How my lack of knowledge has blinded me so far - page 5.

maydna

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Quote from: Plaguedeath on March 20, 2023, 05:14:26 AM

Don't make it complicated, if you don't comfortable to submit KYC, just play at no KYC casino. If you're fine with KYC, then you can gamble in every casino do you want.

You can know which casino have no KYC rule or have KYC rule in this thread Information of Crypto Casinos License and KYC requirements.

Discussing about KYC matter will never end, in the end any user willing to submit KYC when they win big amount money.

Instead of bothering to play at casinos that will later ask us to do KYC, we can choose other casinos. We don't need to force ourselves to keep playing gambling at one casino. Moreover, we have many trusted crypto casinos that we can choose from and even make our favorite casino to play gambling. It only takes a short search to find those trusted casinos that won't complicate us with KYC.

And we also have to be prepared if every crypto casino finally has to ask its users to do KYC. I feel that the time will come for crypto casino users someday. So if you are not ready for that, it's better not to gamble.

ultrloa

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Quote from: _act_ on March 20, 2023, 05:34:56 AM

Quote from: rafaloko on March 19, 2023, 06:27:07 PM

Thanks everyone for polite answers to being against KYC.. i really liked to see ur pov

I too do not like KYC either. But if it is about gambling account, I am not that concerned about KYC because I am only using small amount of money to gamble, I have nothing to be concerned about that for.

The reason I am concerned of KYC is about fake gambling sites, they can collect your information and use it against you later. Also that even legit sites can sell your KYC to third-party which are the reasons I do not like KYC.

I know how to stay away from fake gambling sites, but what about the legit sites that sells your KYC.

But what I use small amount of money for, I do not think I should feel insecure for because of it.

What people concerned about it is their identity can be used for other illegal things and that is valid worries to them since this could happen if they entrust their details to not reputable platform. So to avoid such issues pick always the best platform so that we can get less worries about getting any possible troubles which can give it to us. There are lot of trusted casino here and there's no problem sending it to them because for sure they are also complying with authorities require this to them.

_act_

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Quote from: rafaloko on March 19, 2023, 06:27:07 PM

Thanks everyone for polite answers to being against KYC.. i really liked to see ur pov

I too do not like KYC either. But if it is about gambling account, I am not that concerned about KYC because I am only using small amount of money to gamble, I have nothing to be concerned about that for.

The reason I am concerned of KYC is about fake gambling sites, they can collect your information and use it against you later. Also that even legit sites can sell your KYC to third-party which are the reasons I do not like KYC.

I know how to stay away from fake gambling sites, but what about the legit sites that sells your KYC.

But what I use small amount of money for, I do not think I should feel insecure for because of it.

Plaguedeath

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Don't make it complicated, if you don't comfortable to submit KYC, just play at no KYC casino. If you're fine with KYC, then you can gamble in every casino do you want.

You can know which casino have no KYC rule or have KYC rule in this thread Information of Crypto Casinos License and KYC requirements.

Discussing about KYC matter will never end, in the end any user willing to submit KYC when they win big amount money.

Kakmakr

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KYC Verification have it's Pros and cons....

Yes, it is a nice tool to reduce money laundering, but it cannot prevent it. There are enough poor people out there, that can be paid to do the money laundering for the cartels. (They go through the process with their valid documents and the drug cartels pay them a small percentage of the money that they push through these casinos)

The bad thing is...... KYC Verification are also used by criminals to gather personal information. Those so-called "hacks" of personal data... might just be criminal cartels gathering personal information to use in other criminal activities. Roll Eyes

Gozie51

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Quote from: rafaloko on March 19, 2023, 07:39:11 AM

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

You don't need to be mad at those who don't like subscribing to KYC enabled casinos, they have there own reasons too. Such reasons are not far from the nature of cryptocurrency against fiat which is decentralization and that in itself suppose to mean from of interference through blockchain. The liberty that cryptocurrency is suppose to guarantee is interferred by KYC. Cryptocurrency takes out third party involvement in all levels guaranting freedom and secrecy of hodling and identity. These are major reason for those people and introducing of blockchain is defeated using KYC. This means the casino using KYC are regulated in the jurisdiction that they are operating either by gambling laws by the government.

