What would be an ideal KYC solution? - page 7.

nakamura12

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Quote from: Wind_FURY on December 05, 2022, 06:51:37 AM

But THERE IS a solution, just like Bitcoin was designed to give the user the capability to go around regulations, building a casino to process its transactions directly onchain can also give the casinos the same regulation-avoiding capabilities. Cool

DirectBet was a true onchain Bitcoin casino. The was user never requires to make an account, or required to make a deposit. Everything was done onchain. Although, it was slow and inefficient during high network congestion. I would like to see it built on "faster" blockchains, like Litecoin/Dogecoin.

Well, what can you say if they are not like that?. I didn't read somewhere on the site that they are on-chain. Most of the casinos I know are not like that where you deposited any amount but your account already have balance meanwhile the transaction is not yet confirmed or the site requires more than 1 confirmation needed before the balance is there. Many gambling sites use that method so that their gamblers won't have to wait for confirmations before their balance shows up in their account and in withdrawals won't be a problem since it's going to the gambler's wallet.

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Quote from: irhact on December 06, 2022, 09:03:31 AM

Quote from: Cling18 on December 03, 2022, 10:24:18 AM

I don't think KYC should be feared. I'm sure that they will never ruin their reputation by leaking their player's personal details. KYC is getting mandatory nowadays and we should just have to deal with it.

True but there are some situation when the casinos doesn't have a say on how the KYC was leaked like when the casino get attacked by hackers and things are been stolen like customers funds and data. Some hacker target this platforms as they know they hold data of many users and this can be used to harm this individual directly or sold on dark web for profit.

Then maybe they should limit the informations they are seeking for KYC to set limit on both ends such as not including important information that could endanger the life of the player or only submitting pictures with watermarks of the gambling site they are playing at(just to somehow know where leak happened; problem is tendencies of editing or removing watermarks). KYC is not important to some people but others would put an eye into it especially those 'big' personalities who are playing in online gambling casinos. Given that there is a split with compliance, a waiver would somehow work stating that if a player won't submit KYC, then the site won't be liable with any problems that may happen to players' asset. Last option I guess to provide security to both ends; engage only on gambling sites which are registered or licensed.

piebeyb

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the solution is in each of us, I as a gambler actually I don't really like having to provide a photo of our identity or proof of billing our account to the casino site, I'm also not a big gambler just a small gambler so there's no problem just filling in the data to get level 1 on stake.com I can withdraw money without having to give my identity there, usually I will look for KYC which is not too complicated and has high limits without having to provide our identity, so far as I know stake.com is better enough to even withdraw hundreds dollar was not asked for any identity

irhact

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Quote from: Cling18 on December 03, 2022, 10:24:18 AM

I don't think KYC should be feared. I'm sure that they will never ruin their reputation by leaking their player's personal details. KYC is getting mandatory nowadays and we should just have to deal with it.

True but there are some situation when the casinos doesn't have a say on how the KYC was leaked like when the casino get attacked by hackers and things are been stolen like customers funds and data. Some hacker target this platforms as they know they hold data of many users and this can be used to harm this individual directly or sold on dark web for profit.

KYC should always be feared and shoudn't be summited to anyhow platforms you don't feel safe using. Always evaluation the casino before trusting them to safeguard your private information. Not many platform has this capacity to safeguard customer information as many are poorly built.

SirJohnVonSlotty

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Quote from: Silberman on December 05, 2022, 07:16:59 PM

Unfortunately there is no other option that makes any sense for the gamblers, as much as we would like for this to not be the case it is not possible anymore, the gambling industry is huge and the governments cannot afford to ignore it anymore, especially now that they need all the money they can get due to the difficult economic circumstances they are facing, now some gamblers may try their luck with unlicensed casinos but that decision has its own fair share of problems.

That's so true, but try to tell that to Sweden and Poland, they are still a hard nut to crack, they just don't want to open up for this industry :/ Maybe once this generation of politicians exchange.

rodskee

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Quote from: Don Pedro Dinero on December 02, 2022, 12:11:26 AM

I prefer crypto casinos without KYC. And in fact, although I have tried a few of them, I have never been asked for KYC. It also has to do with the fact that I don't bet large amounts, and in some of these casinos the ToS talk about KYC requirements above certain amounts.

