There are people like me who dislike KYC verification requirements from online casinos, and I always have two complaints about it.
1. Why the need for KYC.
2. Why pretend they won't ask for KYC, but ask for verification after a big win.
While my lack of knowledge has kept me away from several big online casinos in this forum, I decided to do some additional research in my spare time.
Some Facts Why KYC Verification is a Necessity For Online Casinos.
~Online gambling businesses have become more attractive since the Covid19 days, more money entered the gambling business, making the attention very noticeable, also a good opportunity for the law to go after them.
~There are penalties on online gambling necks too, they have to implement anti-money laundering procedures just to survive, many online gambling platforms faced the panel in the past and ceased to exist.
~You have no idea how much these companies spend per year just to be friendly to the law and pass criterion regulations and business procedures, it is called intense regulation, to avoid fines.
~The only way these people can avoid the mistake of allowing fraudsters into their system ( gambling platform ) is by having KYC and AML (anti-money laundering ) in place.
~If you see another way that I don't, do drop your comment, because people can't be trusted, they will pretend to be a random online gambler but they have other bad intentions in mind.
From now henceforth, my assumptions about KYC verification from reputable online gambling platforms have changed, I seek for answers and I find them, drop your opinions if you think I am wrong or you think this is not accurate enough.
That is basically my own way of thinking, OP. While I am not a fan of KYC or anything which endangers you to identity theft, I would say that KYC implementation is not something that casinos can decide for themselves. They are basically forced to implement it, by the government. Furthermore, I think the main reason why they demand KYC on large withdrawals is because its easier and more time-saving than demanding it from every single new user. They have to manually check the KYC documents and they have so many users, it would be very hard for them to check everyone. We need to invent an alternative to KYC which does not endanger our government-issued documents from being stolen. Identity thieves can do enormous damage to your finances and your reputation. |
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OP your calculation is wrong. If you calculate from your salary you will get into trouble once you need to start paying your monthly/yearly bills. The best way to calculate "money that you can afford to lose" is to take your salary, subtract your bills, subtract your living costs, subtract your savings/emergency funds and only then with what you have left you decide how much of that you wish to invest.
I would say no more than 50%. If you want to be extra careful, 10% will do nicely.
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The problem here is human nature. Yes, left on our own doing, there is that tendency for us to do things that can be hurting everyone. On my on personal view, we need regulations on many aspects in the business of cryptocurrency and this so glaring with centralized platforms as they are more prone to be corrupted by people behind them and suffer collapse...which is of course magnified with what happened with FTX. However, regulations should not be done to kill what is supposedly to be regulated but to make things fairer and more transparent, otherwise regulations can just be a tool for control and nothing more. So the next question is: Can we trust the people who are in charge with regulations?
Try as you might, I very much doubt that one can regulate human nature. Not even the worst punishments (in some countries this also includes the death punishment) can persuade people not to do something. Regulations can be used as a tool for control, as you say, but usually they are a tool of making sure that lawbreakers can be held responsible. Whether or not you see this as a good thing is really only up to you. Some regulations make sense while others do not... |
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I would think one of the biggest, if not the biggest reason for cryptocurrency gambling being much more addictive than fiat gambling is the community aspect. The crypto community is quite a comfy place to be and when others in the community gravitate towards gambling, they kind of pull in the others with them as well.
Its hard to find a fiat community for gambling because you would have to actively search for it and join it yourself. And even then its not really as exciting as the crypto community.
So group pressure is definitely a big reason, I would think.
Hmm, this is true, I have never thought of it from angle. Societal pressure. In fact, we have crypto community for everything now. A simple google search will provide one with a lot of result. And once a person gets hooked on any of these crypto gambling platform, it will take a lot of effort and discipline for the person to not get addicted. Just like other platforms, crypto gambling offers, tips, trips, links to new online casinos with bonuses and promotions before you know it, you are deep in the abyss of gambling addiction. I am not 100% sure if societal pressure would be the correct term though, I used that term in a descriptive fashion but perhaps I should have said something like "Bitcoin/Crypto fan community is following the latest trends" or "following the community out of a sense of loyalty and wanting to belong". Its really hard to think of a term which defines it. Nobody is actually forcing or pressuring the crypto community into gambling but rather people just do not want to be left out, it would seem. But yeah, it can be seen as somewhat of a problem, especially for those who are predisposed to gambling addictions. Following the community in such cases can turn out to be financially disastrous for that person. |
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My tip for cannabis vapers: Pax with a bubbler attached. You vape herb, not some chemical cocktail. Furthermore the bubbler filters out any tiny plant particulates as well as cools down the vapor. No combustion, no lung irritation. And the full flavour of the herb is yours to enjoy. Really seems to me as the healthiest option, next to breathing (clean) air. (Although our air is far from clean. You might get clean air on a mountain top but at sea level we're all breathing exhaust fumes and beer farts   ) As to nicotine vaping... I would stay away from that mess. Who knows what they put in that chinese e-juice. setup in question:  |
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I have currently got my eye on Crypto GPT but I must admit that the only reason for that is because it is one of the few promising crypto+AI projects. If you were to look at non-crypto AI then you would find way more exciting and high-potential projects. Honestly, I think the crypto aspect is the deciding factor for many investors of Cryptogpt rather than its somewhat slightly innovative nature. The popularity, it seems to me from my own subjective point of view is crypto fan boying, in other words, it seems to be mostly popular because the crypto community can relate to it.
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Is it possible to invest 100$ in altcoin and turn to 7,000$? Have this ever happened to anyone on here? Is this even possible?.
