BitCoin

Has anyone played satoshicircle.com? I know betting systems don't work, but it seems like you could really do well here with a good formula. You have about a 5.9% chance of rolling a positive outcome. Seems like there should be a possibility to do something like the Martingale system.

bet = totalLosses*5

I dunno. Lemme know if I am right?

Somewhere you can short BCs?

Quote: Torghatten

Somewhere you can short BCs?

You'll probably never be able to short actual bitcoins. Eventually there will be bitcoin backed securities though.

Does anyone here have any experience/interest in bitcoin-based gambling? It seems to me that bitcoins circumvent the US online gambling laws, which target the bank transactions rather than the gambling itself. I signed up for a site called Dragon's Tale (dragons.tl), which is attempting to do just that. It has a MMO theme to it, but all the 'quests' are gambling games - some luck-based, some skill-based. Also, they 'faucet' out some kSats (.00001 btc) to get you started. This was actually what first got me interested, as I just wanted to have some bitcoins. The game is currently in alpha, and it looks great so far. Wondering what everyone here thinks about this

https://bitzino.com is the only one I have tried. I didn't gamble just did the for free stuff.

Wir Bank in Switzerland was founded in the depression (1934)

The WIR Bank is an independent complementary currency system in Switzerland that serves small and medium-sized businesses and retail customers. It exists only as a bookkeeping system, with no scrip, to facilitate transactions. WIR has 62,000 members. Total assets are approximately 3.0 billion CHF, as of 2005. It has an ISO currency code is CHW. WIR has a stable history,and has remained fully operational during times of general economic crisis.

The Swiss Franc is nominally not supposed to exceed it's celing of 20% over the Euro. A Swiss Franc is currently 7% over the US dollar.

Quote: PITdood

Does anyone here have any experience/interest in bitcoin-based gambling? It seems to me that bitcoins circumvent the US online gambling laws, which target the bank transactions rather than the gambling itself. I signed up for a site called Dragon's Tale (dragons.tl), which is attempting to do just that. It has a MMO theme to it, but all the 'quests' are gambling games - some luck-based, some skill-based. Also, they 'faucet' out some kSats (.00001 btc) to get you started. This was actually what first got me interested, as I just wanted to have some bitcoins. The game is currently in alpha, and it looks great so far. Wondering what everyone here thinks about this

There are quite a few. Most are just EV- games that you can't defeat. But there is some good poker selection and the skill level is really bad. A lot of it is just people gambling away their coins.

Sealswithclubs is okay.

Is bitcoin mining worth the hassle? I have an extra computer that I don't mind leaving a program on all day I could allocate to this..... and my rent includes utilities so I won't pay anything extra.

Quote: djatc

Is bitcoin mining worth the hassle? I have an extra computer that I don't mind leaving a program on all day I could allocate to this..... and my rent includes utilities so I won't pay anything extra.

Yes, it is worth the hassle if you are willing to invest at least $600 in graphics cards (get 2x 7950) and install them in the extra computer. It is not worth the hassle with an extra crappy computers you have laying around. Those won't mine worth a damn.

Your profit expectation is very good if you can externalize the power costs onto your landlord. If bitcoin mining profitability drops due to ASIC then you can switch to litecoin or sell the cards for a small loss.

Quote: djatc

Is bitcoin mining worth the hassle?

Depends. It's only a small gain.

http://www.bitcoinx.com/profit/
2xHD7950 at $1,000 rig cost, 500W draw, 1 Ghash/s total gives, per year, $1,460 revenue, $800 minus power cost, but with $1000 for h/w deducted a total loss of $200. With free power a gain of $460.
This is 24/7/365; in practice your uptime and performance will be in 80%-90% range of that.

So it comes down to a few questions:
1. Are you a gamer?
If yes, you can use a pair of 7970's for own entertainment anyway. Just set them to mine coins.
2. Do you live in a cold climate?
If you're in a cold region, heat is no problem.
3. Can you place the mining rig outside?
You don't want the pain of having a heater in your home while you need air conditioning!

The noise from the cards, extra aircon draw, reduced comfort, if you have to deal with that - just isn't worth the yield. In the end it's just $4/day even with free power. And in a separate rig you have to invest in all the parts, platform and PSU.