Bitcoins are officially donkdown

[Sanlmar]

Feels revenue neutral to me

As soon as you deposit BTC the processsor immediately converts to cash for the site.

Patriots punters request a withdrawal and the processor buys BTC and ships to you. You convert to fiat.

Nobody was holding BTC for very long.

This ship sailed years ago but I always thought Chad Elie would have some good takes on processing these days. Whatever.

I wonder how accurate this is. If I were running a business that accepted BTC, there is no way in hell I would keep it in crypto. WAY too big of risk.

Exactly. Any other business dependent on a commodity would hedge. Weak example is jet fuel and airlines. International manufacturers hedge currencies. You really never could with BTC.

Processing has got to suck on it’s own merit. The sites gotta be paying the processing fees to make this worthwhile. I have on occasion wondered if a site will cancel BTC as an option.

[monsterj]

My thesis on why BTC and all cryptos are down is because of the release of CME futures. Up until December 18th, you could not short BTC in any real way for size. Now, institutional investors and traders can sell short with one mouse click and not have to worry about borrowing, private keys, wallets, etc. It is now regulated to short! This puts tremendous downward pressure on the entire market that was not used to both buyers and sellers. BTC was a product that people would only buy and hold and the only sellers are not speculators but people looking to get back into fiat, not actual short sellers.

With that being said, I am going to reopen a position tomorrow and will cover when the futures start trading contango. Contango means the futures price is lower than the the spot price.

[Sanlmar]

I congratulate you on the futures play recently.

While Druff rues not being long years ago I remember seeing March futures at $20k when BTC spot was $18k. They just wanted too much from me and I passed.

There were certainly guys who binked HUGE. Such a clean descent you never would have been shaken out. I wish someone had a blog or whatever chronicaling their windfall.

I am resigned to a life of nickels & dimes.

[BetCheckBet]

Sounds like a solid strategy

[monsterj]

I congratulate you on the futures play recently.

While Druff rues not being long years ago I remember seeing March futures at $20k when BTC spot was $18k. They just wanted too much from me and I passed.

There were certainly guys who binked HUGE. Such a clean descent you never would have been shaken out. I wish someone had a blog or whatever chronicaling their windfall.

I am resigned to a life of nickels & dimes.

One future would have made over $50k in 45 days! That's Hilary Clinton level returns there. I have to imagine there will be lots of new million dollar condos being bought here Chicago after this decent.

All of a sudden the big guys can hold BTC and trade the spread on spot OTC for huge size with no delta risk. It's incredible the money you could make just taking phone calls from paper that has to get in the cool new bitcoin and doesn't care about how wide your bid ask is.

[Forum Wars]

Feels revenue neutral to me

As soon as you deposit BTC the processsor immediately converts to cash for the site.

Patriots punters request a withdrawal and the processor buys BTC and ships to you. You convert to fiat.

Nobody was holding BTC for very long.

This ship sailed years ago but I always thought Chad Elie would have some good takes on processing these days. Whatever.

That's why we keep you around, Sanlmar.

I actually forgot that some offshore books are Bitcoin Only (betcoin.ag, Nitrogen Sports being two of the larger ones) where their site allows bets only in BTC, whereas most only allow you do deposit in bitcoin but exchange it to dollars.

So, yeah only portion of this offshore betting requires a "buy and hold" component leading up to the Super Bowl - the bitcoin only books - and I agree, the other part is revenue neutral for bitcoin demand.

Look for a small effect on bitcoin overnight, but nothing too huge...I stand somewhat corrected.

[sonatine]

Sounds like a solid strategy

[GambleBotsChafedPenis]

tine has this shit playing on loop 24/7...

[tgull]

One of the greatest You Tube Videos I have ever seen (and I have seen thousands).

[big dick]

bunch of homos jerking each other off

[tgull]

bunch of homos jerking each other off

I love these new terms of "stored value" and "liquid gold". Reminds me of the Dot.Com 1999 days when people threw around "new economy" and "profits don't matter". Fundamentals always matter. I was standing in line today at Dunkin Donuts, never once did I think "Boy, it would be nice to pay with a Bitcoin". Nobody fucking says that.

[big dick]

biggest homo out a large group of homos


this is like the 3rd time you said this. Get some new material

[snake_in_the_ass]

Hopefully DonaldTrumpsHairPiece is hanging in there. Doesn't look good at the moment. And seriously, thank you Sonatine for your $60,000 BTC target by March 2018. I did scale back big-time and you saved me a ton. You fucking mush.

[snake_in_the_ass]

My thesis on why BTC and all cryptos are down is because of the release of CME futures. Up until December 18th, you could not short BTC in any real way for size. Now, institutional investors and traders can sell short with one mouse click and not have to worry about borrowing, private keys, wallets, etc. It is now regulated to short! This puts tremendous downward pressure on the entire market that was not used to both buyers and sellers. BTC was a product that people would only buy and hold and the only sellers are not speculators but people looking to get back into fiat, not actual short sellers.

With that being said, I am going to reopen a position tomorrow and will cover when the futures start trading contango. Contango means the futures price is lower than the the spot price.

Who are the folks on the other side? The fund managers for 401ks and pensions? Usually the hardworking American gets fucked.

[tgull]

biggest homo out a large group of homos


this is like the 3rd time you said this. Get some new material

[monsterj]

My thesis on why BTC and all cryptos are down is because of the release of CME futures. Up until December 18th, you could not short BTC in any real way for size. Now, institutional investors and traders can sell short with one mouse click and not have to worry about borrowing, private keys, wallets, etc. It is now regulated to short! This puts tremendous downward pressure on the entire market that was not used to both buyers and sellers. BTC was a product that people would only buy and hold and the only sellers are not speculators but people looking to get back into fiat, not actual short sellers.

With that being said, I am going to reopen a position tomorrow and will cover when the futures start trading contango. Contango means the futures price is lower than the the spot price.

Who are the folks on the other side? The fund managers for 401ks and pensions? Usually the hardworking American gets fucked.

The people holding Spot(the public). The market makers will trade with you as long as they can sell on spot and buy futures. This is the pressure of the tail wagging the dog.

[sonatine]

bunch of homos jerking each other off

ahhh shitcoins must be deflating again.

[smart money]
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V
[institutional money]
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V
[public]
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V
[big dick]

[Krypt]

ABSOLUTELY SICK BLOODBATH REVERSAL

[Sanlmar]

ABSOLUTELY SICK BLOODBATH REVERSAL

Krypt unloads a full clip into a dead body.

Show some respect.

[snake_in_the_ass]

Who are the folks on the other side? The fund managers for 401ks and pensions? Usually the hardworking American gets fucked.

The people holding Spot(the public). The market makers will trade with you as long as they can sell on spot and buy futures. This is the pressure of the tail wagging the dog.

So they are selling on an exchange and then shorting an equivalent amount on the futures? Why not just short on gdax with an institutional account? Never played with futures.