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Gambling businesses were the best supports of bitcoin during its initial days! Bitcoin survived its initial days because the online casinos supported them! It's great to see that traditional licensed casinos are also following the same line to keep their customers happy! However, a regulatory risk is also there because if a casino regulator thinks that such steps would only increase the risk of money laundering, they the casino might face a hard time because 100 million is not a very small amount. So there is a high chance that players of this casino are using this as a tool to hide their winnings from the government and reduce their tax burden. So while it sounds too good to be true, an extreme caution must be exercised.
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I deposited 15500 USD worth of crypto on cloudbet on 15 of november to place a bet on a mma fight i didnt intend to use the whole balance as i thought with other exchanges and gambling sites i could just transfer it as instead of using multiple transaction and paying extra fees, after i placed the bet with 3k dollars of the balance and won the bet and tried to withdraw the balance it said that i couldn't withdraw because i haven't used 100% of my balance nothing about using the whole balance was mentioned in their terms and they said its a industry wide antimoney laundering law i then asked to send the money back to my original address which i transfered from which they disagreed to.
They asked me to send them the verification documents which i then sent them the same day on 15th of November and since then my account hasn't been verified, all they say is that the player security team is looking into the matter but it is never solved, my whole crypto balance is stuck their which i cant use which frustates me because im dealing with real life consequences.
You may want to get in touch with the official Cloudbet profile in bitcointalk. Profile URL: https://bitcointalk.org/index.php?action=profile;u=154563Official thread: https://bitcointalk.org/index.php?topic=333552.0Try to connect with them through these channels. If you don't get any reply, then please use the scam reporting format and open a thread in scam acquisition section. |
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Banks collapsing worldwide - very much possible because of slowing economy and rising NPA! Traditional banks will either have learn new ways of digital business or they will become extinct!
Crypto exchange becoming bank - possible but they will still have to get banking license from the authorities. Issuing debit card doesn't make you a bank!
A crypto based economy is not possible, not at least in our lifetime! This is because of a simple reason that cryptos cannot be controlled by the government!
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When the mainstream corporates are showing interest and hoarding big amount of bitcoins, why should the mainstream media be left out!! Even though it doesn't really hold a lot of significance to us, it may give some visibility to the money hungry traders who always look for some opportunities in any markets! Probably more short term liquidity it will offer, that's it! |
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Paypal's entry to the crypto market is indeed a bad thing. Initially we all thought that it will be great in terms of mass adoption because we didn't know the plan. Now when Paypal has launched the crypto service and we have learned that we can't withdraw or transfer those bitcoin outside, it makes literally no sense and an absolute nonsense!
It is always better to stay out of such services especially when we have many alternatives freely available in the market!
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Many thanks for all of your insightful comments! I personally don't think KYC will be a great idea for a mobile only cryptocurrency. Also I smell a rat because the development team didn't mention anything about KYC while launching. Probably they feared that people will not join their project if they speak about KYC at the beginning. But it is not a good buiness practice to be fair!
Secondly, I don't think Pi will have much value in the market because it is easy to mine and don't require any specialized hardware to mine - so no production cost os associated!
I would rather choose to let go my mined Pi than revealing my identity to some random crypto projects!
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I am sure a lot of altcoin people have heard this name - Pi Network. It is a mobile only cryptocurrency which can be mined only through mobile. I had downloaded their mobile app out of curiosity and by now I have few thousands of Pi token. Now, the Pi network is planning to move to their next phase where it will be listed to the market. But, miners will have to complete their KYC information before they can withdraw their mined tokens.
My only question to the community is that - are you guys comfortable to share your KYC details to a mobile only cryptocurrency? We have had few mobile only cryptos earlier as well but all of them failed miserably! What's you take on Pi network?
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Coinbase made it clear long time ago that they have a data sharing mechanism with IRS. So if your existing bitcoin holding pattern doesn't match with your tax status and income details, Coinbase has the full authority to review your bitcoin and report to the appropriate tax authorities. So with Coinbase, you are pretty much holding a bank account which is visible to the authorities of US.
So it brings us to the conclusion that - "Not your Keys, not your bitcoin"! Try using a desktop bitcoin client from now onwards for better safety!
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Probably a good approach for the new startups who are in dire need of cash for their businesses. Usually crypto companies are deprived of banking service in many countries around the world. Even in my country, the Central Bank had issued a circular stating that Banks can freeze the accounts of the crypto companies and are not liable to provide any service to them. In view of that, such kind of positive step towards inclusion of the crypto companies, will surely get some good result from the innovation perspective.
Hopefully other countries will also take such steps to ensure that crypto companies are not deprived of banking services!
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There is a good reason for investors to sideline Gold and choose bitcoin over it. Bitcoin has outperformed all other assets in terms of ROI in the last decade. No other assets were able to provide as much as return like bitcoin did. Also Gold are used by the conservative investors whose main priority is to protect the capital. Bitcoin can go to any direction at any given point of time, so the risk is higher here so as the reward. The recent increase in interest from the institutional investors also prove this point!
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Bitcoin has always been the dominant payment method in gambling world. Gambling is the only major sector which adopted bitcoin from the very inception of this cryptocurrency because of the benefits it can provide in a sector like gambling!
This way the gambling sector was successfully able to reach out to the global audience without the need of an intermediary like Moneybooker or Alertpay. Earlier, people used to open an account with Moneybooker or Alertpay, then get themselves verified and then they were able to load those account using credit/debit cards. Bitcoin simply removed all those barriers. So it's a win win situation for both the players and the house!
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So the trend continues...
What started with Snappa, is now slowly becoming a corporate phenomena! More and more companies are showing interest in bitcoin while the global trade is slowing down due to recession! Hedge funds are really intending to hedge against the current economic slowdown and bitcoin seems like the best hedge instrument worldwide!
I don't know how Skybridge's news came out in light, but there should be more companies waiting to join the bandwagon!
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I wonder how people are fooled into believing that this bank's collapse is linked to Covid! Let me tell you it has nothing to do with this pandemic situation. A bank can't fail for few months of bad performance. Let me tell you that there are more small scale banks are just waiting in the queue to declare themselves are bankrupt!
It is happening because of the tremendously bad leadership of the BJP government. India is a country where we have a Ministry for cows! It is a country where building a temple become a matter of national importance rather than building a factory. India is a country where government has no money to provide basic healthcare but has enough money to kick-off central vista project worth few thousand crores.
More and more small scale banks will fail in few coming months. Wait for it!
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Post pandemic time, we will see a lot of other countries to increase tax on high networth individuals. Even in my country, the government has implemented 4% cess additional to the current tax structure on whoever is earning beyond a certain limit. As the world trade is slowing down, it makes no sense in imposing additional taxes on the corporates because then these corporates will move to a different country where the tax rate is low. But government will have to find new avenues for making money otherwise the public services will suffer at the end of the day!
I believe this tax restructuring in US is still at discussion level. But 12.4% seems quite high! Possibly the percentage would come down after deliberation.
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Millionaires hve been showing interest on crypto since a long time now. They are just not vocal about it! Otherwise, do you think the recent bitcoin purchases by the corporates were an overnight decision? Definitely no! Possibly the process of making those purchase decisions had started 1 year earlier than the execution date! But because these are company secret, they were well guarded and only came out to public after the purchase!
I sincerely hope this trend continues!
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Hi guys ! My name’s Dave. ข่าวกีฬา
Is it possible to do money laundering via bitcoin? I mean as no one knows if you have bitcoin and how much bitcoin do you actually own, it could be used to convert black money to white right? Or at least store your black money without much hassle. But there is the risk of its value but I think for people who have lots of black money and don't want to be caught, this risk might be worth taking for them isn't it? What are your thoughts? Money laundering is a big threat to the bitcoin ecosystem as such kind of activities are usually tracked by the regulatory agencies through the blockchain analytics companies like Chainanalysis and appropriate actions are taken. So I would suggest you not to use bitcoin for such activities. It also brings down the reputation of bitcoin among the commoners! There are many anonymous coins available like Monero which you can definitely use because cryptocurrency provides you with such freedom. But it will be best if you don't bring such non-sense to this forum and please don't look around for help! Adios! |
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Does it really matter on whatever is happening in China? It is a country with an authoritarian leadership who are constantly violating the human rights of Uyghurs Muslims and the people of Tibet. Constantly violating the borders of their neighbors and trying to take over small nations like Pakistan and Sri Lanka by giving them loans with exorbitant interest rate that they will never be able to repay!
In 21st century, Chinese people have their own version of Google and Facebook and even Windows operating system! They are soon going to get their own version of government controlled bitcoin. So why do they need bitcoin at the first place? The faster these Chinese miners leave the crypto market, the better! Because in future, the Chinese government will eventually close down all mining firms born and grown on Chinese soil.
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As strong bitcoin rally continues and we may see ATH soon do you think there will be a massive retracement as well? I think current rally is different from 2017, bitcoin became more mature with support of big and smart money so I don't anticipate major price rop.
I believe that a dump will come for sure. That happens everytime when HODLers book their profit so a dump will happen eventually. However, this time, it may be short lived because bitcoin now has attracted corporate investment. Billions of dollars have been pumped by the corporates into bitcoin market. So a major price drop may not happen this time! Just a bumpy ride ahead! |
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Just imagine, to pay for ads on Facebook, you can choose any cryptocurrency instead of the US dollar, and using Google Play service, you can pay for purchases with Bitcoins. If earlier it could seem like something empyreal, today it is quite an expected decision. Will Google and Facebook change their crypto policies? Till the time Bitcoin's price remains volatile, it's very difficult for the users to use it as a currency. If I stop looking at the technical deficiencies of bitcoin and look only at the human psychology around it, people will definitely prefer to use fiat for advertising in facebook than to use cryptocurrency. So it really doesn't matter if these big companies change their stance and adopt a crypto friendly policy, it's will be very difficult for them to get a person who would be interested in using bitcoin. To answer your question- yes, Facebook and Google will eventually join the crypto bandwagon but no one knows when! |
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