Topic: Wow! Exchanges track how you spend btc! - page 2. (Read 963 times)
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.
This is an issue which had been talked before and Coinbase was the good example for it.
Before it was legal to send bitcoin to gambling sites directly using Coinbase. They saw that. (that means they are really detecting it even before)
Used their TOS and added the exemption of sending to gambling site. If caught will be banned.
Now, there are a lot of ways to do it. You could just send it to a private dummy address and then mix it or go directly to the gambling site deposit address.
You will just be spending more for tx fee but that is to avoid losing everything.
Before it was legal to send bitcoin to gambling sites directly using Coinbase. They saw that. (that means they are really detecting it even before)
Used their TOS and added the exemption of sending to gambling site. If caught will be banned.
Now, there are a lot of ways to do it. You could just send it to a private dummy address and then mix it or go directly to the gambling site deposit address.
You will just be spending more for tx fee but that is to avoid losing everything.
Since they mentioned it in their terms and conditions (t&c) then it's the user that's at fault, most people don't bother reading terms and conditions because it can take hours to finish reading the terms and conditions of most sites.
If the user didn't want to be tracked and doesn't mind paying a little fee then he/she should have sent the funds to an exchange then convert it to another currency then withdraw the currency he exchanged it to and deposit it on another exchange to convert it back to the original currency he needs. Since exchanges use contract address then the funds should be very hard or even impossible to track.
If the user didn't want to be tracked and doesn't mind paying a little fee then he/she should have sent the funds to an exchange then convert it to another currency then withdraw the currency he exchanged it to and deposit it on another exchange to convert it back to the original currency he needs. Since exchanges use contract address then the funds should be very hard or even impossible to track.
What do you want? And such a lie to be. But I do not see anything terrible here. Everything can be solved. In any case, it does not harm anyone.
From the creator of that topic - 'Bounced coin from wallet to wallet. Made multiple transactions with multiple companies. They still sniffed out where some of it went. Am I silly or is that ridiculous?'
I can understand where the exchange is coming from if he's buying and sending it straight to a gambling site from the exchange wallet. Multiple transactions and dilution down the line? That's fucked up if you ask me. By that point it's out of their hair and they should've long stopped caring. For all they know it could be in a completely different person's wallet by then.
I can understand where the exchange is coming from if he's buying and sending it straight to a gambling site from the exchange wallet. Multiple transactions and dilution down the line? That's fucked up if you ask me. By that point it's out of their hair and they should've long stopped caring. For all they know it could be in a completely different person's wallet by then.
perhaps he didn't realize some amounts from change addresses was used when he's sending to a gambling site
if he's not too technical he won't notice there are change amounts back to his wallet
then sending from his wallet consolidating all his utxos will show connections between them
so by simply checking on that last transaction, it shows the leftover of his coins being sent to a gambling site
They don't necessarily track every single transaction just larger amounts. I was reading this feedback from ciphertrace (who recently partnered with Binance) tracking 1k USD movements within a single day (upwards of tens or hundreds of transactions)
https://ciphertrace.com/response-to-fatf-on-vasp-regulation/
https://ciphertrace.com/response-to-fatf-on-vasp-regulation/
One day everyone will wake up, BTC will crash and one of the Private coins will take over. They will be the NEW Trading pairs soon enough... I honestly can't believe they have algorithms tracking this. I am dumbfounded. Its like having a security camera and drone attached to you everywhere you go.
Even FIAT money can't do that to you. What cash you pull out from an ATM can disappear without a trace. No one will know you bought dirty anime manga....lol
If you think that bitcoin can crash and be taken over by another coin in a matter of days you're in for a surprise. This is impossible. Even if this happens one day it will be a long process taking months if not years of slow decline. Even FIAT money can't do that to you. What cash you pull out from an ATM can disappear without a trace. No one will know you bought dirty anime manga....lol
The exchanges are private companies registered somewhere and if that country forbids gambling they have to make sure their users don't gamble and comply with the law. If I saw that an exchange that I'm using bans people for what they do with their coins I'd move somewhere else.
