Why kyc is even required? - page 6. | Bitcointalksearch.org

AicecreaME

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Quote from: crypto-bit on February 19, 2018, 07:40:46 PM

They required that for there own security reason.Maybe they want to make sure that if any problems will occur during that transaction you as costumer will part of it.example for this is money laundering

I don't think that this KYC is really necessary for bounty hunters, or even for investors, we are talking about cryptocurrency guys, and this KYC thingy is ruining the "anonymity" of cryptocurrencies, don't you think. Security reasons is just an excuse, if that is what really they after that is why they have this KYC thingy, besides it is a pain in the ass submitting requirements for this, for real.

If they wanted that KYC in their project they should not have started it in the first place if they are not trusting their investors and buyers.

Dontme

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Quote from: JL421 on February 19, 2018, 05:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

We know that it is money involved and when money involved we must also needs about our Ids or much better identities. When you go in banks and you will cash out huge money we need many papers of requirements and our identity is much needed. I think it is like that although we call this online but on the other side this is also about companies and they also needs identity in order for you to get your money. For me this is not wrong since I have no bad records.

burdagol12345

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Quote from: JL421 on February 19, 2018, 05:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

Actually mostly bitcoiner now even a gambler is dont like,kyc because maybe it can threaten to your personal life into in danger and can know your own personal information ,but this is there new rule to make all the transaction secure and no more scamming,but for me this is only there excuses,because for me its not fair and can give you a headache to claim your prize or your token,they want us to agonize to claim or winning eapecially in gambling.

Distinctin

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Quote from: tabas on February 20, 2018, 06:52:15 AM

They don't even want to implement KYC but they have to follow rules from the government. I know the essence of anonymity is being broken as crypto's has made not for providing information but they have to do it and know who are the people who gambles on their casino and wins a certain amount. If winning isn't that big, there's no need for KYC.

That's right, supposedly we should not have KYC since bitcoin is anonymous and that is the main purpose of crypto.
However, if there such casino is registered and it has followed the law of the government then they should be doing some KYC, but it's rare
to see gambling sites that requires KYC, I am sure there are better sites than Fortunejack so maybe play with the other sites to have the convenience.

tabas

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They don't even want to implement KYC but they have to follow rules from the government. I know the essence of anonymity is being broken as crypto's has made not for providing information but they have to do it and know who are the people who gambles on their casino and wins a certain amount. If winning isn't that big, there's no need for KYC.

shi07

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This KYC implementation benefits mostly the gambling sites or casinos. This is some sort of their protection to prove that theh are operating legitimately. However, this brings doubt to users and make them double think of sending their personal infos and exposing themselves.

Fortified

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KYC is a mandated by the government that all users on that particular exchanges, casino's and ICOs under their jurisdiction will provide proof of authenticity to monitor that isn't used by money laundering, illegal activities or some terrorist groups. Although, they will not exposed your data or identity unless your suspicious but the term anonymity transaction in crypto has gone.

hubballi

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Quote from: JL421 on February 19, 2018, 05:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

They are asking KYC because their are so many bots who are cheating the site and earning big, so to stop that spam they are asking KYC so that it should be clear that the player who won big is a real one and not a bot who is cheating it.

Allura74

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Quote from: Don Pedro Dinero on February 20, 2018, 12:39:54 AM

I bet all will require KYC in the future for certain amounts, as it happens with exchanges, and the same way you can’t have an unverified pre-paid bitcoin card above certain (ridiculous) limits.

KYC is the process of knowing the identity of such particular user that is why they required national identification of their requirements and that is to control the illegal activities in bitcoin, i think that is a move from government to control any money laundering or track bitcoin activities of a particular person and that is to avoid such crime in using bitcoin.

JL421

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Quote from: MinerHQ on February 19, 2018, 10:53:52 PM

Quote from: JL421 on February 19, 2018, 09:49:58 PM

That is why I started this I agree with you online gambling is preferred so people can have privacy but kyc is ruining the whole idea. I have also seen most casinos asking kyc because they claim to be registered but upon verifying they are not registered anywhere I'm just curious is kyc just used so that they don't have to give users their deserve profit

You mentioned most casinos asking for KYC to withdraw money. But I also played on Bitsler, FJ, primedice and couple of times withdraw decent amount but none of them asked me to provide KYC. Could you please provide the names of those casinos are asking for KYC with some proofs so that others can deal with those casions carefully.

FJ itself there so called money laundering department see the scam accusations against fj they always delay payments of huge amount for no valid reason
Plus I was referring to casino dice sites don't apply to this they have 0.5-1% house edge and nothing else no dice site will ever ask for kyc

Pursuer

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whether it is required or not to implement KYC, I say it I a huge downside for any bitcoin gambling site that actually implements it. because unlike exchanges, gambling sites do not work with fiat and one of the main attributes of these gambling sites is their privacy and for many gamblers this is why they even choose bitcoin gambling sites instead of regular ones with fiat.
also in many countries like US it is illegal to run an online gambling site anyways so implementing KYC doesn't make much sense anyways.

