Almost a month has passed since Bryan Micon pleaded guilty for running the once famous Bitcoin-dedicated poker room known as Seals With Clubs.
Micon’s case versus Nevada authorities is deemed to be a peculiar case involving the legality of Bitcoin gambling and licensing issues in operating online gambling websites.
Unfortunately, in spite of the efforts that Bitcoin has done to establish its positive reputation, this sole event has brought the digital currency back to the bad light.
The Bitcoin gambling industry, however, has felt the most damaging blow from this incident. Here are five of the most significant effects of Micon’s arrest:
Following Micon’s ruling, negative commentaries have flocked various Bitcoin forums and even mainstream social networking sites, together with messages of sympathy toward Micon and his family.
Based on the overall comments that have flooded the Internet, Bitcoin adherents and Seals With Clubs patrons are frustrated because authorities seemed to ‘disregard’ the decentralized network of Bitcoin, which is the currency used for the Bitcoin poker room.
The arrest and condemnation of Seals With Clubs founder has been a day of mourning for the entire Bitcoin ecosystem.
Micon’s arrest unconsciously dealt a detrimental blow toward the overall operations of various Bitcoin gambling platforms.
Knowing that authorities have the full capacity to compromise any Bitcoin-related activities, Bitcoin casino operators, especially residing in Nevada, have lessened their activities to the point that their platforms seemed to be an underground operation just to keep them off the radar.
In conjunction with the sudden shift of Bitcoin gambling activities, Bitcoin users have grown to be more vigilant with the use of their cryptocurrency.
Ever since the confrontation, Bitcoin is again portrayed as a ‘taboo’ currency in mainstream media. In addition, the broadcast of Micon’s trial added more injurious concepts about Bitcoin for mainstream users.
Considering these events, users cannot help being paranoid and wary about the idea that they might be judged and condemned if the conventional market find about their involvement with the cryptocurrency.
On another note, Micon’s arrest did not only shower the industry with negativity. In fact, the apprehension of Seals With Clubs founder has also enlightened other operators and users about the importance of complying with the law. Hence, a number of operators have done the necessary requirements in order to fully operate beyond the shadows.
Although complying with the rules is technically going against Bitcoin’s decentralized nature, this route still benefits the overall well-being of the cryptocurrency. This also contributes to the gradual recuperation of the cryptocurrency’s status.
Ultimately, the whole Bitcoin ecosystem learned to go hand in hand after this unfortunate Bitcoin poker site case. Through voicing out a singular opinion, Bitcoin users have felt the overwhelming sensation that the industry has each other’s back every time incidents like this occur.
Due to this surprising turnout, Bitcoin operators and adherents have grown to appreciate the whole idea of cryptocurrency. Therefore, in spite of having an unfavorable turn of circumstance, Bitcoin still moves forward with the positivity shared by the community.