Bitcoins are officially donkdown

[sonatine]

Draw your own conclusions here but its been my observations that sites with terrible cashout histories have the best bitcoin prices.

Personally, I dont think thats unintentional. I think that its the same bullshit as those grey poker sites that take 3 weeks to process a cashout because they know that every 5 minutes you consider cancelling it and taking it to the tables. Which generates them rake. Same principle; a lot of people waiting for 3 weeks to get their bitcoins or cash transferred are going to say fuck it at some point, cancel the withdraw/transfer, and jump back on the trading train, generating fees for the site.

BTC-E has consistently deprecated values but generally processes transfer requests within minutes. They are also rumored to be Eastern Euro crime syndicate types who decided to postpone shutting their operation down and fleecing all the wallets because its so profitable to let rubes sit there and whittle away their rolls at 2% per transaction. But they handle their biz like champs so fuck it. And on the other hand, you have the 'reputable' white knights like Gox who are so fucked up that it can be dramatically -EV to rely on their time tables for offloading currency. Such is the nature of the beast.

[Crowe Diddly]

This could be the first crack in the dam for BTC to become a big player in legitimate online retail.

Overstock.com will become the first major U.S. retailer to accept Bitcoin, the company's chief executive Patrick Byrne told CNNMoney Friday.

Byrne said customers will be able to use the virtual currency to make purchases on Overstock.com, which sells everything from digital cameras and bed sheets to patio furniture and even cars. The company is expected to have total revenue of $1.3 billion for 2013, according to FactSet Research.

"We think there's going to be a market in Bitcoin, and we want to get in front of it," said Byrne. "We want to be the first major e-tailer that accepts them." Byrne first made comments about Overstock.com accepting Bitcoin in an interview with Bitcoin blog newsBTC and later in the Financial Times.
---

http://www.wired.com/business/2014/0...-bitcoin-live/

Overstock.com went live with the bitcoin ASAP, which was today, apparently.

[JimmyG_415]

BTC won't pay an 8 bit coin bet, $ 6700.


SBR Forum says to stay clear of BTC, (bitcoin sports book)

[WillieMcFML]

interesting read

http://motherboard.vice.com/blog/bit...nearly-exposed


if the powers that be really wanted to destroy bitcoin couldn't they just fire up massive supercomputers and get to 51%??

[BHS]

Bitcoin fish here so I have some questions.

I made an acct at coinbase but you have to hookup your checking acct to buy the bitcoins. Is this a ok to do?

How do you cash out or sell your bitcoins? Is it like poker where it takes 30 secs to deposit and weeks to withdrawl?

If I put bitcoin on a poker site can I withdraw back to bitcoin? If so does it take forever?

Thanks guys more questions to come

I use Coinbase, it's the only way, Gox is absolutely unusable (I haven't tried anything else)

I have Coinbase linked to my checking account. With my verified account, I can insta-buy up to 10 coins and they're available right away, coinbase debits my checking account for the money within a day or two. When I withdraw, I sell my coins using the coinbase exchange and they direct deposit the money into my checking account in TWO BUSINESS DAYS.. It's fucking awesome. I don't care what the value of bitcoins is going to be long term (likely zero.zero or A LOT) - right now I can use them for all kinds of shit (poker, sports bets, trading, etc) and the ease of getting money on/offline is like the glory days of online poker when neteller or whatever was the best way to deposit/withdraw. Pretty surprised there aren't more people doing this..

[Crowe Diddly]

http://consumerist.com/2014/01/10/sh...-the-currency/

Shoppers Using Bitcoin Spent $126,000 On First Day Overstock.com Accepts It

January 10, 2014


In what might be a sign that bitcoin isn’t just a mystical, ethereal currency to be hoarded like a magic pot of gold but never spent, Overstock.com says it did $126,000 in sales on the first day it started accepting it.

[sonatine]

Panic loomed in Bitcoin land on Thursday after the community’s largest mining operation, GHash.IO, approached half of all computing power in the system, the limit of the cryptocurrency’swell-documented fatal flaw.

If any one mining pool commands the majority of the market—the dreaded so-called "51 percent attack"—the integrity of the system becomes compromised, since the act of mining is how new transactions are processed. An attack like this can therefore essentially hijack the currency by controlling how consensus is reached.

This would theoretically allow the individual or group to spend money that they didn’t have or that wasn’t theirs, known as “double-spending,” among other potential abuses, some of which could go undetected. In such an event, even the mere possibility of abuse would undermine trust, and the resulting panic could cause Bitcoin to collapse.

The online Bitcoin community understandably lost its shit. “LEAVE GHASH,” implored one user in a post on Reddit’s Bitcoin community, home to nearly 100,000 members. Numerous other posts that shared this sentiment littered the subreddit’s front page, including one noting that GHash had successfully solved 42 percent of new blocks in the last 24 hours. “The network health of Bitcoin is awful,” wrote another. “The 2 largest pools comprise 60% of the network.” In other words, the owners of those pools could team up and instantly take over the market.




The distribution of Bitcoin difficulty hashrate. GHash.IO and BTC Guild together command more than half of all mining computing power. Via Blockchain.info

Users over at BitcoinTalk—the original Internet HQ for crypto-coin discussion—were similarly distressed, with some people pointing out that the system’s most powerful mining pool had been accused of double-spending in the past (though those allegations are far from concrete).

The fiasco “opens a whole new can of worms that people just don’t want,” said Yifu Guo, a long-time Bitcoin insider and one of the creators of the first consumer ASIC-based computer miner. “Inherently, the situation creates possibility of evil-doing.”












my sides

[ftpjesus]

Panic loomed in Bitcoin land on Thursday after the community’s largest mining operation, GHash.IO, approached half of all computing power in the system, the limit of the cryptocurrency’swell-documented fatal flaw.

If any one mining pool commands the majority of the market—the dreaded so-called "51 percent attack"—the integrity of the system becomes compromised, since the act of mining is how new transactions are processed. An attack like this can therefore essentially hijack the currency by controlling how consensus is reached.

This would theoretically allow the individual or group to spend money that they didn’t have or that wasn’t theirs, known as “double-spending,” among other potential abuses, some of which could go undetected. In such an event, even the mere possibility of abuse would undermine trust, and the resulting panic could cause Bitcoin to collapse.

The online Bitcoin community understandably lost its shit. “LEAVE GHASH,” implored one user in a post on Reddit’s Bitcoin community, home to nearly 100,000 members. Numerous other posts that shared this sentiment littered the subreddit’s front page, including one noting that GHash had successfully solved 42 percent of new blocks in the last 24 hours. “The network health of Bitcoin is awful,” wrote another. “The 2 largest pools comprise 60% of the network.” In other words, the owners of those pools could team up and instantly take over the market.




The distribution of Bitcoin difficulty hashrate. GHash.IO and BTC Guild together command more than half of all mining computing power. Via Blockchain.info

Users over at BitcoinTalk—the original Internet HQ for crypto-coin discussion—were similarly distressed, with some people pointing out that the system’s most powerful mining pool had been accused of double-spending in the past (though those allegations are far from concrete).

The fiasco “opens a whole new can of worms that people just don’t want,” said Yifu Guo, a long-time Bitcoin insider and one of the creators of the first consumer ASIC-based computer miner. “Inherently, the situation creates possibility of evil-doing.”












my sides

Explains why BTC has been basically stuck in neutral for last 36hrs bouncing from as low as 870s mostly staying in 900-920 range with a couple bounces to 940 and thats it.

[Belly Buster]

I have seriously considered investing (i.e. buy and hold for 12 months+) in bitcoins. Despite being pretty negative on them in the past, I do think the overall chances of them doubling are much higher than them being worth nothing over the medium term (current price is around $993).

I do fear there is a hidden gotcha there somewhere that will cause them to implode at some point. Probably just at the point where I jump in .....

[sonatine]

Explains why BTC has been basically stuck in neutral for last 36hrs bouncing from as low as 870s mostly staying in 900-920 range with a couple bounces to 940 and thats it.

honestly we've seen plenty of flat lines in the past. i think if anything the positive reception from overstock is simply providing buoyancy to what would normally be another gradual deflation.

[ShadyJ]

I bought some bitcoin.

Now I have a few questions.

Where should I play online poker with them?

Has anyone ordered shit off silk road and have it sent to your house?

[Crowe Diddly]

I bought some bitcoin.

Now I have a few questions.

Where should I play online poker with them?

Back in my bitcoin heyday (summer 2012ish), I found bitcoin sportsbooks to be really cool. Fairly fast deposit and really fast payout, and every once in a while, you could find a gem like a fight that occurred an hour before the betting closes, or some such gimme, which would get either paid off or canceled. I remember 2 occasions I got paid of on a fight that was over before I bet on it (once was a case where a fight got added to a card and they never re-adjusted the fight times, so a main card fight became a pre-lim, but the book never noticed). Of course, btc were in the $20 range at the time, and the most I was betting at a pop would have been in the $200-$300 range.

For poker, may as well play at micon's site, but others may know better.

My advice is just to withdraw your coins every night from every site you use. It's free to withdraw, everywhere I ever played, and the biggest chance for you getting fucked is when these sites get hacked and their wallets get stolen. Well, don't leave your shit in their wallets, imo. Easy solution. Just make sure you have a personal wallet that lives on your hard drive, or a memory card, or whatever, just someplace other than an online site.

[DRK Star]

http://www.reddit.com/r/Bitcoin/comm...ney_a_browser/

[Sanlmar]

That's swell. Just in time for the cheaper Bitcoin that debuts tomorrow!

The $800 version

[JUSTIFIEDhomicide]

You can buy Sacramento Kings tickets with bitcoins now

[vegas1369]

You can buy Sacramento Kings tickets with bitcoins now

Kings would probably take a bottle of wine and some cheese as payment at this point.

[Sanlmar]

You can buy Sacramento Kings tickets with bitcoins now

Kings would probably take a bottle of wine and some cheese as payment at this point.

I have always been under the impression the NBA was never to be mentioned on this site. I mean, what would be the point?

It really feels like Bitcoin wants to drill $900. It has violated almost every support line you can imagine. $900 is the last one IMO.

Just watching for now.

[DRK Star]

http://www.theguardian.com/technolog...inter-olympics


It's bobsleigh time: Jamaican team raises $25,000 in Dogecoin
Enthusiastic fundraisers have raised more than 26m in Dogecoin, a joke alternative currency, which could help propel the Jamaican bobsleigh team to the 2014 Winter Olympics

[chinamaniac]

Vegas casinos now accepting bitcoin

http://www.lasvegassun.com/news/2014...pting-bitcoin/

[Crowe Diddly]

Vegas casinos now accepting bitcoin

http://www.lasvegassun.com/news/2014...pting-bitcoin/

aren't those places more like casinettes than casinos? I wasn't aware that one of them was still open, and the other one I never knew existed at all.