Guns, Online Gambling Ensure Bitcoin Staying Power

Written by:
Aaron Goldstein
Published on:
Apr/15/2013
Guns, Online Gambling Ensure Bitcoin Staying Power

As long as online gambling remains on the fringe of legality in nations across the globe, Bitcoin should emerge as a viable alternative currency for the industry as more operators come to embrace it.

Bookmaker-2500-091412A.jpg

And then there are guns.

With US efforts to curb gun sales through expansion of background checks, Bitcoin suddenly becomes more attractive to gun sellers and buyers.

Bitcoin would essentially allow anonymous purchases of guns online.

"Because the sales are anonymous, it's certainly a challenge to the idea of universal background checks for gun purchases," Robert J. Spitzer, a professor of political science at SUNY Cortland and the author of four books on gun policy, told the Huffington Post.

Last week’s Bitcoin exchange rollercoaster ride and stress on processors had many wondering if this might truly be a viable alternative to other monetary instruments.

Constantine von Hoffman of CIO gives a run down of last week’s movement, in case you missed it.

The price lately, however, has been staggering around more than a drunk after last call. As of last Wednesday, the trading exchange Mt. Gox was selling them for $266 each. Later the value collapsed to $105, then rebounded to $180 and then dropped again to $120. And as of Saturday, April 13, Bitcoins were going for around $114. 

The issue of trust remains a deterrent, notes Steven Strauss of the Huffington Post:

Purchasing Bitcoins means participation in a 100 percent trust-based system, without any legal mechanism to compel their acceptance. Conventional currencies rely not just on trust, but also on the force of law.

Bitcoin's allure even has bookmakers offering markets on the currency’s exchange rate and whether it might become the official currency of any global market by the end of 2017.

- Aaron Goldstein, Gambling911.com

 

Gambling News News

Professional Golfer John Daly Living to 50 Will Pay Out $150K as Part of Bet

Fuzzy Zoehler wrongly bet that John Daly would not make it to the age of 50.  The professional golfer celebrated his 50th birthday on Thursday.

Famed Vegas Reporter John L. Smith Resigns: Not Allowed to Report on Adelson, Wynn

As predicted by Gambling911.com a few months ago, one of the best reporters covering the Vegas scene has resigned from the Las Vegas Review Journal just months after casino magnate Sheldon Adelson purchased the paper.

Why So Many Bookies in Rhode Island? G911’s Thomas Somach Investigates

On December 10, 2006, police arrested a dozen bookmakers in the Providence, Rhode Island area, saying the bookies were part of a sports betting ring that took in more than $300,000 in illegal sports wagers a month.

Andrew Dice Clay: ‘I Made $1 Million in 3 Days Playing Blackjack Starting With 30K’

Comedian Andrew Dice Clay speaking on the “Joe Rogan Experience” pod cast confessed to having won $1 million over a three-day period starting off with $30,000.

Daily Fantasy Sports Bill Heads to Tennessee Governor’s Desk

Tennessee Governor Bill Haslam has just a few days to sign off on a bill that would regulate Daily Fantasy Sports in that state.

Syndicate