What's new
Fantasy Football - Footballguys Forums

Welcome to Our Forums. Once you've registered and logged in, you're primed to talk football, among other topics, with the sharpest and most experienced fantasy players on the internet.

Bitcoin-Explain to me how to buy these things (4 Viewers)

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

 
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.

 
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?

 
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)

 
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:

 
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.

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

 
Last edited by a moderator:
Thanks guys. So far no issues but I will get the 3rd party wallet. It's only been one deposit and hopefully it stays that way.

 
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.

 
Last edited by a moderator:
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.  

 
Last edited by a moderator:
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.

 
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.

 
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.

 
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.   

 
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?

 
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

 
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.

 
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

 
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.

 

Users who are viewing this thread

Top