As the email says, it is part of the terms and services which the user agreed upon (probably without reading) when he signed up with Coinmama. It's a good practice on the part of the exchange to make sure ToS are being followed. It's the users fault.
This is why you really need to read what you are going to agreed on.Some of my fellow country men also experience some issue on our local wallet,
Some of them got some issue regarding to gambling I couldn't really recall what happen to their wallet and their money when Coins found out that their money comes from gambling.
Why? People still use more than one Anti-virus program on their computers and they will also use more than one coin tumbler
Because it gets mixed so the amount of wallets supporting it would not matter, its a feature. The amount of times would matter inn this case.running more than one antivirus programme is detrimental to your system's health and speed
while mixing your coins in two or more mixers could , potentially , add more privacy to your bitcoin stash
thats if the mixers are not using tainted coins that could have the opposite effect , attracting more attention to you
One day everyone will wake up, BTC will crash and one of the Private coins will take over. They will be the NEW Trading pairs soon enough... I honestly can't believe they have algorithms tracking this. I am dumbfounded. Its like having a security camera and drone attached to you everywhere you go.
Even FIAT money can't do that to you. What cash you pull out from an ATM can disappear without a trace. No one will know you bought dirty anime manga....lol
Even FIAT money can't do that to you. What cash you pull out from an ATM can disappear without a trace. No one will know you bought dirty anime manga....lol
1. I am almost sure that this guy didn't do the job as good as a mixer could do.
2. A better level of privacy would be nice. But as you said, there's Monero (and others). He could have done a way better job with Monero.
But I don't blame Coinmama, if this is in the ToS...
2. A better level of privacy would be nice. But as you said, there's Monero (and others). He could have done a way better job with Monero.
But I don't blame Coinmama, if this is in the ToS...
The easiest way to hide is to send to an exchange, buy an altcoin. Withdraw the alt to another exchange and change it back to btc, and then use it to gamble. (Or simply gamble with the alt).
Buying the alt stops the tracking.
when we agree, and most of those centralized exchange will ask for KYC when you needed to withdraw huge amount of your assets, by providing your data information you will now be track by any means as your logs are stored inside the system, every transactions can be traced now under your name, so there's no surprise if you are using third party serves.
We can still be traceable with or without a kyc because there is a transaction recorded on the exchange that we are using . if ever you give your kyc to them , they will only use it to track you more easily if ever they found out that your guilty on doing cyber crimes .
Why? People still use more than one Anti-virus program on their computers and they will also use more than one coin tumbler
Because it gets mixed so the amount of wallets supporting it would not matter, its a feature. The amount of times would matter inn this case.What do you mean by amount of times ? The delay ? And what about the anti virus ? I dont think it does matter when we are using a mixing service . theres no harm on using a mixing service as long as you are using a trusted one .
Why? People still use more than one Anti-virus program on their computers and they will also use more than one coin tumbler
Because it gets mixed so the amount of wallets supporting it would not matter, its a feature. The amount of times would matter inn this case. 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?
When you signup for any exchange you agree to give your privacy into the hands of a third party. It's pretty obvious that when any exchange doesn't gives you a private key of the wallet then that exchange has whole control of your wallet. So they can surely track you to. I don't find anything like sad in this. The user should have used a private key monero wallet or should have used a good mixer so that it was impossible to track him down. There are ample of people using this it's for the very first time I have seen such a case. 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?
Yes it is not surprising. Every user will accept terms and conditions while signing up in the exchange. Once you signed up all the data's and transactions are logged in their server and those data's are used for research and marketing reason hence there is small risks involved in these hence all the details are logged by exchanges.
1. I am almost sure that this guy didn't do the job as good as a mixer could do.
2. A better level of privacy would be nice. But as you said, there's Monero (and others). He could have done a way better job with Monero.
