Topic: Wow! Exchanges track how you spend btc! (Read 963 times)
The more days I joined the crypto currency, the more I was amazed by the technology that was run in crypto currencies. Exchange sites are increasingly sophisticated so that between these exchange sites are connected and can track btc coins. If this technology can be further developed, I am sure there will be no more fraud in crypto currencies. All will play the game with responsibility. My advice, just developing technology between exchange sites easily connected like ATM machines of various banks that are easily connected.
To my knowledge exchanges hire third party cyber security firms like ciphertrace and identity mind to help watch movements of money for AML compliance purposes. I don't think they analyze every detail of how btc is spent but more so on illegal motives and movements
It's insane this kind of behavior from an exchange
If you buy coins and trade, sell or give to someone, and this person likes to gamble, will you be punished to?
If you pay anyone, and this person do something wrong, will you be punished for this person?
Exchanges wants to save their asses, It's why they track transactions and close account. If you want to gamble make a different wallet specifically for gambling or use privacy coins. I never connect my main wallet with gambling related transactions. If you buy coins and trade, sell or give to someone, and this person likes to gamble, will you be punished to?
If you pay anyone, and this person do something wrong, will you be punished for this person?
Exchanges tracking our movements? Need to think again about them.Are we having the privacy as much as we think we have?These news saying something else.Sometimes they are made agreement (with terms and conditions when we sign up)As above comments,People don't read those careful.Exchange services companies getting the full profit from that."Read everything before you register" will be best advice we can give for these kind of situations.
Apparently this guy sent it to multiple different wallets before gambling with it, but coinmama found out and has banned him
https://www.reddit.com/r/Bitcoin/comments/bdr9nw/coinmama_is_a_nosey_bitch_tracking_your_coin/
Makes me wonder if Monero or some other privacy coin is the future. I realize he can go to an atm, buy from local bitcoin etc, but a lot of people don't have access to ATMs or don't feel comfortable with P2P. Anyway, what do you think about this? Privacy coins are the way to go, or are their privacy features just waiting to be unravelled?
Well this guy said that he moved his coins from wallet to wallet, in this situation we can't blame Coinmama for taking actions since it is stated in their Tos, their tos is related to the country where they are located and that means that all transaction need to be traced, even though that this guy didn't do a good job in hiding his tracks by using mixers this is still absurd and really shocking to see that this is came to be, because crypto was supposed to be anonymous and break you free from the laws and do whatever you want with your money, and this defies everything the crypto stands for. https://www.reddit.com/r/Bitcoin/comments/bdr9nw/coinmama_is_a_nosey_bitch_tracking_your_coin/
Makes me wonder if Monero or some other privacy coin is the future. I realize he can go to an atm, buy from local bitcoin etc, but a lot of people don't have access to ATMs or don't feel comfortable with P2P. Anyway, what do you think about this? Privacy coins are the way to go, or are their privacy features just waiting to be unravelled?
It's insane this kind of behavior from an exchange
If you buy coins and trade, sell or give to someone, and this person likes to gamble, will you be punished to?
If you pay anyone, and this person do something wrong, will you be punished for this person?
If you buy coins and trade, sell or give to someone, and this person likes to gamble, will you be punished to?
If you pay anyone, and this person do something wrong, will you be punished for this person?
The thing is gambling prohibited in some regions and that's their responsibilities to comply with the regulation. Not to mention that exchanges tracking its users is a really common sense, I mean blockchain is kinda transparent and the address your money was sent to could be traced to its hot wallet. It's either they caught you or they got license revoked by the government.
Not just exchanges:
Lightning Labs reks your privacy and anonymity sharing with Facebook & Google Lightning Fast whilst using The Lightning Network.
Lightning Labs reks your privacy and anonymity sharing with Facebook & Google Lightning Fast whilst using The Lightning Network.
Yeap, cryptocurrency is not anonymous after all, if you look at it almost 90% of people who are involve in crypto have pass through the process of kyc in the hands of centralized exchange, so basically exchange owns all our personal info which can be connect to wallets that we transact with, i think the idea of anonymous should no longer be applied to crypto.
Crypto has been known as an anonymous digital currency since the launch of bitcoin, I don't think that anonymous ideas must be abolished. Crypto users can still use DEX to get freedom of anonymity.
And the person should not send by exchange, but send it first to the personal wallet under his control and then send to the gambling site.
If they didn't catch up with him, he would have done worst or even some other person. II believe the coinmama are trying to send a strong message to those trying to go against their terms and conditions.
I did not see any reason of not believing Crypto coins but believing that an exchange is tracking my actions is completely upon their ToS. If a user has found that they are going to accept all the conditions of the exchanges then you cannot say anything about it you have to simply accept it. But in this case the guy I tried to become smart and the exchange outsmarted him.well that was pretty obvious.
