Thread: Bitcoin?
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Old 04-17-2011, 09:13 PM
nfleqbc nfleqbc is offline
Join Date: Aug 2003
Posts: 3,333

Originally Posted by Cwissy View Post
I didn't and don't understand how you could actually set this us but I posted about some type of peer to peer money exchange before. Hopefully this is the thing that is the UIGEA dagger.
It's already set up. There are outfits that will sell Bitcoins for dollars (aka process deposits) and outfits that will buy Bitcoins for dollars (aka process withdrawals). Some are set up for ACH, Paypal, WU, check in the mail, whatever.

All that's needed now is for books to add the ability to deposit and withdraw via bitcoin. The real complication for the books is that if they're going to continue to keep account balances in USD that the exchange rate for bitcoin/USD fluctuates... This twitter account updates daily with a snapshot of the exchange rate... the value has spiked recently as demand for bitcoins has gone up faster than the supply is growing (the supply of bitcoins will grow until about 2040 or so). This is probably due to a spurt of interest in the media over the past few weeks (and Google publishing a bitcoin program).

1 month low: 1 BTC=$0.67 USD
1 month high: 1 BTC=$1.05 USD

Books might use those as their redemption prices (and make some extra money in the process) and offer unlimited "free" withdrawals to bitcoin. In the future, bitcoin might even become the standard currency for sportsbetting. We may even see things progress to where you "deposit" only what you need when you make a bet (putting 20 bitcoins on a ten team pawlay, deposit 20 bitcoins when you place the bet) and withdraw your winnings (just like at a Vegas book or a high street betting shop: cash on the counter to buy your ticket and cash paid if it wins).

Combine bitcoins with some means of bypassing DNS (whether by the methods proposed by the folks behind The Pirate Bay or something like Tor) and this industry is in a position where there is no means of attack by the US government short of turning off the internet.

All the pieces are in place. It's time to put the puzzle together and behave like the past 5, 10, 15 years never happened.
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