Topic: Are you a gambler? STAY AWAY FROM COINBASE! - page 2. (Read 4600 times)

What are the extents of their definition of 'tainted coins,' because honestly that's what this is. How do they determine what coins are tainted? How many jumps from 'tainted' addresses before they are considered clean? Are they ever considered 'clean' if they were ever at a 'tainted' address?

This is precisely why we need something like Dark Wallet or Darkcoin. There wouldn't even be a discussion about this if it wasn't possible to trace the path of the coins.

Well, it is up to you.

The problem of long confirmation time of your transaction was very likely just bad timing.
And if you don't have much problem storing the whole block data in your computer, I would suggest you to stick with Bitcoin Core. 

So i should stick with Bitcoin Core? and it was just bad timing with my transactions?

On average, a bitcoin transaction with standard fee and no unconfirmed inputs should be confirmed in ~10 minutes, but it may also take just 10 seconds or more than an hour for the miners to find the next block.

Using different wallet clients won't change the confirmation time, as long as your transaction is broadcast to the network successfully.

okay now im having another issue. Bitcoin Core is taking too long to confirm my receiving transactions, (from what i understand it takes an hour for the transactions to confirm but i cannot wait an hour) or is there another desktop bitcoin wallet that has the address switching feature of bitcoin core but has the instant confirmation of multibit? P.S. I really appreciate your help.

If you don't see this in the bottom, it means that your wallet is not synced yet. There should be a bar showing you the progress of downloading the blockchain. This might take a while depending on your internet connection. Once your wallet is synced, you'll be able to see all incoming transactions.

is there a way that i can see it happening? because i currently have it and it doesnt show me the transaction. thanks for your help

I was not just blaming coinbase, I'm aware that they're following the law which tends to be strict. It's obvious that a multimillion dollar company doesn't want to take any legal risks but if you aren't aware of what's happening, they're shutting down accounts of people because of the law.

They would obviously have to monitor transactions in order to do this, bigasic mentioned that they have software that does this. But its not only that, accounts have been shut down just for receiving/sending coins to what is mentioned as an unlawful service. So if someone sends coins from Silk Road to an address of yours, coinbase has the right to terminate your account and deny you access to any of their services. All this even if you live in neverland and US laws should have no effect on you. In addition there would be a record of you engaging unlawful activities from a company that closely cooperates with central authorities.

Does that sound reasonable to you? A wallet that (aside of all the negative things I mentioned before) monitors your transactions and asks for your personal information? That's why I'm saying that using coinbase as a wallet service is madness.

Yea won't washing your coins pervent them from knowing??  Just wash them 2 or 3 times

I think everyone's overreacting here, or at least those who are blaming Coinbase probably shouldn't be.  These changes were likely encouraged by their legal team.  They can't risk being caught knowingly helping others to fund illegal activities.

It's certainly over-the-top to suggest that Coinbase doesn't care about freedom.  That's completely unfair.

Ok but you can't buy and sell if your account has been closed down.  As we don't know their procedures we don't know what precautions we need to take.  That is, is sending coins from a gambling site to a wallet to cb good enough?

My last transfer from a gambling site to cb was in April and sold some to cb in May and the rest 2 weeks ago.  I haven't sent from cb in over a year.


I would recommend Electrum.  No downloading the blockchain and no reason to back up anything ever.  Just save your seed in a secure location(s) and as I say it doesn't matter if your computer falls in a vat of acid.  You can also have multiple wallets. 

I actually had a conversation with a support person regarding them suspending accounts and they told me that they have sophisticated software to determine if someone is doing something suspicious. This told me that they know the major wallets to most of the gambling sites, also, I assume that they can tell if your transaction went thru tor. So, the key is to either bag coinbase if you are going to use it for gambling or other stuff of use a separate wallet so your coins can sit there for a while. Or use a mixing service.

Something tells me they can tell if you have gambled or used the dark net.. Maybe not, but I wouldn't put it past them..

But, to defend them a bit, they have to abide by strict us laws, if they knew that your coins were coming from a known gambling site, it would put them in jeopardy to lose their licenses.

Naturally, laws from the US don't affect you at all since you live on Australian territory. But you can be affected by proxy. In this case for example coinbase has to comply with FinCEN's (and other) regulations so no matter where you live if you're using them as a wallet they have the right to stop providing you their services for doing anything that is considered unlawful in the US through them. What's would be a solution to this?
Just don't use them to store coins, downloading and running a wallet on your own would be the best solution in my opinion.


Choose a wallet that fits your needs here:
https://bitcoin.org/en/choose-your-wallet

Even in this page you'll see that coinbase doesn't offer even the basic features other wallets offer. Let me mention some important stuff among others.



By using coinbase:

• You don't have access to private keys nor you can export them.
• your coins don't stay in the address you put them in.
• Because of the above, you can't receive coins from an address they're being send after you withdraw.
• You are asked to give out personal information in order to create an account.
• Absolutely no access to any of the wallet's functions while you're not connected to the internet.

Furthermore it's relatively easy for people to find the email address you've signed up with and it has been done before. Although it's not as important, there've been mass attempts to con users out of their coins. Someone found all the registered emails and massively send withdraw orders to everyone.

In conclusion, if you like the freedom bitcoin offers, using coinbase as a wallet is something more than stupid. It's a sin. Just donwload a wallet and get access to all the features bitcoin can ofer to you. Because you should be the one with control on your coins, not a multimillion corporation. To me it feels like Coinbase is becoming what Satoshi was trying to abolish.

Can anybody let me know how these laws affect us in Aus, i will look into it myself soon and edit post if no reply, thanks.

A bit of an overreaction to avoid Coinbase altogether?

Why not just send your coins to an intermediate wallet like blockchain's wallet before sending to your gambling site of choice.

Coinbase is a regulated US money service business and needs to follow these laws or risk being shut down.

Wait, is online bitcoin gambling sort of unlawful and illegal now in the US? 

Sounds like a very smart move alani
I don't use coinbase but I would seriously consider my alternatives given that clause in their contract.

This sucks so bad

Bitcoin core.

I wonder how long it takes for other trading platforms to do the same as Coinbase.