KYC and the $5 hammer | Bitcointalksearch.org

audaciousbeing

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Quote from: custard_pudding on July 17, 2019, 06:15:03 PM

A theme topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

I think I understand the reason for your outburst but really the only concern should be what they are doing with the information they are collecting. If its a legit site that complies with Privacy rule then they would have. The crypto world is fast changing and at the same time facing series of opposition because of the anonymity that alot of people have hidden under to perpetuate some unholy activities that continues to soil the names of everyone who is operating in the market. So what the gambling sites especially the big ones are doing is to try as much as possible to change the narrative in their own little way which is implementing a KYC system.

leea-1334

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Quote from: UmerIdrees on July 25, 2019, 02:31:09 AM

I do not think KYC is done to comply with any government policies. Most sites uses kyc to discourage people from making multiple accounts on the site. It they were no kyc, you can have make many accounts with different names and email addresses. It is difficult to do such things when kyc system is in place.

Of course not. Name me one pure crypto casino that is really done to comply with a policy from a government that actually cares. Costa Rica and Curacao do not count for sure,,, those policies are never going to chase the casino if it exit scams. KYC is as you say, just for multi account protection.

ethereumhunter

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Quote from: jrrsparkles on July 25, 2019, 01:34:06 PM

Quote from: custard_pudding on July 17, 2019, 06:15:03 PM

A theme topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

If you don't want to give the details then simply change the site you are playing and I think not all the gambling sites were asking for KYC to complete because all they are doing is paying the rewards even in crypto so they might save them from legal actions with the same anonimity you are talking about.

You are right, and we can change the site so we can select the site which doesn't use KYC and I am sure he can find recommended gambling site on here. I am sure many gamblers will feel comfortable with those sites who don't apply KYC because we want to protect our identity. People who know cryptocurrency for a long time will always protect their identity, and they will be not easy to give their identity to another party.

Thanasis

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Quote from: Vaculin on July 26, 2019, 02:19:57 AM

Quote from: Thanasis on July 26, 2019, 01:31:53 AM

Quote from: TheCoinGrabber on July 25, 2019, 11:07:17 AM

Do you have any particular site you found asking for this? I'd understand this is required for exchanges but I think it's too much for a betting site.

I'm under the impression that these sites are less supervised than exchanges so there's a higher odd of your info getting out which, like you stated can result in a wrench attack.

Most gambling sites only works online so they register from the country where crypto and gambling is completely allowed that is why they are not asking for personal details but exchanges were regulated by the governments that is why they are asking for KYC.

That's how easy the journey of the gambling operators here in crypto compared to exchanges, but I'm not expecting they will forever enjoy this ease, the government will target them soon, it's just that the government are working based on priority.

Probably there will be a time comes when gambling sites also get regulated but gambling sites can easily move them to most gambling supported place like malta then there can enjoy this treatment forever.

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Quote from: Thanasis on July 26, 2019, 01:31:53 AM

Quote from: TheCoinGrabber on July 25, 2019, 11:07:17 AM

Do you have any particular site you found asking for this? I'd understand this is required for exchanges but I think it's too much for a betting site.

I'm under the impression that these sites are less supervised than exchanges so there's a higher odd of your info getting out which, like you stated can result in a wrench attack.

Most gambling sites only works online so they register from the country where crypto and gambling is completely allowed that is why they are not asking for personal details but exchanges were regulated by the governments that is why they are asking for KYC.

That's how easy the journey of the gambling operators here in crypto compared to exchanges, but I'm not expecting they will forever enjoy this ease, the government will target them soon, it's just that the government are working based on priority.

Thanasis

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Quote from: TheCoinGrabber on July 25, 2019, 11:07:17 AM

Do you have any particular site you found asking for this? I'd understand this is required for exchanges but I think it's too much for a betting site.

I'm under the impression that these sites are less supervised than exchanges so there's a higher odd of your info getting out which, like you stated can result in a wrench attack.

Most gambling sites only works online so they register from the country where crypto and gambling is completely allowed that is why they are not asking for personal details but exchanges were regulated by the governments that is why they are asking for KYC.

joniboini

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Quote from: Best Dreams on July 25, 2019, 06:30:17 PM

Crypto is anonymous it is the reason why people are not agree to share KYC if they will share it could consider to be dangerous for the investors and their investment.

