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[TheQuin]

I have a question:

SEC just fined Kraken for $30 Million for offering "staking" services to users. And since exchange staking isn't really staking but just technically paying interest;
Do you think this will affect on services like freebitco.in that's also offering to pay interest for users holding their bitcoins in there? Or how would this be any different?

Technically speaking, FreeBitco.in is not a US based company and operates outside the jurisdiction of the US Securities and Exchange Commission (SEC). This means that the SEC doesn't have regulatory authority over the platform.

Correct.
As well as being in the US Kraken also is a Wyoming-chartered special purpose depository institution (effectively that's a banking licence). I often get people giving other examples of non-US based exchanges getting prosecuted under US laws but they all used FIAT currencies as well as crypto. Under US law they deem that if funds transfer through a US bank then the transaction is said to have occurred in the State that bank is in.

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[piebeyb]

I have a question:

SEC just fined Kraken for $30 Million for offering "staking" services to users. And since exchange staking isn't really staking but just technically paying interest;
Do you think this will affect on services like freebitco.in that's also offering to pay interest for users holding their bitcoins in there? Or how would this be any different?

Technically speaking, FreeBitco.in is not a US based company and operates outside the jurisdiction of the US Securities and Exchange Commission (SEC). This means that the SEC doesn't have regulatory authority over the platform.

Correct.
As well as being in the US Kraken also is a Wyoming-chartered special purpose depository institution (effectively that's a banking licence). I often get people giving other examples of non-US based exchanges getting prosecuted under US laws but they all used FIAT currencies as well as crypto. Under US law they deem that if funds transfer through a US bank then the transaction is said to have occurred in the State that bank is in.

it would be great if freebitcoin was not based in the US because there would be too many regulations to make other users uncomfortable, I just read the news about kraken but this is not the news that took the market to a bearish direction, even though the crypto price is currently down but not because of the news This

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[tygeade]

Wagered amount of 24 Bitcoin is usually 10-15 times the gambled amount and as such I think 2.4 Bitcoin is not the same amount as 24 or even 10 Bitcoin so in this context the user that won it last time around have done well.He came here though and admitted that overall he had lost more than he had won because of his gambling habits.One thing is sure though the wagered amount is much higher than the amount we gamble as I said as I know this myself,anytime there is a promotion I like spending from 0.0003-0.0006 Bitcoin and the wagered amount is usually from 17x to over 20x so I believe the last user had an overall problem of overall being in negative rather than being in negative for the Lambo only.

There are some people who wager a lot, and even lambo wouldn't be enough, and there are some people who wager nearly nothing and win big, it is really not the point. The point is that, even if you wagered 5+ million dollars and lost it all, would you say no to another extra 200k? Of course not, it would not be as important to that person as it would be for you and me, but it would still be pretty good money.

I could give Warren Buffet 200k and he would be happy, not for long and won't change his life, but the moment you give it to him, he would be happy, we are just wired that way as humans. That is why I believe that winning this is always a good thing for all the people, no matter how much they wager.

[pawanjain]

I have a question:

SEC just fined Kraken for $30 Million for offering "staking" services to users. And since exchange staking isn't really staking but just technically paying interest;
Do you think this will affect on services like freebitco.in that's also offering to pay interest for users holding their bitcoins in there? Or how would this be any different?

I don't think so. Freebitco.in has clearly mentioned that they are going to pay interest on their deposits.
I think Kraken was fined because they used the term staking and would not have indulged in the consensus mechanism of staking.
But bitcoin doesn't have any staking system. So it's simple that the sites is paying its users just to hold funds on their site.
So I don't think there is any reason why SEC would fine freebitco.in

[iv4n]

I have a question:

SEC just fined Kraken for $30 Million for offering "staking" services to users. And since exchange staking isn't really staking but just technically paying interest;
Do you think this will affect on services like freebitco.in that's also offering to pay interest for users holding their bitcoins in there? Or how would this be any different?

I don't think so. Freebitco.in has clearly mentioned that they are going to pay interest on their deposits.
I think Kraken was fined because they used the term staking and would not have indulged in the consensus mechanism of staking.
But bitcoin doesn't have any staking system. So it's simple that the sites is paying its users just to hold funds on their site.
So I don't think there is any reason why SEC would fine freebitco.in

As I get it it's just for US citizens, others can continue with their staking without any worries. The US is tough when it comes to laws and regulations, and people from there are restricted from many things... I can't even count how many times I saw "not for US citizens" in some casinos, ICOs, or any other service. The FBI has long arms... I guess we all know that.

