KYC and the $5 hammer - page 3. | Bitcointalksearch.org

logicgate

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Quote from: virasog on July 19, 2019, 12:56:58 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.

The KYC should be implemented or should not be implemented. There should not be a case where you won big amount and the site start demand for kyc to withdraw a big amount. Such types of kyc are made mandatory just to avoid withdrawing the big amount of money out of casino.

It is very important to show your strategies and to make plan for anything you wanted to do in you gambling. KYC is good because it helps us to get away from so many bad effects of scammers and thieves so it is for our own safety because it makes us secure KYC is actually demanded in every investing site.

joshy23

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Quote from: thin on July 18, 2019, 11:45:41 PM

Quote from: Ucy on July 18, 2019, 05:18:28 PM

Exactly. KYC renders the whole idea of Cryptocurrency ineffective. Most people would rather use their national currencies than use cryptocurrency and still go through KYC.
Betting on physical casinos with physical currency is not even as invasive as cryptocurrency with KYC.
I guess you should use decentralized gambling platforms...they are mostly KYC free.

Just look at this from other side. If gambling platform requires KYC at least in some cases and operates normally, means that enough customers are not afraid to pass verification. Others can chose decentralized platforms

Looking to that sides can bring confidence to your betting activities while others will still wanted to keep their identity being secured, there's options where you can play with gambling sites who didn't need any KYC same with others replied best to read the house rules and check first the gambling house to play on read every information to make sure they are not going to ask you after.

angel55

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The exchanges and casinos are often left without a choice when government regulations come down on them and they are forced to get your personal information or they will have to close up shop for good.

Spaffin

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Quote from: virasog on July 19, 2019, 12:56:58 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.

The KYC should be implemented or should not be implemented. There should not be a case where you won big amount and the site start demand for kyc to withdraw a big amount. Such types of kyc are made mandatory just to avoid withdrawing the big amount of money out of casino.

In most cases, even trade exchanges place conditions on users to provide passport data in the first place precisely when the user wants to withdraw a sufficiently large amount of funds. Gambling books should be guided in the same way, because not all gamblers deal with big wins.

virasog

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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.

The KYC should be implemented or should not be implemented. There should not be a case where you won big amount and the site start demand for kyc to withdraw a big amount. Such types of kyc are made mandatory just to avoid withdrawing the big amount of money out of casino.

MonsterV

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Quote from: swogerino on July 18, 2019, 04:12:39 AM

Most of the gambling sites that operates in crypto don't ask for KYC by default.There are certain rules that those crypto operating casinos put in place if a really big amount of money is won and you want to withdraw it directly at once.If you withdraw it like the maximum defined amount without KYC daily then you don't need to worry about it.

Yes, I think the rules on gambling sites are almost the same as the exchange rules where there is a limit to the amount of money withdrawn to do the Kyc. But so far I have rarely seen gambling sites that require customers to do kyc, but if there is a site like that that is clear I will not join the site. I think Kyc is only intended for investors not gamblers.

thin

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Quote from: Ucy on July 18, 2019, 05:18:28 PM

Exactly. KYC renders the whole idea of Cryptocurrency ineffective. Most people would rather use their national currencies than use cryptocurrency and still go through KYC.
Betting on physical casinos with physical currency is not even as invasive as cryptocurrency with KYC.
I guess you should use decentralized gambling platforms...they are mostly KYC free.

Just look at this from other side. If gambling platform requires KYC at least in some cases and operates normally, means that enough customers are not afraid to pass verification. Others can chose decentralized platforms

Ucy

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Compare rates on different exchanges & swap.

Exactly. KYC renders the whole idea of Cryptocurrency ineffective. Most people would rather use their national currencies than use cryptocurrency and still go through KYC.
Betting on physical casinos with physical currency is not even as invasive as cryptocurrency with KYC.
I guess you should use decentralized gambling platforms...they are mostly KYC free.

Oilacris

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Quote from: el kaka22 on July 18, 2019, 12:15:24 PM

There are A LOT of places that ask for KYC, I don't understand how people are reacting like there is no KYC asking in crypto casino world when there is a ton of them. The only difference compared to exchanges is that crypto casinos ask it after you win money and not while you are registering which is a lot worse than what exchanges do.

When you are on an exchange and they ask for your KYC they just simply ask for it during registering and you know if they want it or not and how much you can withdraw without your KYC, however if you happen to just play on a crypto casino and win a big amount they tend to ask you for your KYC when you want to withdraw that big amount, they are literally letting you lose without KYC but when you win they ask for it, that is really horrible and unfortunately true.

