Hello everyone

[SteveTurk]

hi

i'm steve, i work as a brand manager for an online casino (bitcoin casino)

just perusing at the moment

cheers

 

[SteveTurk]

effect of bitcoin on the online gambling industry

what effect do you guys think payment technologies like bitcoin, will have on the casino industry and what do you think the barriers to adoption are ?

 

[bigjohn]

The general consensus around here has been that bit coin is unnecessary and risky.

Typically new members that come on here talking up bit coin end up shilling badly for whatever casino they are affiliated with and usually end up getting banned rather quickly.

 

[SteveTurk]

thanks bigJohn

thanks for the reply, what I am more interested in, is understanding from current on line players/operators what the barriers to adoption are? i have been trawling through the forums in order to get a better understanding

 

[dunover]

what effect do you guys think payment technologies like bitcoin, will have on the casino industry and what do you think the barriers to adoption are ?

We've already had one on here in summer promoting the use of Bitcoins.

Frankly it's a daft idea, as the market is so limited in clientele and the anonymity of Bitcoin accounts doesn't bode well for openness and transparency from both players and the casinos dealing in them.

Seeing as Bitcoins have gained great favour with both fraudsters, blackmailers and kiddie porn dealers then associating them with casinos I believe is something the industry can do without. It's not as if there aren't multitudes of decent payment methods already.

 

[SteveTurk]

I would agree on the negative image that the technology has.

|as the market is so limited in clientele and the anonymity of Bitcoin accounts doesn't bode well for openness and transparency from both players and the casinos dealing in them.

i think this has more to do with education and understanding, but I get your point.

|It's not as if there aren't multitudes of decent payment methods already.

surely this is the biggest pain point for players and operators with current payment methods ? (any operators here?)

appreciate the feedback

 

[KasinoKing]

I've been hearing about Bitcoins for a couple of years now, and to be honest, I just don't see the point.
Until good old Pounds, Euros and Dollars become obsolete, why would anyone want to use some "phantom" currency?

KK

 

[polli123]

Hey and welcome to the forum!

 

[SteveTurk]

thanks poli

KasinoKing, i get what you are saying and I think that is where technologies like bitcoin suffer.

i dont think the idea is to replace dollar or sterling or whatever, but rather in stead of having to send money to a casino via merchant, you get to transfer the value via decentralised intermediaries.

anyway i'm not here to argue for or against, i'm just curious as to the mindset of "traditional" online players. i really appreciate the feedback

 

[bigjohn]

Is it true that between 2011 and 2014, the value of a bit coin was as low as $0.32 and as high as $1242?

If someone makes a fraudulent charge on my credit card I can contact my financial institution and block that transaction or, if necessary, even charge it back. If someone steals my bit coins who would I contact to get them back?

As far as the difference between dealing with a 'Merchant' or a 'decentralized intermediary' I'll take a tangible merchant every time because that gives me an avenue or contact point for any discrepancies which can (and do) arise. I think people like tangible things and I know my mortgage company does too.

To me, the whole thing sounds like a big ponzi type of scheme because you earn bit coins by dealing in bit coins and I can see the bottom tragically falling out down the road leaving many in search of redress and I'm sure it wont be the big dealers it will be all the little guys.

You say you are a "Brand Manger for Bitcoin Casino" but you also say you are not here to argue for or against bitcoins? With all due respect that makes you sound kinda shady. If you are affiliated with Bitcoin Casino you probably should have started by contacting the site administrator here and advising him that you wished to register as a casino representative as per the FAQ for this site.

 

[SteveTurk]

Is it true that between 2011 and 2014, the value of a bit coin was as low as $0.32 and as high as $1242?


well, not exactly. its started out being worth almost zero, the value went up to about $1450 in November last year and is now trading around $400. The "value" of bitcoin I don't think in the long run would be relevant, as it's the payment mechanism that's important, not the price. (my view is not that bitcoin should replace any specific currency but rather be the mechanism to move between currencies and therefore doubling as medium of transfer between single currency holders)

If someone makes a fraudulent charge on my credit card I can contact my financial institution and block that transaction or, if necessary, even charge it back. If someone steals my bit coins who would I contact to get them back?

"if someone steals your cash, how do you get it back?" is the better analogy here.

the difference i see, is that your credit card can be fraudulently used through no fault of your own (especially US, as chip and pin is only arriving there now...). Apart from marketing, I have found this to be the single biggest headache facing operators (and any other online merchant for that matter)

if you lose your bitcoin/it is stolen, 99.99% of the time it would be negligence on your part...

As far as the difference between dealing with a 'Merchant' or a 'decentralized intermediary' I'll take a tangible merchant every time because that gives me an avenue or contact point for any discrepancies which can (and do) arise. I think people like tangible things and I know my mortgage company does too.

what i mean by this is not some unknown entry/exit point. when referring to merchant, i meant Visa/MasterCard. They are pretty much the only two merchants serving over 7billion people. you still have your money($£) with ABC bank, but in stead of using your credit card, where say Visa request the money for your spending from your bank (ABC), You have an account with a small local internet currency exchange, and they in turn have access to the "decentralised intermediary network" to request the money from your bank. So in stead of Visa, you would use GoCoin, BitPay etc etc. They are still physical "merchant account" providers, they are just not locked in to a specific payment network.

