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Las Vegas' Oldest Casino Starts Accepting The World's Newest Currency - Bitcoin

Tyler Durden's picture





 

Two Las Vegas casinos will become the first known US gambling premises to accept the increasely popular cryptocurrency. The co-owned Golden Gate (Las Vegas' oldest casino) and The D Las Vegas Casino Hotel will begin accepting bitcoins on Wednesday as payment for hotel rooms and related purchases, but, as Bloomberg Businessweek reports, state regulators are unlikely to allow casinos to exchange chips for bitcoins any time soon, according to A.G. Burnett, chairman of the Nevada Gaming Control Board.

 

Via USA Today,

The two downtown Vegas properties, which share an owner, will accept the currency at five locations, including their front desks and the D's Gift Shop. Guests also can use the currency at the D Hotel's American Coney Island hot dog shop and Joe Vicari's Andiamo Italian Steakhouse.

 

Alas, they won't be able to gamble with them just yet.

 

The Bitcoin purchases will be processed through BitPay, which allows merchants to accept Bitcoins just as they would Visa, MasterCard or Paypal.

and Reuters adds,

"Downtown has really become a technology hub for all of Las Vegas," Derek Stevens, co-owner and chief operating officer for both casinos, told Reuters. "I think it is fitting that the Golden Gate and The D are the first hotels to offer (bitcoin)."

 

Stevens said patrons increasingly had requested to use bitcoins over the past year. By becoming the first known casino hotels to accept the virtual currency, he hoped to attract customers unable to spend bitcoins at other local businesses.

 

"I think that this is a technology where early adopters have an advantage," he said.

 

The casinos will install iPads at cashier stations and use the online platform BitPay to process the currency, which can be loaded into a virtual wallet and used with a mobile device.

 

But not for gambling yet,

State regulators are unlikely to allow casinos to exchange chips for bitcoins any time soon, according to A.G. Burnett, chairman of the Nevada Gaming Control Board.

 

The industry has not approached regulators about approving the currency for gambling.

 

"We would have to have an extremely high level of comfort with virtual currency of this kind in order for that to ever occur," Burnett said.

Interestingly - after all the extreme volatility of the past few months, Bitcoin has traded in a "relatively" narrow range between $750 and $850 in the last 2 weeks.

 

It didn't take long for some enterprising young chap to come up with this either...

 


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Tue, 01/21/2014 - 22:08 | Link to Comment HedgeAccordingly
HedgeAccordingly's picture

not so bubbly afterall ... http://hedge.ly/18iZ3rI 

Tue, 01/21/2014 - 22:16 | Link to Comment Four chan
Four chan's picture

the d is a nice place to stay, all updated rooms and a resonable rate.

Tue, 01/21/2014 - 22:24 | Link to Comment nope-1004
nope-1004's picture

Not sure this is as much pro Bitcoin as it is desperation among the casinos.  The last few years have been brutal in Vegas.

 

Tue, 01/21/2014 - 22:29 | Link to Comment Ignatius
Ignatius's picture

A chance for wave-riding bitcoiners to lose all their money in a thoroughly modern, tech savy way.

Tue, 01/21/2014 - 22:43 | Link to Comment Prisoners_dilemna
Prisoners_dilemna's picture

i just pulled Confederacy of Dunces from off a buddies shelf. I dont remember why 10 years ago I loved it so much; so I'm reading it again.

 

In other news Bitcoin is now being accepted in Vegas by the oldest casino.  They probably accepted gold back in the day.

 

I know I know   gold's been around longer and all that....

Wed, 01/22/2014 - 00:21 | Link to Comment chumbawamba
chumbawamba's picture

This is stupid.  What motivation does any casino have for accepting Bitcoin?  If anything you'd think casinos would be the last to adopt an unproven, all-software currency that hardly has (I'm guessing) one percent penetration amongst the typical casino guest pool, because they're not in the business of losing money, nor risking it for that matter.

So what gives?  Seems to this punk's eyes it's a desperate ploy to speed up forced adoption of what was slated to be the world's first globally accepted digital currency--a one world currency for a one world system--but that has met resistance because there are only so many fonestars in the world, and all of them are pretty stupid, so no one's buying it.

