General thoughts on SealsWithClubs and Bitcoins.
I was staked in a 50 chip mtt on SWC. 1 bitcoin = 1000 SWC coins. 1 bitcoin is selling @ over $100 atm, and rumored to be on the verge of going way higher. Playing in a 50 chip mtt equates to a $5+ mtt. I played in the HH.... the HH is a mtt that runs every :30 and has a 500 guarantee. The mtt has a very turbo structure and kinda sucks. I placed second, and after stakers cut I received 70 chips. I played another HH and place first for 250 chips. I figured I might as well go big or go home, so I played the 7am 7,000 guaranteed. I won the 7am for 2100 chips. The 7am has a slightly better structure, but it still isn't great. The players aren't very good, but the player pool is so shallow that with even a fews good players hurts the ROI. I had a few players talking about hands and other stuff, and that really annoyed me. I also saw several instances of almost open collusion. So many players swap shares and soft-play their "TeamMates" I also think that the site isn't very secure, and is susceptible to attack. I ran a free stake up into over 3 bitcoins which is super cool, but I don't know if I would personally purchase multiple bitcoins to play on the site. The BI's are generally pretty high, which leads to fairly bad players playing in them; having said that the tournaments don't get many runners.
I think bitcoins are very appealing, but I couldn't have sold them quickly enough after I made them. I am very skeptical when it comes to their long term viability. Bitcoins have doubled in price over the last 2 weeks, and I fear that some wanna be investors are going to lose the asses. I would advise that you not get caught up in the hype. If you do purchase, I would say do so cautiously.
