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Bitcoin Going Strong For Gambling

Monday March 3,2014 :  BITCOIN LIKELY TO KEEP ROLLING
 
Despite a volatile exchange rate and the collapse of its biggest exchange, the virtual currency is still being used in online gambling transactions.
 
The complete anonymity of virtual currency Bitcoin transactions, allied to fast pay-outs, low transfer fees and transparency continues to attract bitcoin online gamblers despite the volatile nature of its relationship to hard currencies and the recent failure of the Mt. Gox exchange in Japan.
 
For online gambling operators, Bitcoin has some appeal because transactions are immediate and irreversible, eliminating the risk of chargeback fraud. For the punters, especially in the USA, Bitcoin removes the anxiety associated with deposit and withdrawal delays - there are no bank wires or e-processing hassles because Bitcoin is itself a payment processor.
 
Whilst the virtual currency is used in a number of sectors, the publication PBS reports that more than half of global Bitcoin transactions are wagers on internet gambling sites like SealswithClubs, Just-dice and Satoshi Dice.
 
The latter is probably the best known of Bitcoin-based gambling enterprises. Founded in April 2012 by Erik Voorhees, the site was sold to an anonymous buyer just over a year later for 126,315 Bitcoins - then worth around $12.4 million, a valuation which soared to $70 million at one point as the virtual currency see-sawed up and down in the informal market.
 
PBS reports that the anonymity of Bitcoin transactions attracts big betters, including one whale on the Just-dice site who dropped the equivalent of almost a million dollars, the transactions watched by international railbirds via the registered Bitcoin public ledger, known as the blockchain.
 
“The whale's transactions were anonymous, but as public as a scoreboard at a high-school football game,” PBS notes, reporting that Just-dice has handled the equivalent of more than $2 billion in wagers since it was founded in June 2013.
 
According to PBS, the rise of Bitcoin has occurred over a relatively short period, and has left regulators struggling to understand and come to grips with the virtual currency. Most US experts believe that the legality or otherwise of Bitcoin wagering is debateable, and to date the authorities do not seem to have taken any overt action against the use of the currency in this sector.
 
Moves to block US players such as those carried out by Satoshi Dice were motivated by proactive caution to minimise risk rather than official action, and Voorhees has been candid in saying that he sold the enterprise to avoid any possibility of a run in at some point with US authorities.
 
In the US, the laws of individual states are those that count in gambling, and PBS notes that none of the states have laws specifically banning Bitcoin.
 
"The clearest anti-gambling laws regulate payment processors that would funnel winnings from the operators to the betters. But Bitcoin is a decentralised payment processing system. So there’s no person or organisation to prosecute,” the publication reports.
 
Learned online gambling legal expert Prof. I. Nelson Rose told PBS that even if Bitcoin could be regulated, Bitcoin – or the various organisations that speak for it - could argue that they’re just like the U.S. Treasury - separate from the activities people use Bitcoins for.
 
“If it’s not money, it’s not gambling,” said Rose.
 
Concluding with something of a clincher, PBS says that in the wake of the Mt. Gox bankruptcy the chair of the Federal Reserve, Janet Yellen, said that the Fed doesn’t have any authority to regulate the virtual currency.



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Tim Chung Wins MPNPT Manchester - The 288-runner £550 MPNPT Manchester Main Event today crowned its champion, awarding the bulk of the £150,000 total prizepool to the nine players surviving after two days of tournament poker at the Grosvenor Casino.

MPNPT Manchester Day 2 - Day 2 of the £550 MPNPT Manchester Main Event saw 60 Day 1 survivors (from a total of 288 entries) and three intrepid last-minute registrants sit down to play to the final table.

Day 1B MPN Poker Tour Manchester - Day 1B of the £550 MPNPT Manchester Main Event saw the field rise to 285, as players took full advantage of the whole-day re-entry period.

Day 1A MPNPT Manchester - The £150,000 guaranteed MPNPT Manchester kicked off today in style – 74 poker players from all over Europe arriving at the Grosvenor Casino to contend the first of two starting days

Kung Fu Rooster Slot Goes Live - Celebrate Chinese New Year - 2017 Year of the Rooster. It's time to sweep away any ill-fortune and make way for incoming good luck, with this exciting 12 lines slot game.

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3 New Betsoft Slots - 3 new Betsoft slot Games were also added this week to most online casinos allowing US players.

2017 Bodog Super Millions Poker Open - The first events on the 105-tournament schedule have already been completed; there are three more tourneys on Thursday’s schedule, with a total of $34,000 in guaranteed prize money waiting to be won.

Pokerstars Pulls Out Of Coloumbia - Pokerstars Has taken the decision to cease offering real money services to players located in, playing from or resident within Colombia, effective from the 17th of July 2017.

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