An interesting thought about spending signature campaign payouts

[DaveF]

So I was thinking about what people do with the BTC that they get from signature campaigns and converting it to fiat.
There are a few places (Coinbase comes to mind) that do not like BTC that comes from online gambling and will close your account because of it.
There are others that may or may not keep some track of what they think are "tainted" (I hate the expression) coins.

So, if you are in a campaign for a casino or if you are one of the ChipMixer people, do you keep your payouts sequestered a bit from coins you may want to convert to fiat one day?

Just bouncing this around in my head, no idea if anyone else thought about it.

-Dave

[Insanerman]

So, if you are in a campaign for a casino or if you are one of the ChipMixer people, do you keep your payouts sequestered a bit from coins you may want to convert to fiat one day?

I don't know if this fits on this Services board. But it is somehow better be moved on Services Discussion.


With regards to what you are pertaining, I myself is working for Futuur, a prediction-like casino which pays in BTC from USD price that we received on the day they pay. And one thing I am fond of is saving it. I'm not a total day-trader, yet I value the essence of holding a small amount of btc per week would make me thousands in the future -- an investor to be exact. Some people in here, especially those in Chipmixer for a long time, seemed to established many things in their life and I assume that most of them do also save huge amount of their income.

There's really just three things you can do. Save it, spend it, or trade it. Either way, it always depends on your position, your necessity, and your reason why you are joining a campaign. I hope I sum it all up.

[carlfebz2]

When you do earn signature campaign earnings came from a mixer or a gambling site which most platforms similar to Coinbase that do really prohibits out specially gambling
activity or in correlation or connection to that then you would really be definitely be facing up some problem once you get caught or they do able to find out.

In my case, i have joined back in the past on some gambling based signature campaign where i do pass it out first on my electrum wallet before it would be passed
to my local exchange wallet.So far i didnt experience any lock ups, its traceable but it seems they dont really dig in too much on where those
coins originated from.

[romero121]

The mind always wavers to keep the earnings in a secure wallet and cash it out when the market reaches the peak. In between the mind changes, and most of the time my savings gets lost on gambling.

In recent days I was part of a campaign run by Yahoo. The payment will be sent directly to the gambling site wallet. The campaign ran for few weeks and got stopped unexpected. The entire campaign savings were kept safe. The total amount seems to be above 0.03 btc. One day I started to gamble and lost everything, majority of the campaign payments go this way.

[suchmoon]

So, if you are in a campaign for a casino or if you are one of the ChipMixer people, do you keep your payouts sequestered a bit from coins you may want to convert to fiat one day?

You can mix them via ChipMixer

I'm a life-long (forum / bitcoin involvement "life" that is) Coinbase user - registered on the site back when there weren't many options and yes, they snitch on me to the IRS but I've been doing all my fiat-to-BTC stuff in Coinbase and reporting everything on my tax returns so whatever. I doubt any other fiat exchange for US customers would be much better and I certainly don't want to KYC anywhere again.

Anyway, I've sent all sorts of shit to Coinbase over the years and they never said anything to me. Mostly it was mined coins though, clean as a whistle. But since about 2-3 years ago everything that was not mined I started putting through JoinMarket just in case. Not sure if that helps or makes me look even more suspicious.

[The Cryptovator]

Honestly, I have been using coinbase to receiving my signature campaign payments. The reason for using it for payout is an easy sell in my local markets. Coinbase doesn't require fees for the internal transaction. Also, buyer and seller would avoid volatility since its instant off-chain transaction.  I have been receiving payments from gambling and mixer as well. Although I hadn't mix those rewards from the mixer, coinbase doesn't ask me anything till now. On the other hand, I do not hold on to coinbase my rewards. I just sell my bitcoin rewards when it's being quite pump. If in case I intend to hold, then simply I move on my Electrum or Ledger wallet.

[Darker45]

I used to promote several casinos in the past. My Bitcoin payments at that time would not be sent directly to my local wallet for fiat conversion. It would have to be sent to another wallet first before withdrawing to my local wallet. I don't mind the fees; I just wanted to be sure that my local wallet won't be locked out.

Unlike Bitcoin coming from other sources, I would usually sent them directly to my local wallet for fiat conversion should the need arise. The reason I cannot do the same with my Bitcoin payments from casinos as well as gambling profit is that my local wallet also prohibits funds coming from such sites.

However, personally, I don't label Bitcoin funds. They're all the same whether they're coming from gambling, business, salary, and so on. As a matter of fact, I don't share the idea that there is such a thing as a tainted Bitcoin. They're all the same.

[PrimeNumber7]

There are a few places (Coinbase comes to mind) that do not like BTC that comes from online gambling and will close your account because of it.
There are others that may or may not keep some track of what they think are "tainted" (I hate the expression) coins.

If you receive payment from a signature campaign manager, most exchanges should be able to conclude that you are merely advertising for the business, and not withdrawing proceeds from gambling wagers (if you were advertising for a casino). I would not especially worry about your exchange account getting shut down if this applies to you.

On the other hand, if you are receiving payment to your account at the business you are advertising for, it will be less clear to anyone looking that you are spending advertising earnings, and not spending proceeds from gambling wagers.

In recent days I was part of a campaign run by Yahoo. The payment will be sent directly to the gambling site wallet. The campaign ran for few weeks and got stopped unexpected. The entire campaign savings were kept safe. The total amount seems to be above 0.03 btc. One day I started to gamble and lost everything, majority of the campaign payments go this way.

I suspect this plays a major factor in deciding to pay directly to advertiser's casino accounts.