Full disclosure in the interest of maintaining integrity: I hold a little over two "bitpennies" (0.02+ BTC).  One was bequested unto my estate by the Great DoChenRollingDoobies, the other I mined (over the course of several weeks, but I still have a couple days of mining to do to collect my bounty as my mining rig crashed when it almost got to the finish line), and I accumulated an insignificant amount from a few bitcoin "spigots".  I would have ignored it entirely but my curiosity was piqued when DoChen came into the chatroom one night offering free bitcoins, and when someone offers you free currency, you take it first and ask questions later.  I started researching Bitcoin and found it to be a remarkable system, despite all my (valid) criticism of it.  And notwithstanding my opinion that it's a brilliant design that mimics many of the features of gold--in fact you could consider it "digital gold"--I wouldn't trust it to hold more than a risk-free speculative amount, and it's a shitty way to lose all your wealth if the Sun belches out a permanent "banking holiday" by way of a coronal mass ejection that takes out the planet's electrical grid and, therefore, the internet, without which Bitcoin cannot function.  But at the time I got my first bitpenny, it was worth maybe $4, and within a few short weeks it was worth over $10.  So seeing an opportunity to maybe cash in, I explored mining for bitcoins, mostly riding the coattails of qqqqqqqqqqqqqtrader's research, and when he gave me two USB "bit-eruptors" that were too paltry to include with his two Butterfly Labs BFL-60 mining rig, it was a no brainer.  I pulled a working PC from the incoming recycling stream, hooked up a USB bus, plugged in the bit-eruptors, went over to http://bitminter.com, download the Java applet and off it went.  So it's been fun, it's been interesting, I hope my paltry two bitpennies can one day buy me a decent ounce of Humboldt-grown greenbud, but as far as my personal adoption, no thanks.  I don't trust nor use facilities or devices proffered by the US government and its departments and agencies, as their only purpose is to keep you on the plantation.

I am Chumbawamba.

Wed, 01/22/2014 - 00:35 | Link to Comment TheHound73
TheHound73's picture

Right on.  I assume you shredded all your Platntation issued credit cards and closed all banking accounts as well?  Only bullion commerce for you? 

Wed, 01/22/2014 - 01:17 | Link to Comment chumbawamba
chumbawamba's picture

No credit cards, no bank accounts.  Bullion where accepted.  But I primarily transact in lawful money of the United States.

I am Chumbawamba.

Wed, 01/22/2014 - 10:58 | Link to Comment fonestar
fonestar's picture

Yes, because you (and several other posters here) are too f*cking braindead to see how brilliant Bitcoin is, you expect the rest of the world to follow suit.  That's not how the business world works.  People are watching what happened with Overstock and their sales boom and asking themselves if they want to be a leader or a late-comer to the party?

Incidentally, if anti-Bitcoin 'tards here devoted half of that energy to making businesses accept silver coins......????  But that's okay, I know you're pro-.gov fakes who like "dollars" and not silvers.  Hahahahaha.....

Wed, 01/22/2014 - 20:57 | Link to Comment Exponere Mendaces
Exponere Mendaces's picture

@fonestar

Don't sweat it, you're arguing with a guy who signs his name after - like he's some cryptic oracle. Or maybe he doesn't understand how forum avatars work. Whichever it is, I'm pleased the litmus test of Bitcoin has caused yet another closed-minded person to turn their back on Bitcoin.

We never needed them in the first place.

They'll end up watching the world change around them, confused and angry, as the rest of the Bitcoiners around the world end up reaping the benefits. That's fine, you just can't help some people.

Wed, 01/22/2014 - 01:09 | Link to Comment Grosvenor Pkwy
Grosvenor Pkwy's picture

"I explored mining for bitcoins"

Can you estimate your total costs to mine the Bitcoins, including electricity and any other supplies, as compared to their total current value?

Wed, 01/22/2014 - 01:44 | Link to Comment chumbawamba
chumbawamba's picture

Zero (it's a long story).  In qqqqqqqqq's case his energy was free, too, because he was staying in "extended stay" hotels and his work was picking up the tab.  That's the only reason we even considered it.  He hunted down and got a good deal on a couple BFL-60 mining rigs and some bit-eruptors that he ultimately gave me.  He mined for about a month and earned BTC1.38.  At that point he called it gravy, sold the bit miners at a profit (he made more profit selling the rigs than the bitcoins are worth), held onto the bitcoins for a while, then sold when he thought it was crashing (silly him).

Right now it makes zero sense to mine for bitcoins with anything less than a Th/s (terahash per second) mining rig and close to free energy.  Someone clever can do this (solar panels and batteries, a windmill, etc.) but for the average Joe the window of opportunity is probably gone--at least until quantum computers erupt onto the scene.

Look at some of the other cryptocurrencies coming up, find the one that has the most grassroots appeal, and go for that one.  But make sure it uses a non-NSA hashing algorithm and way more than 256 bits because the NSA is the honey badger of hackers.