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Quote from: kotajikikox on March 20, 2023, 01:34:33 AM

Quote from: rafaloko on March 19, 2023, 07:39:11 AM

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

actually most people that go against KYC when dealing in Online gambling discussion here are mostly not a real gamblers instead those are the accounts that only follow others post and not really a gambler on their own.
because if you truly gamble here and knows the crypto gambling? then you must also understand that for us to withdraw big amount once we got lucky to have? then the issue of KYC will always comes out though there are still casino that does not implement these yet expect this to happen in the coming days or years.

Some won't KYC as long as each transaction is under 5000 NAf. That was the rule at one time so it may have changed. They will set their own weekly or daily limit. Some books may KYC for a withdrawal of $50 USD. The laws in Costa Rica are different than those in Curacao. Each book seems to do it differently. Depending on the amount, some may even ask for source of funds. Then there are casinos asking for KYC to come up with a reason not to pay.

lienfaye

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If the casino is regulated by the Government, they need to comply for the KYC procedure and AML. It has a purpose and the casino is not asking their customers to abide on KYC for nothing. It's understandable that many gamblers don't like the idea of disclosing their identity because they want to keep playing anonymously. However the KYC is becoming common nowadays especially if you're using a centralized platform, expect them to ask you sooner or later.

As pointed out by many, you always have an option to play on a casino with KYC or look for other platform who don't require their players to abide on it. Because we have a choice and it depends on us on where we are comfortable to gamble without worries.

davis196

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Quote

~Online gambling businesses have become more attractive since the Covid19 days, more money entered the gambling business, making the attention very noticeable, also a good opportunity for the law to go after them.

~There are penalties on online gambling necks too, they have to implement anti-money laundering procedures just to survive, many online gambling platforms faced the panel in the past and ceased to exist.

~You have no idea how much these companies spend per year just to be friendly to the law and pass criterion regulations and business procedures, it is called intense regulation, to avoid fines.

~The only way these people can avoid the mistake of allowing fraudsters into their system ( gambling platform ) is by having KYC and AML (anti-money laundering ) in place.

~If you see another way that I don't, do drop your comment, because people can't be trusted, they will pretend to be a random online gambler but they have other bad intentions in mind.

1.Nah, the gambling business was heavily regulated way before the COVID-19 pandemic.

2.Well, some of them are spending a lot, like offline and online casinos, which are located in countries, that have strict gambling regulations.
Most of the small and medium-sized online crypto casinos simply have a Quracao license and also they probably have offshore hosting, so they "can fly under the radar" of the regulators.

3.What kind of fraudsters are you talking about? People, who want to exploit weaknesses of the online casinos, or money launderers?
The first ones can be stopped without KYC and AML. I can tell you that the online casinos don't want money launderers, because the launderers don't want to spend money on the casino, they just want to launder some money and run away, leaving the casino with potential negative consequences, when the authorities find out about this.

kotajikikox

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Quote from: rafaloko on March 19, 2023, 07:39:11 AM

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

actually most people that go against KYC when dealing in Online gambling discussion here are mostly not a real gamblers instead those are the accounts that only follow others post and not really a gambler on their own.
because if you truly gamble here and knows the crypto gambling? then you must also understand that for us to withdraw big amount once we got lucky to have? then the issue of KYC will always comes out though there are still casino that does not implement these yet expect this to happen in the coming days or years.

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Quote from: Z390 on March 19, 2023, 07:14:14 AM

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

While my lack of knowledge has kept me away from several big online casinos in this forum, I decided to do some additional research in my spare time.

Some Facts Why KYC Verification is a Necessity For Online Casinos.

~Online gambling businesses have become more attractive since the Covid19 days, more money entered the gambling business, making the attention very noticeable, also a good opportunity for the law to go after them.