Have same stand here mate , because i tend to hide my personality over online gambling because by any chance this will hurt our personal matter maybe not sooner but in the future as there are abuse coming.

Quote from: Ebede on December 05, 2022, 07:20:22 PM

I prefer the kyc verification because KYC we make you 2 protect whatever do you have in that particular platform some people does not like the way she because they feel that kyc verification will give them stress why kyc verification for any platform is for the benefit of the boat party because of mismanagement or lost of funds that is why I do value care while she forget about the stress or the requirement of it but everyone who is into gambling supposed to know that the kyc is very important

if we are talking of legit site then yes KYC is better but for those new site or those being accused of scamming? then i will never deal with kyc and that site itself.

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Quote from: Silberman on December 05, 2022, 07:16:59 PM

Quote from: coin-investor on December 05, 2022, 07:50:17 AM

Quote from: SirJohnVonSlotty on December 01, 2022, 12:21:05 PM

What would, in your opinion, be the best balance here?

Casino hands are tied up because of the regulation even if they want to give what the community wants, they cannot do it, because their license issuer will not let them, and they have to comply with what their license issuer asks them to do with their players, the best options or bargain for users is to play on casino with a good reputation, a casino where your sensitive information is safe and they are compliant to the authority when it comes to asking KYC FOR their users, casinos are centralized and regulated they function that way to protect their casino and their users.

Unfortunately there is no other option that makes any sense for the gamblers, as much as we would like for this to not be the case it is not possible anymore, the gambling industry is huge and the governments cannot afford to ignore it anymore, especially now that they need all the money they can get due to the difficult economic circumstances they are facing, now some gamblers may try their luck with unlicensed casinos but that decision has its own fair share of problems.

We know on whats the usage of taxes and this is where government do really try to snip out as much as possible with businesses and knowing on how big or profitable gambling business is then its not surprising that

they would be trying out to impose much stricter rules and laws for them just to snip out revenue or taxes with this businesses which these operators cant really be having any choice but to follow it.

Us users would be the ones will really be suffering on this one and as long there are platforms which doesnt ask out some kyc then we would really be
using it as much as we could for now, but i wont be surprised on what it looks like in the future.

qwertyup23

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Quote from: SirJohnVonSlotty on December 01, 2022, 12:21:05 PM

<..snip..>
What would, in your opinion, be the best balance here?

I do not think that there is a middle ground in a solution for KYC. In fact, KYC is already the middle-ground of cryptocurrency casinos to operate in this kind of field.

The reason on why KYC is implemented is due to the mandate of the government for its regulation among its users. With the nature of online gambling, the streamline of revenue is significantly huge that there is unrealized profit in the part of the government if the casino is not registered. The reason on why KYC was implemented is in order to receive the revenue and regulate the users on their spending habits.

Since cryptocurrencies cannot be controlled or regulated, this is the most regulation that the government could implement. While it may be a hindrance to most people, this is the only solution and middle-ground created by the government.

Ebede

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I prefer the kyc verification because KYC we make you 2 protect whatever do you have in that particular platform some people does not like the way she because they feel that kyc verification will give them stress why kyc verification for any platform is for the benefit of the boat party because of mismanagement or lost of funds that is why I do value care while she forget about the stress or the requirement of it but everyone who is into gambling supposed to know that the kyc is very important

Silberman

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Quote from: coin-investor on December 05, 2022, 07:50:17 AM

Quote from: SirJohnVonSlotty on December 01, 2022, 12:21:05 PM

What would, in your opinion, be the best balance here?

Casino hands are tied up because of the regulation even if they want to give what the community wants, they cannot do it, because their license issuer will not let them, and they have to comply with what their license issuer asks them to do with their players, the best options or bargain for users is to play on casino with a good reputation, a casino where your sensitive information is safe and they are compliant to the authority when it comes to asking KYC FOR their users, casinos are centralized and regulated they function that way to protect their casino and their users.

Unfortunately there is no other option that makes any sense for the gamblers, as much as we would like for this to not be the case it is not possible anymore, the gambling industry is huge and the governments cannot afford to ignore it anymore, especially now that they need all the money they can get due to the difficult economic circumstances they are facing, now some gamblers may try their luck with unlicensed casinos but that decision has its own fair share of problems.

ethereumhunter

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Quote from: SirJohnVonSlotty on December 05, 2022, 04:28:20 AM

Quote from: Fortify on December 03, 2022, 05:14:23 AM

Perhaps it would be good to have a single, super secure platform and potentially using some sort of Blockchain/nft solution to store documents - that could be used to validate whether someone has genuine documents. Maybe where different sources could give ratings, maybe whether certain ratings might hold extra weight (document was verified in-person). But to keep the anonymity side it would have to be somehow decentralised or in a jurisdiction that would not force documents to be disclosed.

So, same like there are payment providers like CoinsPaid, that generate the address and sort out the payments between the casino and the user, you think that it would be smart to have a "KYC provider" that would be a third-party body that would KYC everyone, and then regardless of the casino you're playing, it would state that you're KYC-ed?

It sounds interesting, but then we would again end up with the same question "when to KYC", just on the KYC providers side.

Doing KYC will depend on the limits set by the casino. Maybe the casino has set an amount for each member and if they cross that limit, the casino will ask them to do KYC. It could be possible that we will have a third party that will handle KYC issues and it's not done by casinos anymore but the problem is it's not easy to set up everything. Moreover, there will be a significant cost factor to set up and people who work as third parties must really work hard to ensure all user data will be safe from things they don't want.

coin-investor

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Quote from: SirJohnVonSlotty on December 01, 2022, 12:21:05 PM

What would, in your opinion, be the best balance here?

Casino hands are tied up because of the regulation even if they want to give what the community wants, they cannot do it, because their license issuer will not let them, and they have to comply with what their license issuer asks them to do with their players, the best options or bargain for users is to play on casino with a good reputation, a casino where your sensitive information is safe and they are compliant to the authority when it comes to asking KYC FOR their users, casinos are centralized and regulated they function that way to protect their casino and their users.

Wind_FURY

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Quote from: nakamura12 on December 02, 2022, 11:06:07 AM

I don't think that there's a solution for that. Casinos that ask KYC will always stop gamblers to withdraw their balance until they passed the KYC which it's purpose is entirely about AML. The problem with that is even though a gambler won huge amount and wanted to withdraw and yet they still ask KYC when you can check the gambler's record when that person won in that bet. As far as I noticed, those who open an accusation thread is that the person who won provided an information about the winning bet and yet the casino ask for KYC to withdraw (some cases not get paid until they open a scam accusation).

But THERE IS a solution, just like Bitcoin was designed to give the user the capability to go around regulations, building a casino to process its transactions directly onchain can also give the casinos the same regulation-avoiding capabilities. Cool

DirectBet was a true onchain Bitcoin casino. The was user never requires to make an account, or required to make a deposit. Everything was done onchain. Although, it was slow and inefficient during high network congestion. I would like to see it built on "faster" blockchains, like Litecoin/Dogecoin.

SirJohnVonSlotty

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Quote from: Fortify on December 03, 2022, 05:14:23 AM

Perhaps it would be good to have a single, super secure platform and potentially using some sort of Blockchain/nft solution to store documents - that could be used to validate whether someone has genuine documents. Maybe where different sources could give ratings, maybe whether certain ratings might hold extra weight (document was verified in-person). But to keep the anonymity side it would have to be somehow decentralised or in a jurisdiction that would not force documents to be disclosed.

So, same like there are payment providers like CoinsPaid, that generate the address and sort out the payments between the casino and the user, you think that it would be smart to have a "KYC provider" that would be a third-party body that would KYC everyone, and then regardless of the casino you're playing, it would state that you're KYC-ed?

It sounds interesting, but then we would again end up with the same question "when to KYC", just on the KYC providers side.

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Quote from: MainIbem on December 03, 2022, 03:14:32 PM

Naturally I m not against kyc and for me kyc is the best because to avoid thefts and money laundering. Besides as a gambler one thing you must do is to get your identity verification ready as those sites may request for kyc. Now why are you afraid, did you stole any funds or do some Billion dollars and why should kyc be a thing of talk or though time.