Bill Still is pimping Quark, in a way I would describe as almost contrived.  Not sure what's going on there but at any rate, take your time to settle on a good cryptocurrency.  The purpose of the current marketplace is to confuse everyone into submission.  It might not be Bitcoin, it might not even be its replacement, but one way or another the PTB are going to slyly slip in a cryptocurrency they control.  They'll first try to pull a fast one--like when those douchebags JPM tried to patent Bitcoin--but if that doesn't work, they'll figure out a more surreptitious way to have their way.  And they will.  They always do.

Because people let them.

I am Chumbawamba.

Tue, 01/21/2014 - 22:33 | Link to Comment NIHILIST CIPHER
NIHILIST CIPHER's picture

Been to Vegas many times, never heard of the D.  I usually stay at the C.......or the V.

Wed, 01/22/2014 - 01:07 | Link to Comment MontgomeryScott
MontgomeryScott's picture

According to the Urban Dictionary, a 'D' is, well, a DICK (otherwise known as a schlong, a penis, a schwanshtucker, a cock, a unit, a phallus, 'the little head', a Johnson, a Woody, 'Little Jimmy', or otherwise described as a skin-flute).

Do you mean to tell us that there is actually a CASINO named after a PENIS, in Vegas? Wasn't it known formerly as 'Fitzgerald's'? Where is this? A few blocks off the 'strip' (as in, strip off all your clothes and let the mob gang-rape your ass)?

As soon as I get a pocket full of BTC that the casino of choice lets me drop in to the one-armed bandits (as, this does NOT seem to be the case), I will try to find Fitzgerald's, down in the desert wasteland; in order to squander my inheritance for a night in Vegas.

As long as artificially inflated figures (such as your avatar) are supposedly 'real', I would share them with you...as long as you aren't a 'd'...

 

Tue, 01/21/2014 - 22:22 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

Well, if Las Vegas thug is accept BitCoin, it MUST is be real! Question is whether winning in BitCoin is convertible to cash INSIDE of casino...? Maybe is only BitCoin against BitCoin in segregated bidding...?

Update: Boris is read article (Boris is sometime do that)

Casino is not accept BitCoin bid against $USD denominate chip, not even accept BitCoin for gamble (BitCoin is own gamble, no!?), but for gift shop, and not direct, but through BitPay who is convert and issue in $USD. So BitCoin is not accept, but is entirely process by proxy. Real innovation is BitPay, not casino.

Tue, 01/21/2014 - 22:25 | Link to Comment BLOTTO
BLOTTO's picture

And dont forget,

'Guests also can use the currency at the D Hotel's American Coney Island hot dog shop'

Wed, 01/22/2014 - 01:13 | Link to Comment MontgomeryScott
MontgomeryScott's picture

Is the hot dog a polska keilbasa, or a vienna sausage? Do they have 'd', or 'D' (or, a FED or YUAN or EURO, vs. a 'btc')?

Wed, 01/22/2014 - 01:13 | Link to Comment Grosvenor Pkwy
Grosvenor Pkwy's picture

"(BitCoin is own gamble, no!?"

If you want to gamble with Bitcoin, join a multipool. Plenty of opportunity to bet against other crypto currencies.

Wed, 01/22/2014 - 01:16 | Link to Comment MontgomeryScott
Wed, 01/22/2014 - 06:29 | Link to Comment satoshi101
satoshi101's picture

Nobody any where WILL GIVE YOU CASH for BTCS'

Every body and their DOG will charge 2X-10X in BTC's and only if they can turn them back into USD's, ...

In efffect its a MORON premium tax,

The exchanges will NOT return you CASH, ...

It's only possible at the BTC ATM to give them your real MONEY, and they give you BTC paper.

So your right, the problem now is nobody can get out of BTC, and a lots of people that can't sell their shit,  like

old hotels in vegas

and

overstock

a lot of people that have DOGS to sell, are selling their shit at a premium to bit-tards, ...

WHEN the exchanges let you BUY $10k USD in BTC and  the  same hour let you have your $10K USD back, then I might be impressed, but for now less than ten men  in the world control all the mining pools and exchanges, and they control the price of BTC and the exit.

IF&WHEN people could get their CASH out this bitch would have already popped, ... but the reason it doesn't POP, is that nobody can get their money out cuz the exchanges have NO LIQUIDITY.

 

Wed, 01/22/2014 - 06:38 | Link to Comment madtechnician
madtechnician's picture

Again more bullshit from this Satoshi101 idiot.

