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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.