~There are penalties on online gambling necks too, they have to implement anti-money laundering procedures just to survive, many online gambling platforms faced the panel in the past and ceased to exist.

~You have no idea how much these companies spend per year just to be friendly to the law and pass criterion regulations and business procedures, it is called intense regulation, to avoid fines.

~The only way these people can avoid the mistake of allowing fraudsters into their system ( gambling platform ) is by having KYC and AML (anti-money laundering ) in place.

~If you see another way that I don't, do drop your comment, because people can't be trusted, they will pretend to be a random online gambler but they have other bad intentions in mind.

From now henceforth, my assumptions about KYC verification from reputable online gambling platforms have changed, I seek for answers and I find them, drop your opinions if you think I am wrong or you think this is not accurate enough.

I'm against KYC because it would be naive to think that your personal information isn't being sold. Someone will sell your information. It doesn't matter if a book is credible or not. Almost all the bitcoin books and casinos are regulated by Curacao or Costa Rica. Even though they all have the same licenses, the degree of KYC is different. Some rarely do KYC and others will KYC often.

michellee

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KYC has now become a kind of obligation in casinos because casinos can ask their customers to do KYC, moreover we hear that some casinos ask their customers to KYC after they get a big win. I guess we as crypto gamblers, have to deal with it even if we don't like it because casinos will require KYC for all their users over time. And while some 3 web-based casinos say they are KYC free, that also doesn't guarantee they won't ask their users to do KYC due to pressure from regulators.

But I guess some casinos don't ask users to KYC the little gamblers so those who only play for a little money don't have to worry. Maybe we can still enjoy playing gambling with small money without the need to do KYC, although we have to be prepared if we will eventually be asked to do KYC by the casino.

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Quote from: Chikito on March 19, 2023, 09:21:44 PM

Quote from: rafaloko on March 19, 2023, 07:39:11 AM

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

Some ppl have been traumatized their KYC being sold on the dark market or used by a scammer to cheat. So that case, makes people unwilling to prove their KYC on gambling sites and exchanges. We have to respect that and not force them to do KYC because of trauma. Some people even try to forget it and try to do KYC again, but again, His ID card was found on the black market again. So while the website still can't keep the customer data, then KYC is still becomes a scourge by traumatic people.

While some are just avoiding it just for the sake that they want their identity hidden , they want their personal information as anonymous as possible.

Personally I don't have issues regarding KYC if it's meant to be used for verification and also when I trusted the platforms. Sometimes it could also help you when recovering accounts. There was one time I lost my phone and the only thing that I could recover is my email, on that particular platform, they have their own personal username and personal code. It was a huge hurdle for me to prove myself coz after I lost my phone they would send the OTP or one time password to my mobile number, unfortunately when I tried to "forgot password" it asked me about my personal username and personal code which I even lost along with my phone. Though it's my problem for not having a hardcopy backup, I still managed to get my account because it's verified but it took me 3 days due to several questions like transactions in my account and some questions.

In the end I was grateful that I manage to recover my account and changed my number due to the help of KYC.

Chikito

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Quote from: rafaloko on March 19, 2023, 07:39:11 AM

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

Some ppl have been traumatized their KYC being sold on the dark market or used by a scammer to cheat. So that case, makes people unwilling to prove their KYC on gambling sites and exchanges. We have to respect that and not force them to do KYC because of trauma. Some people even try to forget it and try to do KYC again, but again, His ID card was found on the black market again. So while the website still can't keep the customer data, then KYC is still becomes a scourge by traumatic people.

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Quote from: Z390 on March 19, 2023, 07:14:14 AM

1. Why the need for KYC.

KYC is a must for many reasons I am addressing a few reasons:
1. Avoid money laundering
2. Avoid multi-account to prevent abuse of any type of bonus system.
3. Avoid creating an account again after being banned/limited odd or something like that.
4. To take action if there is anything illegal
5. Avoid users from restricted countries to avoid facing any types of legal issues and many more>>>>>>>>>>.....

rafaloko

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Thanks everyone for polite answers to being against KYC.. i really liked to see ur pov

CoinEraser

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Quote from: rafaloko on March 19, 2023, 07:39:11 AM

To be honest, i dont understand why some ppl so mad at KYC... and would like to know opinions of who is against that, just to understand an their view.

