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Discussion in 'Anything Goes' started by Book of Ra review, Nov 11, 2017.
This is also true @AussieDave
You are almost correct - it's certainly true of proper exchanges that perform proper KYC to verify people.
So if you have a sizable amount that you want to convert - you should assume that all details are known.
However, you can make cash sales of crypto via "localbitcoin" or to friends and contacts.
I think Bitcoin is the feature for online casinos, there are already several brands offering Bitcoin gambling
40% of all Bitcoins are owned by only 1,000 people.
Major parts of transactions are only for criminal purposes.
Unfortunately, it's a fact, that Mafia started to use online Casinos which accept Bitcoin as huge money laundering machine.
That means, that this industry once more will face more regulations, investigations by government, lockdowns, whatsoever. This can lead to the end of many affiliate and program careers or is there anyone who really believes, that e.g. Homeland is operated by idiots who close their eyes?
Moreover: What you read about Bitcoin is not the only truth. There are shocking aspects, uncomfortable truths, the speculation machine shills don't like you to know.
Here are 5 facts about Bitcoin you might not know: http://www.gpwa.org/forum/leopolds-lucid-daydreams-diary-212023/p85.html#post873154
It's hard to fathom how many millionaires and billionaires BTC has created.
I read the stories about people taking a chance when they were below $10 and are now technically millionaires. Just makes me think what a tool I was not getting in on it then. Too late for me at the current price!
Don't dive into Bitcoin if it goes to low. At the moment, 1 Bitcoin is worth nearly $20,000 USD! Wow!!
Bitcoin is a hype, but no idea if gambling with bitcoins is a hype too. A lot of people are sitting on their bitcoins. Those 1.000 keep on buying of course in case of a little crash. I don't think they're going to gamble with it.
A lot of bitcoin casinos also look very shady with fake games, etc.
I dont think Bitcoin has a massive near future for casinos. Maybe if it becomes a everyday global curreceny of the future.
Question! when you convert crypto to $ and then transfer it to another type of account, does the account you transfer it to know:
1. That it is cash that was converted from crypto, and
2. If they do know it was converted from crypto am I safe to assume (and yes, I have heard the joke about the word ASSUME ) that they do not know where the crypto originally came from
Lets say you cash out of crypto at an exchange and have the exchange transfer your money through the banking system to your bank account.
1. Your bank may or may not know that those funds have come from a crypto exchange, depending on the name of the company that sends you the money.
2. No the bank would not be able to work backwards to see where your crypto came from, as they would not know the crypto addresses you used to deposit into the exchange. The most they can know is that the money came from a crypto exchange. For some sensitive banks this is enough to have your account closed.
However a court order could force the exchange to reveal to the court the crypto addresses you deposited to the exchange with. Then it is just a matter of working backwards through the blockchain to find every related transaction all the way back to the beginning of time. This is because a blockchain is both semi anonymous and almost impossible to tamper with, which makes it great for keeping records. Whether that reveals your source of funds depends on whether any of those addresses along the way have been mapped to a known entity offline.
Bitcoin = never going to happen. Not regulated and no real world value.
Ripple = on the other hand could well become the standard. And very quickly too.
Fully regulated and the Japan - Korea testing (hence the rise last week) has proven the technology works like a dream and there are so many major international banks, credit card companies, internet companies etc all over the world on board. Really happy we managed to get in this year. 2018 is going to be insane!
In most cases banks do know that it came from exchange. If they care it depends on the bank. One of the banks i work with told me that they will lock my account if i make another transaction. The other - doesn't give a damn.
Ripple - i haven't read much but remember it was mainly designed for companies/banking systems - not as a basic currency/coin for private use and purchasing. No? Why you think it's going to be huge?
At some programs, it is relatively easy to tell which players are using crypto to deposit. On other sites, I have simply asked the operators in person about the crypto side of deposits. Lots of people are using crypto for gambling in my world (poker affiliate).
Title of the thread: "Is this time to dive into Bitcoin Casinos?"
Reason: Since one year Italian officials confirms, that Mafia is using Bitcoin casinos for money laundering. And we are not talking about some thousand bucks. In case the owners will not cash out, they will simply abducted or more worst. This is the reality of Bitcoin casinos.
Every 17th Bitcoin in the meantime is acquired through theft. Last Christmas a major Bitcoin Exchange CEO was taken hostage (Source: http://www.gpwa.org/forum/leopolds-lucid-daydreams-diary-212023/p90.html#post875261 ).
This is the reason, why South Korea is sick about Bitcoin and will prohibit anonymous dealing with it. Israel goes one step further. They probably will ban all companies who are dealing with Bitcoin. Steam already banned Bitcoin. If you look at the Bitcoin charts for 24h hours, then even an idiot can see, that this is only a speculation bubble.
One may say, that so many people became rich with Bitcoin. That's right. More than 50% are serious criminals, 30-40% speculators and the rest ordinary people who will be milked with insane transaction fees.
It's a proven fact, that Bitcoin destroys the environment due the tremendous energy waste and no one is rich until she/he has not sold their Bitcoin, because as long as you hold it, you are living in a fantasy world with a pseudo-currency that can go close to Zero within 4 days, and then you have nothing.
In the real world, you can not even buy a piece of bread with Bitcoin.
But you will find everywhere propaganda shills or simply idiots who does not want you to know the risks or the truth.
The worst internet crime, and I am talking about drugs, weapons, hitman, live stream child killing and abuse or paid torture, all these things from the Dark Web you can pay only with Bitcoin, not with cash.
It is a "crime currency", and the Bitcoin casinos are the sleeping room for Mafia in the meantime. This will end in a big blow, with more regulations in general for this industry, that in major parts is acting since years like drug dealers and pimps, and since years I am warning about the consequences.
Now they are coming, and if I am honest, it's well deserved.
Typical no-coiner comment - desperate to explain why you failed to hold coins.
Typical no-argument poster and fact denier.
Hilarious comment. Can't tell if it is serious or meant to be a parody. You could replace almost all instances of the word "bitcoin" in there with "cash" and it would still almost all make sense.
In case you really are serious, you should read up about Monero which the criminal element long ago moved on to due to the "proven fact" that Bitcoin is not actually anonymous, quite the opposite in fact - whereas Monero really is. Bitcoin is an irreversible permanent ledger that can easily be used to trace flows of money, not so great if you are the mafia wanting to launder your ill gotten gains. But never let the facts get in the way of a good rant. I must warn you though that if that is your reaction to Bitcoin, discovering Monero might give you a heart attack.
I remember a year ago you were exchanging the coins the moment you got them. Big change since
Used to be easy to use crypto, quick transfers and a few cents.
Now just got harder for an average person to use it for casino deposits with tranfers taking hours and costing $20+ .