BTC maxis think all kinds of crazy things. But the more BTC-friendly leaders the better for anyone with BTC investments- or crypto investments in general, since the larger crypto market tends to follow BTC.lol bitcoin maxis thinking the rest of the world cares about Argentina or BTC.
Thanks for the detailed response.If you include the token as the in-game currency on the chain the items are on it would effectively give cryptographic protection from gold and item duping for starters. If you use a known existing cryptocurrency (probably with a low gas rate, like $matic or somesuch) then you also have currency stability built into your game (i.e. control "mudflation").
You'd open up the ability to have public trading of in game goods, and because of how NFTs are structured you can establish in the coded contract for the NFT that every time it's sold a % of the sale price returns to the original content generator (i.e. the gaming company), so they would get a cut for every time the item changed hands. (much like the WoW AH now). Drawback of having the chain token directly be the in game currency would be that then someone with a pile of it from outside could "pay to win", so you might consider a separate token on the same base chain.
Longer run this opens up the concept that other gaming companies could even include items from another game in theirs so long as they all used a common chain for the NFTs, but wouldn't be able to generate those items in their games as they wouldn't be the digital signer for that item. This is going down the "Ready Player One" route.
If the NFT's are on a reasonably secured chain then they are unique generated (i.e. the "Non-fungible" part). Meaning that's what protects you from item dupes. It requires a cryptographic process to create the NTF token. Which is then completely trackable since it's on a blockchain. You could literally unwind an individual items creation and undo the associated transactions if coded right. A proper blockchain would be a wholly immutable ledger of not only amounts but every NFT based item in game. It would actually give a far more targetable and granular ability to track and ergo forcibly "undo" transactions. Or more accurately, you wouldn't "undo" the transaction, you would then process a inverted transaction where instead of NFT creation you would do what is referred to as a "burn" , in this case of an NFT, and just make sure the contractual code for the NFT and burn process is created to correctly refund whatever portion of the original amount spent on the NFT, etc...Thanks for the detailed response.
I was thinking about this concept as EQ's latest TLP server's economy got obliterated by a new dupe. EQ's cash shop currency, Kronos, are tracked outside of EverQuest, so the concept of a rollback might not even cover them. Someone might trade their stash of krono for items or currency, get rolled back and not recover their krono. The same problem would exist if a game's economy was partially based on NFTs.
Easiest way is probably just downloading a wallet and creating an address to send it to. I'd recommend Sparrow Bitcoin Wallet for PC or something like Muun - Bitcoin Wallet or Blockstream Green: Simple and secure Bitcoin wallet for mobile. If holding long term and its a decent amount of coin (I'd say $1500+) I would consider a hardware wallet a good investment but probably not relevant here.Could I get some Cliffs Notes on pulling some money off of a poker/gambling website as Bitcoin? I want to avoid any exchanges for now and just keep it safe and secure for now.
holding your own is alot safer than letting an exchange have it, then they get hacked and maybe never see it again?
So a wallet can represent both 'cold' storage and I guess 'warm' storage. The temperature is just relating to the wallet signing keys exposure to the internet. A cold wallet is a signing device that is never connected to the internet, the keys live on a hardware device (or even laptop without wifi connected) that has to be engaged with to spend from that address. For example if you wanted to send coin from a cold wallet then you'd need to sign the transaction on that hardware device then send the signature to software that would send the transaction to the blockchain for inclusion in a block.I looked at Fidelity, they don't accept actual crypto yet. I think the thing I still don't understand is what is the difference between cold storage and a wallet?
So if you're trying to take this and turn it into USD you're going to have trouble with KYC regulation wherever your touchpoint is with USD rails. If you hopped the BTC from the gambling wallet, to your own wallet, then to an exchange wallet you're probably going to be fine 99% of the time but obviously going to get hit with capital gains and you'd, legally, have to claim it from $0 to whatever current value is.Not that I would ever do such a thing, but am curious how other people transfer money/winnings in and out of offshore betting sites.
Wouldnt be turning it into USD for the foreseeable future. Just wondering if, hypothetically, a player could remove some BTC and sit on it anonymously relatively simply. Also, if this player wanted to transfer that BTC to another site that may be a little more above board like, say, a poker site. Or just sit on it and if BTC ever moons again then look into USD options.So if you're trying to take this and turn it into USD you're going to have trouble with KYC regulation wherever your touchpoint is with USD rails. If you hopped the BTC from the gambling wallet, to your own wallet, then to an exchange wallet you're probably going to be fine 99% of the time but obviously going to get hit with capital gains and you'd, legally, have to claim it from $0 to whatever current value is.
There are obviously issues with even the above being the most "legal" because you're not obfuscating your connection to the gambling site at all (easily going to connect you personally to that site via chain surveillance and the KYC regulation required by the exchange) which could get you in trouble. You can deal with this a number of ways. You could run your winnings through a mixer (Samourai Wallet) this would break the ownership heuristics used by chain surveillance and would likely avoid any connection to the gambling site, but does take some technical knowledge to do properly, and you're still on the hook for taxes.
Your other option is selling it peer to peer. There are a lot of ways to do this but the best way I'm aware of that requires no personal relationships is Bisq - A decentralized bitcoin exchange network. This is a P2P trading platform where you can use things like paypal, Strike, Venmo, etc to send cash in exchange for Bitcoin. There are some technical hurdles here too, but not too bad, and obviously if you're not paying your taxes here you face the same sort of issues you would for selling something on Facebook marketplace and not claiming in the income.
Obviously you could also just find someone who wants Bitcoin and is willing to send you cash
You could do it a few other ways too but the above are probably the most straight forward with varying levels of legal risk. None of this is illegal right now (Assuming you claim the income and pay the taxes of course) but they provide increasing levels of personal privacy in the transaction. Hope that helps.
NOTE: 'You' here being the hypothetical person transferring money from shady places