You can change bitcoins for cash or vice versa nearly anywhere in the world right now at www.localbitcoins.com you do not need to go through any exchanges there are also thousands of people right now buying and selling bitcoins on eBay , plus eBay UK are starting a dedicated bitcoin section on their site in February , this is a pilot scheme for it to go on eBay worldwide.

 

 

Wed, 01/22/2014 - 07:28 | Link to Comment Grosvenor Pkwy
Grosvenor Pkwy's picture

"there are also thousands of people right now buying and selling bitcoins on eBay"

I've looked on ebay and the premiums are from 2x to 10x. Pure ripoff.

Wed, 01/22/2014 - 08:58 | Link to Comment madtechnician
madtechnician's picture

2x to 10x premium ? Not sure about that one maybe you should take a second look , most sellers charge a few percentage points above an exchange price to cover their eBay and PayPal fees.

 

Wed, 01/22/2014 - 08:59 | Link to Comment bitcoinbear
bitcoinbear's picture

satoshi101... quit your bank job... your services are no longer needed. 

Wed, 01/22/2014 - 11:00 | Link to Comment fonestar
fonestar's picture

He's a pathetic shill and an insult to that name.

Wed, 01/22/2014 - 21:00 | Link to Comment Exponere Mendaces
Exponere Mendaces's picture

Oh look, faketoshi is back from huffing in Chinese smog fumes to tell us about the magical things he sees in his twisted mind.

What a kidder.

Tue, 01/21/2014 - 22:19 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Nice!

Greenspam [sic] sez:

“No. Well, see that – it has to – it has to have intrinsic value."

Um, no.  Dollars do not.  And you can't eat gold!

Tue, 01/21/2014 - 22:23 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

But you are can eat WITH gold. Just beware of street level thug in dark alley arm with plier.

Wed, 01/22/2014 - 01:27 | Link to Comment MontgomeryScott
MontgomeryScott's picture

Boris is also sad that Kalishnikov is passed. Many self-defence weapons (in multimillion of number) protect against dark alley thuggery.

http://en.necropedia.org/obituary/Mikhail_Kalashnikov

If Boris was not 'evil atheist Commie Rusky Pinko', Montgomery would be also commiserating with brother (Don't be like 'Niger', bringing knife to gunfight, and keep dry gunpowder store!).

Say, Boris, I have a pocket full of BTC's...wait, I know I have some...let me find my Bitcoin wallet...it must be in my other pants...when the grid (WEB) shuts down, in 5, 4, 3, 2, 1...

Tue, 01/21/2014 - 22:15 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Awwright, Vegas!  That makes three reasons I can think of right now to go there!

Tue, 01/21/2014 - 23:17 | Link to Comment RideTheWalrus
RideTheWalrus's picture

But Bitcoins are going to $10,000 - why spend any of them now?

 

Wed, 01/22/2014 - 00:49 | Link to Comment TheHound73
TheHound73's picture

Some people prefer spending BTC rather than Gov't currency dealing with credit cards and banks.  As you point out, BTC works just fine as a store of value as well.  

Wed, 01/22/2014 - 01:37 | Link to Comment MontgomeryScott
MontgomeryScott's picture

@DCRB,

WAIT! Let me guess the three reasons!

Pacific Southwest Airways, Howard Hughes, and Mormon bodyguards?

Mafia, Hookers, and Gambling?

Drought, Desert Fever, and Head Lice?

HOOKERS (male, female, and shemale)? (Oops, was that one, or three in one?)

Oh...Corey Barton Homes, Nuclear testing ranges, and BTC?

Tue, 01/21/2014 - 22:27 | Link to Comment Cabreado
Cabreado's picture

The Bitcoiners and those who exploit them have set things up for nothing more than Bitcoin-as-Trendy-Token,

and no one involved seems to know or care.

Wed, 01/22/2014 - 21:01 | Link to Comment Exponere Mendaces
Exponere Mendaces's picture

@Cabreado

Yikes, better call the VC's and the head of Virgin to reconsider, because they seem to care a lot. Or you could do some research before planting both of your feet in your mouth.

Your choice.

Tue, 01/21/2014 - 22:15 | Link to Comment devo
devo's picture

Bull markets are born in pessimism, grow on skepticism, mature on optimism, and die of euphoria.

Tue, 01/21/2014 - 22:17 | Link to Comment Rock On Roger
Rock On Roger's picture

Bubblicious

Tue, 01/21/2014 - 22:21 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Stack on, which is good advice!

Tue, 01/21/2014 - 22:42 | Link to Comment Rock On Roger
Rock On Roger's picture

Today I did. A little bit of the fancy 22 carat type, for my loving wife.