KYC is an ugly and dangerous thing. Any website can be hacked, as has been seen in the past, and the KYC data could be stolen. This data could then be misused.
I can only recommend you to read through this thread from GazetaBitcoin: What happens when your identity is stolen -- real story || Avoid CEXs!
Then you probably understand why KYC is not good. Wink

Fortify

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Quote from: Z390 on March 19, 2023, 07:14:14 AM

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

While my lack of knowledge has kept me away from several big online casinos in this forum, I decided to do some additional research in my spare time.

Some Facts Why KYC Verification is a Necessity For Online Casinos.

~Online gambling businesses have become more attractive since the Covid19 days, more money entered the gambling business, making the attention very noticeable, also a good opportunity for the law to go after them.

~There are penalties on online gambling necks too, they have to implement anti-money laundering procedures just to survive, many online gambling platforms faced the panel in the past and ceased to exist.

~You have no idea how much these companies spend per year just to be friendly to the law and pass criterion regulations and business procedures, it is called intense regulation, to avoid fines.

~The only way these people can avoid the mistake of allowing fraudsters into their system ( gambling platform ) is by having KYC and AML (anti-money laundering ) in place.

~If you see another way that I don't, do drop your comment, because people can't be trusted, they will pretend to be a random online gambler but they have other bad intentions in mind.

From now henceforth, my assumptions about KYC verification from reputable online gambling platforms have changed, I seek for answers and I find them, drop your opinions if you think I am wrong or you think this is not accurate enough.

I think the "Covid effect" where casinos got a bump from many people being bored and staying at home is well and truly over. It's business as usual right now and share prices have declined, so competition is more cutthroat than ever in this industry. That being said, KYC is essential for any decent casino because it will normally mean that they are in a stable jurisdiction which is more likely to protect your money and any winnings that might materialize. You definitely have to be wary of fake casinos seeking to harvest this sort of private information, especially now it's becoming more normalized, people might hand over sensitive documents like passport or driving licence information which can be abused further if it ends up in the wrong hands.

Viscore

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Quote from: Maslate on March 19, 2023, 07:33:02 AM

Quote from: Z390 on March 19, 2023, 07:14:14 AM

There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.

1. Why the need for KYC.

2. Why pretend they won't ask for KYC, but ask for verification after a big win.

All of that could be part of the terms of service (TOS), or they are required by regulators to verify their clients once they hit a big amount of money. Sometimes, not all the information we need to know is present in the TOS, but as long as it's legally enforceable, we can't blame the gambling site for doing their job to comply with the regulators.

Unless in the case of scam casinos.

There’s no wrong actually for KYC if you see it on the positive side, but if you are completely against it, because you viewed it negatively, then you will never really like the idea that online casinos have made it compulsory for all gamblers, maybe not for small winnings, but definitely for huge winnings amount. However, if you come to understand their TOS, you will never question about KYC, and you will expect that they are just following the rules and regulations coming from the regulators. Otherwise, if they won’t stick to it, their casino business will also be fined because of non-compliance.

Lida93

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This is why it's always good a thing to have an indepth understanding and insight about any phenomenon before trying to raise an eyebrow towards it so you don't end up raising a wrong impression about it all. It baffle me to think how most gamblers avoids KYC as this basically is like a modern day tradition among all legitimate gambling sites and casinos not just only for the safety and security of their customer's but for their own sake too not to be a scape to the authority.
I drag foot from gambling with any online gambling site that don't request for verifications from me cause I feel maybe am falling into scammers net and this won't strengthen my resolve to continue using such site for my gambling activities, cause I believe KYC is another way to close the gab between the gamblers and the gambling companies as the gambler can be easily reached in case of any fraudulent attempt on his account.

Topic: How my lack of knowledge has blinded me so far - page 5. (Read 694 times)