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Author Topic: Wow! Exchanges track how you spend btc!  (Read 581 times)
kingplaya4
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April 21, 2019, 08:14:16 PM
Merited by malevolent (1)
 #1

Apparently this guy sent it to multiple different wallets before gambling with it, but coinmama found out and has banned him

https://www.reddit.com/r/Bitcoin/comments/bdr9nw/coinmama_is_a_nosey_bitch_tracking_your_coin/

Makes me wonder if Monero or some other privacy coin is the future. I realize he can go to an atm, buy from local bitcoin etc, but a lot of people don't have access to ATMs or don't feel comfortable with P2P. Anyway, what do you think about this? Privacy coins are the way to go, or are their privacy features just waiting to be unravelled?
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April 21, 2019, 08:20:04 PM
 #2

1. I am almost sure that this guy didn't do the job as good as a mixer could do.
2. A better level of privacy would be nice. But as you said, there's Monero (and others). He could have done a way better job with Monero.

But I don't blame Coinmama, if this is in the ToS...

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April 21, 2019, 08:26:21 PM
Last edit: April 21, 2019, 08:50:38 PM by rosezionjohn
 #3

As the email says, it is part of the terms and services which the user agreed upon (probably without reading) when he signed up with Coinmama. It's a good practice on the part of the exchange to make sure ToS are being followed. It's the users fault.

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April 21, 2019, 08:32:41 PM
 #4

Interesting story... And yes - Privacy coins are the way to go, you took the words out of my mouth.

Since we all know Bitcoin isn't really an ideal coin for anonymity anymore, this is why XMR has a promising future along with many of the privacy coin contenders
And since we are on the topic of privacy coins, My sig. - Veil is a great new coin just for this exact thing: Anonymity and privacy.



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kingplaya4
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April 21, 2019, 08:34:59 PM
 #5

Most people don't read the TOS, although I will from now on even it takes 2 hours. Not a user of coinmama so it doesn't affect me personally, but was very surprised about this. Seems a violation of what crypto is all about.
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April 21, 2019, 09:28:07 PM
Merited by malevolent (1)
 #6

That guy did a botched job of covering his tracks most likely or he didn't ever bother doing anything in the first place. But yeah some exchanges frown upon transactions coming from gambling sites so unless using a mixer better not risk getting your account closed.
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April 21, 2019, 10:57:46 PM
 #7

That guy did a botched job of covering his tracks most likely or he didn't ever bother doing anything in the first place. But yeah some exchanges frown upon transactions coming from gambling sites so unless using a mixer better not risk getting your account closed.

Well, it's actually his fault for not reading the terms and conditions of services. Even our local wallet prohibits sending and receiving funds from gambling or casino sites. As a user, you we probably read thru the TOS to avoid our account from being frozen or locked.

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April 21, 2019, 11:16:41 PM
 #8

Not only privacy coins but one can also anonymize transactions using
- Mixer services
- Better Atomic swap platforms that don't require login such as coinswitch
- Traditional DEXs

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April 21, 2019, 11:24:47 PM
 #9

I'm surprised to see an exchange use time to track where their sold coins end and then starting to ban their customers for gambling, but with so many exchanges to trade on, the only thing to do now, is just to move on to another exchange.
Reading the terms and conditions of services takes so much time that only the fewest people read them when I send money to an exchange I just want to know if I can withdraw my crypto from the exchange.
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April 21, 2019, 11:28:47 PM
 #10

1. I am almost sure that this guy didn't do the job as good as a mixer could do.
2. A better level of privacy would be nice. But as you said, there's Monero (and others). He could have done a way better job with Monero.

But I don't blame Coinmama, if this is in the ToS...

Yes, Coinmama or any third party service provider can be put their users with limited access to their services. Not only coinmama but many other, offering wallet and exchange services to users acquiring little charge.

But in my own perspective, these all altcoin or blockchain based wallet and transaction services are decentralized, and these are known and introduced with that particular specification, in such case, if these third-party services keep watch and track on transaction done by users can lead towards monopoly. This can harmful for both users as well as an exchanger.

If things are still taking under one roof called centralization, then its quite impossible for Bitcoin in the current phase.

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April 21, 2019, 11:40:39 PM
 #11

Coinbase does this exact thing if I'm not mistaken.  Crypto gambling is illegal in the states to the best of my knowledge, and if they see you depositing bitcoin from a casino or withdrawing it to one, Coinbase will delete your account.  That was true as of a couple of years ago when I heard it was happening but I don't know if that's still their policy.

It should not come as a surprise to anyone that exchanges do this.  Just like with kyc policies they have to protect themselves and comply with gov't regulations.  They don't advertise the fact that they track you, of course, but most of the big exchanges are probably doing it.
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April 22, 2019, 01:39:59 AM
 #12

This post have a two faces,a possitive sude and it's negative side. I can say that the possitive side of this issue is our bitcoin will becone more secure because there is an monitoring but I am afraid on the negative side that it can abuse about our privacy because they can view and see our every transaction I think our freedom as a bitcoin owner will violate.

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April 22, 2019, 02:42:20 AM
 #13

This post have a two faces,a possitive sude and it's negative side. I can say that the possitive side of this issue is our bitcoin will becone more secure because there is an monitoring but I am afraid on the negative side that it can abuse about our privacy because they can view and see our every transaction I think our freedom as a bitcoin owner will violate.

How can it be more secure when essentially this is just a basic feature if you have a blockchain? What those exchanges did are pretty much looking/seeing where did their users spent their money (withdraw) and then try to look whether those addresses are gambling or other sites that are violating their ToS. There's no increase of security here, just basic blockchain explorer thing.

Exchanges who do this must comply with regulations on their respective country, so if there's a positive side to this, is that they can close/delete any account that's somehow related to any banned services on that country.

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April 22, 2019, 02:43:46 AM
 #14

Exchanges are required by law to know their customers also known as kyc they have to know your ID and name and address technically from a legal standpoint in order to operate legally, but there are still some exchanges which do not require this for some reason.
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April 22, 2019, 03:12:15 AM
 #15

Apparently this guy sent it to multiple different wallets before gambling with it, but coinmama found out and has banned him

his comment doesn't even make sense. he is saying he "Made multiple transactions with multiple companies" what the hell is "companies"! it seems like he may not even know what he was doing, and i wouldn't be surprised if he actually used the same address he received coins from Coinmama to gamble with. otherwise if he simply used one intermediary address there was no way that Coinmama could prove that that third address belonged to him and he could have denied everything.

there is another possibility that he might have been doing it many times. like buying bitcoin 20 times, send to 2 addresses then use them to gamble! that is obvious.

in the end, that is what you get by not reading the ToS and using centralized services instead of using bitcoin.

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April 22, 2019, 03:35:57 AM
 #16

I don't think services like Coinmama banning users for gambling is anything new, really. Also, I don't think sending bitcoin from address to address isn't going to help that much. He pretty much just made tracking his funds more tedious to track, when done manually by a person(which I don't think is the case).

If you want to be harder to track, mixers and or Wasabi wallet[1] is the way to go.


[1] https://wasabiwallet.io/

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April 22, 2019, 03:38:31 AM
 #17

Ahh, Coinmama is a old exchange in crypto ecosphere, it is a shame that they are doing this for their users. I will prefer the coins that is sent from exchange to be tumbled in a mixer and then arrive to my personal address.
Other than that, i would prefer Monero as it is almost untraceable.

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April 22, 2019, 04:24:49 AM
 #18

I wonder why didn't he use a bitcoin mixer. It could leave you anonymous by mixing your bitcoin with others.

Here are some of those mixers:
-Chipmixer
-Bestmixer
-Bitcoincloak Bitcoin Mixer
-Bitblender

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April 22, 2019, 04:50:59 AM
 #19

yes it is good if we have many  exchanges and we allow them to track our transaction so they can do it because we do transaction from their exchange. And it is now automatic that when you make bitcoin transaction you can send or receive through these exchanges so they can know where you want to send.

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April 22, 2019, 05:47:06 AM
 #20

Apparently this guy sent it to multiple different wallets before gambling with it, but coinmama found out and has banned him

https://www.reddit.com/r/Bitcoin/comments/bdr9nw/coinmama_is_a_nosey_bitch_tracking_your_coin/

Makes me wonder if Monero or some other privacy coin is the future. I realize he can go to an atm, buy from local bitcoin etc, but a lot of people don't have access to ATMs or don't feel comfortable with P2P. Anyway, what do you think about this? Privacy coins are the way to go, or are their privacy features just waiting to be unravelled?

It's weird that exchanges are held responsible for what users do with their funds. This is akin to ATM machines and banks being held responsible for drug transactions. At least with cryptocurrencies people can be monitored more easily.

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