She likes it when I stack on her.

 

Stack On

 

 

Tue, 01/21/2014 - 22:55 | Link to Comment DoChenRollingBearing
DoChenRollingBearing's picture

Muy bien!  My wife is not into jewelry.  I do the stacking around here.  Most of it is 22 kt as well (Gold Eagles).

EDIT:

I have to do the stacking of lead and delivery devices too...

Tue, 01/21/2014 - 22:20 | Link to Comment NIHILIST CIPHER
NIHILIST CIPHER's picture

yawn,  Why not just pay for your room with Amex or MC ?  

Tue, 01/21/2014 - 22:31 | Link to Comment nmewn
nmewn's picture

Pretty much.

At Nmewn Royale, we also accept BitCard ;-)

Tue, 01/21/2014 - 22:49 | Link to Comment Prisoners_dilemna
Prisoners_dilemna's picture

yawn?!?

Did you not follow my bitcoin buy recommendation back in February?

 

For those who did, they need a way to spend that 6000% return they raked in.  Maybe you should read Geology news or something more exciting.

Tue, 01/21/2014 - 23:07 | Link to Comment NIHILIST CIPHER
NIHILIST CIPHER's picture

PD         Gee, I missed that back in February, I'll jump  on that right now !!!!!..............NOT.    Read the article,  Shitcoin is not that useful in Vegas unless you want to buy a pack of gum.

Wed, 01/22/2014 - 09:31 | Link to Comment madtechnician
madtechnician's picture

Sounds lke you will be missing out on the next rally then , how many is that now ?

Wed, 01/22/2014 - 01:40 | Link to Comment MontgomeryScott
MontgomeryScott's picture

Start with zero.

Multiply that by, say, six thousand.

The end result always seems to be the same (DAMN this Chinese-made calculator machine!).

Wed, 01/22/2014 - 00:26 | Link to Comment TheHound73
TheHound73's picture

Yes, they still accept Credit Cards and USD if that is what you really prefer. Just don't shop at Target. #Winning

Wed, 01/22/2014 - 11:11 | Link to Comment fonestar
fonestar's picture

yawn,  Why not just pay for your room with Amex or MC ?  

 

Exactly, keep funding those criminal banks you frigging blockheads!

Tue, 01/21/2014 - 22:44 | Link to Comment Bunga Bunga
Bunga Bunga's picture

I heard they dropped Goldcoin.

Tue, 01/21/2014 - 23:37 | Link to Comment Kirk2NCC1701
Kirk2NCC1701's picture

Cars? Bah, humbug! Horse & Carriage is the way to go. Unlike cars, they have thousands of yeats of history behind 'em.

Short cars, long horses, long buggies.

Tue, 01/21/2014 - 23:41 | Link to Comment gafgroocK
gafgroocK's picture

 

 

Jeez...thats just Great, now I gotta put up with fonestar in the Gift Shop buying T-shirts after eating a cheap NY strip?

Wed, 01/22/2014 - 01:54 | Link to Comment MontgomeryScott
MontgomeryScott's picture

After fonestar eats a cheap NY stripper, I think he'll probably be at the local 'doc-in-the-box', trying to solve the strange (issues). Well, everyone has to go through the 'Looking for love in all the wrong places' issues...

The next flight out from Las Vegas on PSA boards in about 35 minutes. Please be ready for the usual 'grope-a-dope', and do NOT joke about terrorists under ANY circumstances! Enjoy the flight...

http://www.youtube.com/watch?v=2wxgyUyvpRs

Tue, 01/21/2014 - 23:54 | Link to Comment adr
adr's picture

If they advertise a room for $49 and receive $49 for the room they didn't accept Bitcoin for the room. They used a service that exchanged someone's item of supposed value for currency the hotel deems has value.

If I sell a pair of Air Jordans in the hotel to a guest for $150 and use the money to pay for a hotel room, I guess the hotel takes Jordans for payment.

When somebody exchanges a hotel room for Bitcoin directly, then that will be news. If Bitcoin continues to remain in a tight trading range or actually stabilizes, then what is the point of buying Bitcoin with dollars to end up paying for something with dollars?

Wed, 01/22/2014 - 00:28 | Link to Comment TheHound73
TheHound73's picture

Little baby steps.  Seattle Seahawks now accept Bitcoin

Wed, 01/22/2014 - 01:03 | Link to Comment Boris Alatovkrap
Boris Alatovkrap's picture

AmeriKan football (not real foot ball) player is receive wage in BitCoin!? Wow, is suffer one is too many concussion!