Pseudonymous is probably better to describe crypto. There is always a part of something that could be used to identify 'who' own the coins, like address and something like that (except for a few). But that's still better than KYC where you need to give your 'full identity' to some entity which could disappear sooner than you thought.

Best Dreams

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Quote from: MI6 on July 25, 2019, 03:30:08 AM

Quote from: custard_pudding on July 17, 2019, 06:15:03 PM

A theme topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

Agree with this, because some people use crypto to gamble is to make sure they still anonym, if ask people to do some KYC in crypto gambling site, it will not different with gambling site that use fiat.

Crypto is anonymous it is the reason why people are not agree to share KYC if they will share it could consider to be dangerous for the investors and their investment. In fiat people use to share their KYC as they feel safe about it but I think if they will share KYC in crypto even then it is not issue as why would the casino share someone else's identity.

logicgate

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Quote from: jrrsparkles on July 25, 2019, 01:34:06 PM

Quote from: custard_pudding on July 17, 2019, 06:15:03 PM

A theme topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

If you don't want to give the details then simply change the site you are playing and I think not all the gambling sites were asking for KYC to complete because all they are doing is paying the rewards even in crypto so they might save them from legal actions with the same anonimity you are talking about.

This is very easy to understand if you should go for KYC. If you do not worry about your identity and want to avail those few dollars, you should not stop and enjoy and go easy with KYC. However, if you do not have another option and you do not want to share your details, just leave the site and look for another with not restriction about the KYC. Simple is that.

jrrsparkles

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Quote from: custard_pudding on July 17, 2019, 06:15:03 PM

A theme topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

If you don't want to give the details then simply change the site you are playing and I think not all the gambling sites were asking for KYC to complete because all they are doing is paying the rewards even in crypto so they might save them from legal actions with the same anonimity you are talking about.

XCANA

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Quote from: MI6 on July 25, 2019, 03:30:08 AM

Quote from: custard_pudding on July 17, 2019, 06:15:03 PM

A theme topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

Agree with this, because some people use crypto to gamble is to make sure they still anonym, if ask people to do some KYC in crypto gambling site, it will not different with gambling site that use fiat.

That's correct because using cryptocurrency gambling platform's and still ask the gamblers to complete KYC makes me to think that such platform should have been a fiat gambling platform's and not cryptocurrency gambling platform's. Personally I will not comply to any gambling platform's that will request me for KYC or otherwise.

thin

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Quote from: MI6 on July 25, 2019, 03:30:08 AM

Quote from: custard_pudding on July 17, 2019, 06:15:03 PM

A theme topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

Agree with this, because some people use crypto to gamble is to make sure they still anonym, if ask people to do some KYC in crypto gambling site, it will not different with gambling site that use fiat.

Don’t answer for all. See for ex https://99bitcoins.com/best-bitcoin-casino/#Bitstarz report. Best casinos accept wide ways to transfer funds in fiat and crypto, it is regulated, and it is require KYC. If it is proven legit casino the reason to avoid KYC process would be a desire to bypass taxes, if it has to be paid in a particular country. Might be a good reason, but that’s everyone has to decide for himself.

TheCoinGrabber

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Do you have any particular site you found asking for this? I'd understand this is required for exchanges but I think it's too much for a betting site.

I'm under the impression that these sites are less supervised than exchanges so there's a higher odd of your info getting out which, like you stated can result in a wrench attack.

Bitinity

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Quote from: UmerIdrees on July 25, 2019, 02:31:09 AM

Quote from: adzino on July 23, 2019, 01:59:46 PM

Same here. I don't understand why most of those sports book sites asks for KYC? To comply by their country law? Then how come there are other gambling casino and sports book sites that don't ask for KYC? If laws and regulations are an issue, can't they just remotely host their sports book sites from some other countries which are crypto friendly and laws aren't that strict? This KYC thing totally kills the main purpose of using crypto currencies.

I do not think KYC is done to comply with any government policies. Most sites uses kyc to discourage people from making multiple accounts on the site. It they were no kyc, you can have make many accounts with different names and email addresses. It is difficult to do such things when kyc system is in place.

