BITCOIN ATM

This is a first.... now at THE D you can exchange BITCOIN for cash or cash for BITCOIN

http://www.reviewjournal.com/business/casinos-gaming/robocoin-first-bitcoin-atm-casino-launches-d

I really want to learn how bitcoin works so I can get in some plays with it instead of real money. Are there skill based games that you can wager bitcoins in?

There is an online casino that accepts ONLY bitcoin, of course I have no idea if they ever payout anything at all. Toshiba recently added six thousand merchants to its bitcoin processing system so its acceptance is gaining.

I like the idea of bit coins however they seem to unstable. The process to set up and obtain the through complete anonymity seems tedious. Then again I don't even like the process of making an email account.

Quote: FleaStiff

There is an online casino that accepts ONLY bitcoin, of course I have no idea if they ever payout anything at all. Toshiba recently added six thousand merchants to its bitcoin processing system so its acceptance is gaining.

Given the nature of bitcoin, and the way the bitcoin casinos work, I believe they pay out on every bet. No need to upload funds, play, then wait to cash out. The games are pretty dull of the ones I have seen. An exposed random number generator, by all accounts.

Quote: thecesspit

Given the nature of bitcoin, and the way the bitcoin casinos work, I believe they pay out on every bet. No need to upload funds, play, then wait to cash out. The games are pretty dull of the ones I have seen. An exposed random number generator, by all accounts.

Whats exposed RNG mean? Are there any decent bit coin casinos that offer bonuses and junk? I seen a few sketchy looking casinos that looked like an old Atari game. I don't care if they are fair... well I do, but I want to know anyways. My only problem would be winning at the casino one day, but waking up the next day finding out BC lost 50%.

Am I wrong in my thinking about in terms of the volatility of BC.

I asked before about peoples thoughts about BC. Good investment? Bad? Neutral?

If I new it would remain stable at least.

I mean the game is pick a number between 0 and 1. The game to randomly generates a number between 0 and 1. If it's less than your number you win, pay off is proportional to the absolute chance of winning (say you pick 0.5, the pay off is 1.99 for 1). The number returned is straight from an RNG, and they sign it so there's proof the number generated was picked from a certain source at a certain time.

As bitcoin is unstable versus the US dollar, your gambling more on the price of BitCoins than the casino itself. Not seen any bonuses. You are also gambling you can cash out the BitCoins for US $ at an exchange... mtGox ate a bunch of coins when it collapsed. But companies like bex.io are trying to make the exchanges more solid.

I see no point to investing in BitCoins or using them. Right now at least.

Quote: AxelWolf

I like the idea of bit coins however they seem to unstable.

Unstable?? That's a bit(coin) of an understatement. :) Didn't bit coin lose nearly 50% of it's value in one day in April?? Actually it was only a few hours, not really one day. Admittedly, I don't understand the concept all that well, but that is a little too unstable for my liking.

Quote: kewlj

Unstable?? That's a bit(coin) of an understatement. :) Didn't bit coin lose nearly 50% of it's value in one day in April?? Actually it was only a few hours, not really one day. Admittedly, I don't understand the concept all that well, but that is a little too unstable for my liking.

They could go up (;

Quote: AxelWolf

I seen a few sketchy looking casinos that looked like an old Atari game.

Speaking of old Atari games, guess who I spotted at the D yesterday. That's right, none other than Rocky Raccoon Clark (aka Steve Wozniak).

Quote: DRich

Speaking of old Atari games, guess who I spotted at the D yesterday. That's right, none other than Rocky Raccoon Clark (aka Steve Wozniak).

What was he playing and for how much?

I don't know how someone with that much money could even gamble. What amount would cause the same thrill as me winning $500?

There are casino-game style Bitcoin casinos too, and even online poker games. The rules tend to be pretty bad though.

Quote: GWAE

What was he playing and for how much?

I don't know how someone with that much money could even gamble. What amount would cause the same thrill as me winning $500?

I saw him around noon or so and he was just walking through. In retrospect I wonder if he was there checking out the bitcoin ATM. I hear he is still a big tech junkie.

Quote: AxelWolf

Am I wrong in my thinking about in terms of the volatility of BC.

I asked before about peoples thoughts about BC. Good investment? Bad? Neutral?

If I new it would remain stable at least.

You're not wrong to think about the volatility of BC. It's a real concern.

I like the idea of Bitcoin as well (mostly cutting the government out of currency), but I don't own any. The process to exchange USD for Bitcoin is actually getting easier depending on where you go (here's a list of various "wallet" applications). I keep meaning to buy a few bitcoins just to support the cause, but I haven't gotten around to it.

But as to what it will be worth in 10 years, I have no clue. I would wager it will be more than it is now (taking into account inflation), but it would be a wager.

I think it's great that a casino is doing this. I've been mining for a few months now. In the past couple of weeks the price of them has gone from about $400 to $600. As for them being stable, just think of it like stock. Stock prices go up and down all the time. I think the big drop is over, at least I hope so. Yes, they went from $1000 down to about $300 in a couple of hours, but that was because one of the largest online "banks" got hacked, and lost all of their coins, so people panicked. As for me, I keep all of them on my PC, and back it up at least once a week to a couple of different places. Changing them from Bitcoin to USD is pretty simple. They have a site that's kind of like the stock market for them,And, there's a merchant services company that you can sent them to, and they'll just direct deposit the cash into your account.

I saw the sign at The D when I was there in April. But, I didn't know they were taking them before I went, so I didn't have any on my phone. I was kind of excited. The lady I was with just rolled her eyes at me, and called me a geek. :)

Sharp tongues say it's not the bitcoin who shows volatility, it's the USD :)

Anyway, bitcoin casinos have the benefit that you can basically prove you have been given a fair game.
Honestly I don't know the details, but basically you get a cryptographic signature of their RND seed before the bet. Once you bet, the seed is then used for the specific game randomization (i.e. the slot spin, the shuffle, or the roulette spin). After resolution, you get the seed used, you can check its signature and you can check that this seed would have resulted in the specific shuffle or spin of your game.

One important detail will be the seed the house offers. There could be offers of only favourable seeds for the house (impossible in roulette though). For that purpose, I would expect that the seed used in the game would have a user-supplied random component and the house cannot know which will be the result of the game beforehand.

A bitcoin game protocoll could be like this:

house generates random house variable.
house offers signature(random house variable).
player generates random player variable.
player sends signature(player random variable and signature(random house seed) and his bet selection) along with the bitcoin transaction.
- the bet stands - no party knows the outcome yet.
house sends his random house variable
player sends his random player variable
from both variables, the seed is generated and used for the game.
both parties compare the other parties random variable with their signature.
both parties know (by published algorithms) the result of the game.
house sends the bitcoin transaction of the winnings.

Since al transactions are published, there is no short pay (i.e. player can prove it has not been paid, house can prove that is has paid the winnings).

Slightly more complicated for games with strategy decisions (blackjack) or multiple playes (poker) though....

Quote: MangoJ

Sharp tongues say it's not the bitcoin who shows volatility, it's the USD :)

Yeah, along with every other currency and the cost of every good.