Idea: Offshore gambling as gateway between real and electronic money
Adoption of anonymous e-money is to great degree hindered by the lack of infrastructure to convert this currency to/from "meatspace" money. However, there is possible a method, using offshore gambling companies. There may be a special kind of "gamble", that looks from the "outside" like regular betting, but where the participants to certain degree know the betting results, allowing use of their "e-money" to gain insight into the "game" - using "meatspace" money as a bet and "e-money" to buy the knowledge of cards/numbers/whatever in the value of the e-money that allows a sure win of that amount. In other words: Without use of the e-money, the game is a "normal" game, with appropriate probability of win. With the e-money, the player can buy the 100%-certain win of a given value. Conversely, a "rigged game" with 0%-probability of win could be used for depositing the "real" money and converting them to "e-money". Is this approach possible? Is this approach feasible? Where are the hidden problems there?
At 11:35 AM 4/17/2004, Thomas Shaddack wrote:
Adoption of anonymous e-money is to great degree hindered by the lack of infrastructure to convert this currency to/from "meatspace" money. However, there is possible a method, using offshore gambling companies.
You're trying too hard. Gambling has always been a convenient money-laundering technique, as long as the casinos accept the kinds of money you're trying to launder. That's also why spook agencies get anti-money-laundering laws passed. If the casino will take your ecash and give you chips, and you want to make a pretense of gambling rather than just turning the chips back in for conventional euros, go bet ~half the chips on red, ~half on black, some insurance money on green, and tip the croupier, and the casino collects their 1/37 or 2/38 cut. ... Your winnings, sir.
participants (2)
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Bill Stewart
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Thomas Shaddack