I think it's because we play gambling using crypto, where crypto is about the anonymity of each user. So those who gamble using crypto expect casinos not to implement KYC on their premises. But it seems that it is difficult at the moment because the government wants to participate in monitoring and wants to know who is gambling using crypto. But we have to be prepared if the casinos ask us to do KYC one day and if we don't want to, we can only look for other casino sites.

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Quote from: MainIbem on December 03, 2022, 03:14:32 PM

Naturally I m not against kyc and for me kyc is the best because to avoid thefts and money laundering. Besides as a gambler one thing you must do is to get your identity verification ready as those sites may request for kyc. Now why are you afraid, did you stole any funds or do some Billion dollars and why should kyc be a thing of talk or though time.

Quote

In 2010, Wachovia Bank, now part of Wells Fargo, was one of the biggest banks in the US when authorities discovered it had enabled Mexican cartels to launder an estimated $390 billion between 2004-2007

We, fair players, are at risk if we have to go through the KYC procedure in each casino and leave our personal and sensitive info on each of those sites.
KYC is full of flaws, it didn't prevent money laundering and theft before, and it won't work now in the crypto. So I don't feel that I'm "more" protected if a site has mandatory KYC, and I don't think it's in the spirit of crypto.

The ideal KYC solution is what we have now, we can play without KYC in many casinos, and as long as we are playing fair nobody will ask anything. But suspicious activities should trigger KYC. Definitely, it should be clear what is "suspicious activity" is, we all know that some sites dispute big winnings that way and don't pay them out. Just saying that someone is suspicious shouldn't be enough, but even that is a tricky part because of confidentiality they can't share sensitive info. So whom to trust in the end if we don't know everything we need to know?

Jemzx00

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Be nice!

Quote from: madnessteat on December 03, 2022, 02:55:34 PM

Quote from: FanEagle on December 03, 2022, 01:20:12 PM

^

Generally I'm not a supporter of KYC/AML, but if to choose from gambling sites which require KYC immediately or which require it when they want, I would rather choose the first option, because after passing this procedure I would have more confidence that after making a deposit casino they will not have questions about who I am and where I got my money.

I also don't support KYC as I worry about my personal data however if I'll be given a choice to choose between gambling platforms that require KYC upon registration or only require it once needed, then I would rather choose the latter part instead. With all the number of gambling platforms rising right now, I want to experience most of them and try it out for myself, but I don't think providing my data to all these platforms are necessary just to test it.

For me, it is much better to be asked for a KYC once needed to and not while signing up.

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Quote from: livingfree on December 03, 2022, 11:46:14 AM

There is no solution to it.

Just be aware of their rules before signing it and these days, most of them are likely to ask you kyc for whatever reasons they want to say. Accept the fact that the governments can no longer be cool by not having these casinos ask for kycs.

They've got their reasons, the casino has got reasons and we also got our reasons whether we will continue signing up and gambling with them or not.

For now, lets just cherish up those casinos which does still not ask out for some KYC on the time that we do make out some registration, but you should not really remove into your mind that
they could really be able to ask out anytime according into their likings and this is always been the case which they could really make out some alibis that you had violated the terms and conditions
or they had noticed something shady in regarding with your betting behavior.Its really that something we gamblers cant really be able to resist nor avoid on what government is trying
to monitor out and these business are to follow because if they dont then we know on what would gonna happen.There's indeed no solution into this but rather
better make yourself able to get deal with this.

MainIbem

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Naturally I m not against kyc and for me kyc is the best because to avoid thefts and money laundering. Besides as a gambler one thing you must do is to get your identity verification ready as those sites may request for kyc. Now why are you afraid, did you stole any funds or do some Billion dollars and why should kyc be a thing of talk or though time.

madnessteat

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Quote from: FanEagle on December 03, 2022, 01:20:12 PM

^

Generally I'm not a supporter of KYC/AML, but if to choose from gambling sites which require KYC immediately or which require it when they want, I would rather choose the first option, because after passing this procedure I would have more confidence that after making a deposit casino they will not have questions about who I am and where I got my money.

Topic: What would be an ideal KYC solution? - page 7. (Read 4934 times)