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Thread: Looking For Bitcoin Advice

  1. #21
    Originally Posted by kuma View Post
    Druff are you saying you still need a blockchain.com account with Binance, or just Coinbase? I have not had trouble moving between online books and Coinbase, but was under the impression they had no idea where BTC was coming from / going to. Now you have me scared.
    if a casino keeps using the same wallet addressed for all of its depositing players then then coinbase should certainly be able to figure it out. I'm sure they can figure it out other ways as well.
    I have not yet had any problems, but as I said in one of my other post, there have been people that have had problems with CB regarding using it to gamble online.

  2. #22
    Originally Posted by Dan Druff View Post
    So here's my honest review of binance.us:

    Fees: Excellent
    Reputation: Excellent
    Cryptos supported: Excellent
    Transaction speed: Good
    Website: Good
    Withdrawal process: Good
    Deposit process: Okay
    Signup ease: Okay
    Customer service: Not very good

    0.1% fees on buys or sells, which is great. That means you can sell $10k worth of BTC for $10. It's negligible. Compare that to 2% for Gemini and Coinbase, which would cost you $200 for the same transaction. Wow.

    Deposits have no fees. Withdrawals in BTC or taking out cash via ACH is also free. The one dumb thing is that each ACH has a maximum of $5k, but you can do multiple transactions. I did ACH transactions on there recently and it hit my bank with no problem, after a few days.

    Binance has a good reputation, is now regulated in 37 US states, and is unlikely to run off with your $ or BTC.

    They support a ton of different cryptocurrencies, so you can buy/sell/trade other cryptos besides BTC. Very nice feature.

    The website can be a bit confusing, but once you're used to it, all of the functions you need to buy and sell crypto (including for US dollars) are there.

    The initial identity verification process can be a bit slow, so give it a day or so to complete. They claim much of it takes "1 minute" or "1-5 minutes", yet I found that not to be true. I got stuck on Step #2, and it took a day to get verified. Not sure why they claim "1-5 minutes" when it wasn't at all. It's a one-time process, though, so once you've gotten that out of the way, you won't have to deal with it again.

    The customer service sucks. That's the one downside. It is very slow, and sometimes I don't even get an answer. Funny enough, my two questions actually resolved themselves before they found the time to answer me days later. That's good... I guess. But if you need help from customer support, don't expect much.

    Do I recommend Binance? Yes.

    Note that the following states CANNOT use Binance US: Alabama, Alaska, Connecticut, Florida, Georgia, Hawaii, Idaho, Louisiana, New York, North Carolina, Texas, Vermont and Washington. If you are in any other state, you CAN use Binance legally.

    Do you want to sign up and get $15?

    Use this link: https://www.binance.us/?ref=35029165

    Or if it asks for a referral code, just enter 35029165.

    This will help both of us. We will each get $15 when you fully verify your account (even if you don't deposit any BTC or money). However, you need to make $100 worth of trades on their platform before you can withdraw the money. However, these trades can all be with that $15 you were given, so it really is zero risk.

    Important: If you are planning upon depositing with ACH or E-Check, you will need to wait 10 days before taking any crypto you buy off the site! This restriction does NOT apply to wire transfer deposits or deposits via any cryptocurrency. So if your plan is to buy crypto using ACH or e-checks, Binance probably isn't the best option for you, unless you have 10 days to wait. Read their policy on deposits for more info.

    You will also get your own referral code, but please don't post it on this forum. This is my site, so I'm only allowing my own referral code to be posted here.

    This review is honest. I wouldn't bullshit you guys and steer you toward a service I don't personally use.
    Thanks for the information.
    Stoogeboy maxpigpenn = professional nickel keno player and KJocchio's lover.

  3. #23
    Originally Posted by AxelWolf View Post
    Originally Posted by kuma View Post
    Druff — are you saying you still need a blockchain.com account with Binance, or just Coinbase? I have not had trouble moving between online books and Coinbase, but was under the impression they had no idea where BTC was coming from / going to. Now you have me scared.
    if a casino keeps using the same wallet addressed for all of its depositing players then then coinbase should certainly be able to figure it out. I'm sure they can figure it out other ways as well.
    I have not yet had any problems, but as I said in one of my other post, there have been people that have had problems with CB regarding using it to gamble online.
    Blockchain stuff is anonymous in certain ways but totally not anonymous in others. The problem with BTC is that it has to keep track of what goes in and out to make sure the books are correct. These books never go away. There are some ways around this in other cryptos but they add overhead to the coin.

    It isn't like a big pile of anonymous cash all mixed up and untraceable on the way out. They trace your coins by what they're sent out with and there are third-parties that maintain databases. It is somewhat complicated, but we could draw it out on a whiteboard what can be inferred. The incoming address has little to do with the tracing ability. Everyone who deposits has their own address AFAIK, often having it change constantly. It is when you withdraw, or they mix your coins in with someone else's coins on a withdrawal that the inference/tracing happens.

    However, last i knew if you sent BTC somewhere else, then to the destination being discussed, the coinseller has no idea who the intermediary is and so they're absolved. It isn't that these institutions personally care what you do with the coins, they just have to show they didn't know you're doing criminal activity. (playing poker online)

  4. #24
    Originally Posted by accountinquestion View Post
    Originally Posted by AxelWolf View Post
    Originally Posted by kuma View Post
    Druff — are you saying you still need a blockchain.com account with Binance, or just Coinbase? I have not had trouble moving between online books and Coinbase, but was under the impression they had no idea where BTC was coming from / going to. Now you have me scared.
    if a casino keeps using the same wallet addressed for all of its depositing players then then coinbase should certainly be able to figure it out. I'm sure they can figure it out other ways as well.
    I have not yet had any problems, but as I said in one of my other post, there have been people that have had problems with CB regarding using it to gamble online.
    Blockchain stuff is anonymous in certain ways but totally not anonymous in others. The problem with BTC is that it has to keep track of what goes in and out to make sure the books are correct. These books never go away. There are some ways around this in other cryptos but they add overhead to the coin.

    It isn't like a big pile of anonymous cash all mixed up and untraceable on the way out. They trace your coins by what they're sent out with and there are third-parties that maintain databases. It is somewhat complicated, but we could draw it out on a whiteboard what can be inferred. The incoming address has little to do with the tracing ability. Everyone who deposits has their own address AFAIK, often having it change constantly. It is when you withdraw, or they mix your coins in with someone else's coins on a withdrawal that the inference/tracing happens.

    However, last i knew if you sent BTC somewhere else, then to the destination being discussed, the coinseller has no idea who the intermediary is and so they're absolved. It isn't that these institutions personally care what you do with the coins, they just have to show they didn't know you're doing criminal activity. (playing poker online)
    I assume, if you buy Bitcoin from a private seller and keep it on a hard wallet that would be anonymous? And of course, you would have to sell to a private buyer? I assume there are companies online that give you the ability to buy and sell privately? Is all that fool proof, probably not but I'm fairly certain there are ways to keep Bitcoin completely anonymous assuming you want to go through all those steps in the first place. Supposedly Monero solves a few of these problems/ steps. However, I don't know how you turn that into Cash without a private sell. Not a lot of places take Monero. Assume there's a way you can exchange Monero or Bitcoin with the various steps and keep it anonymous?

    Assuming you're using your real name when you gamble online there goes your anonymity I guess.

  5. #25
    Originally Posted by AxelWolf View Post
    Originally Posted by accountinquestion View Post
    Originally Posted by AxelWolf View Post
    if a casino keeps using the same wallet addressed for all of its depositing players then then coinbase should certainly be able to figure it out. I'm sure they can figure it out other ways as well.
    I have not yet had any problems, but as I said in one of my other post, there have been people that have had problems with CB regarding using it to gamble online.
    Blockchain stuff is anonymous in certain ways but totally not anonymous in others. The problem with BTC is that it has to keep track of what goes in and out to make sure the books are correct. These books never go away. There are some ways around this in other cryptos but they add overhead to the coin.

    It isn't like a big pile of anonymous cash all mixed up and untraceable on the way out. They trace your coins by what they're sent out with and there are third-parties that maintain databases. It is somewhat complicated, but we could draw it out on a whiteboard what can be inferred. The incoming address has little to do with the tracing ability. Everyone who deposits has their own address AFAIK, often having it change constantly. It is when you withdraw, or they mix your coins in with someone else's coins on a withdrawal that the inference/tracing happens.

    However, last i knew if you sent BTC somewhere else, then to the destination being discussed, the coinseller has no idea who the intermediary is and so they're absolved. It isn't that these institutions personally care what you do with the coins, they just have to show they didn't know you're doing criminal activity. (playing poker online)
    I assume, if you buy Bitcoin from a private seller and keep it on a hard wallet that would be anonymous? And of course, you would have to sell to a private buyer? I assume there are companies online that give you the ability to buy and sell privately? Is all that fool proof, probably not but I'm fairly certain there are ways to keep Bitcoin completely anonymous assuming you want to go through all those steps in the first place. Supposedly Monero solves a few of these problems/ steps. However, I don't know how you turn that into Cash without a private sell. Not a lot of places take Monero. Assume there's a way you can exchange Monero or Bitcoin with the various steps and keep it anonymous?

