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Sheriff Bart

Bitcoin-Explain to me how to buy these things

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Just now, Sheriff Bart said:

I downloaded Bitcoin Core. Now what?


TIA,

An old guy

Paypal me your cash and I will purchase them for you.   You also get a free set of steak knives if you send in the next 10 minutes.

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Sign up for Circle or Coinbase, from whom you'll purchase Bitcoin (BTC). Once you have BTC, you can send and receive it based upon giving your receiving address or sending the BTC to someone else's BTC address, which would be provided to you by Circle or Coinbase or the receiver, respectively. If you're sending or receiving for something against the TOS of Circle/Coinbase, and I'll use offshore gaming in this example, you would want to transfer to and from these third parties through an intermediary wallet such as Blockchain.

 

HTH

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2 minutes ago, Peyton Marino said:

what is a bitcoin core?

Nobody knows!  I did some Googling it said I needed to download it. :shrug:

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4 minutes ago, mquinnjr said:

Sign up for Circle or Coinbase, from whom you'll purchase Bitcoin (BTC). Once you have BTC, you can send and receive it based upon giving your receiving address or sending the BTC to someone else's BTC address, which would be provided to you by Circle or Coinbase or the receiver, respectively. If you're sending or receiving for something against the TOS of Circle/Coinbase, and I'll use offshore gaming in this example, you would want to transfer to and from these third parties through an intermediary wallet such as Blockchain.

 

HTH

JFC, what a PIA.  Thanks for the explanation.

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11 minutes ago, Sheriff Bart said:

JFC, what a PIA.  Thanks for the explanation.

It's surprisingly easy actually

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10 minutes ago, Aaron Rudnicki said:

It's surprisingly easy actually

I find your world confusing and scary but I just bought some Bitcoins.  Now let me see if I can get it into my gambling account.

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6 minutes ago, Sheriff Bart said:

I find your world confusing and scary but I just bought some Bitcoins.  Now let me see if I can get it into my gambling account.

my advice:

1. open an account at Circle and buy some BTC.

2. open a wallet at blockchain.

3. transfer BTC from Circle to blockchain wallet

4. make deposit at offshore sports book with BTC. they will provide you with an address to send the funds to.

5. ship BTC from blockchain to sportsbook.

6. make wagers

7. profit?

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Also I know it wasn't mentioned multiple times but make sure you deposit from 3rd party wallet (like blockchain) and not from the exchange (coinbase, circle)

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4 minutes ago, Aaron Rudnicki said:

my advice:

1. open an account at Circle and buy some BTC.

2. open a wallet at blockchain.

3. transfer BTC from Circle to blockchain wallet

4. make deposit at offshore sports book with BTC. they will provide you with an address to send the funds to.

5. ship BTC from blockchain to sportsbook.

6. make wagers

7. profit?

Thanks GB.  When I hit to make a deposit I don't get an address to send the funds to. :shrug:

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So Bitcoin is basically a way for people to launder their money so they can gamble online?

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Just now, Sheriff Bart said:

Thanks GB.  When I hit to make a deposit I don't get an address to send the funds to. :shrug:

you must be doing something wrong. :shrug:

It popped up for me with pretty clear instructions. Just did it a couple days ago with Bovada.

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Just now, ChiefD said:

So Bitcoin is basically a way for people to launder their money so they can gamble online?

launder?

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2 minutes ago, ChiefD said:

So Bitcoin is basically a way for people to launder their money so they can gamble online?

Gambling and buying drugs.

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Just now, Sheriff Bart said:

NM, it shows pending

Yeah I think it can take up to 30 minutes 

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38 minutes ago, Swing 51 said:

Gambling and buying drugs.

Hey now, BTC is legit. I mean, BTC sponsored the St. Pete Bowl, how could it not be?

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57 minutes ago, ChiefD said:

So Bitcoin is basically a way for people to launder their money so they can gamble online?

what do you think "launder money" means?

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2 minutes ago, Peyton Marino said:

what do you think "launder money" means?

