23 Aug '13, 4pm

#VentureCapital: At least half of all Bitcoin transactions are for online gambling: Recently I

Recently I noted that illegal drug purchases are around half a percent of Bitcoin transactions , which is far from the existential threat that it has been made out to be. Instead, the most common usecase for Bitcoin is online gambling. Satoshi Dice is the most popular Bitcoin denominated online gambling site. Today it checks IP addresses to screen out residents of the US and other jurisdiction where online gambling is illegal, but that has not always been the case. The interesting thing about Satoshi Dice is that it was publicly traded on MPEX , a Bitcoin denominated stock exchange, until it was bought last month for $11M . As such,until being acquired Satoshi Dice reported its financials . The average number of transactions per day on Satoshi Dice in June was 24.8k (there were 12.4k daily bets, but given how Satoshi Dice functions, each bet corresponds to 2 transactions)....

Full article: http://lsvp.com/2013/08/23/at-least-half-of-all-bitcoin-t...

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