Introduction to BitCoin poker

[Micon]

How long does it take to get the funds from Dwolla to your bank acct?

USD checking --> dwolla and vice versa is the standard echeck 2-4 days.

also of note is a company called BitInstant (and there are a few like them) where you take cash to a bank, deposit into their account, and after a small fee is deducted you get the bitcoins almost instantly.

Check out a video I made about the process and showing you the sites:

 

[Corey]

Yeah you know I've won 65 bitcoins there thats about $325 so it's no joke. You should check out the latest promos. The rake is only 2.5% on the cash tables and if it's 2-3 handed you get 50% rakeback for that. So check it out again.

 

[cAPSLOCK]

Who are you on there Corey? It's obvious who I am.

 

[Jim Lahey]

I made a small deposit and ran it up a little. I cashed out and had my money in 3 days.

 

[pokerjack43]

I use bitcoins on switchpoker.com since January, seems like its a good system, the price changes are like playing in $/€ just buyout/in when the rate is in your favour. switchpoker is pretty quick with deposits and withdrawals.

 

[moemtg]

Ugh...I know I was pretty negative so far. I must sound like a Schizophrenic. But in the past few days SealsWithClubs seems to be doing a lot better - I haven't seen any lag for a day now. I guess I just can't quit bitcoins. There haven't been many people online lately; it makes it a lot easier to win the freeroll.

Sorry I just had to comment... I just loved the way you stated that you sound like a schizo . Rock on

Moe.

P.S. I am schizo

 

[cAPSLOCK]

I prefer 1 dollar to be 1 dollar

1 Dollar IS 1 dollar. And 1 Bitcoin is $5.51103 as of this moment.

Also, poker is poker.

 

[pokerjack43]

no different to playing in euros or dollars from the UK, just another currency

 

[Micon]

12/12 Update:

1) Bitcoins are now $12.40 as of this writing
2) the largest bitcoin poker site is SealsWithClubs with active games 24/7 - the site - and bitcoin - have grown significantly in the past few months. Worth another look at this point if you were previously turned off by very few players.

 

[cAPSLOCK]

It is a good site. Honest to goodness poker, with a thriving community.

To be honest... it's not a bad place for a person who has been playing the game for a little while... after all it's full of fish like me.

Active stakes from 2nl to 100nl and higher.

And there is an hourly freeroll you can use to jumpstart a bankroll.

I recommend it highly.

 

[Corey]

Yeah, check it out again, the more players you can bring, the better the promos will be. For example there is a Friday Guarantee that stands at 6 bitcoins right now; if it goes over 6 bitcoins today, then next friday, the Guarantee will be upped to 7 bitcoins. And that particular game has no limit on how many times that can happen.

Usually there is at least 3 tables going. I know that doesn't sound like a lot, but in the past, keeping one table going was really hard. Also there are some people with big bankrolls that will play you heads up in PLO8 or LO8 or NLHE.

 

[renkcub]

the more players playing in bitcoin, the better. its currently about .01% of the total market but growing, while the rest is shrinking. SatoshiPoker .org and seals seem like a viable option at the moment, I'm taking advantage of all the guaranteeds they just started running.

 

[Stoogey]

I've had enough problems with poker sites.

 

[Micon]

300+ connected most times

sunday tourney 40 bitcoin guar.

new 1 bb cash tables, flipping with eventual deep play.

roughly 80% off rake. 4 hr cashouts. Affiliate program.

micon@sealswithclubs dot eu for my personal attention to any matter.

glglglglglgl guys

 

[Aleksei]

I'm slowly starting to think SwC is probably the best US-facing site in existence, just because of the rake structure. Like seriously, it's INSANE. Rake is 2.5% with a $5 cap at all levels, then the VIP cashback program goes up to like 50% plus there's a standard 50% rakeback when you play 3-handed or less at 6max and FR tables (which is just icing on the cake when you do that, because in my experience playing HU against a 6max player is printing money ).

 

[Michael Paler]

Maybe I have this wrong, so correct me if I am wrong.

A "bitcoin" is not currency as in the yen, dollar, pound. Yet it can be converted into/out of those.

It's value is changing, so one bitcoin might cost/be worth $5.00 now, $10 or 1 penny tomorrow?

It's value or worth has nothing to do with anything tangible, such as a gold reserve or real estate to back it up.

Rather, it has to do with stock in the coin/company that are buying and selling it and current value of that in the market? Sort of like shares in a company? Or is it merely like an online version of a token?

 

[Micon]

Aleksei - our rake is much lower, and never delimited in anything but bitcoin. Currently

from [ https://sealswithclubs.eu/seals-faq/ ]

How much do you charge in rake?
New Lower Rake as of 4/9/13: No Limit and Pot Limit games rake 2.5% of the total pot size with a 0.01 BTC (10 chip) maximum. Limit games with a big blind less than 0.1 BTC have 2.5% rake and a 2BB cap. Limit games with a big blind of 0.1 BTC or more have 1% rake and a 0.007 BTC (7 chip) maximum. No rake is collected on hands that do not make it to the flop. The Table Starter and Krill rakeback system and our other promotions make the rake on SealsWithClubs extremely low vs. the industry standard. More info on the promotions page.

when delimited in USD, 10 chips is currently ~$0.80 - and that's the max rake site-wide, and that's before the 50% tablestarter bonus and before your krill rakeback.

we are trying to make it the best deal around by far. And as poker players we think the "normal rake" across internet cardrooms is absurdly high.