To me, the whole thing sounds like a big ponzi type of scheme because you earn bit coins by dealing in bit coins and I can see the bottom tragically falling out down the road leaving many in search of redress and I'm sure it wont be the big dealers it will be all the little guys.

I suggest a bit more research into the actual subject matter. The main point we may be mis-communicating here is the difference between Bitcoin the technology and bitcoin the currency. I am interested in the barriers to entry for adoption of the technology, not the currency

You say you are a "Brand Manger for Bitcoin Casino" but you also say you are not here to argue for or against bitcoins? With all due respect that makes you sound kinda shady. If you are affiliated with Bitcoin Casino you probably should have started by contacting the site administrator here and advising him that you wished to register as a casino representative as per the FAQ for this site.

I can understand your need to attack my person, that's just the nature of the internet (would you ever call a guy/girl you have just met in a coffee shop "shady" to their face, having literally just exchanged pleasantries?). Not to worry though, I get it.

My motivation for the statement "not here to argue for or against bitcoins" is that I have just signed up to the site, introduced myself and asked for feedback/opinion. I can not debate/understand/solve an objection, without knowing what the objections are. I also am not focussing on the currency but rather the technology.

I work for an online casino, in my capacity as brand manager, I don't deal with sales/customer support, I am registered on here in my personal capacity. (happy to help with info, I will however take the advice and look at getting our rep signed up, thanks for the tip)

 

[bigjohn]

Well, to me, the value would certainly be important and as far as I know nobody uses cash for any online transactions.

I don't wish to attack you but I see serious flaws in this instrument and I never comment in any way here that I would not in an actual face to face meeting. I am sure you are a good person but gaining acceptance for this volatile currency will be a real up hill battle.

 

[SteveTurk]

 

[suzecat]

Is it true that between 2011 and 2014, the value of a bit coin was as low as $0.32 and as high as $1242?


well, not exactly. its started out being worth almost zero, the value went up to about $1450 in November last year and is now trading around $400. The "value" of bitcoin I don't think in the long run would be relevant, as it's the payment mechanism that's important, not the price. (my view is not that bitcoin should replace any specific currency but rather be the mechanism to move between currencies and therefore doubling as medium of transfer between single currency holders)

If someone makes a fraudulent charge on my credit card I can contact my financial institution and block that transaction or, if necessary, even charge it back. If someone steals my bit coins who would I contact to get them back?

"if someone steals your cash, how do you get it back?" is the better analogy here.

the difference i see, is that your credit card can be fraudulently used through no fault of your own (especially US, as chip and pin is only arriving there now...). Apart from marketing, I have found this to be the single biggest headache facing operators (and any other online merchant for that matter)

if you lose your bitcoin/it is stolen, 99.99% of the time it would be negligence on your part...

As far as the difference between dealing with a 'Merchant' or a 'decentralized intermediary' I'll take a tangible merchant every time because that gives me an avenue or contact point for any discrepancies which can (and do) arise. I think people like tangible things and I know my mortgage company does too.

what i mean by this is not some unknown entry/exit point. when referring to merchant, i meant Visa/MasterCard. They are pretty much the only two merchants serving over 7billion people. you still have your money($£) with ABC bank, but in stead of using your credit card, where say Visa request the money for your spending from your bank (ABC), You have an account with a small local internet currency exchange, and they in turn have access to the "decentralised intermediary network" to request the money from your bank. So in stead of Visa, you would use GoCoin, BitPay etc etc. They are still physical "merchant account" providers, they are just not locked in to a specific payment network.

To me, the whole thing sounds like a big ponzi type of scheme because you earn bit coins by dealing in bit coins and I can see the bottom tragically falling out down the road leaving many in search of redress and I'm sure it wont be the big dealers it will be all the little guys.

I suggest a bit more research into the actual subject matter. The main point we may be mis-communicating here is the difference between Bitcoin the technology and bitcoin the currency. I am interested in the barriers to entry for adoption of the technology, not the currency

You say you are a "Brand Manger for Bitcoin Casino" but you also say you are not here to argue for or against bitcoins? With all due respect that makes you sound kinda shady. If you are affiliated with Bitcoin Casino you probably should have started by contacting the site administrator here and advising him that you wished to register as a casino representative as per the FAQ for this site.

I can understand your need to attack my person, that's just the nature of the internet (would you ever call a guy/girl you have just met in a coffee shop "shady" to their face, having literally just exchanged pleasantries?). Not to worry though, I get it.

My motivation for the statement "not here to argue for or against bitcoins" is that I have just signed up to the site, introduced myself and asked for feedback/opinion. I can not debate/understand/solve an objection, without knowing what the objections are. I also am not focussing on the currency but rather the technology.

I work for an online casino, in my capacity as brand manager, I don't deal with sales/customer support, I am registered on here in my personal capacity. (happy to help with info, I will however take the advice and look at getting our rep signed up, thanks for the tip)

Sounds, IMO, like a bunch of doubletalk. So how long were you in sales/marketing Steve?

 

[SteveTurk]

i am sorry you see it that way.

3 years, (3 months in current role)