I don't really like those things can be tracked like that. I believe it his the owner's bitcoins and they can do whatever they want with them. All the uptight countries have this strict laws and want to make online crypto gambling illegal or ban it entirely.
The thing I want to know is. Did the buyer send the crypto he bought directly to their gambling account? IF so then that is a bad idea. You never ever withdraw from one place to another, in case something happens otherwise no one will be able to help you. Always transfer to a wallet under your control. If this was traced through a wallet that this person used then that sounds like such bs because you being told you can't use your money for whatever you want to. Does this only apply when going from fiat to crypto to crypto to crypto as well?
The thing I want to know is. Did the buyer send the crypto he bought directly to their gambling account? IF so then that is a bad idea. You never ever withdraw from one place to another, in case something happens otherwise no one will be able to help you. Always transfer to a wallet under your control. If this was traced through a wallet that this person used then that sounds like such bs because you being told you can't use your money for whatever you want to. Does this only apply when going from fiat to crypto to crypto to crypto as well?
It is the users default that's why coinmama banned him. He should always use those mixers website there are some of it that are circulating in the cryptoworld now. He just send it to multiple wallet right? So meaning there is still transaction there and it can still be traced and I guess sending coin to multiple wallets is not recommended.
Apparently this guy sent it to multiple different wallets before gambling with it, but coinmama found out and has banned him
Coinmama wouldn't ban a certain account if it doesn't violate any rules in ToS. And I'm pretty sure that he also made multiple accounts to receive his coins.Quoted some lines from their ToS under Account suspension, Termination and Cancellation.
Quote
(vi) you abuse the Services provided by the Company, including by opening multiple accounts and/or taking advantages of promotions in bad faith;
(iii) the Company has reasonable suspicion that a transaction involves illegal activity, including without limitations, money laundering, terrorist financing, fraud, or any other crime
https://www.coinmama.com/terms-102(iii) the Company has reasonable suspicion that a transaction involves illegal activity, including without limitations, money laundering, terrorist financing, fraud, or any other crime
Perhaps, you may want to rephrase your title.
Good luck I would say to exchanges who want to track how I spend my BTC 
I withdraw usually to some other service like to sort of mix my coins, and then I withdraw again to my own wallet. So okay maybe the service that I do that can track my spendings but they have to check my wallet and see which address I spend to. But if I use mainly Bitpay, how can they track it anyway? They only see us spending to Bitpay wallets they cannot see our merchants, right? Because is that not how most people "spend" BTC?
I withdraw usually to some other service like to sort of mix my coins, and then I withdraw again to my own wallet. So okay maybe the service that I do that can track my spendings but they have to check my wallet and see which address I spend to. But if I use mainly Bitpay, how can they track it anyway? They only see us spending to Bitpay wallets they cannot see our merchants, right? Because is that not how most people "spend" BTC? 
coinmama isn't alone in this. coinbase has been doing this for years in an attempt to comply with USA federal law (the UIGEA and wire act), which prohibits services from transmitting money to/from gambling services on behalf of customers. i'm guessing coinmama has similar rationale.
likely this. the OP was intentionally unspecific and i would be surprised if he made much effort to avoid being seen depositing directly to gambling sites. he probably has no idea what he's doing.
That guy did a botched job of covering his tracks most likely or he didn't ever bother doing anything in the first place.
likely this. the OP was intentionally unspecific and i would be surprised if he made much effort to avoid being seen depositing directly to gambling sites. he probably has no idea what he's doing.
Yeah well am really not surprised because a friend of mine tried using coinmama to buy some BTC but she got banned were she was trying to use a demo first without passing the KYC procces. i think if Every Exchangers act like coinmama our digital Asset will sure have a fine future..
why is there tracking like that?
Are we free to spend the bitcoin that we have? what do they want with tracking?
are there security reasons? or are there fears of misappropriation of funds with bitcoin?
Are we free to spend the bitcoin that we have? what do they want with tracking?
are there security reasons? or are there fears of misappropriation of funds with bitcoin?
Yeap, cryptocurrency is not anonymous after all, if you look at it almost 90% of people who are involve in crypto have pass through the process of kyc in the hands of centralized exchange, so basically exchange owns all our personal info which can be connect to wallets that we transact with, i think the idea of anonymous should no longer be applied to crypto.
You can be tracked easily If you don't use mixing service like chip mixers and other mixing services out there. I think coin mama is a big company who has some tight security with their unique tracking system. no wonder he got caught and got banned.
assets that are in cryptocurrency will be very difficult to be able to manipulate wherever the transaction is created will definitely be very easy to see from the transaction track record. Jump to: