KYC and the $5 hammer

[custard_pudding]

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.

[adaseb]

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.

Which site are you referring to?

Most crypto gambling sites at the moment don't KYC.

The only time when a site might KYC is usually when there is a questionable source of the depossited Bitcoin. Basically it might of been tainted Bitcoins from some bitcoin hack and due to liability reasons the site might as for KYC for liability issues in case there is some investigation going on with those tainted BTCs. However this is extremely rare.

Only sites that do KYC, is usually the scam sites which do it because its in the terms and they don't want to make the withdraw when a player has won big. Since they know that many people due to privacy reasons don't want to KYC.

So if you provide more info about the site that asks for KYC we might be able to provide more info.

[ralle14]

Bitcoin sportsbook that don't have KYC at the start then later asks, only happens to a number of users usually it something has to do with the terms and conditions of the sportsbook like withdrawals exceeding a specific amount, IPs from blocked countries  and more.

The difference between KYC and the wrench attack is that with KYC you could still get your money back or they could take it all away if you withdrawn more than your deposit amount.

[Haunebu]

KYC is a serious issue when it comes to bounty campaigns usually on this forum, but it isn't such a big deal in the gambling world since majority of the popular sites that I know of don't ever ask for it.

FIAT sportsbooks like Bookmaker and Bodog also never ask for KYC and they accept BTC deposits and withdrawals which is why I don't understand why you are generalizing here op.

[avikz]

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.

Usually crypto gambling websites don't ask for KYC unless someone is trying to withdraw a huge amount of money! Now there are two types of crypto gambling websites, one is licensed and another is unlicensed with no origin of operations.

Unlicensed crypto casinos usually don't ask for KYC documents. But licensed crypto casinos may ask for KYC in case of a large amount of withdrawal because they also have to comply with the AML law of their country of origin. I don't see any particular risk here!

Are you mentioning any particular website here?

[DeathAngel]

I don’t think it’s a problem regarding sportsbooks. Let’s face it, most gamblers lose in the long run so there’s no need for any sportsbook to steal money or attempt the $5 wrench attack because punters give them their $ any way

[swogerino]

Most of the gambling sites that operates in crypto don't ask for KYC by default.There are certain rules that those crypto operating casinos put in place if a really big amount of money is won and you want to withdraw it directly at once.If you withdraw it like the maximum defined amount without KYC daily then you don't need to worry about it.

[XCANA]

The only way they could get such individuals to get hammer is when they ask about KYC after you have earned reasonably in their scam platform's, and for them to get your KYC for trade. I almost fell for that some few months ago and I had to caution my self to be wise and at the end search their feedbacks and discovered they are total scam. Ensure you check feedback before you gamble on any platform, either old or new.

[shoreno]

KYC is a serious issue when it comes to bounty campaigns usually on this forum, but it isn't such a big deal in the gambling world since majority of the popular sites that I know of don't ever ask for it.

not only on this forum but on the other forum and websites as well because ive see that they also ask for a kyc whether its on a bounty ico campaign or airdrops  . kyc is not a big deal on the gambling scene not because they arent asking but because they are dealing with money  while on bounty campaigns you are not investing a cash or crypto on it  so why will they ask a kyc ?

FIAT sportsbooks like Bookmaker and Bodog also never ask for KYC and they accept BTC deposits and withdrawals which is why I don't understand why you are generalizing here op.

are you sure about that ? they dont ask kyc if your only a small time user but if you are depositing and withrewing large funds  and if you want to upgrade your accounts limits , im sure that they will also ask for a kyc  .

[thin]

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.

Regulated sportbook has to obey law, and ask for identity docs. The method of payment is not that important, I guess single operator may accept fiat and crypto, on the same or different platforms. You can always find unregulated gambling site, which does not require KYC. That´s your choice.

[cryptoblazter]

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.

First I want to know what sports book you talking about. Almost majority of the community here in the forum knows that Kyc

is only applicable for centralized exchange, investors for every new project that will rise here and for bounty hunters also.

[Kasabus]

Most of the popular sportsbook in the crypto space does not require you to submit a document for KYC, I don't know if there is a certain requirement for every country but based on my experience, I can play in different sportsbook without using my real name, and I can say I can enjoy being anonymous.

I'm gambling around at least $1,000 usd per month, and I don't feel the risk in gambling anonymously and I'm comfortable with the crypto gambling norms.
If a site require you that, better look for other alternative, sure you can find a good one.

[robelneo]

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'm playing on three gambling sites and they are not asking for my passport or any relevant information about my identity, maybe because I haven't won a huge amount, but if you have a list of Gambling sites that asked for verification before you can play, then please share your list here.

[Indamuck]

Even if it isn't required at the start you should at least prepare that you may have to provide personal information in case there are red flags about the funds, so just be prepared for the possibility.  I try to avoid KYC but if it is a trusted business I don't mind giving out my information.

[Mahanton]

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.

Which sportsbook you are talking into?

As far as I experience,i haven't given or comply any KYC with current sportsbook that do accepts crypto.Unless if you are talking with
Fiat based bookies then KYC is a casual thing but in crypto-space they aren't being strictly enforced but anytime they would request if theres
something wrong with your activity.

[batang_bitcoin]

What's this sportsbook that you are pointing out? all of the points were correct that they won't ask for KYC if they don't suspect something with your account.
But if they does, then that's their option and before using you should the TOS so if ever they asked and it's not on their TOS, you can pin point it to them.

[el kaka22]

There are A LOT of places that ask for KYC, I don't understand how people are reacting like there is no KYC asking in crypto casino world when there is a ton of them. The only difference compared to exchanges is that crypto casinos ask it after you win money and not while you are registering which is a lot worse than what exchanges do.

When you are on an exchange and they ask for your KYC they just simply ask for it during registering and you know if they want it or not and how much you can withdraw without your KYC, however if you happen to just play on a crypto casino and win a big amount they tend to ask you for your KYC when you want to withdraw that big amount, they are literally letting you lose without KYC but when you win they ask for it, that is really horrible and unfortunately true.

[leowonderful]

When you are on an exchange and they ask for your KYC they just simply ask for it during registering and you know if they want it or not and how much you can withdraw without your KYC, however if you happen to just play on a crypto casino and win a big amount they tend to ask you for your KYC when you want to withdraw that big amount, they are literally letting you lose without KYC but when you win they ask for it, that is really horrible and unfortunately true.

Yep, this is the major problem I have with most crypto casinos and a big reason why I tend to read plenty of reviews before trying to gamble on a site I haven't used before. Sucks that some sites do this simply to prevent big winners from withdrawing because these sites know most people are either unable or unwilling to provide KYC to withdraw their funds (heck many people use crypto casinos to avoid KYC in the first place), and in some cases the casino just permanently locks your account without even asking for KYC.

Some of these sites do strive to comply with AMC/KYL and do this for the purpose of compliance, but this should be clarified BEFORE even depositing so people don't get their funds permanently stuck.

[monalia]

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.

Acceleration for the currency to stay anonymous and make the payment without any third medium payment system. in that case KYC verification has does not required for any blockchain based projects including in gambling field.

all the sports betting and other gambling projects should avoid KYC verification to play on their sites.

[Ryker1]

Well, I do not know which sportsbook betting site that OP referring for. Because as what they say above crypto sportsbook now did not implement any verification with regards with personal identity. Well, if there is for sure they don't have a player because that was most gamblers avoided undergoing a KYC verification. You can find another one that did not implement such rules and indeed, remember to always read the terms and condition to avoid a possible problem in the future.