Bitcoin Casinos Release 2012 Earnings
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Bitcoin Casinos Release 2012 Earnings
Posted by WikiTiger on 1/22 at 1:50 pm
Bitcoin Casinos Release 2012 Earnings

I don't know if there's any real interest in this here but I thought I'd post it anyway.

Today's exchange rate weighted average as of typing this: $17.06 (I'll add conversions in bold)


quote:

First up is the venerable SatoshiDice, which is the leading bitcoin gambling site in terms of amount wagered. Responsible for more than 50% of daily network volume on the Bitcoin blockchain, SatoshiDice reported first year earnings from wagering at an impressive B33,310 ($568,268 in USD). During the year, players bet a total of B1,787,470 in 2,349,882 individual bets at an average monthly growth rate of 78%. Earnings were calculated from eight months of data covering May to December, 2012.


quote:

Provably-fair bitZino, covered previously in this column, offers blackjack, video poker, roulette, and craps in a bitcoin-only environment. When roulette was launched it quickly rose to become the top bitZino game, leveling off now to become equal with blackjack in terms of hands played. BitZino reported first year earnings from wagering of B10,137 ($172,937 in USD). During the year, players bet a total of B664,192 in 3.2 million individual bets. Earnings were calculated from seven months of data covering June to December, 2012.



Just thought some of y'all might find it interesting. 2013 is going to see an explosion of bitcoin gambling. Stay tuned!


This post was edited on 1/22 at 1:59 pm

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Posted by I Love Bama on 1/22 at 1:53 pm to WikiTiger
How can I get in on this?


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Posted by WikiTiger on 1/22 at 1:56 pm to I Love Bama
quote:

How can I get in on this?


you want to start gambling with bitcoin?

or are you asking about starting your own bitcoin gambling site?


This post was edited on 1/22 at 1:57 pm

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Posted by ugasickem on 1/22 at 2:08 pm to WikiTiger
I think I'm just too dumb to understand this whole bitcoin thing, honestly.


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Posted by LSUtoOmaha on 1/22 at 2:14 pm to WikiTiger
What can you purchase with Bitcoins? Is there some type of exchange website where you can trade in Bitcoins for USD?


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Posted by WikiTiger on 1/22 at 2:14 pm to ugasickem
quote:

I think I'm just too dumb to understand this whole bitcoin thing, honestly.


I will gladly answer any questions you have.



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Posted by WikiTiger on 1/22 at 2:18 pm to LSUtoOmaha
quote:

What can you purchase with Bitcoins?


The bitcoin economy is still very small, but it is growing. You can buy electronics at BitcoinStore.com.

There is a bitcoin eBay-type site called BitMit

BitPay is a bitcoin payment processor that currently serves over 2400 merchants, including WordPress

Of course, there are gambling sites as well.




Truth be told, the bitcoin economy is in its infancy right now and there's really not much you can buy with bitcoins. But it is growing and it seems like there is some nice new development or growth in the economy every month.

I wouldn't recommend it to anyone to get started with purchasing bitcoins right now unless you are tech-savvy and willing to accept a great deal of risk. Or unless you just wanted to gamble online with it and then trade it back for USD when done.

quote:

Is there some type of exchange website where you can trade in Bitcoins for USD?


There are many exchanges out there. MtGox is probably the largest.



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Posted by I Love Bama on 1/22 at 2:18 pm to WikiTiger
explain it to me like I was 5


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Posted by Lsut81 on 1/22 at 2:21 pm to I Love Bama
quote:

explain it to me like I was 5


To me, it sounds like tokens at Chuck E Cheese... You buy tokens, use them throughout their websites in order to buy shite or gamble and then you can cash back out for cash on the other end



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Posted by I Love Bama on 1/22 at 2:22 pm to Lsut81



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Posted by OnTheBrink on 1/22 at 2:23 pm to I Love Bama



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Posted by WikiTiger on 1/22 at 2:32 pm to I Love Bama
quote:

explain it to me like I was 5


Bitcoin is a decentralized peer-to-peer digital currency.

There will only ever be 21 million bitcoins mined. A little over half of them have already been mined.

The inflation rate is cut in half every 4 years until it reaches zero.

There are no bitcoin "accounts." Bitcoin is basically just a large transaction ledger that everyone has a copy of. Your total bitcoins are calculated from that transactions ledger.

Bitcoins utilize public key cryptography. Bitcoin uses the same cryptography as banks. If you are concerned about bitcoin security, then you should also be concerned with your banks security.

Bitcoin addresses can be generated with ease. No personal information is required.

Bitcoin value is based on the basic concept of supply and demand.

Bitcoins cannot be seized or frozen by governments.

Bitcoin transactions take place with extreme quickness.

Bitcoin transaction fees are currently zero or near zero. And will likely become fractions of a US penny as time goes on.

Bitcoin transactions can be sent anywhere in the world with extreme ease.

Bitcoin has the potential to be used anonymous if the user chooses.




Ummmmmmmm, that's all I can think of off-hand.



This post was edited on 1/22 at 2:33 pm

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Posted by Lsut81 on 1/22 at 2:34 pm to WikiTiger
So exactly like Chuck E Cheese tokens


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Posted by WikiTiger on 1/22 at 2:35 pm to Lsut81
quote:

So exactly like Chuck E Cheese tokens


I disagree. But you are certainly welcome to your opinion.



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Posted by Lsut81 on 1/22 at 2:36 pm to WikiTiger



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Posted by WikiTiger on 1/22 at 2:37 pm to WikiTiger
Bitcoin FAQ

Bitcoin Myths



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Posted by rmc on 1/22 at 3:10 pm to WikiTiger
quote:

Bitcoins cannot be seized or frozen by governments.


I would be interested in seeing someone tell a Court that. If I get a judgment against John Smith for $10k, and he has $5k worth of bit coins I am going to seize it. Since it is a form of currency, I would imagine the Court would order the debtor to transfer it to me or hold him in contempt.



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Posted by VABuckeye on 1/22 at 3:12 pm to I Love Bama
quote:

explain it to me like I was 5


You can "mine" Bitcoins using a computers graphics card. That's the only way to earn them. Unless you're willing to utilize a bunch of computers the return is minimal. However, you can join a cooperative with your computer(s) and you get a percentage of what the cooperative earns.

If the gambling sites were to take off the potential is that the value of a Bitcoin could skyrocket. One of the big problems right now is that if an exchange gets hacked it destroys the value.


This post was edited on 1/22 at 3:15 pm

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Posted by I Love Bama on 1/22 at 3:13 pm to WikiTiger
What is the current inflation rate?


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Posted by VABuckeye on 1/22 at 3:13 pm to rmc
quote:

and he has $5k worth of bit coins I am going to seize it


It's on his hard drive. It isn't currency until he cashes it in.



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