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  1. #1
    Sherlock's Avatar
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    Default 5dimes - be careful

    As we talked elsewhere in Bovada thread about it:
    They offer only btc payouts. I asked for 50k+ payout. Originally I was said it will be sent at once, now with 1 day delay I was contacted that it will be split in 10K bitcoin installments.

    My opinion: they will muddle through somehow as always, but may have recent liquidity problems. NFL will show.

    I will keep this updated.
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    From my understanding and investigation it appears they have limited access to Skrill and other accounts and are requesting people to start using BitCoin. This is an industrial hazard of dealing with companies still accepting players from the US.

    Interesting recent news article posted in a newspaper in Malta about 5dimes; http://www.independent.com.mt/articl...ama-6736155158
    Simon Eaton - Online marketing consultancy with 20 years experience

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  5. #3
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    The article does not say anything new IMO. It marks the gambling transactions as "moneylaundering". The term moneylaundering is now used even for tax evasion etc., which for me is highly unprofessional. If it was just processing money for gambling, USA may call it moneylaundering, but it is for sure not moneylaundering in Costa Rica. It may be moneylaundering elsewhere where US imposed FATCA. But CR will not bring down their gambling industry I bet and it should not be marked as moneylaundering, unless they used the money in some new way other than doing legitimate business in CR.
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    Quote Originally Posted by Sherlock View Post
    The article does not say anything new IMO. It marks the gambling transactions as "moneylaundering". The term moneylaundering is now used even for tax evasion etc., which for me is highly unprofessional. If it was just processing money for gambling, USA may call it moneylaundering, but it is for sure not moneylaundering in Costa Rica. It may be moneylaundering elsewhere where US imposed FATCA. But CR will not bring down their gambling industry I bet and it should not be marked as moneylaundering, unless they used the money in some new way other than doing legitimate business in CR.
    FATCA exists in Costa Rica, and gambling related activities are not legally compliant there.. however Data Center "Call Centers are". CR have been trying to shift away from the sportsbooks for years, using all that English speaking talent into lower paid corporate companies from the USA to work in customer service for software and tech giants "HP Intel" etc. I remember 10 years ago when 5,000 employees were made redundant in an instant and some of the larger companies jumped ship and headed down south or to Asia.

  7. #5
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    Did not know about FATCA there, well yes... Just sitting in one central american triborder (still free) area and it disrupted my mind about other central american countries. But world is becoming FATCA friendly and it is a game changer.

    What I meant is: The only new info here would be if this was really a case of moneylaundering, not the gambling business that US wants to be moneylaundering. I got wire once from 5dimes and it was from one of the quoted companies. So I assume they used them as moneyprocessor. Nothing more, nothing less. Other thing: did CR change law already or they have just the aim to quit with gambling?

    I think this was a nice trick with Amazon gift cards, someone in the US called it moneylaundering, the companies are neither in CR or in US, so now US is doing the PR job against companies at Malta etc. Even if the money there were seized, the 5dimes business is profitable long term. But they have to find another trick. Not sure if bitcoin only will be sufficient, even when it is pretty easy to use. Still big mental barrier for casual gamblers.
    We are all bloodsucking ticks, hungry, devious
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  8. #6
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    The 1st installment was just sent. Got 1st confirmation.
    We are all bloodsucking ticks, hungry, devious
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  9. #7
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    Every few years the USA seems to get rid of a big company, for the amount of years 5 dimes have been around they could only come up with Amazon? regards to CR it was an accusation but perhaps money has been withdrawn to be on the safe side, I personally think they will be fine but even if it got a little shaky they will do what most of the others did and head to an island, Asia or south of the border. I think the installments is due down to the sheer volume of btc transactions they now have.

    I would like to see btc more used however with USA players they seem to shy away from it, I have a few btc players but mainly from outside the states.. it's the whole turning it back into cash in the USA makes it hard due to regulations.

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    The bitcoin time will come. I believe that. This is why the Bitcoin is so nice. Not because it is a nice toy for geeks, or that it is simpler, cheaper or less complicated than classic money. Maybe bitcoin time comes exactly right now, when other non-bitcoin business apart from drugs, really needs it. US gamblers adopted to Neteller long time ago, then they were slashed down. To deal with some Amazon gift cards is a hassle too. It is a challenge for Bitcoin developers: to make it really simple, to show the Bitcoin balances in USD or even hedge the customers against movements etc. Those instruments all exist. It should not be promoted as Bitcoin betting, even when it is, because just the term "bitcoin" scares many ppl.

    Now the challenge is here for 5dimes, who were not able to produce decent landing page in 15 years... I hope they will understand the necessity now. They have to integrate the bitcoin interface much better. I would be more on Bettingpartners to do it in the lite and fancy way.

