Bitcoin should “market” to kids (self.Bitcoin)
submitted 10 hours ago by Euphorbium
Well, maybe not market, but kids should be educated about it. There should be some campaigns targeting young children, similar to raspberry pi foundation teaching kids to code. Children are not stupid, nor as ignorant as adults, they will understand this if explained correctly and they can influence their parents a lot. If you think this would be somehow unethical, just think about all the crapfood advertisement targeted to children. This would be beneficial to kids, as it would help them understand current monetary system way better. How should this be done? I don’t know, but lets brainstorm. Maybe some bitcoin related mobile apps directed to kids are needed?

Some other Redditors wondered aloud however, what’s so wrong with gambling anyways? You should get your kids hooked on gambling too!

astrolabe 3 points 6 hours ago

I agree that children are a very good use case for bitcoin. They don’t have credit cards, but want to purchase things on the internet. There is a bit of a chicken and egg situation with not much for them to buy (I can think of the humble bundle) and not many kids with bitcoins. Improving either side of this relation would be helpful.
I gave my God son a small amount of bitcoin after explaining the system to him, showed him the transactions and blocks coming in on http://blockchain.info/, and the trades appearing on http://bitcoin.clarkmoody.com/.
I didn’t tell him about the bitcoin gambling sites, but he’s capable of discovering them himself. I’m not sure whether exposing children to gambling is a good thing or a bad thing. Maybe they could become addicted to gambling at an early age, but maybe they will have the experience of losing all their money when it doesn’t really matter, and it will serve as an innoculation.

Lentil-Soup�4 points�5 hours�ago

but maybe they will have the experience of losing all their money when it doesn’t really matter, and it will serve as an innoculation.

So much this. My 7 year old saw me playing Satoshi Circle and asked what I was doing. I explained it to him and he seemed interested. I gave him 100 millibits and let him go crazy. After he was done, he said that it was interesting because it was both good and bad. He said it was good because you have a chance of winning a lot of money, but bad because you will probably lose all of it instead.

Don’t you think it might be a bad idea to introduce kids to gambling, an activity that can trigger all sorts of compulsive behaviors on young malleable minds? That if they lose Bitcoins they don’t just go “oh well, I won’t do that again” and might do as some gamblers do, keep wanting to chase that big score?

Or maybe it’s all part of the plan? Hmmm…

BITCOIN! Get ’em hooked while they’re young!

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Dear Asset Holders,

I have some very important news to share with you. Some of you will be pleased, and some upset, but I believe this to be a solid, desirable, and fair outcome for those who have put their trust in S.DICE.

SatoshiDice is being sold, in full, to a new company that will take over all ownership, operations, and management. The total sale price is 126,315 BTC, or 0.00126315 BTC per share.

According to the MPEX Agreement, MPEX holders are entitled to receive 0.00126315 BTC per share, alongside other private owners. However, for the good of the MPEX holders and for the sake of the general Bitcoin community, which the site always has intended to support and nurture, SatoshiDice has arranged to pay MPEX holders an additional .00223685 BTC per share bringing the total to 0.0035 BTC per share.

This is a 277% premium over the sale price and a roughly 175% premium over the current market price of S.DICE shares on MPEX. It is also roughly equivalent to the average price of S.DICE shares at IPO (though BTC was $12 back then, and over $90 today).

Note that the MPEX order book for S.DICE was cancelled just prior to this announcement in order to prevent anyone from taking advantage of standing orders.

While I know some S.DICE owners intended to hold for a long time, and will thus be dismayed by the buyout, it is my sincere hope that this compensation level will be amenable. It is substantially higher than the contract mandates, and it is almost 3x higher than all private owners are being paid. It has not been easy to negotiate to this level, but I believe it is the right thing to do.

Further, there will be an additional small amount added to compensate for the previously deducted costs of the new website development, as it did not feel right for S.DICE holders to have paid for development of a site they won�t have a stake in after the buyout.

This letter is being posted roughly 24 hours prior to the payout, at which point MPEX holders will receive .0035 BTC per share plus the small additional amounts mentioned above. MPEX will then de-list the asset and the S.DICE MPEX Agreement will be satisfied. The payout will occur in roughly 20 increments over a period of several hours and will arrive in S.DICE holders� accounts (in the same manner as dividends). All passthrough operators are responsible for their own assets and customers, obviously.

As per the S.DICE agreement, asset owners do not have voting rights to effect operational changes, nor any rights to negotiate nor block a full buyout of the company. Nevertheless, SatoshiDice has kept the interests of the asset holders in mind throughout this negotiation process, and has intended to treat these holders fairly, above and beyond contractual obligations.

I highly value and respect the trust you have placed in me, and I hope this outcome reciprocates that respect.

Kind regards,
-Erik Voorhees

 

Even though he’s cashing out a made man, in a final “Fuck You” he’s decided to force all this shareholders (yes, people bought shares in this sham) to sell at a price he sees fit. No, you can’t hold long term and no you can’t continue to profit under the new ownership. Too bad, read the fine print.

Of course, it wouldn’t be bitcoin without a little bit scamming in the form of some insider trading

Someone bought a bunch of shares just yesterday before the announcement.

Good luck Satoshi Dice and I hope you fucking burn into the ground.

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The “bets” on SatoshiDice generate a tremendous volume of microtransactions (each bet takes two transactions to complete,) which spam up the Bitcoin network, and those who play SatoshiDice pay elevated transaction fees (which are, for the most part, ignored or not paid by many users,) and as a result SatoshiDice transactions receive priority when processed, forcing other transactions to wait for the next block. SatoshiDice transactions account for most of the content of the blocks generated now and its transactions filling blocks helped contribute to the blockchain fork, which caused chaos and allowed someone to perform the infamous double-spend attack.�This problem has been known for at least a year�yet nothing was done to patch or prevent SatoshiDice from forking Bitcoin.

The chart below illustrates the damage SatoshiDice does to Bitcoin.

The vast majority of the blue markers are SatoshiDice and because they pay the transaction fee, they have priority over normal transactions and are effectively choking out the rest of the economy and causing long delays in confirmations.

SatoshiDice has an allegedly legitimate purpose (

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