Well, I wouldn't compare Kraken and Freebitcoin in the first place. And I don't think we need to worry about staking in general, especially if you are not a US citizen.

[R0daz0g]

Good afternoon, I was once a big active user of freebitcoin but I stopped playing and wanted to go back, but I try to recover my account and I can't, I didn't receive any email, the last time I received an email from free was in 2018 I know the login and my email and I have several emails received.

[Fivestar4everMVP]

I have a question:

SEC just fined Kraken for $30 Million for offering "staking" services to users. And since exchange staking isn't really staking but just technically paying interest;
Do you think this will affect on services like freebitco.in that's also offering to pay interest for users holding their bitcoins in there? Or how would this be any different?

I don't think so. Freebitco.in has clearly mentioned that they are going to pay interest on their deposits.
I think Kraken was fined because they used the term staking and would not have indulged in the consensus mechanism of staking.
But bitcoin doesn't have any staking system. So it's simple that the sites is paying its users just to hold funds on their site.
So I don't think there is any reason why SEC would fine freebitco.in

As I get it it's just for US citizens, others can continue with their staking without any worries. The US is tough when it comes to laws and regulations, and people from there are restricted from many things... I can't even count how many times I saw "not for US citizens" in some casinos, ICOs, or any other service. The FBI has long arms... I guess we all know that.

Well, I wouldn't compare Kraken and Freebitcoin in the first place. And I don't think we need to worry about staking in general, especially if you are not a US citizen.

You took those thoughts right out of my mind, it's a mistake to compare kraken to freebitco, they are no match in anyway, and like you rightly said, kraken must have been fined because they offered staking and internet to citizens of USA, which like we all know, is one of the toughest countries when it comes to laws and regulations.
And like I'm assuming as well, kraken is also operating in under US jurisdiction and is licensed by US authorities just as coinbase is, freebitco is now way related to this at all, so I think the US authorities have no legal rights to impose such a fine on freebitco ever.

[2double0]

Good afternoon, I was once a big active user of freebitcoin but I stopped playing and wanted to go back, but I try to recover my account and I can't, I didn't receive any email, the last time I received an email from free was in 2018 I know the login and my email and I have several emails received.

That's not true.
I tried the forgot password link and it worked for my account (and FYI, I too was inactive for more than 6 months there but when I saw your comment, I tried to reset my password and successfully received their email in a few seconds after).
You may also request them to help you with more details by sending a DM to their PR here or write them on any of their social media handles:
Twitter
Instagram
Facebook

[Mahdirakib]

Good afternoon, I was once a big active user of freebitcoin but I stopped playing and wanted to go back, but I try to recover my account and I can't, I didn't receive any email, the last time I received an email from free was in 2018 I know the login and my email and I have several emails received.

Send your Freebitco.in user id to TheQuin by PM. Check the old messages of Freebitco in your mailbox if you have forgotten your user id. There shouldn't be any problem if you are using Gmail service. But I have heard that some user had faced difficulties to receive messages from Freebitco who has used other email provider.

[FanEagle]

Technically speaking, FreeBitco.in is not a US based company and operates outside the jurisdiction of the US Securities and Exchange Commission (SEC). This means that the SEC doesn't have regulatory authority over the platform.

I think and hope that you are correct as their annual interest of 4.08% is something I really enjoy on the site and I have put a nice amount on freebitco.in just to earn some extra satoshis!

That's the most important feature of this place that is not talked about enough. It is an underrated feature, not many people realize this but first of all if price of bitcoin gets stabilized somehow, you are still getting 4%+ rate here, which is not unheard of anymore since inflation, it was a lot better pre-2020 period but now not so much, but you also do it in bitcoin which could go up, so you are getting 4% of something that could go 100% higher, and that is a lot because you do not just get 4%, you get 100% increase of that 4 as well.

So for a year if you had 100 dollars, and got 4 bucks in return, that 4 bucks becomes 8 dollars as well. So, you get free money that goes up!

[bitcampaign]

Good afternoon, I was once a big active user of freebitcoin but I stopped playing and wanted to go back, but I try to recover my account and I can't, I didn't receive any email, the last time I received an email from free was in 2018 I know the login and my email and I have several emails received.

as far as I know there is no frozen account even I haven't accessed and used it for several years but I can still access it, try again to enter your account, did you also activate 2fa on your account

[babygun]

Good afternoon, I was once a big active user of freebitcoin but I stopped playing and wanted to go back, but I try to recover my account and I can't, I didn't receive any email, the last time I received an email from free was in 2018 I know the login and my email and I have several emails received.

as far as I know there is no frozen account even I haven't accessed and used it for several years but I can still access it, try again to enter your account, did you also activate 2fa on your account

Yep, freebitco.in is one of the sites that does delete/free for long periofs of activity. If you still have access to your email that you used to register, than you should be fine. But as bitcampaign already mentioned, if you activated 2FA it is a different story and than they will not be able to help you.

[mindrust]

I just won another 5000rp from my wheel of fortune spins which I bought with my reward points  
[]https://i.imgur.com/iVDNArA.png[/img]
At this point I feel like I am robbing the casino because these spins are literally +EV. Even the lottery tickets have value even though the chances to win the lottery is pretty slim but it is still there... You'll never know which is going to be your lucky week.
Also got a few 5000 lottery tickets and 5000 satoshi rewards before. I am simply making more than what I spent with these spins.

https://s3.amazonaws.com/roll-verifier/verify.html?server_seed=ce8b2cdf4cc61092f274e7f58e0a56aa427d30f12c033e6d7dcbd9d43979a023&client_seed=LawtYMtWzk3ORTCk&server_seed_hash=336da909a5214a487315147617ea4eeaf1e874c640329a38d9cad764b3e775e0&nonce=2630
[]https://i.imgur.com/lgsvxOK.png[/img]
Another big win today from wof spins. My luck continues.   I still don't understand how is freebitco.in making money from this. It is obviously working against their interests because they are giving so much for free.
If you check the seed the roll is 9994 which a rare as fuck roll.

MEGA WIN today. This is the first time I won a Golden Ticket from a WOF spin.


verify

I just checked its worth and I see that one GT is worth 25k sats wohooo. Even though chances of winning a lambo is pretty slim with only 1 ticket, in theory it is still there 

Another interesting thing is, my roll was only 6672.

[uneng]

I have a question:

SEC just fined Kraken for $30 Million for offering "staking" services to users. And since exchange staking isn't really staking but just technically paying interest;
Do you think this will affect on services like freebitco.in that's also offering to pay interest for users holding their bitcoins in there? Or how would this be any different?

I don't think so. Freebitco.in has clearly mentioned that they are going to pay interest on their deposits.
I think Kraken was fined because they used the term staking and would not have indulged in the consensus mechanism of staking.
But bitcoin doesn't have any staking system. So it's simple that the sites is paying its users just to hold funds on their site.
So I don't think there is any reason why SEC would fine freebitco.in

As I get it it's just for US citizens, others can continue with their staking without any worries. The US is tough when it comes to laws and regulations, and people from there are restricted from many things... I can't even count how many times I saw "not for US citizens" in some casinos, ICOs, or any other service. The FBI has long arms... I guess we all know that.

Well, I wouldn't compare Kraken and Freebitcoin in the first place. And I don't think we need to worry about staking in general, especially if you are not a US citizen.

You took those thoughts right out of my mind, it's a mistake to compare kraken to freebitco, they are no match in anyway, and like you rightly said, kraken must have been fined because they offered staking and internet to citizens of USA, which like we all know, is one of the toughest countries when it comes to laws and regulations.
And like I'm assuming as well, kraken is also operating in under US jurisdiction and is licensed by US authorities just as coinbase is, freebitco is now way related to this at all, so I think the US authorities have no legal rights to impose such a fine on freebitco ever.

And is freebitco.in based anywhere in the world? I believe the site is totally unregulated, isn't it? Even though, it's still more reliable than any regulated companies offering the same investment features, lol!

MEGA WIN today. This is the first time I won a Golden Ticket from a WOF spin.


verify

I just checked its worth and I see that one GT is worth 25k sats wohooo. Even though chances of winning a lambo is pretty slim with only 1 ticket, in theory it is still there 

Another interesting thing is, my roll was only 6672.

Very nice! Congratulations!

I just rolled 90 spins today and best prize was 500 satoshis once.

[Emitdama]

I have a question:

SEC just fined Kraken for $30 Million for offering "staking" services to users. And since exchange staking isn't really staking but just technically paying interest;
Do you think this will affect on services like freebitco.in that's also offering to pay interest for users holding their bitcoins in there? Or how would this be any different?

Technically speaking, FreeBitco.in is not a US based company and operates outside the jurisdiction of the US Securities and Exchange Commission (SEC). This means that the SEC doesn't have regulatory authority over the platform.

And besides, there is no staking word that has been used by freebitco. The service that they are offering is only savings and then the users can gain interest depending on the amount of fun tokens that they put on their accounts. I think if kraken just clarify that what they are offering isn't staking and then they use the correct term for it, maybe they won't get fined by the SEC, but this was still bad a bad news for the crypto community if ever the all the staking platforms or services will be fined and then closed.

This may not have a direct effect on freebitco but this will have a bad impact in the overall crypto which can then affect them because their users might consider saving their Bitcoins for a while than spending/betting it because its value is still dumping.

[decodx]

And besides, there is no staking word that has been used by freebitco. The service that they are offering is only savings and then the users can gain interest depending on the amount of fun tokens that they put on their accounts. I think if kraken just clarify that what they are offering isn't staking and then they use the correct term for it, maybe they won't get fined by the SEC, but this was still bad a bad news for the crypto community if ever the all the staking platforms or services will be fined and then closed.

This may not have a direct effect on freebitco but this will have a bad impact in the overall crypto which can then affect them because their users might consider saving their Bitcoins for a while than spending/betting it because its value is still dumping.

In a press release from the SEC, Chair Gary Gensler stated, "Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investors’ tokens, need to provide the proper disclosures and safeguards required by our securities laws. Today’s action should make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection."
https://www.sec.gov/news/press-release/2023-25

So, the focus is not solely on staking, but encompasses all comparable services that provide investment contracts in return for investors' tokens. Sure, I get what you're saying. The SEC's move could definitely hurt the crypto market as a whole, causing a dip in demand and, potentially, a drop in value. But, on the bright side, regulations can also help make the market more stable and trustworthy, which could be beneficial in the long run.

[Juggy777]

And besides, there is no staking word that has been used by freebitco. The service that they are offering is only savings and then the users can gain interest depending on the amount of fun tokens that they put on their accounts. I think if kraken just clarify that what they are offering isn't staking and then they use the correct term for it, maybe they won't get fined by the SEC, but this was still bad a bad news for the crypto community if ever the all the staking platforms or services will be fined and then closed.

This may not have a direct effect on freebitco but this will have a bad impact in the overall crypto which can then affect them because their users might consider saving their Bitcoins for a while than spending/betting it because its value is still dumping.

In a press release from the SEC, Chair Gary Gensler stated, "Whether it’s through staking-as-a-service, lending, or other means, crypto intermediaries, when offering investment contracts in exchange for investors’ tokens, need to provide the proper disclosures and safeguards required by our securities laws. Today’s action should make clear to the marketplace that staking-as-a-service providers must register and provide full, fair, and truthful disclosure and investor protection."
https://www.sec.gov/news/press-release/2023-25

So, the focus is not solely on staking, but encompasses all comparable services that provide investment contracts in return for investors' tokens. Sure, I get what you're saying. The SEC's move could definitely hurt the crypto market as a whole, causing a dip in demand and, potentially, a drop in value. But, on the bright side, regulations can also help make the market more stable and trustworthy, which could be beneficial in the long run.

@decodx I believe that Freebitco won’t be effected much, because they have always been transparent and if they need to comply then I’m sure that they’ll comply and pass all the requirements set by Sec. Furthermore all the members of Freebitco should not fret just yet, because as and when they’ll need to comply I’m sure that they’ll disclose what it’s implications will be for their members hence let’s wait to hear from them and let’s stop assuming the worst for now.

[Warkop]

Good afternoon, I was once a big active user of freebitcoin but I stopped playing and wanted to go back, but I try to recover my account and I can't, I didn't receive any email, the last time I received an email from free was in 2018 I know the login and my email and I have several emails received.

Everything looks fine, I also experienced the same thing initially, to log in to a freebitco account some time ago, and it worked, there were no problems changing my password, and I even received the email, you must provide your User ID and  submit it to the team, so that the freebitco team opens your account again and it doesn't take long..