GWAE
GWAE
Joined: Sep 20, 2013
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May 23rd, 2014 at 10:28:56 AM permalink
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?
Expect the worst and you will never be disappointed. I AM NOT PART OF GWAE RADIO SHOW
Venthus
Venthus
Joined: Dec 10, 2012
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May 23rd, 2014 at 10:41:26 AM permalink
There are casino-game style Bitcoin casinos too, and even online poker games. The rules tend to be pretty bad though.
DRich
DRich
Joined: Jul 6, 2012
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May 23rd, 2014 at 11:37:28 AM permalink
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.
Living longer does not always infer +EV
AcesAndEights
AcesAndEights
Joined: Jan 5, 2012
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May 23rd, 2014 at 1:01:49 PM permalink
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.
"So drink gamble eat f***, because one day you will be dust." -ontariodealer
FullBoat
FullBoat
Joined: May 5, 2014
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June 1st, 2014 at 2:41:15 AM permalink
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. :)
MangoJ
MangoJ
Joined: Mar 12, 2011
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June 1st, 2014 at 6:41:00 AM permalink
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....
AxiomOfChoice
AxiomOfChoice
Joined: Sep 12, 2012
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June 1st, 2014 at 4:01:20 PM permalink
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.

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