Wed, 01/22/2014 - 02:02 | Link to Comment MontgomeryScott
MontgomeryScott's picture

Here in 'Merkuh, Boris, we do not use such terms. These terms you use might be construed as 'RAY-SISS'. The poor African indigenous bull-()people who participate in 'sport' are referred to as 'underpriveledged' in 'mental capacities', as far as 'sport' things are discussed. OF COURSE, they NEVER got hit in the head by their 'uncle-fathers'. 'Dey-Mommas' said so!

Do 'dat 'BTC' shit get me a blast o' duh REAL BU'YAH? SHEEE..., nigguh, 'dat shit's duh BOMB!

Wed, 01/22/2014 - 01:30 | Link to Comment Grosvenor Pkwy
Grosvenor Pkwy's picture

"what is the point of buying Bitcoin with dollars to end up paying for something with dollars?"

Because they are not buying them with dollars. They are early adopters and miners sitting on stashes of Bitcoins and other alt currencies who need to cash out, and it is currently almost impossible to cash out to US dollars, so they need some way to spend them.

The dollars are flowing into the system, not out of the system, except perhaps to a few very clever algo traders who have figured out how to beat the system.

Wed, 01/22/2014 - 02:05 | Link to Comment MontgomeryScott
MontgomeryScott's picture

Go to Las Vegas.

Spend fiat currencies.

Go away.

They accept everything, now.

Trades of Cocaine for Marijuana are as common as BTC for Fitzgerald's.

Wed, 01/22/2014 - 02:56 | Link to Comment Bottom Line
Bottom Line's picture

I really like the BitCoin concept but I haven't bought because I think the following issues may put others off:

1. The small number of BitCoins means that users will need to get used to very small fractions. Why did the designers not foresee this problem?
2. The storage and network bandwidth that will be required to maintain distributed blockchain copies when there are a billion users will be impossible to provide, even taking Moore’s law into account.
3. The dependence on mining for currency creation and all future transaction processing means that you will always need to pay a middleman for your transfers, just like using a bank.
4. The early-adopter advantage enjoyed by creators of the system (who apparently hold a large proportion of existing BitCoins) might put off newcomers who might see it as a scam for this reason.
5. The need for new transactions to be included in the next block means that transaction times are too slow to use BitCoin for everyday shopping activities such as purchases of groceries, clothing, fuel etc. (10 minutes to an hour for confirmation, I believe). What’s the use of a currency that you can only use for online purchases?

Wed, 01/22/2014 - 03:39 | Link to Comment JustUsChickensHere
JustUsChickensHere's picture

re; 1.   BTC is infinitely divisible ... currently recorded down to 8 decimal places. The terms you are looking for are mBTC   uBTC and Satoshi .. for 0.001BTC, 0.0000001BTC and 0.00000001BTC respectively.  The designers did think of this issue.

re: 2.  The blockchain does NOT need to be replicated on a one for one basis, per user. Eg. My Android phone has a Bitcoin wallet, but no copy of the blockchain.  My linux systems on the other hand do have a full copy of the blockchain - for mining purposes. Normal people (the billions of the future), probaby will not hold a local copy of the blockchain. Those who do need it can justify the network and storage costs.

re: 3. If some middlemen charge too much, this leaves opportunity to run your own mining equipment. The result (without the need for regulation) is a set of middlemen forced to provide the service at near cost, rather than the eye gouging charges the banks and other middlemen currently extort for the same service. A genioune free market for a change.

re: 4. early adopters take a risk (like early shareholders in a startup).  If this works out well for them other people get jealous. tough luck for the timid.

re: 5.  Perhaps.   But as the person paying, once you hit the 'send' buttion - it is gone and has no chargeback possible. So in in a face to face situation, like buying petrol, as long as the cashier personally sees the 'send', they can be fairly confident you have patd. For low value items, they will probably take the risk. For hugh value items, they will wait for the transaction to show - 10 minutes per block gives an average wait of 5 minutes ...  The risk will be limited to someone using a 'fake' wallet to pretend to send BTC - a personal scam ... so there will be places that find Bitcoin unsuitable, but many more will find it effective. No one is forced to use it - and that is excellent.

