..

All Bets May be Off for BitCoin Revolutionizing Online Poker After $450,000 Cyber Theft

Written by:
Ace King
Published on:
Jun/15/2011
BitCoin Cybertheft

A BitCoin cyber thief stole $450,000 from an unsuspecting online customer, thus making one second guess if the virtual currency can help revolutionize online poker. 

Some news organizations are calling it a “Bitcoin Mugging”.  The experimental currency has been tainted by a recent cyber theft of $450,000. 

BitCoins were created as an alternative to modern day currencies.  They are entirely decentralized and digital with users exchanging cash for cyber dollars, which in turn can be exchanged with other users for goods and services. 

The exchange rate for Bitcoins fluctuates wildly, with a spike to nearly $30 per coin on a regular basis.

From Yahoo:

An internet-goer who put his faith in a risky new currency recently

saw over $450,000 worth of Bitcoins — a digital form of money

supported solely by its own users — disappear from his computer.  A

Bitcoin devotee with the somewhat appropriate web handle "Allinvain"

has become the poster child for why the new form of money may never

catch on.

AdvertisementUS Customers Prohibited

888 poker bonus

 

Allinvain’s wallet was worth $467,500 at the time of the robbery. 

BitCoin has been discussed as an option that could revolutionize the embattled online poker industry. 

CodingWheel.com explained how:

But back to online poker. Let's say you wanted to deposit $100 (or equivalent) at your friendly international poker site. Here's how it could work, under a hypothetical Bitcoin regime:

•   Purchase $100 worth of Bitcoins from one of the exchanges.

•   Request a unique Bitcoin receiver address from the poker site (via the Cashier window).

•   Send the Bitcoins to the indicated receiver address.

•   The poker site software receives the Bitcoin deposit.

•   The Bitcoins are automatically converted back to the originating currency.

•   $100 is deposited into the player's account.

Bitcoin would essentially be a transfer mechanism to flow real-money dollars into and out of the poker economy. Players would never send money directly to a poker site, and poker sites would never sending money directly to players: everything would be handled through those funky-anonymous Bitcoin receiver addresses.

- Ace King, Gambling911.com

Poker News

Should I teach my child to play poker?

Should I teach my child to play poker?

Each of us was once a child. In most cases, it is challenging to teach children discipline – they prefer to live without any restrictions. Children love games, entertainment, and fun.

Suspect Arrested in Poker Pro Susie Q Murder Case

Suspect Arrested in Poker Pro Susie Q Murder Case

A 60-year-old Michigan man has been arrested in connection to the death of professional poker player Susie "Susie Q" Zhao, authorities said.

Kid Poker, Doug Polk Agree to Settle Long Running Fued....With Game of Poker

Kid Poker, Doug Polk Agree to Settle Long Running Fued....With Game of Poker

Poker pro Daniel Negreanu has accepted a challenge to play fellow pro and Youtuber Doug Polk following a long-running feud between the two men.

Michigan Authorities Exploring Poker Ties in Brutal Murder of Susie Zhao

Michigan Authorities Exploring Poker Ties in Brutal Murder of Susie Zhao

“We’re looking at every avenue — whether it was part of her hitchhiking — she used to hitchhike quite a bit. She got rides with people she didn’t know frequently,” a police spokesperson said.

FBI Investigating Poker Pro Murder, Body Set on Fire

FBI Investigating Poker Pro Murder, Body Set on Fire

The charred body of Zhao, 33, was found in a Michigan recreation area about an hour away from Detroit July 13 with the tragic news only going public in recent days.

Syndicate