But I don't blame Coinmama, if this is in the ToS...
2. A better level of privacy would be nice. But as you said, there's Monero (and others). He could have done a way better job with Monero.
But I don't blame Coinmama, if this is in the ToS...
The easiest way to hide is to send to an exchange, buy an altcoin. Withdraw the alt to another exchange and change it back to btc, and then use it to gamble. (Or simply gamble with the alt).
Buying the alt stops the tracking.
Well there is a simple explanation with that.Some cryptocurrency website has a main wallet. If you deposit a certain amount of cryptocurrency to your address on that website, those coins and tokens will be transferred to the main wallet of that site. So here is a possible explanation to the conspiracy.
It is possible that coinmama have already known the main wallet address of the gambling site maybe because it has already an encounter or an experience with that site before and it recorded their mainwallet address.
So when that user withdraw his funds from the gambling site to coinmama, the gambling site sends his withdrawn coin from its main wallet to coinmama. The problem is that when coinmama double cheks the txid they will eventually found out that the address where the the coin comes from is from a certain gambling site.
After the findings then coinmama will take necessary actions based on the users agreement.
It is possible that coinmama have already known the main wallet address of the gambling site maybe because it has already an encounter or an experience with that site before and it recorded their mainwallet address.
So when that user withdraw his funds from the gambling site to coinmama, the gambling site sends his withdrawn coin from its main wallet to coinmama. The problem is that when coinmama double cheks the txid they will eventually found out that the address where the the coin comes from is from a certain gambling site.
After the findings then coinmama will take necessary actions based on the users agreement.
If you read their Terms of Use:
3.14. You agree that you will not use the Services to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking. In addition, you warrant not to use methods to conceal the location from which you access the Site and that you will disclose to the Company your accurate and true location. Should the Company determine in its sole discretion that the activity on your Account is suspicious or related to any prohibited activity or illegitimate operation, the Company may cancel or suspend your Account, block any outstanding transactions, deny any new transactions, and/or freeze any funds available on your Account.
They should only ban you if you gamble with illegal operations lmao. If you gamble with legitm certified Casinos there shouldn't be any rule against it.
Unless the guy in question was in some country where gambling was illegal.
3.14. You agree that you will not use the Services to perform criminal activity of any sort, including but not limited to, money laundering, illegal gambling operations, terrorist financing, or malicious hacking. In addition, you warrant not to use methods to conceal the location from which you access the Site and that you will disclose to the Company your accurate and true location. Should the Company determine in its sole discretion that the activity on your Account is suspicious or related to any prohibited activity or illegitimate operation, the Company may cancel or suspend your Account, block any outstanding transactions, deny any new transactions, and/or freeze any funds available on your Account.
They should only ban you if you gamble with illegal operations lmao. If you gamble with legitm certified Casinos there shouldn't be any rule against it.
Unless the guy in question was in some country where gambling was illegal.
Complete privacy coin is the way to go, just imagine someone that thought he was anonymous with bitcoin usage only to be tracked and disciplined. Although agreeing with any terms and conditions of any institution is key, again privacy must be respected too. We have some great projects coming out with good anonymous coin transfer option.
someone mentioned this tweet,
If a coin joiner is build inn and become the norm trackers and 3rd party mixers wont stand a chance anymore.
If a coin joiner is build inn and become the norm trackers and 3rd party mixers wont stand a chance anymore.
Why? People still use more than one Anti-virus program on their computers and they will also use more than one coin tumbler method to mix their coins. You get very paranoid people out there and these people want to make sure that a single solution will not compromise their security and/or identity.
Just imagine if you donate money to an organization like Wikileaks and your government gives a 5 year jail sentence to people who donate money to sites like that, would you trust one mixing solution, when you donate to them?
The exchange is ridiculous. They should only ban direct transfers from the exchange to gambling sites if their moral scruples or the long arm of the US is bothering them. Anything more than that is overkill even the most old school republican wouldn't expect them to do.
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