Victorycoin

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Quote from: Diced90 on February 19, 2018, 10:11:53 AM

kyc is a way to avoid huge fines when the law visits these gambling houses.

Doing that unequivocal hands over to the authorities and whosoever that lays hand on those information, ability to monitor and track the spending of the person behind an account, by so doing, throwing anonymity out of the window.

For the sites that have sneaked in these requirements, because they were not there from the onset, they ought to come clean and bring the changes to the knowledge of their old and new clients because some people really mind their privacy and which is a major highlight of gambling with Bitcoin.

Caladonian

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Quote from: Don Pedro Dinero on February 20, 2018, 12:39:54 AM

I bet all will require KYC in the future for certain amounts, as it happens with exchanges, and the same way you can’t have an unverified pre-paid bitcoin card above certain (ridiculous) limits.

Will depend still with how the government will deal with bitcoin, I think this will happen if all of those countries that cater bitcoin will announce their ruling and we can't deny to the fact that we needed to comply with them, as far as I see gambling company will need to accept the reality of following the rules
since it will legalized their business and they can deal much proper with the government that governing them.

We just needed to look for the best result of things that happening to this system, if this for the good of the house business they need to comply, just like how the exchange are beginning to comply and follow such rules.

Bitinity

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Quote from: Don Pedro Dinero on February 20, 2018, 12:39:54 AM

I bet all will require KYC in the future for certain amounts, as it happens with exchanges, and the same way you can’t have an unverified pre-paid bitcoin card above certain (ridiculous) limits.

Probably you are right, most big exchanges requires KYC these days and it could be implemented on bitcoin casinos as well in the future. Although I will not agree with it but what we can do if the casinos where we like to gamble requires us to do so. There are only two options if it will happen, stay at the casino or leave it.
The main important thing is that, anything related to KYC should be listed on the terms. If the terms does not say something about KYC then there is no right for the casino to ask players to do KYC.

Don Pedro Dinero

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I bet all will require KYC in the future for certain amounts, as it happens with exchanges, and the same way you can’t have an unverified pre-paid bitcoin card above certain (ridiculous) limits.

Indrawan77

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I played in various gambling site but not once required kyc to play or to withdraw, KYC will ruined anonymity features that like by all gamblers, if it's true then the site will be left by the gambler and there won't be any difference with usual gambling site and its dangerous to just give your identity to gambling site

MinerHQ

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Quote from: JL421 on February 19, 2018, 09:49:58 PM

That is why I started this I agree with you online gambling is preferred so people can have privacy but kyc is ruining the whole idea. I have also seen most casinos asking kyc because they claim to be registered but upon verifying they are not registered anywhere I'm just curious is kyc just used so that they don't have to give users their deserve profit

You mentioned most casinos asking for KYC to withdraw money. But I also played on Bitsler, FJ, primedice and couple of times withdraw decent amount but none of them asked me to provide KYC. Could you please provide the names of those casinos are asking for KYC with some proofs so that others can deal with those casions carefully.

JL421

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Quote from: audaciousbeing on February 19, 2018, 04:25:33 PM

Quote from: JL421 on February 19, 2018, 05:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

If there is any place that KYC sounds ridiculous, its from the gambling site to me and I still don't see its usefulness. A lot of people will not gamble in physical location or a kiosk because of the way society views people who engage in such and then prefer to do it online because of the privacy online gives but with KYC from gambling sites it just seems that there is no difference.

Again, KYC is purely for those who want to launder money, I deposit big, took big risk then won big, how is that suppose to be a problem? But no matter how we are against it, there is nothing to be done about it because they also have to comply with rules and regulations of the industry they operate.

That is why I started this I agree with you online gambling is preferred so people can have privacy but kyc is ruining the whole idea. I have also seen most casinos asking kyc because they claim to be registered but upon verifying they are not registered anywhere I'm just curious is kyc just used so that they don't have to give users their deserve profit

socks435

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Never heard that they are asking for kyc well since bitcoin increases and there are lots of gamblers are fraudulent maybe they should need to require this bitcoin right now is valuable and its money so they only need for security reason.. Since we are in crypto no taxes deducted.. unlike gambling not in crypto and gambling that need kyc when register or need some Gambling ID before they can play those are need taxes when withdrawing money in your country. Honestly i still wanted the gambling casino before because they don't need KYC even you hit a jackpot but now looks like its getting worst remember we always need to be anonymous for privacy and safety of your documents..

FrueGreads

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Quote from: JL421 on February 19, 2018, 05:10:36 AM

Most casinos like fortunejack require kyc if you win a huge amount some sportsbook also ask for kyc
Why is this even necessary bitcoin gambling exist so that we can gamble anonymously and not pay any tax on our winnings or hide our identify if we win a huge amount then why do many sites still ask for kyc
Is it even fair?

In some cases I would say that it's to avoid bonus abuse. Of course the the casino bonus are not very good, and they are almost impossible to fulfill, but if someone is allowed to attempt the bonus a thousand times with multi accounts and probably running bots, then they might succeed eventually, hurting the house.

Although this could be a reason, I would say that most of them are just trying to comply with anti money laundry rules, and avoid problems with regulation.

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