    Assuming you're using your real name when you gamble online there goes your anonymity I guess.
    It is all very complicated and depends on whom you sell stuff too etc, but yes if you are able to find a private seller then you are ok. There are laws against doing this though, so private transactions have to actually be friend to friend private transactions. Once you start selling btc on your own, you're opening yourself to legal liabilities. The government wants currency transaction reports and people need to be bonded. I forget what it is called, but it is a state by state license. That keeps smaller players from getting starting in the industry. So basically you have to make sure you can't ever be seen as a business by state/feds.

    One way of looking at it is if everyone had their cash in paper money. Your paper money was purple and a distinct color. Now you can go buy stuff with the cash, but it can always be traced back to you, because your bills will always be purple. And there is a ledger where exactly that purple money moved about from whom to whom. If I see purple money, I know I could trace it back to you. Thats BTC. You don't want your paper money purple to begin with.

    There used to be dice games, and mixers you could hide your BTC with. Deposit it, then withdraw it. I don't keep up with the stuff anymore, but it has all become considerably more regulated. So even if you obfuscate the source of your coins, you'll still get the CTRs and such KYC shit. Your best bet is to go to meetups and make friends with people. In person networks are the best, but they're so small that the demand/supply rarely lines up, so you end up paying vig. The US has an incredible surveillance apparatus on money transactions. ugh.

    It used to be you could take your monero, then go to a place that dealt in ONLY crypto and sell it for BTC, which you could then sell wherever. Without ID etc, but all that stuff was slowly pressured out of business by US gov entities.

    It really depends what and whom you are trying to hide your transactions from. If you don't wish to be kicked off coinbase or whatever, just move your coins around through a couple of transactions.

    Lots of interesting questions that require people who are more on top of this stuff. I quit messing with BTC for the most part years ago. I simply don't know what all is available. I use Gemini for my trading. Coinbase kicked me off when they wanted my SSN etc in order for me to sell more coins. I think Gemini has it. Not entirely sure, but they're a quality exchange. I bought a couple BTC here when it dipped. Wish I'd wired in money and bought more as they limit me to 2500 a day for ACH. I'm literally too lazy to manage my money closely.

  6. #26
    Originally Posted by accountinquestion View Post
    I'm literally too lazy to manage my money closely.
    I hear you brother. Wanted to buy some stocks during the dip I know I have an E-Trade account somewhere with money on it, I'm just too lazy to figure it out. I told the story on Wizard of Vegas. I had an online gaming casino account with over $1,000 sitting in it in it that I totally forgot about for some reason. I think I made that account back in 2012, I can't remember exactly when now. I thought for sure they were going to stiff me, I had to jump through a few little hoops, because I didn't even have that credit card anymore, but surprisingly enough, they ended up paying me.

  7. #27
    Guys, this has already been figured out and discussed in other places.

    Do NOT use Coinbase or any other exchange (Binance, Gemini, whatever) for direct deposits and withdrawals to/from gambling sites. Don't do it. Just because you haven't been shut down yet doesn't mean it won't happen. It will happen... it's just a matter of time. Once it does, there's no appeal process.

    Get a blockchain.com account. It's free. Use that as an intermediate site both ways. Always send to and from blockchain.com, then use blockchain.com to transfer to/from the exchange.
    Check out my poker forum, and weekly internet radio show at http://pokerfraudalert.com

  8. #28
    Originally Posted by Dan Druff View Post
    Guys, this has already been figured out and discussed in other places.

    Do NOT use Coinbase or any other exchange (Binance, Gemini, whatever) for direct deposits and withdrawals to/from gambling sites. Don't do it. Just because you haven't been shut down yet doesn't mean it won't happen. It will happen... it's just a matter of time. Once it does, there's no appeal process.

    Get a blockchain.com account. It's free. Use that as an intermediate site both ways. Always send to and from blockchain.com, then use blockchain.com to transfer to/from the exchange.
    blockchain.com Said not available in your area when I originally looked at it. I know I could have gotten around that however I didn't want to find myself in a situation where they block me account where I can't get my coins out or something so I didn't go forward. I have since made an account I did a couple tests transfers without any issue so far, do you think at some point I could have a problem, I'm not even using a VPN.

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