To be honest, I won some free coins over at SWC and sold twice recently. Once via a GDMP to someone on seals, no problems, than yesterday opened a Coinbase.com account, sent the chips from SWC over to Coinbase, and than sold for PayPal via a site called Fastcash4bitcoins.
All within a matter of 12 hours. It was all so very easy. Time from sending off seals to landing in my PayPal account was less than 12 hours total. So it really is very easy to get your cash from SWC chips.
Although I do agree with you, in terms of how the people running seals go, that is dealing with a whole different animal.
"Birds born in a cage think flying is an illness." - Alejandro Jodorowski
"America is not so much a nightmare as a non-dream. The American non-dream is precisely a move to wipe the dream out of existence. The dream is a spontaneous happening and therefore dangerous to a control system set up by the non-dreamers." -- William S. Burroughs
The pcoin example again is where everyone is failing on this. BTC isn't something you just buy, BTC is something that is mined. It's little pieces of computer code that is generated and solved.
It's like saying I posted several notepad files online that was encrypted that says "Hello World" and said whoever can solve the encryption on this first it's officially yours. Then someone decided to gamble with them.
There's nothing there, it's just a file on a computer on a server somewhere in the world.
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I dont understand why since it is "mined" and is a piece of code that makes any difference. What if you gave pcoins a value based on silver prices then would it be ok? Silver like bitcoins is not a government approved currency (unless the Silver is put into US treasury approved coin form) .
So now PokerStars takes pcoins backed by silver (which is a lot more stable than bitcoins) so can we now allow the US players back onto the site? The players can simply take their pcoins to an exchange and trade their pcoins for usd based on silver prices.
There is a reason why we dont have bank accounts in the US backed by gold/silver bullion even though there is a demand for it. The US government wont allow it. The US governments hates alternative currencies and will use every law they can find to stop it.
The DOJ works much like the IRS in that they seize and then ask questions later (even if they are wrong). I think it is incredibly naive to think that Micon has nothing to worry about.
The DOJ works much like the IRS in that they seize and then ask questions later (even if they are wrong). I think it is incredibly naive to think that Micon has nothing to worry about.[/sQUOTE]
The DOJ get 100% the scam. This whole .EU and Bitcoins is absolutely laughable. You have a guy basically breaking the law and throwing it in the face of the DOJ. They have thrown people in jail for online poker and said don't do it again. Some people learn the hard way. You just can't openly break the law and flaunt it and expect you will not have a knock at the door.
I suspect SWC is in the clear. The government will clamp down on the exchanges that allow the BTC<->USD conversions.
The pcoins example would be the same, Pokerstars could do this, but if they also covert pcoins to USD, that would be a problem.
First, your pcoin example is way off, because you can ONLY PURCHASE them. This is 100% different than BTC. You're comparing apples to airplanes.
Second, you're assuming that people are purchasing the BTC with USD, you don't know that and can't prove that. For all you know all these people have mined all the BTC entirely for free. Go ahead show me a transaction for USD with any of the BTC on SWC. You can't. You can trace what addresses send BTC to where, but you will not find anything that dictates those BTC are ever traded for USD or any other currency.
Third, again you're comparing two things, gold and silver, to BTC. These are entirely different things.
You're drawing too many comparisons that aren't relevant and assuming way too many things that aren't there.
I've been putting in some hours at SWC. I now play exclusively on SWC as MarthaMicon.
I could say it's the first time I've pretended to be a female on the internet... but I'm a really bad liar.
SOBCHAK SECURITY 213-799-7798
Bitcoins are a cash equivalent, like casino chips or bearer bonds. Zynga chips and Chucky Cheese tokens are. It cash equivalents because they are not freely convertible to cash even though they can be purchased. For American citizens, operating or owning or sharing in the profits of a gambling site (where people can potentially win cash or cash equivalents) is illegal EVEN if that site does not take US players and EVEN if the site is licensed in some other country. The only exception is owning 5% or less of a public company like 888. I was considering investing in a site but once I did my research I called off the dogs. Micon is living on borrowed time.
SOBCHAK SECURITY 213-799-7798
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