG).
    The process of Ethereum adoption will represent a surge far greater than what has preceded it in how technology is reorienting commerce.
    Even as many are still disoriented by how quickly the Internet allowed for the creative destruction of previous ways human beings interacted, the Ethereum will magnify that further.
    I addressed this issue and the ramifications for investors last October in the column, Investors Slow to Deal With Rapid Change. I'm not advocating taking any particular investment position on this matter as yet, but that is something I will address in future columns.
    Right now, however, it behooves investors to be aware of this disruptive technological breakthrough, and monitor it.
    Reply With Quote  
     

  7. #7  
    RX Member
    Join Date
    Oct 2008
    Location
    Kiley, you're an idiot
    Posts
    178
    Obviously, the guy that thought this thread was "pure lol" is either broke now or just realizing that using bitcoin is doubly foolish. Again, as I stated at the outset, I wasn't certain at the time given my naivete on the certain aspects of the subject. But now, as we see, not only does the IRS get a bite, but your cost certainty is not certain at all.
    Reply With Quote  
     

  8. #8  
    RX Junior
    Join Date
    Jan 2016
    Location
    CANADA
    Posts
    41
    I have 2 issues with bitcoin: 1 is the fluctuation ,you never know when it will collapses and and be worthless 2 is the hacking of your bitcoin wallet and there is no way you can trace it, so the security issue is in my opinion the scariest part
    Reply With Quote  
     

  9. #9  
    RX Member PickyourSpots's Avatar
    Join Date
    Jan 2006
    Location
    Boston
    Posts
    385
    As far as the article above goes, there is a new one every year that claims BitCoin is dead. I guess you have to determine which year it is going to be true. I say, why wouldn't you use bitcoin. I like the idea of cashing out funds back to bitcoin when the market is low and then holding on until it rises again then cashing it out for a larger profit. Buy, sell, wager, win, buy, sell, rinse and repeat. Your money is no more safer in Costa Rica or wherever your book resides so I find it comical that the discussion of safe or any other issues are discussed about Bitcoin by guys who send money to faceless people to gamble. Lets get some perspective.
    Reply With Quote  
     

  10. #10  
    RX Member PickyourSpots's Avatar
    Join Date
    Jan 2006
    Location
    Boston
    Posts
    385
    As far as taxes go, no you don't get taxed when you buy bitcoins. As far as cashing out or trading bitcoins over time and making money on that you would be "expected" to pay capital gains, as any other investment would have you pay. None of this is taken during the transaction but would be handled when you file your personal taxes. You choose to claim whatever you want. If you make $500 in bitcoin profit and don't claim it, I can't expect any one is going to knock down your door. If you make $50k in bitcoin profits, you might revisit whether you should maybe pay the capital gains tax and not risk paying a fine and fees if someone does knock at your door.

    Now you might say, "if I use ********* I don't have to worry with any of this" and you would be correct. Bitcoin is more of an easy vehicle to move money around and it also is a possible additional investment if you choose to use it that way. I don't think I would be getting spun up on "taxes" while using it unless your personal tax return is loaded with capital gains taxes from other investments and someone might be digging or you are doing HUGE amounts of bitcoin transactions.
    Reply With Quote  
     

  11. #11  
    RX Member PickyourSpots's Avatar
    Join Date
    Jan 2006
    Location
    Boston
    Posts
    385
    Yeah.....this Bitcoin stuff isn't going to make it.
    Reply With Quote  
     

  12. #12  
    RX Member PickyourSpots's Avatar
    Join Date
    Jan 2006
    Location
    Boston
    Posts
    385
    coinbase.png

    *man, to many restrictions on images around here. Geez.
    Last edited by PickyourSpots; 03-15-2016 at 02:43 PM. Reason: typo
    Reply With Quote  
     

  13. #13  
    Banned
    Join Date
    Mar 2016
    Location
    Panama
    Posts
    15
    ok well here's the deal, bitcoin is a scam! a real scam! don't use bitcoin!
    Reply With Quote  
     

  14. #14  
    RX Member PickyourSpots's Avatar
    Join Date
    Jan 2006
    Location
    Boston
    Posts
    385
    Quote Originally Posted by cowboys99 View Post
    ok well here's the deal, bitcoin is a scam! a real scam! don't use bitcoin!
    Reply With Quote  
     

  15. #15  
    RX Senior bodyforlife's Avatar
    Join Date
    Nov 2004
    Location
    Georgetown, Tx
    Posts
    8,770
    When you can explain how you can pay your taxes with bitcoin, you might be on to something.
    Reply With Quote  
     

  16. #16  
    RX Member
    Join Date
    Dec 2013
    Location
    Tennessee
    Posts
    455
    Bit coin is a solution to a non-problem, just like minimum wage. :D:D
    Reply With Quote  
     

