Just a few headlines about Virtual Coins, for those of you who haven’t had enough already!
Article by Rafi Farber, 14 March 2017: Why the SEC really rejected the Bitcoin ETF
Article by Jasmine Solana, 14 March 2017: Bitcoin recovers easily from SEC’s ETF rejection
Article by Yuji Nakamura, 15 March 2017: Divisive `Bitcoin Unlimited’ Solution Crashes After Bug Exploit
Article by Jasmine Solana, 15 March 2017: New EU draft law seeks to monitor bitcoin users
Article by Jasmine Solana, 16 March 2017: Polish authorities launch probe into Bitcurex shutdown
In just one week the outpouring of Bitcoin shock/horror stories continues; what’s the truth, how dangerous is it, and to whom? Has it been over hyped or just mis-sold?
Some thoughts to add some grist to your mind-mill.
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Article by Jasmine Solana, 20 March 2017: Bitcoin’s price crashes as it braces for an ugly split
And now this week, another drama………….. and next week, and the next………
Okay the last two hundred years we have had our fair share of ‘bubbles’, and at the turn of this century the most relevant I can mention is the ‘Dot.com’ event. Admittedly we’re not even close to those crazy Dutch Burgers of the 1636-37 ‘Tulip Bubble’, but it gives pause for thought, can we only ever see things clearly in the Rear View mirror?
I’ve been meaning to write this article for months now, and I’ve been put off by the shear pace of change and the very different ‘facts’ (alternative or not) I’ve dug out myself. So it’s not an article – okay! It’s just a bunch of ‘feelings’ and comments. So any feelings/comments our dear readers wish to add in reply will be welcomed, and if decent – posted.
I have friends and associates who are much more aware of the virtual currencies than I, though as a thirty-five year plus veteran of the Gaming industry I’ve been around the block enough to instinctively ‘know’ when something is not right about events.
This brings me to my other conflict. Casinos operate on trust. As in, you do not walk through a casinos door, virtual or otherwise, if you don’t trust in being paid out when you win. I suspect I’m not alone in this either.
So I have very intelligent and techno savvy friends like Eric Benz of Cryptopay , extolling the virtues and at the same time very experienced Remote Gaming entrepreneurs like Alex Assouline, who actually have operated virtual coin casinos
All Coin Casino, over several years now; not being so gracious about the matter.
I know they’re both right from their viewpoints, but I also know from a casino management point of view why the customers just aren’t “in to it”, as the young folks say.
‘and don’t even get me started on Blockchain…………’
Right, so this is where Eric, Alex and I can all agree. The Blockchain system and technology is really clever, cool and useful. This is the part which Governments, Banks and others in the fiscal currencies industries are also looking hard at. Just not for the same reasons, and uses, that some in the on-line gaming industry are also quite keen on utilising.
TOR down the ‘SilkRoad’ anyone?
This is the part which catches most peoples attention. The Onion Ring (TOR) was a creation of the American industrial/military complex and the Intelligence agencies [Ed. so the usual suspects there then!]. Soon to be adopted by by the early internet free spirited types, and development took it into what the popular press has called the ‘Dark Web’. This, despite the sound of it, has little to do with Harry Potter, but everything to do with the needs and wants of people with wanton desires.
‘Silkroad’ and ‘SilkRoad2’ being just a couple of the better known purveyors of those said desires.
Now the above has little directly to do with On-line Casinos or virtual currency payment systems, unless if you have a virtual coin payment account. Of which Bitcoin is but one, though the most well known. The three are all linked.
Bitcoin uses Blockchain technology, Blockchain uses TOR and sites like the now defunct ‘Silkroad’ utilises both as a matter of survival.
‘on-line slots and Live Casino Games………….’
This is where Eric, Alex and I start to diverge.
Now Eric is very sharp, affable and fizzes with energy for Bitcoin, virtual currencies and the benefits of the Blockchain. Whilst Alex is possibly one of the few real geniuses I’ve ever got to know personally, and now after his experiences, does not have such a high regard for the non-fiat currency systems. Which is where I interface.
As a user of the High Street banks, a bank punter, if you will. I’m as upset as the rest of us about how slow the fiscal currency transfers are, how much they cost in charges, and these days being made to feel like a money laundering criminal if you ever have to send larger amounts overseas.
For all the reasons above I’m with Eric.
When Bitcoin first crashed into the headlines, it’s potential for on-line gaming applications was obvious; though there’s the rub. It ‘crashed’ into the headlines when international exchanges either imploded or were hacked. Not a great place to be for a product that was trying to gain popular trust.
This is where I’m with Alex.
Alex opened his Allcoin casino site because he believed in the potential of the virtual currencies. It seems though the punters have yet still to catch-up. The big international Fiat currencies are really the only ones the punters play with.
My thoughts on this being, that a punter, by and large, has the currency of their usual lifestyle to hand. They know what they have spare, and they can access that disposable cash immediately. What’s more, in a Live Casino, the cash-out is in solid folding notes.
Whereas, for the virtual currencies, a punter has to first, obtain said coin, then find somewhere to gamble it. As Alex pointed out, the people who are determined to obtain Bitcoin, are not necessarily the same ones who love to gamble. In fact possibly the opposite!
Also, cost of acquisition, a big part of any Marketing campaign whether your an on-line slots casino or a Live Casino, is even tougher when the potential number of players is reduced to the levels of active virtual currency users we see today.
The dramatic headlines surrounding things like Bitcoin don’t always help either. This month its value climbed above that of one ounce of Fine Gold. Then on another headline plummeted below it, and by March 22nd it was 20% below the all time high. If this were a National currency the IMF would be living on site! No wonder the punters are a tad skittish when it comes to using it.
To finish or just the start……..
To finish my musings on the subject, this morning I found a post from the 23rd. March. [below]
However, the research in regard to on-line gaming and on-line casinos seems somewhat ‘last century’, shall we say. No matter; my final point is this:-
“When so many people, are trying this hard, with as much energy and creativity as they currently are on a project. At some point, and in some manner, someone will connect the bat with the ball, and hit it out of the field”
Let’s just hope we all get to see it, that it’s done for the right reasons and for all our good.
Article by S. Matthew English, 23 Mar 2017 : Cryptocurrency, blockchain, and online gaming