Well, the moving to Blockchain to make transfers seem legitimate/not to or from gaming sites to Coinbase/Circle is kind of similar to replacing drug money with that of cash only businesses IRL for cartels. But its mere existence or possessing BTC is not "washing" your funds. Circle could easily ban a user if they suspect the user is transacting BTC with gambling, TOR network hidden sites, etc. without taking extra steps to shield this activity or "wash" the funds.

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2 hours ago, Sheriff Bart said:

JFC, what a PIA.  Thanks for the explanation.

It's easier to buy bitcoin than it is to get the quote feature of this board to work properly

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4 minutes ago, lumpy19 said:

It's easier to buy bitcoin than it is to get the quote feature of this board to work properly

Harsh but fair

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5 minutes ago, Chaos Commish said:

Too lazy to look for myself. I deposit to __________ directly from Circle. Why is this a bad idea?

Quote

Warning: Do not transfer these bitcoins directly to a gambling site. Transfer them to another wallet (or two) in between. If you transfer straight from Coinbase or Circle to a gambling site, they may be able to figure that out and ban you from using their services in the future.

https://www.reddit.com/r/sportsbook/comments/3m5bud/bitcoin_betting_guide/

Coinbase and Circle frown on people using their services for gambling. They probably don't want the US government coming after them under UIGEA.

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5 minutes ago, Chaos Commish said:

Too lazy to look for myself. I deposit to __________ directly from Circle. Why is this a bad idea?

It violates their TOS and they close your account or something like that 

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1 minute ago, Sheriff Bart said:

Got it!

Congratulations!  You've successfully changed your real currency into online currency, washed it through an intermediary and deposited it illegally in order to secure yourself an investment with an inherent -5% ROI !

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18 hours ago, Evilgrin 72 said:

Congratulations!  You've successfully changed your real currency into online currency, washed it through an intermediary and deposited it illegally in order to secure yourself an investment with an inherent -5% ROI !

really?

https://www.coinbase.com/charts

1BTC = $654 (+$362 since last year)

I'm no mathematician, but +124% in a year seems a lot better than -5%.

 

EDIT: appears I misread your point here. my bad.

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26 minutes ago, Aaron Rudnicki said:

really?

https://www.coinbase.com/charts

1BTC = $654 (+$362 since last year)

I'm no mathematician, but +124% in a year seems a lot better than -5%.

Yes --and historically Bitcoin has proven to be a stable commodity with little to no downside risk.  It'll probably go up even more before it comes crashing down yet again. Rinse. Repeat.  

Edit- In November 2013--a bitcoin was valued at over $1230.  It's totally normal for a currency to essentially lose 50% of it's value over a 3 year period.  

Edited by jvdesigns2002
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33 minutes ago, Aaron Rudnicki said:

really?

https://www.coinbase.com/charts

1BTC = $654 (+$362 since last year)

I'm no mathematician, but +124% in a year seems a lot better than -5%.

I thought he was talking about sports wagers.

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25 minutes ago, Evilgrin 72 said:

Congratulations!  You've successfully changed your real currency into online currency, washed it through an intermediary and deposited it illegally in order to secure yourself an investment with an inherent -5% ROI !

That only happens (generally speaking) with the sportsbooks where the fiat currency is BTC. You're f'ed if the currency goes against you, and that can go the other way as well to be devil's advocate.

If you use a site like 5dimes, fiat currency is USD for Americans. So if I send them the equivalent of $1000 in BTC today (let's say 5 BTC for example's sake), I get $1000 USD in my 5Dimes account, +/- flux over the course of ~1 hour, which should be minimal to nil. If in two months time I win $500 grinding out NFL plays and hit a nice streak, 5dimes sends me the BTC equivalent at that time of $1500, and I have ~1 hours worth of FX exposure while the BTC moves between 5dimes and my BTC wallets.