 

Wed, 01/22/2014 - 05:11 | Link to Comment Bottom Line
Bottom Line's picture

1. What I mean is, they could simply have set the limit to 21 Billion or 21 Trillion. I don't think BitCoin has been designed for mainstream usage.
2. and 3. From what you say, it looks like the blockchain will become increasingly centralised and the mining function increasingly specialised. The blockchain size and growth rate will be too high for the majority of users and the mining function will require ever more specialised hardware (ASICs and beyond), huge storage and special high speed backbone connections in order to function. So the mining function and blockchain storage will probably be provided by a series of central organisations, much like banks.
4. I accept your point on this.
5. All I'm saying is that users will still have to use conventional currencies for some things, so may not want to bother with an alternative that incurs a transaction fee for every purchase and is slow. Perhaps BitCoin will be better sold as a store of value than as a currency?

Wed, 01/22/2014 - 09:59 | Link to Comment tip e. canoe
tip e. canoe's picture

it would be really interesting to see a global map of bitcoin mining to visually analyze the distribuition/concentration of the backbone of the blockchain, especially if that map were to analyze how the distribution of processing power has changed over the life of the currency so far.

my hunch is that after an initial explosion of decentralized distribution, it is concentrating towards centralized nodes all centered around centers of power (financial, political, military, educational/university), with the concentration continuing as the processing difficulty increases exponentially.

if that hunch is correct, it also most likely means that we'll never see the map to confirm or deny whether the hunch is correct.

Wed, 01/22/2014 - 05:11 | Link to Comment Bottom Line
Bottom Line's picture

1. What I mean is, they could simply have set the limit to 21 Billion or 21 Trillion. I don't think BitCoin has been designed for mainstream usage.
2. and 3. From what you say, it looks like the blockchain will become increasingly centralised and the mining function increasingly specialised. The blockchain size and growth rate will be too high for the majority of users and the mining function will require ever more specialised hardware (ASICs and beyond), huge storage and special high speed backbone connections in order to function. So the mining function and blockchain storage will probably be provided by a series of central organisations, much like banks.
4. I accept your point on this.
5. All I'm saying is that users will still have to use conventional currencies for some things, so may not want to bother with an alternative that incurs a transaction fee for every purchase and is slow. Perhaps BitCoin will be better sold as a store of value than as a currency?

Wed, 01/22/2014 - 06:22 | Link to Comment satoshi101
satoshi101's picture

ZH BIT-TARD promotion NEVER ENDS

ATM's that take cash and  return a paper receipt with a bitcoin ID

A hotel take BTC'w and it has not a fucking thing to do with A casino.

 

When are the TYLERS going to correctly learn how write BANNERs for their insipid rePOSTS??

 

There is no fucking BTC ATM on the planet that will give CASH for your BIT-TURDS, they all take your CASH return you BIT-TURDS on paper.

There is NO CASINO that will give you CHIPS, they will let you have an over-priced room, if you reserve  the room with BTC's, ... fucking BULLSHIT.

Wed, 01/22/2014 - 06:42 | Link to Comment madtechnician
madtechnician's picture

You just cannot stop spouting mindless drivel can you.

Wed, 01/22/2014 - 07:10 | Link to Comment negative rates
negative rates's picture

Just go to the electronic bank link you got referenced to there earlier junior.

Wed, 01/22/2014 - 07:48 | Link to Comment Grosvenor Pkwy
Grosvenor Pkwy's picture

The title states: "casino starts accepting ... Bitcoin"

This is dishonest and misleading. The hotel and hot dog stand are accepting Bitcoin, not the casino, and the difference is crucial in this case. A casino deals in money, patrons put money in expecting money out, although they are usually disappointed, but still, that's the game. With a hot dog stand, you pay money, but you don't expect to get your money back, you expect a hot dog.

This dishonest headline typifies the entire Bitcoin scam, where patrons are putting money in expecting money out, except it never really happens, unless you are a big-time operator, mining pool owner, or running a Bitcoin gambling site.

A title like: "Las Vegas hot dog stand now accepting Bitcoin!!!" just doesn't have the same ring to it.

Wed, 01/22/2014 - 12:19 | Link to Comment pipes
pipes's picture

...and YOUR responses typify the entire ANTI-bitcoin nonsense.

 

Spouting bullshit as 'rebuttal' to words they HAVEN'T EVEN READ, much less made any effort to understand.

 

Typical...and laughable.

Wed, 01/22/2014 - 20:54 | Link to Comment satoshi101
satoshi101's picture

"Flea Market Accepts Bitcoins"

This is a filthy old hotel in a filthy location of old-town las-vegas, they will let you reserve a room by paying 10X in BTC's on the internet.

This story doesn't have a fucking thing to do with CASINOS.

***

only the typical Pro-Bit-Tards are defending this story.

I agree tomorrow we will see ZH post

"6 year old Mormon Girl in Utah Accepts BITCOIN at LEMONAIDE STAND"

So fucking what?