KYC has nothing to do with multiple accounts imho, there are many bitcoin gambling sites that against multiple accounts but they don't ask KYC from their players because I believe they have other security system to prevent multiple accounts. AFAIK why some sites ask KYC is due to its license, as some sites claims that they should do it because it is required by the license.

MI6

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Quote from: custard_pudding on July 17, 2019, 06:15:03 PM

A theme topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

Agree with this, because some people use crypto to gamble is to make sure they still anonym, if ask people to do some KYC in crypto gambling site, it will not different with gambling site that use fiat.

UmerIdrees

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Quote from: adzino on July 23, 2019, 01:59:46 PM

Same here. I don't understand why most of those sports book sites asks for KYC? To comply by their country law? Then how come there are other gambling casino and sports book sites that don't ask for KYC? If laws and regulations are an issue, can't they just remotely host their sports book sites from some other countries which are crypto friendly and laws aren't that strict? This KYC thing totally kills the main purpose of using crypto currencies.

I do not think KYC is done to comply with any government policies. Most sites uses kyc to discourage people from making multiple accounts on the site. It they were no kyc, you can have make many accounts with different names and email addresses. It is difficult to do such things when kyc system is in place.

xSkylarx

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In my opinion if need to withdraw large amount and website ask for kyc then i will do it, but for 5$ or for low amount if they ask kyc and website is not so known i will not do kyc and i will let that low amount there, anyway is the personal choice.

If it's stated in the TOS then you really need to complete the KYC to withdraw whatever amount is that. So before betting on sportsbook websites and you don't know the rules, it's better to check those first if they require it. There are other sites where it doesn't require KYC and you can bet how much you want without restriction.

Avirunes

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I think there are still some sportsbooks where they don't usually ask to go through KYC if you happen to win in small amounts and withdraw in small volumes. So try those who don't ask for it.

Quote from: panjul07 on July 24, 2019, 05:08:44 AM

Quote from: joniboini on July 24, 2019, 02:09:24 AM

Quote from: Maslate on July 24, 2019, 01:27:01 AM

Personally, KYC is a big deal for everyone and not all of us can afford to lose our personal identities unless it was 1BTC, it is a really big amount for me and I'll do KYC for them.

Even for 1 BTC I won't do any KYC if the service that I use don't have any public information which I can use to sue them if something went wrong. Our identity should worth more than that.

Should have never used them in the first place if they have shady ToS which with KYC and things like that.

You have good point, but in fact there are so many people out there who do not really care about their own identity documents by doing KYC for airdrops or free small amount of money. If we don't want to do KYC, it is always better to choose gambling sites that do not have any terms related to KYC. Frankly speaking, 1BTC is big enough so I will think twice if I have to do KYC for that amount but I'm sure no trusted bitcoin gambling sites asks for KYC to their players for that amount.

Well sometimes they are also stuck since they happen to know about KYC after they have completed the work or in sportsbooks case places withdraw. So they have to go through verification to get their stucked balance out.

Decimation

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You can't have it both ways. If you wish to engage in online activies such as gambling or social media, you are probably going to have to cough up some information. And that is for everyone's protection, god knows what it would be like if that wasn't the way it was. Honestly if you value your privacy enough, just don't gamble. It's not like its preventing you from doing other things, if you don't wanna kick the ball, then don't play soccer.

bitcoin31

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Quote from: joniboini on July 24, 2019, 02:09:24 AM

Quote from: Maslate on July 24, 2019, 01:27:01 AM

Personally, KYC is a big deal for everyone and not all of us can afford to lose our personal identities unless it was 1BTC, it is a really big amount for me and I'll do KYC for them.

Even for 1 BTC I won't do any KYC if the service that I use don't have any public information which I can use to sue them if something went wrong. Our identity should worth more than that.

Should have never used them in the first place if they have shady ToS which with KYC and things like that.

Maybe even I don't like KYC if they offer for me 1 bitcoin to pass my information maybe I will do that and for my safety of course I do search about the site if it's legit and good to review all the informartion aboug the TOS to know that they have possibility that can harm you once you pass your KYC to them. But for the single dollars I will never do that.

Topic: KYC and the $5 hammer (Read 848 times)