Sad reality which do really sucks!

Where these casinos ask out KYC when there's big winning but this is only applicable into some

non-reputable gambling sites.We do see that the top tier ones doesn't require any verification.If you win then you can
completely withdraw without any hassles.

Upgrade00

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Regulation is becoming a huge part of cryptocurrency. The blockchain offers anonymity but governments desire control and hence out regulations in place. This also affects gambling sites which use cryptocurrency. To comply with constitutional laws they have to run KYC checks on some withdrawals (usually above a certain range)

harizen

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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.

Read every crypto gambling site's terms about KYC's.

Mostly, it's required for suspicious winnings or red flags. Might be annoying as in the first place, our identity is important but if the said sportsbook site is kind of reputable, then the important is to get the winnings so just comply on it.

But before anything else, don't what sportsbook you are referring to. Is this based on self-experience?

Ryker1

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Well, I do not know which sportsbook betting site that OP referring for. Because as what they say above crypto sportsbook now did not implement any verification with regards with personal identity. Well, if there is for sure they don't have a player because that was most gamblers avoided undergoing a KYC verification. You can find another one that did not implement such rules and indeed, remember to always read the terms and condition to avoid a possible problem in the future.

monalia

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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.

Acceleration for the currency to stay anonymous and make the payment without any third medium payment system. in that case KYC verification has does not required for any blockchain based projects including in gambling field.

all the sports betting and other gambling projects should avoid KYC verification to play on their sites.

leowonderful

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Quote from: el kaka22 on July 18, 2019, 12:15:24 PM

When you are on an exchange and they ask for your KYC they just simply ask for it during registering and you know if they want it or not and how much you can withdraw without your KYC, however if you happen to just play on a crypto casino and win a big amount they tend to ask you for your KYC when you want to withdraw that big amount, they are literally letting you lose without KYC but when you win they ask for it, that is really horrible and unfortunately true.

Yep, this is the major problem I have with most crypto casinos and a big reason why I tend to read plenty of reviews before trying to gamble on a site I haven't used before. Sucks that some sites do this simply to prevent big winners from withdrawing because these sites know most people are either unable or unwilling to provide KYC to withdraw their funds (heck many people use crypto casinos to avoid KYC in the first place), and in some cases the casino just permanently locks your account without even asking for KYC.

Some of these sites do strive to comply with AMC/KYL and do this for the purpose of compliance, but this should be clarified BEFORE even depositing so people don't get their funds permanently stuck.

el kaka22

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There are A LOT of places that ask for KYC, I don't understand how people are reacting like there is no KYC asking in crypto casino world when there is a ton of them. The only difference compared to exchanges is that crypto casinos ask it after you win money and not while you are registering which is a lot worse than what exchanges do.

When you are on an exchange and they ask for your KYC they just simply ask for it during registering and you know if they want it or not and how much you can withdraw without your KYC, however if you happen to just play on a crypto casino and win a big amount they tend to ask you for your KYC when you want to withdraw that big amount, they are literally letting you lose without KYC but when you win they ask for it, that is really horrible and unfortunately true.

batang_bitcoin

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What's this sportsbook that you are pointing out? all of the points were correct that they won't ask for KYC if they don't suspect something with your account.
But if they does, then that's their option and before using you should the TOS so if ever they asked and it's not on their TOS, you can pin point it to them.

Mahanton

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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.

Which sportsbook you are talking into?

As far as I experience,i haven't given or comply any KYC with current sportsbook that do accepts crypto.Unless if you are talking with
Fiat based bookies then KYC is a casual thing but in crypto-space they aren't being strictly enforced but anytime they would request if theres
something wrong with your activity.

Indamuck

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Even if it isn't required at the start you should at least prepare that you may have to provide personal information in case there are red flags about the funds, so just be prepared for the possibility. I try to avoid KYC but if it is a trusted business I don't mind giving out my information.

robelneo

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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'm playing on three gambling sites and they are not asking for my passport or any relevant information about my identity, maybe because I haven't won a huge amount, but if you have a list of Gambling sites that asked for verification before you can play, then please share your list here.

Kasabus

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Most of the popular sportsbook in the crypto space does not require you to submit a document for KYC, I don't know if there is a certain requirement for every country but based on my experience, I can play in different sportsbook without using my real name, and I can say I can enjoy being anonymous.

I'm gambling around at least $1,000 usd per month, and I don't feel the risk in gambling anonymously and I'm comfortable with the crypto gambling norms.
If a site require you that, better look for other alternative, sure you can find a good one.

Topic: KYC and the $5 hammer - page 3. (Read 848 times)