Firm says online gambling accounts for almost half of all Bitcoin transactions

[The Buzz]

Venture capital firm Lightspeed Venture partners reports transactions from Bitcoin gambling site SatoshiDice accounted for somewhere between 25 percent and over 50 percent of all Bitcoin transactions in June.

According to Blockchain, there were about 48,400 transactions per day in June. This would put SatoshiDice at serving up 51 percent of all Bitcoin transactions in June.

In related news, Buzzy struck rich during the Bitcoin bubble, but lost it all on the ponies.

http://arstechnica.com/business/2013...-transactions/

[universal4]

Anyone remember Neteller that almost all US transactions were gambling related, before they had issues and no longer accept US transactions?
Anyone remember Quicktender that almost all US transactions were gambling related, before they had issues and imploded?
Anyone remember eWalletexpress that almost all US transactions were gambling related, before they had issues and imploded?

Rick
Universal4

[Virtual Marketing]

More about the relation between the online gaming customer and the bitcoin processors can be learned from blockchain, bitcoingg, wallets exchange and others. The fact is that this is just the begging..

[universal4]

That doesn't change the past and how the govt went after other ewallets.

Neteller was much more widely accepted and although they were mostly gaming previously, they also had started to penetrate some mainstream and that did not stop the government.

I think Quicktender would have also gained the same kind of acceptance had it had more time.

Rick
Universal4

[Moonsun2]

This is quite a large number of transactions in June! Suprising..

JUlie

[LukeC]

Aren't these transactions artificially inflated somewhat, when compared to previous E-wallets such as Neteller, in that Bitcoins transact every time the user plays (I think I picked that up from a previous post here, but I could be wrong), rather than just on deposit/withdrawal?

[universal4]

Now that is an interesting point Luke, if you see confirmation of that, it would be an interesting add, an would mean the REAL transactions of Bitcoins are nowhere near what those pushing it want anyone to know.

Rick
Universal4

[faststeady]

bitcoins reminds me of one of those mme aeroplane games

bound to bust

[LukeC]

Now that is an interesting point Luke, if you see confirmation of that, it would be an interesting add, an would mean the REAL transactions of Bitcoins are nowhere near what those pushing it want anyone to know.

Rick
Universal4

satoshidice.com states "no account needed" and:
"You place a bet by sending bitcoins to one of the addresses listed in the bet options table. SatoshiDice sees this, evaluates win or lose and generates a return transaction.
There is thus an answering transaction for each bet and normally you see that transaction in your client after a few seconds."
Someone who has actually used one of these sites could probably confirm though, but to me, it looks like every bet is paid out instantly to the player's Bitcoin wallet, rather than a traditional casino wallet.

[universal4]

Interesting.

So each bet would be an immediate debit, and count for a transaction, and each winning bet would be two transactions? (bet and win)?

If that is the case, then the posted numbers have nothing to do with the real numbers of players, just bets placed daily, and this is inflated if both winning and losing transactions are counted that way.

Rick
Universal4