Originally Posted by SANDYHOOKER KY
Arahel, your gonna make a few casino's in Vegas panic, as they started accepting BC's. I don't know how a "banker" could run off with the "cash", as when you open an account, you are given a long string of an account number, known only by you, and if you lose that number, it is unrecoverable, so one better get it tattooed to the "family jewels" lol. For a "banker" to run off with the cash, would require the banker to physically have the cash at hand, and there is no "cash" at hand.
Granted, Mt. Gox was an exchange, but also a depository. They "lost" over 750,000 of their customer's BC's, *and* over 1,000,000 of their own. (think of it as cash on hand for exchange). They have filed for bankruptcy protection with debt listed as over $65M. The folks that had BC's in Mt. Gox have essentially lost their money.
Yes, other trading entities will step up to fill the void. That is only natural. According to Bitcoin Exchange Rate, the current exchange is 1BC = $573.67
The other problem with BC is that hackers are starting to realize the miserably poor security associated with it and have started extensive malware attacks against personal BC storage locations (i.e. YOUR computer). There have been well over 100 new malware attacks identified "in the wild" over the last 6 months that are directly targeted at user's bitcoin storage. There are also attacks out there that compromise a user's machine and have it mine bitcoins and ship them off to the bad guys. Don't get me started on the guy in the UK that threw away his hard drive with about $3M in bitcoins in the digital wallet.
The basis of any currency is trust. Do you trust the entity that controls the currency? Since BC is a decentralized electronic currency, it is going to be hit hard by swings in value based upon FUD (Fear, Uncertainty, and Doubt) that the mainstream media will jump upon like sharks to blood in the water. Bitcoin is going through an evolution in the trust model and may very well survive these bumps in the road. It will definitely not be the same going forward.
I don't have a problem with casinos
accepting bitcoins. It is a business decision that I hope was based with full knowledge of the volatility of the currency. It would be like a casino taking Rubles or Yen... same thing. The key would be - how long do they hold that currency to pay off the customer? They may accept it - but only pay out in US Dollars to limit their exposure to holding requirements by the Gaming Commission.
Sorry for the long-winded reply...