Wed, 01/22/2014 - 12:14 | Link to Comment pipes
pipes's picture

Oh, what? Fucking idiots are upset because they got caught going off on a knee-jerk anti-bitcoin rant, spouting nonsense...only to find out they MISUNDERSTOOD the title? (which of course often happens when holding an extreme bias)

 

LOL!!!!!!!!!!!!

 

You dumbshits are the best COUNTERpoint to your own POINT.

Wed, 01/22/2014 - 06:29 | Link to Comment Debugas
Debugas's picture

i have one question - how taxes will be paid on these transactions in bitcoins ?

Wed, 01/22/2014 - 07:10 | Link to Comment negative rates
negative rates's picture

Like we need more tax collectors around here.

Wed, 01/22/2014 - 07:42 | Link to Comment Grosvenor Pkwy
Grosvenor Pkwy's picture

Most Bitcoin True Believers expect that they will never have to pay taxes. That's apparently one reason for the obsession about privacy and secrecy.

Wed, 01/22/2014 - 08:20 | Link to Comment madtechnician
madtechnician's picture

In Germany their law now states that there are no capital gains taxes to be paid if a bitcoin has been held by the owner for over a year. UK Tax people are considering the same laws as Germany , same with Singapore and Hong Kong.So they may have a point if all other countries follow a similar stance , not sure about the USA though

Wed, 01/22/2014 - 10:00 | Link to Comment Grosvenor Pkwy
Grosvenor Pkwy's picture

So let me see if I've got this straight.

You mine some Bitcoins for zero cost using your employer's equipment and electricity, hold them for a year, then cash them out tax-free by purchasing a luxury sports car and a cruise to Bermuda. Or buy a yacht, sail it to Hong Kong, and fence it to some anonymous Chinaman in the harbor.

Now I see why Bitcoin fanatics are so fanatical. A perfect tax-evasion and money-laundering scheme, paid for with other people's money.

Wed, 01/22/2014 - 12:08 | Link to Comment pipes
pipes's picture

Well, Gros...after all ths time, you still don't "have it straight"...but I suspect you know that. The drivel that follows your opening sentence is moronic.

Wed, 01/22/2014 - 12:05 | Link to Comment pipes
pipes's picture

Fuck taxes, fuck the tax man, and fuck anyone worried about the tax man.

 

I challenge the tax man to enforce tax on bitcoin. The only success he will have is in the cases of sniveling, cowering, brainwashed, slaves hoping to spare themselves a lashing, by demonstrating that they are SO SUBSERVIENT to their master, that they bring him his whip.

Wed, 01/22/2014 - 09:20 | Link to Comment satoshi101
satoshi101's picture

The best kept secret in the DEN of ZH liars is that your can get out of BTC.

Let's take the CASIO chip analogy.

Say the LV houses took BTC for chip's then I ( satoshi  ) would buy all the chips in LV with my BTC's and turn around and SELL those chips and get cash.

Guess what you can't do that. Why?

Because he house is not stupid.

Long ago the LV (NV) was ran by the mob, then the USA CORPRATIONS, and today its ran by the church of MORMON, the same people who run the NSA,

The Mormon's can make all the BTC's they want, so they're not gong to let anybody BUY chip's with BTC's and turn around and sell those same chips for USD's.

The MORMON's might be smart, but they're not stupid.

*

Lastly, this HOTEL that ZH is spouting about, its the oldest smelliest, and dankiest hotel in LV, and its not even on the strip its in old-town, and the HIV rate of the whores that work this hotel is 99%, so it figure that for 10X it would let some BIT-TARD make a reservation in BTC's.

Have a nice night. xx000xxx

 

Wed, 01/22/2014 - 11:00 | Link to Comment bitcoinbear
bitcoinbear's picture

You make those who don't believe in bitcoin seem nuts. Good Job!

Is this you by any chance?

http://www.youtube.com/watch?v=YycWNwtbaG8

Wed, 01/22/2014 - 11:55 | Link to Comment pipes
pipes's picture

Wow!

 

The longer this Bitcoin thing goes on, the more unhinged you become. Not only has your rhetoric deteriorated, it seems your ability to communicate has as well.

 

Keep it up.

Wed, 01/22/2014 - 16:34 | Link to Comment madtechnician
madtechnician's picture

This satoshi101 loon is putting himself in a straight jacket. He is becoming more and more incoherent with each post.

Satoshi101 - do yourself a favour and go see a doctor.

Do NOT follow this link or you will be banned from the site!