Now, Nitrogen Sports and sites like them use BTC as the fiat currency, meaning BTC is the currency you hold and bet. THAT is when you play with fire. In the previous example you deposited 5 BTC and bet in denominations of BTC. Say that you win 50% over time, you would return 7.5 BTC. If BTC loses 25% of its value in that time, you're taking a $375 loss against your $500 winnings, almost wiping out your winnings.

Basically, use books like 5Dimes/Sportsbook/Heritage/etc. that translate into USD upon deposit and settle you in BTC at the USD amount you withdraw at the time of withdraw.

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1 hour ago, Evilgrin 72 said:

Congratulations!  You've successfully changed your real currency into online currency, washed it through an intermediary and deposited it illegally in order to secure yourself an investment with an inherent -5% ROI !

Doing so was so much easier before innernets.

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Seems the main issue is that there was a VPN running which is why it wouldn't give me and address to send the bitcoins to.

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59 minutes ago, Aaron Rudnicki said:

really?

https://www.coinbase.com/charts

1BTC = $654 (+$362 since last year)

I'm no mathematician, but +124% in a year seems a lot better than -5%.

 

I bought .5 BTC a year or two ago because I was curious and wanted to check out the hubbub.    Real american dollars out:  $116

 

MAGIC INTERNET MONEY VALUE TODAY:    $330   Straight pretend magic cash, homey.   

 

 

 

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49 minutes ago, jvdesigns2002 said:

Yes --and historically Bitcoin has proven to be a stable commodity with little to no downside risk.  It'll probably go up even more before it comes crashing down yet again. Rinse. Repeat.  

Edit- In November 2013--a bitcoin was valued at over $1230.  It's totally normal for a currency to essentially lose 50% of it's value over a 3 year period.  

So moving my 401k to BTC is a bad idea?

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1 hour ago, jvdesigns2002 said:

Yes --and historically Bitcoin has proven to be a stable commodity with little to no downside risk.  It'll probably go up even more before it comes crashing down yet again. Rinse. Repeat.  

Edit- In November 2013--a bitcoin was valued at over $1230.  It's totally normal for a currency to essentially lose 50% of it's value over a 3 year period.  

brother if your currency investment isn't fluctuating +/- 50% at the drop of a dime what are you even doing

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3 hours ago, Bob Sacamano said:

I thought he was talking about sports wagers.

Thank you Bob. 

(Thumb-flips a bitcoin to the rest of the nerds) - *ping*

Buy yourselves a sense of humor, ya mooks. 

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In all seriousness, I find the whole bitcoin thing tremendously interesting. 

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5 hours ago, jvdesigns2002 said:

Yes --and historically Bitcoin has proven to be a stable commodity with little to no downside risk.  It'll probably go up even more before it comes crashing down yet again. Rinse. Repeat.  

Edit- In November 2013--a bitcoin was valued at over $1230.  It's totally normal for a currency to essentially lose 50% of it's value over a 3 year period.  

If the US Dollar moves 10%, that's a huge deal to basically every multinational company - if the dollar moved 50%, there would be some crazy #### going on globally.

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5 hours ago, jvdesigns2002 said:

Yes --and historically Bitcoin has proven to be a stable commodity with little to no downside risk.  It'll probably go up even more before it comes crashing down yet again. Rinse. Repeat.  

Edit- In November 2013--a bitcoin was valued at over $1230.  It's totally normal for a currency to essentially lose 50% of it's value over a 3 year period.  

That was a fun time.  A lot of bitcoin true believers then

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I have no clue about Bitcoin or what makes it move. 

What I find interesting is this:

The US dollar has been on an absolute face ripping tear the last month (95 & change to almost 99 DXY), up a little over 4%... That is a big move for the world's most popular currency. 

In the same time, the GBP, Euro, and Yen have gotten slaughtered.

The original (gold) has also gotten crushed during this stretch.

When the US dollar goes on a run, it destroys anything paired with it on its way.

Amazingly, Bitcoin is up 10% in this period - I find it interesting that it pops so much when the dollar is roaring.

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