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.Originally Posted by kuma
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.
Thanks for the information.Originally Posted by Dan Druff
Challenge to redietz. We bet every NFL regular season game. You make the picks. If you lay the fav I get 2 extra points. If you take the dog I get a 2 point discount. Easy pickings for you.
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.Originally Posted by AxelWolfif 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.Originally Posted by kuma
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.
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?Originally Posted by accountinquestionBlockchain 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.Originally Posted by AxelWolfif 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.Originally Posted by kuma
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.
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)
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.Originally Posted by AxelWolfI 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?Originally Posted by accountinquestionBlockchain 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.Originally Posted by AxelWolf
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)
Assuming you're using your real name when you gamble online there goes your anonymity I guess.
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.
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.Originally Posted by accountinquestion
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
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.Originally Posted by Dan Druff
I think it is worthwhile to learn more about cryptocurrency trading and search for information on blogs and forums before you start, so that you have the basics about cryptocurrency, chash out, cryptomining, crypto cards and wallets, blockchain technology and all related processes.Originally Posted by mickeycrimm
Take a look at such useful articles about crypto:
1. Best Crypto to Invest in 2021 - https://cryptolaun.ch/category/investing/
2. Overview of Global Coin Market - https://oilcoin.io/overview-of-global-coin-market/
3. Facts About Cryptocurrency - https://cryptolaun.ch/facts-about-cryptocurrency/
4. Blockchain Iot Security - https://exponenta.io/blockchain-iot-security/
5. Best crypto card - https://skypool.fr/best-crypto-card/
Good luck!
Just to add. There's masses of up to date discussion about everything BTC related at https://bitcointalk.org/Originally Posted by Dan Druff
Includes a list of which coin washers to trust ( Blender.io is good) and lists of all sorts of scams to avoid.
I second Dan on saying avoid Coinbase except for dipping a toe in. If/when you get a sizeable chunk of BTC, then store it under your own control on either a hardware wallet ( trezor or ledger nano) or on a software wallet such as electrum or on blockchain.com Keeping or transacting even a few $k on an exchange like coinbase is akin to trusting paypal..... I.e. ill advised. Coinbase do keep the IRS fully up to speed as part of their AML and KYC obligations.
FFS keep your 24 word pass phrase secure, as Axelwolf will atest.
Actually, since BTC is treated as a token of value rather than a currency, every transaction is a recordable and potentially taxable event
Last edited by OnceDear; 04-10-2021 at 05:14 AM. Reason: typos
Kraken is another US facing exchange (full KYC compliance with selfies and ID and shit required) but it tends to shit the bed at times of high price volatility such as the big DOGE pump around the time of the Gamestop thing, meanty I couldn't take advantage of that.
Don't know of any anonymous ways to turn cash into BTC anymore, not like the good old days
But reiterate what Dan said, it doesn't necessarily have to be blockchain.info, any non exchange wallet will do. They key is you can't go directly from an exchange (a site that lets you trade between fiat and crypto) to a gambling site. It needs to be through a NON CUSTODIAL WALLET (one that you hold the access keys to, not the site).
Funds in a non custodial wallet cannot be taken from you unless you lose your private key or someone discovers it. Funds in a custodial wallet can be frozen if someone decides they don't like your account for whatever reason (gambling, political donations to the wrong people, etc.)
Is there a "Dummies Book" for all this?
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