Its more possible to win that much by gambling $100 in Blackjack. But yes, theoretically it is possible to invest in an early unicorn and have that unicorn project go 70x. But is it probable? No. Really, you would be much better off investing in anything else. But if you absolutely must invest in new crypto projects /established altcoins (I say new crypto projects because those are the ones most likely to go up that high in pnl. Older altcoins which are already established do not have that kind of volatility), then at least don't put all your eggs in one basket. Invest 10 bucks in 10 different projects or something like that. |
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I would make the argument that age of the casino takes priority over the first spot rather than reputation, which is in the number two spot. The reason being that a new, 1 month old casino has absolutely no reputation worth trusting, unless its a bad reputation and they have scam accusations, in which case that would definitely be a red flag. A strong community is more important than age of the casino website but again, that only goes for older casinos. For new casinos the priorities change. For older casinos, with 10 being highest priority and lower numbers being lower priority, my list would be like this: | Features: | Importance: | | Huge variety of games and different sections (sports, live tables, etc
Good bonus/reward program
Good looking, intuitive and fast user interface
Good help desk
Strong community/ Reputation
The age of the site
Casino's own token that pays dividends / ability to mine it by gambling
Instant deposits & payments
No Kyc
Nr of payment methods | 8
4
5
7
9
10
3
6
2
1 |
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You got 10 merits for the same thing I said …. The man… and I got none…lol
You did not include an awesome pun. |
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Any kind of promotion is always paid. Either with money or some other way, like exposure. Its just business and most people who know how to think logically will understand that advertising is not something which is unfair or evil, its just the way businesses reach out to people in hope of converting some clients. Which business does not do promotions? I think most of us would never willingly promote a business that we do not agree with morally. Of course there will always be some desperate people who would do anything for a dollar but thats a minority group.
I am not morally opposed to gambling because even though it can become harmful to a small percentage of gamblers who develop a gambling addiction, overall it is an entertainment activity. People pay for bungee jumping, even though a tiny percentage of jumpers fall to their deaths every year. Does that mean we should stop promoting such things? No. Everyone has the free right to choose what they perceive as entertainment and if they wish to pay their money for that entertainment, then more power to them.
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No more bear markets please.
Have they become unbearable? Crossfit is for men,
Bitcoin is for men as well…
Guess what the dude is.
The man. Sorry guys I had to keep my hat in the closet, so I am posting without one for now.  No problem, between earning extra Bitcoin for doing something you already do (posting) and simply wearing a hat, earning more Bitcoin is the most Bitcoiner thing to do. Also, the OGs know what your hat looks like and the newbies don't. Secret hat club - We keep out hats in our hearts.  |
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I would think one of the biggest, if not the biggest reason for cryptocurrency gambling being much more addictive than fiat gambling is the community aspect. The crypto community is quite a comfy place to be and when others in the community gravitate towards gambling, they kind of pull in the others with them as well.
Its hard to find a fiat community for gambling because you would have to actively search for it and join it yourself. And even then its not really as exciting as the crypto community.
So group pressure is definitely a big reason, I would think.
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I am starting to lose hope that banks will collapse. Even if when fiat goes belly up, There will always be sheeple who need others to take responsibility for holding their money. For some reason those people think that if they lose their money, its over. But if someone else loses all their money, they will pay them back someday, because they are "obligated".  |
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Lets hope that China does not invade Taiwan. Because they definitely will mess up the growth of Taiwan's crypto adoption, as well as many other things, such as Taiwanese lives. Regulations on crypto may sometimes sound harsh but I think they will be aiming to build a legal framework which protects people while not hindering progress. FTX has shown us what happens when we leave out important regulations. There will always be people who abuse the flawed system. Not sure how I feel about them not accepting NFT's. Many altcoins can be considered much much worse than NFT's and yet they seem to be happy to accept those without much question.  |
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The strangest bet that I have ever had was when I was a kid around 6th or 7th grade and it was about who in our friends group could get to kiss a random girl first. Anyway, long story short, I was cheated out of my few dollars and a Pokemon card (a japanese dark Charizard, if I remember correctly), because one of the kids who bet me broke the rules and planned to share the win beforehand with a girl he knew. Anyway, a good life lesson not to trust anyone. Verifying is better. |
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Wow whens the last time we had a 28%+ weekly candle? 2017?
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I refuse to take the International Criminal Court seriously ever since they let themselves and their justice be intimidated and impeded by threats from the US. And were the American war criminals prosecuted? No. They dropped everything because the US told them to drop it.
So why would anyone care if they issue an arrest warrant for the Russian president, Putin? Are you guys seriously expecting anything real to come from this?
To me it all looks like a publicity stunt and an empty threat.
The ICC is a joke.
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What happened to buddy? Wheres the hourly post? Buddy? BUDDY!? *hyperventilating*  |
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Physical casinos used to be fun. But slowly they are becoming more and more digital because the physical casinos do not feel safe enough to let someone play slots with quarters. So its basically entering a fancy internet cafe, funding your account and playing the same stuff you could play at home on your own home computer. Its just not fun anymore.
This was my disappointment when I last visited Las Vegas. What a sham.
But internet gambling is still fun, do not get me wrong. I just am saying that physical casinos are dying out. I can still remember the smoke filled room with slot machines. You put in a quarter and instead of pressing some boring button on a screen (now its a digital button you can press only after you "funded" your digital account), you actually pulled a lever. How fun! It actually made winning more exciting.
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