    Maybe many US bookies will go down, maybe 5dimes will go down. It would be ******* sad for me and my affiliate account. But I can not believe that the gambling would go back to cash only. Once the barrier against now necessary bitcoin in the US is broken, the businesses will be much more stable. Which means the value is very high and it should justify the investment into education the customers. This is very interesting time now, I do not know why nobody sees it. The the real opportunity for US market (not the taxed legalisation). But it must be done in different way, then when the merchant just places Bitcoin icon somewhere and hopes the people will find it. There are so many apps that connect "our money world" and "bitcoin money". E.g. bitcoin virtual credit cards that can be uploaded into mobile phones and it is possible to pay with them everywhere. It is better than some Amazon card I guess.
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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    I was not aware that 5Dimes changed their withdrawal options to Bitcoin only. The article is a big disturbing as well.

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    Quote Originally Posted by Sherlock View Post
    Maybe many US bookies will go down, maybe 5dimes will go down. It would be ******* sad for me and my affiliate account.
    If 5dimes is forced by their current rather large problems to be solely bitcoin - and it already looks to have gone way - then it is almost as bad as if they had closed. How many referred players, that have been sent to 5dimes over the years, currently use bitcoin as a first choice option? Very few, if none. If you cant at least deposit by credit card and withdraw by check at 5Dimes then players will move on to a firm that does offer this. They wont learn about bitcoin from scratch just to stay with 5Dimes. That is my concern, apart from the obvious liquidity issues the firm faces having accounts frozen and monies confiscated. Shame, because you could make a case this was the best of the usa-facing firms.

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    I received 35k by BTC a few days ago. I was concerned about them, but all seems fine.

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    Quote Originally Posted by justbookies View Post
    If 5dimes is forced by their current rather large problems to be solely bitcoin - and it already looks to have gone way - then it is almost as bad as if they had closed. How many referred players, that have been sent to 5dimes over the years, currently use bitcoin as a first choice option? Very few, if none. If you cant at least deposit by credit card and withdraw by check at 5Dimes then players will move on to a firm that does offer this. They wont learn about bitcoin from scratch just to stay with 5Dimes. That is my concern, apart from the obvious liquidity issues the firm faces having accounts frozen and monies confiscated. Shame, because you could make a case this was the best of the usa-facing firms.
    The issue that they are unable to proceed transactions via usual channels is ofc not good.

    But who says this is forever, that is #1 doubt. I do not think they just sit there doing nothing.

    #2 is that when you need bitcoin only as funding method, you do not have to learn from the scratch. If you want to send money via Bitcoin, you do not have to know about Bitcoin almost anything. The problem here is that most merchants think the same thing as you, so they are not even looking for some bitcoin apps (or they are not developing them). It is possible to make the transfers much easier. It is already done, but nobody implements it yet. Now is the best time.
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  16. #13
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    Quote Originally Posted by Jokerman99 View Post
    I received 35k by BTC a few days ago. I was concerned about them, but all seems fine.
    They sent it as one payment?
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    Sherlock,

    With all of this going on, who would you say is the best(or as good it will be given the current issues/climate) option now in the USA for sports?

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    It is a long time since I was betting for US sports and the best ones like Greek (with **** affiliate btw.) have been gone.

    If you are asking me as a big player (which is not the case), I asume you should make a trip over the border and get Pinny account. I think still decent bookie in 5dimes style must be bookmaker.eu from Betcris family, but they never approved my affiliate program.


    For casual bettor and therefore for affiliates I think Bettingpartners are the best... but
    - they do not operate in all states
    - I am not from US, and I really do not understand all about the cheques and banking there, maybe someone else is doing it better
    - I did not try all major US affiliates like Betonline, where I really did not like the initial communication and I tried others (topbet, intertops) only a bit, so my opinion is biased

    But I love bettingpartners, how they communicate, solve problems etc. They also face the same kind of problems as other US bookies. 1st Skrill was gone, then Neteller was gone, then they could not send USD via wires, they go into bitcoin now... (I think all the US bookies are on the same ship and they should be proactive here, maybe even together and create some btc driven USD wallet. I would love to do the project, becase it is a lot of money ofc. But sadly I am too busy, tired and still have not as deep connections that would be needed for that.)
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

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    Thanks Sherlock. I find them to be trustworthy as well, they are pretty transparent, payments are timely, they treat their players well, and their managers are responsive.

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    I am just looking at cash transactions stats at 5dimes and it looks like normal weeks. A lot of smaller deposits, some bigger payouts. Players are playing. If this is done through raw bitcoins then it is impressive.
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    ass-blood sucked by the first from the last is his own

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    just got paid another 10k as agreed, so they are ok until now (if we can count almost pure btc bookie as ok, but maybe it is a new US standard)
    We are all bloodsucking ticks, hungry, devious
    each one latched on to the ass of the previous
    when the last and the first latch on it can be shown
    ass-blood sucked by the first from the last is his own

  23. #19
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    Quote Originally Posted by Sherlock View Post
    just got paid another 10k as agreed, so they are ok until now (if we can count almost pure btc bookie as ok, but maybe it is a new US standard)
    I think if anyone can sway us players into bitcoin it's these guys, it's no less of a hassle than cash money transfers or the other methods they used, but limits are so much higher, unless players in the USA stop betting altogether we might actually see this become one of the easiest ways to play.

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    Wishful thinking. You need to be referring the man in the street (if you want any numbers at all) and the man in the street will not embrace bitcoin as standard yet. When my mum is using it then it will be standard - at the moment she has never heard of it.

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