  17. #17  
    RX Junior
    Join Date
    Apr 2016
    Location
    washington DC
    Posts
    2
    As far as an investment goes... I wouldnt think of bitcoin but as it comes to gambling, it makes total sense. I'm an affiliate for several online gambling sites and what I've notice is most people hold on to their bitcoins and cash them in as needed. We have bitcoin ATM's around and its fairly easy to convert your bitcoins to cash or use them straight to pay for products and services online. I even heard of a guy buying a Tesla car with bitcoin. I've never heard of anyone getting taxed on bitcoin... unless you claim your earnings... but no one would know you have bitcoin if you don't tell anyone.
    Reply With Quote  
     

  18. #18  
    RX Junior
    Join Date
    Apr 2009
    Location
    Canada
    Posts
    2,582
    In thinking of trying bitcoin for fun. Just to see how it is? Anyone still use it?
    Reply With Quote  
     

  19. #19  
    RX Member barnstorm's Avatar
    Join Date
    Sep 2011
    Location
    Boone
    Posts
    242
    Fairlay Exchange is a nice betting exchange and has really good odds - the best by far - better than even 5Dimes' Reduced Juice odds. http://www.fairlay.com/?signup=2095
    It's an exchange, so the layout is different, but you'll get the hang of it. It defaults to Decimal Odds, but you can change to American odds if you like. You will save a significant amount of money over the course of your wagering due to the much better odds.


    Nitrogen Sports is also a good, reliable Bitcoin Sportsbook. https://nitrogensports.eu/r/19312
    They have very good odds (not quite as good as Fairlay), a nice site and very good customer support. Very reliable. They've been around longer than most.


    CloudBet https://www.cloudbet.com/en/?af_toke...0106205b5194d4
    They do not have the best odds and withdrawals take a bit longer, but they have a very nice looking and fast site and their Live Betting is very good and has better odds. So if you bet sports at CloudBet, you will get better odds by waiting to bet after the game has started!


    If you are totally unfamiliar with BitCoin, here is a short video.
    http://www.outgear.com/bitcoin101.html


    And it's easy to buy Bitcoin at Coinbase.
    https://www.coinbase.com/join/5359305abc5b841219000017
    They are very reliable and you just have to set up an ACH from your checking account.


    GL!
    Reply With Quote  
     

  20. #20  
    RX Junior
    Join Date
    Jul 2016
    Location
    Southbend, Indiana
    Posts
    19
    There's No tax in using bitcoin.
    Reply With Quote  
     

  21. #21  
    RX Member barnstorm's Avatar
    Join Date
    Sep 2011
    Location
    Boone
    Posts
    242
    Quote Originally Posted by blueberner69 View Post
    There's No tax in using bitcoin.
    That is incorrect. You are still required to pay tax on Bitcoin winnings in gaming and even on the capital gains if your Bitcoin increases in value. Consult your tax adviser.
    Reply With Quote  
     

  22. #22  
    RX Junior Parlays Stole My Money's Avatar
    Join Date
    Jan 2008
    Location
    Texas
    Posts
    2,191
    Quote Originally Posted by barnstorm View Post
    That is incorrect. You are still required to pay tax on Bitcoin winnings in gaming and even on the capital gains if your Bitcoin increases in value. Consult your tax adviser.
    Of course you are, but anybody that would do that is already paying taxes on their gambling winnings so there is no difference.

    Bitcoin is just like regular deposit/withdrawal methods. You are SUPPOSED to pay claim your winnings, but you aren't forced to...
    Reply With Quote  
     

  23. #23  
    Banned
    Join Date
    Jan 2005
    Location
    Gotham
    Posts
    8,837
    Thanks for info Barnstorm, with Coinbase and a checking account, what are the fees for buying and selling bitcoins?
    Looks to me like 1% to buy bitcoins, but what percentage to sell them and get funds back into your checking account ultimately?
    thanks in advance.



    Quote Originally Posted by barnstorm View Post

    And it's easy to buy Bitcoin at Coinbase.
    https://www.coinbase.com/join/5359305abc5b841219000017
    They are very reliable and you just have to set up an ACH from your checking account.


    GL!
    Reply With Quote  
     

  24. #24  
    RX Member barnstorm's Avatar
    Join Date
    Sep 2011
    Location
    Boone
    Posts
    242
    I think it is also 1% when you sell.

    Circle is free both ways, but they set about a 1% higher price than Coinbase, so they are both pretty close. But you get that 1% higher price back when you sell on Circle. So check for sure if Coinbase charges to sell.
    Reply With Quote  
     

  25. #25  
    Banned
    Join Date
    Jan 2005
    Location
    Gotham
    Posts
    8,837
    I think i found it..

    USA

    Payment Method for Purchase Effective Rate of Service Fee** ***
    U.S. Bank Account 1.49%, with a $0.15 minimum
    Coinbase USD Wallet 1.49%
    Credit/Debit Card 3.99%
    Payout Method for Sale Service Fee
    U.S. Bank Account 1.49%, with a $0.15 minimum
    Coinbase USD Wallet 1.49%
    ****** 3.99%
    USD Deposit Method Fee
    ACH Transfer Free
    Wire Transfer $10 ($25 outgoing)
    Reply With Quote  
     

Posting Permissions
  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •