KYC and the $5 hammer

[XCANA]

A theme  topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

Agree with this, because some people use crypto to gamble is to make sure they still anonym, if ask people to do some KYC in crypto gambling site, it will not different with gambling site that use fiat.

That's correct because using cryptocurrency gambling platform's and still ask the gamblers to complete KYC makes me to think that such platform should have been a fiat gambling platform's and not cryptocurrency gambling platform's. Personally I will not comply to any gambling platform's that will request me for KYC or otherwise.

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[jrrsparkles]

A theme  topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

If you don't want to give the details then simply change the site you are playing and I think not all the gambling sites were asking for KYC to complete because all they are doing is paying the rewards even in crypto so they might save them from legal actions with the same anonimity you are talking about.

[logicgate]

A theme  topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

If you don't want to give the details then simply change the site you are playing and I think not all the gambling sites were asking for KYC to complete because all they are doing is paying the rewards even in crypto so they might save them from legal actions with the same anonimity you are talking about.

  This is very easy to understand if you should go for KYC. If you do not worry about your identity and want to avail those few dollars, you should not stop and enjoy and go easy with KYC. However, if you do not have another option and you do not want to share your details, just leave the site and look for another with not restriction about the KYC. Simple is that.

[Best Dreams]

A theme  topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

Agree with this, because some people use crypto to gamble is to make sure they still anonym, if ask people to do some KYC in crypto gambling site, it will not different with gambling site that use fiat.

Crypto is anonymous  it is the reason why people are not agree to share KYC if they will share it could consider to be dangerous for the investors and their investment. In fiat people use to share their KYC as they feel safe about it but I think if they will share KYC in crypto even then it is not issue as why would the casino share someone else's identity.

[joniboini]

Crypto is anonymous  it is the reason why people are not agree to share KYC if they will share it could consider to be dangerous for the investors and their investment.

Pseudonymous is probably better to describe crypto. There is always a part of something that could be used to identify 'who' own the coins, like address and something like that (except for a few). But that's still better than KYC where you need to give your 'full identity' to some entity which could disappear sooner than you thought.

[Thanasis]

Do you have any particular site you found asking for this? I'd understand this is required for exchanges but I think it's too much for a betting site.

I'm under the impression that these sites are less supervised than exchanges so there's a higher odd of your info getting out which, like you stated can result in a wrench attack.

Most gambling sites only works online so they register from the country where crypto and gambling is completely allowed that is why they are not asking for personal details but exchanges were regulated by the governments that is why they are asking for KYC.

[Vaculin]

Do you have any particular site you found asking for this? I'd understand this is required for exchanges but I think it's too much for a betting site.

I'm under the impression that these sites are less supervised than exchanges so there's a higher odd of your info getting out which, like you stated can result in a wrench attack.

Most gambling sites only works online so they register from the country where crypto and gambling is completely allowed that is why they are not asking for personal details but exchanges were regulated by the governments that is why they are asking for KYC.

That's how easy the journey of the gambling operators here in crypto compared to exchanges, but I'm not expecting they will forever enjoy this ease, the government will target them soon, it's just that the government are working based on priority.

[Thanasis]

Do you have any particular site you found asking for this? I'd understand this is required for exchanges but I think it's too much for a betting site.

I'm under the impression that these sites are less supervised than exchanges so there's a higher odd of your info getting out which, like you stated can result in a wrench attack.

Most gambling sites only works online so they register from the country where crypto and gambling is completely allowed that is why they are not asking for personal details but exchanges were regulated by the governments that is why they are asking for KYC.

That's how easy the journey of the gambling operators here in crypto compared to exchanges, but I'm not expecting they will forever enjoy this ease, the government will target them soon, it's just that the government are working based on priority.

Probably there will be a time comes when gambling sites also get regulated but gambling sites can easily move them to most gambling supported place like malta then there can enjoy this treatment forever.

[ethereumhunter]

A theme  topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

If you don't want to give the details then simply change the site you are playing and I think not all the gambling sites were asking for KYC to complete because all they are doing is paying the rewards even in crypto so they might save them from legal actions with the same anonimity you are talking about.

You are right, and we can change the site so we can select the site which doesn't use KYC and I am sure he can find recommended gambling site on here. I am sure many gamblers will feel comfortable with those sites who don't apply KYC because we want to protect our identity. People who know cryptocurrency for a long time will always protect their identity, and they will be not easy to give their identity to another party.

[leea-1334]

I do not think KYC is done to comply with any government policies. Most sites uses kyc to discourage people from making multiple accounts on the site. It they were no kyc, you can have make many accounts with different names and email addresses.  It is difficult to do such things when kyc system is in place.

Of course not. Name me one pure crypto casino that is really done to comply with a policy from a government that actually cares. Costa Rica and Curacao do not count for sure,,, those policies are never going to chase the casino if it exit scams. KYC is as you say, just for multi account protection.

[audaciousbeing]

A theme  topic, whatever often talked about on this forum, is the $5 hammer attack.
Many people suggest to keep your bitcoin holdings secret, thus preserving the anonymity of bitcoin to a certain degree.
But then you get sportsbooks asking for photos and passports, and god only knows what else.
If a sportsbook wants all this, I respectly suggest they change to fiat.

I think I understand the reason for your outburst but really the only concern should be what they are doing with the information they are collecting. If its a legit site that complies with Privacy rule then they would have. The crypto world is fast changing and at the same time facing series of opposition because of the anonymity that alot of people have hidden under to perpetuate some unholy activities that continues to soil the names of everyone who is operating in the market. So what the gambling sites especially the big ones are doing is to try as much as possible to change the narrative in their own little way which is implementing a KYC system.