As you may or may not know, I've been back online, playing
Seals With Clubs (SWC), as the only online poker offering currently available to me. I've been playing on there since mid-January; I got involved via
DonkDown radio. For those who are unaware, SWC works with bitcoins (BTC), an internet currency. The value of the BTC fluctuates daily; it is a floating currency that is not based on any other currency. Recently, the value of the BTC has risen to above $70, so I feel that it is time to try the process of selling chips out. So far, it seems pretty easy:
- I signed up for an account on coinbase.com, which asked me to verify my email address and required a bank account / routing number for buying / selling chips. Once I have the funding source verified (which takes 2-3 days; they will make 2 small deposits of $0.01 - $0.99), I am able to transact BTC to USD.
- I note the "Bitcoin Addresses" under the "Linked Accounts" tab in the top left corner of coinbase homepage. There is a funky-looking string of text and numbers that tells me the code for depositing BTCs onto coinbase. It should look something similar to this:
f5d8ee39a430901c91a5917b9f2dc
Highlight that hash code and copy it into your memory with CTRL-C or whatever standard your device uses to copy. This is called my deposit "hash code."
- I go into "My Account" page on SWC and scroll down to the area labeled "Request Bitcoin Cashout." After entering the amount of chips I would like to withdraw from SWC to coinbase (1000 chips = 1 BTC, which is precisely my trial size), it asks for my "Bitcoin Address." I enter in the deposit hash code above (via CTRL-V, or whatever standard your device uses to paste) in order to tell SWC that I'd like to transfer 1 BTC to the entered address. After completing the transaction with my SWC password, the chips transfer from SWC to coinbase, and into my personal account.
- I click "Sell Bitcoins" and enter in the amount of bitcoins I'd like to sell. From there, I've converted my bitcoins into cash and move them into my bank account. It was very simple.
I believe buying bitcoins works exactly in reverse:
- Sign up and register your bank account on coinbase.com, as detailed above.
- Note your SWC "Current Cash in Address" hash code and copy it into memory.
- Go into coinbase.com and purchase the required amount of BTCs.
- Transfer the newly purchased bitcoins to the SWC with the transfer to the hash code in memory.
For those who I know personally, I would be happy to trade BTC -> USD if you are wary about using the third party coinbase transfer. Let me know!
I dunno. This all sounds kind of funky to me.
ReplyDeleteA major problem I see with this, and correct me if I am wrong, but it is possible to say buy 10 bitcoins today which at $70 each would cost $700. Play for a month and break even we'll say. decided to cash out, but during that month if the bitcoin price has dropped to $50 you would only get $500 for those 10 bitcoins.
ReplyDeleteYes yes & yes. If you buy 10 BTC @ $70 and play break even or even winning poker, but sell a month later, you are still slave to the floating currency. It's a big risk, no doubt.
ReplyDeletePersonally, to relieve that concern, I've created a policy for myself to hold minimal amounts of BTC currency. As I reach a threshold, I sell the coins I don't need - similar to when I was playing on FT or Bodog. It's still a risk / reward model with my working capital held by SWC. Since I'm playing the lower stakes games, I'm holding around 2 BTC at any given moment, and selling above that amount. I'm at most running 3 tables, so I have enough buy ins to keep my tables topped off. My philosophy, though I haven't had to do so, is to sell the excess BTC and, if absolutely necessary, buy back the needed amount if I drop below the minimum threshold (say 1 BTC for the sake of argument).
Yes, it is annoying and funky. It is not without risk. I started with $0 out of pocket on SWC, and won my way into a small 40 chip bankroll (0.040 BTC). This is same the way I worked a bankroll on Bodog (cashed a Sunday $100k freeroll), and on Pokerstars (won a blogger tournament series, WBCOOP). On FT, I think I started my account with $100, and had not added in the ensuing 6(?) years. I don't see this money as any different; I have a working bankroll that yields dividends. I don't pay attention to the real world price of BTC until I kick out a dividend (as it turns out lately, 1 BTC / week).
i got verified without the 2 day wait by giving them access to my bank acct password, which they dont save of course. and my $43 for my 600 seals chips is supposed to hit my bank on march 28. i still have over 600 more on seals chips left on the site. this is working fine as far as cashing out, but if u ever get a BOA acct i might use u someday since its faster.
ReplyDeleteExcellent news, Tony! I'm not sure why you don't simply open a BOA account yourself and use that if its so much faster. Why do you say that about BOA, though? What have you read that leads you to believe that BOA is faster?
DeleteBit coins? Hahaa!! U must be retarded. Have u never heard of lock or bovada or carbon? Play on a real site with real money. Stop being a pussy. Well I guess stupid is as stupid does
ReplyDeleteUmmm... thanks for the comment? Of course stupid is as stupid does! I really should read about ... what did you call it ... bovada or lock or carbon? What are they?
DeleteI just don't understand why you would play for bit coins when there are plenty of real money online poker options.... pussy.
DeleteTwo things:
DeleteA. I don't care for your harangues. Do you not have any other words in your vocabulary that you feel compelled to resort to name calling and vulgarities? Pussy? Retarded? Really?
B. Bovada isn't available to Maryland residents. Lock and Carbon are unreliable at best, and the pay outs are few and far between with associated delays as large as a month or more. The games are filled with regs where one could, at most, grind out a few pennies per hour. Not really worth the time nor truly fun to play a game like that where you have a table filled with a bunch of 12/8's. SWC is a lot of fun, features players from all over, and doesn't have the constant overhead threat of the DOJ beating down their doors. They're playing within the confines of the UIGEA to the letter, and I don't feel my money is constantly ready to be seized.
You really should work on your way with words... it sounds like an anger issue. I'm sure I haven't done anything to upset or anger you - and if I have, get over it. Grow up.
Seals is great. End of story.
DeleteSeals is A+. Basically instant transfers. Also bitcoin is much more likely to increase in value over the next 6 months than decrease.
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