------------------------------------------------------------

Michael Paler you are close in some areas and off in others - don't worry though - the idea of bitcoin is extremely difficult to grasp quickly. I've been studying it for going on 2.5 years now.

lifetime chart of btc: http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25

lots more info & links: https://sealswithclubs.eu/bitcoin-faq/

 

[Michael Paler]

Aleksei - our rake is much lower, and never delimited in anything but bitcoin. Currently

from [ https://sealswithclubs.eu/seals-faq/ ]

How much do you charge in rake?
New Lower Rake as of 4/9/13: No Limit and Pot Limit games rake 2.5% of the total pot size with a 0.01 BTC (10 chip) maximum. Limit games with a big blind less than 0.1 BTC have 2.5% rake and a 2BB cap. Limit games with a big blind of 0.1 BTC or more have 1% rake and a 0.007 BTC (7 chip) maximum. No rake is collected on hands that do not make it to the flop. The Table Starter and Krill rakeback system and our other promotions make the rake on SealsWithClubs extremely low vs. the industry standard. More info on the promotions page.

when delimited in USD, 10 chips is currently ~$0.80 - and that's the max rake site-wide, and that's before the 50% tablestarter bonus and before your krill rakeback.

we are trying to make it the best deal around by far. And as poker players we think the "normal rake" across internet cardrooms is absurdly high.

------------------------------------------------------------

Michael Paler you are close in some areas and off in others - don't worry though - the idea of bitcoin is extremely difficult to grasp quickly. I've been studying it for going on 2.5 years now.

lifetime chart of btc: http://bitcoincharts.com/charts/mtgoxUSD#tgSzm1g10zm2g25

lots more info & links: https://sealswithclubs.eu/bitcoin-faq/

If it takes that long, I don't want to know, lol. But there is really something to be said about paying $5.00 for a coin that could go up to $7.00! Plus that is multiplied out over what you win...wow. You could make quite a killing!

 

[Micon]

it was a $5 in 2011 when I started talking about it.

now it's an $85 coin

it has been a $250 and a $50 coin in the last few months.

helluva time gambling while gambling over here at SwC.

10 bitcoin guarantee for .1 buy in every Saturday.

1 coin buy in 40 btc guar every Sunday.

 

[vinnie]

Holy cow... effectively $0.80 rake (at the current rate)!!!

The site I am currently on has made as much money as I have over the past couple months... and I have been running like a god.

I need to move some of those funds to SwC.

Sent from my SCH-I535 using Tapatalk 4 Beta

 

[Aleksei]

Aleksei - our rake is much lower, and never delimited in anything but bitcoin.

Yeah I know, but Bitcoin prices, as a standard, swing between about $40 and $240 so for simplicity's sake I'm converting 1 BTC to $100 and using that (when I last read about it rake was capped at 50 chips; or .05 BTC, or by my quick-and-dirty conversion, $5).

 

[Micon]

Yeah I know, but Bitcoin prices, as a standard, swing between about $40 and $240 so for simplicity's sake I'm converting 1 BTC to $100 and using that (when I last read about it rake was capped at 50 chips; or .05 BTC, or by my quick-and-dirty conversion, $5).

That is rather quick, extra dirty, and 100% totally wrong.

1) SwC rake policy: https://sealswithclubs.eu/seals-faq/#rake | but no one likes to click things! that's so much work. So here:

How much do you charge in rake?
New Lower Rake as of 4/9/13: No Limit and Pot Limit games rake 2.5% of the total pot size with a 0.01 BTC (10 chip) maximum. Limit games with a big blind less than 0.1 BTC have 2.5% rake and a 2BB cap. Limit games with a big blind of 0.1 BTC or more have 1% rake and a 0.007 BTC (7 chip) maximum. No rake is collected on hands that do not make it to the flop. The Table Starter and Krill rakeback system and our other promotions make the rake on SealsWithClubs extremely low vs. the industry standard. More info on the promotions page.

2) So max rake is 7 chips for limit games, 10 chips for NL, BTC Price ~$90 ATM so $0.90 is the max rake when delimited in USD. With our 50% auto-RB tablestarter program, 2-3 handed can't pay more than 5 chips or ~$0.45

So as I said, super-low 80% off rake and we send cashouts avg. 4 hrs and have extremely soft games. It's not hard to sell a Honda at 60cc scooter prices.

3) We usually overlay some MTTs each week too. The huge 10 bitcoin / 10,000 seals chips guarantee pops off today and every Saturday at 6pm ET 3pm PT and it's 95+5 to buy in (.1 btc) O/u 82 players today although randomly we meet the guarantee some weeks, as SwC has been growing.

4) "Morning w/the Chairman" from today:

 

[smidjet]

how would you buy and cash bit coins?

 

[Aleksei]

3) We usually overlay some MTTs each week too.

oh yeah the GTDs all seem to have MASSIVE overlay just because of lack of traffic, but I was counting that separately. I'm a cash player primarily.

 

[edge28]

I'm slowly starting to think SwC is probably the best US-facing site in existence, just because of the rake structure. Like seriously, it's INSANE.

Need to give SwC a try than. Will post after I played there.