[crwth]

Ever since the new year, I said to myself that I would try not to touch it anymore depending on the current situation of the market. With the continuous rise of cryptocurrency prices right now, I think it's wise to wait for a few months to see how the price will go and if I feel that the bears are going to dominate anytime soon, I would convert it right away. It's nice to have BTC as long as it's continuously rising but if worse comes to worst, and then I would just accumulate more.

[dkbit98]

You can have separate addresses with tags for keeping the records and you don't have to mix them together, but I don't think there is any issue if Bitcoin came from Chipmixer, from some casinos, as payment for some service you offer or as a birthday gift from your granny.
You can always use some decentralized exchange like Bisq or p2p trading to sell Bitcoin or buy something with it if you want and nobody will be able to stop you.

[hugeblack]

AFAIK, The currencies you obtain from the mixing services are not subject to any restrictions.
Therefore, the majority convert these currencies to any mixing services and then convert them into fiat.
Most sites that strict can be easily scammed by sending money to several addresses and then sending it to that site.

In general, why spending that money? Personally, I have not spent 80% of the money that I got from signature campaigns.

[dothebeats]

Well I talk from experience, and boy oh boy exchanges do not like funds coming in from gambling platforms that's for sure. My long-standing account in a local exchange has been banned since 2018, on the grounds that they do not disclose even after I got into their headquarters. That account still has $200 or so, and they don't even let me get it, and asked that if I want to get the balance on my account I should get my lawyer to patch things up. The lawyer fee wouldn't really be worth it considering that it eclipses the amount that I have on the said account. Anyways, on the recent years that I have been to gambling campaigns that pay off directly from the platform, I just send it to Bittrex and convert to XRP, then transfer to the local exchange of my choosing to cash out. I don't know if Bittrex has tightened their ruling regarding funds coming from gambling platforms recently but that's a workaround that I used for about a year or so.

So, if you are in a campaign for a casino or if you are one of the ChipMixer people, do you keep your payouts sequestered a bit from coins you may want to convert to fiat one day?

You can mix them via ChipMixer

Truly the easiest path

[mersal]

So I was thinking about what people do with the BTC that they get from signature campaigns and converting it to fiat.
There are a few places (Coinbase comes to mind) that do not like BTC that comes from online gambling and will close your account because of it.
There are others that may or may not keep some track of what they think are "tainted" (I hate the expression) coins.

So, if you are in a campaign for a casino or if you are one of the ChipMixer people, do you keep your payouts sequestered a bit from coins you may want to convert to fiat one day?

Just bouncing this around in my head, no idea if anyone else thought about it.

-Dave

Not many of local exchanges and p2p platforms like LBC doesn't have any restrictions to deposit BTC from any casinos so there is no worries but better keep those funds in Electrum before sending them to any exchange is recommended because if you are facing any issues on receiving the coin then you will be in trouble if both ends are not in the control of yours.

[logfiles]

My payouts go through a bit of a journey.
Most of the time I send earnings to bybit for trade (at first It was Bitmex until they brought in KYC). After making some profits in there. If I want to cash out, I usually withdraw them to my favorite which is localcryptos, other times I send the profits to Binance and use the p2p marketplace.

but better keep those funds in Electrum before sending them to any exchange is recommended because if you are facing any issues on receiving the coin then you will be in trouble if both ends are not in the control of yours.

Keeping them in an address in electrum doesn't obfuscate where the money comes from. If they are strict, they will still ask you or find out where the money came from before getting deposited into the address.

[mersal]

but better keep those funds in Electrum before sending them to any exchange is recommended because if you are facing any issues on receiving the coin then you will be in trouble if both ends are not in the control of yours.

Keeping them in an address in electrum doesn't obfuscate where the money comes from. If they are strict, they will still ask you or find out where the money came from before getting deposited into the address.

Just saying that we need to take control of our funds first not to erase the trace of the transaction or anything related to it. Because if we send funds from casinos to exchanges directly it may take too long to get credited since most casinos do batch withdrawals and also some casinos don't provide the txID until it confirmed so we also can't able to find the fee details or anything about the transaction until it confirms.

[Wingsbtc]

You have no choice but to use mixer if coinbase is the only way to turn your crypto into Fiat, binance exchange is another place to look into, they support many countries I believe, you can also buy privacy coins using decentralized exchanges and buy bitcoin again from binance and move to coinbase

[Phoenix_PROG]

Isn't this kind of issues is why we have decentralized exchanges? What are you waiting for? You don't have to use centralized exchanges for anything, they are the ones trying to do findings about where a transaction is coming from, you can also use p2p platforms like paxful

[shield132]

So, if you are in a campaign for a casino or if you are one of the ChipMixer people, do you keep your payouts sequestered a bit from coins you may want to convert to fiat one day?

You can mix them via ChipMixer

I'm a life-long (forum / bitcoin involvement "life" that is) Coinbase user - registered on the site back when there weren't many options and yes, they snitch on me to the IRS but I've been doing all my fiat-to-BTC stuff in Coinbase and reporting everything on my tax returns so whatever. I doubt any other fiat exchange for US customers would be much better and I certainly don't want to KYC anywhere again.

Anyway, I've sent all sorts of shit to Coinbase over the years and they never said anything to me. Mostly it was mined coins though, clean as a whistle. But since about 2-3 years ago everything that was not mined I started putting through JoinMarket just in case. Not sure if that helps or makes me look even more suspicious.

A little bit off-topic but do you really pay taxes when you receive bitcoins (equivalent in dollars) or when you trade? What if you don't, do they really track it? I ask this because I know some people who live in USA and don't pay taxes in such cases, never had a problems.
Btw it's very unfair that you have to pay taxes on almost everything in the USA. You received money - it's taxed. You exchanged money - you pay fees. You bought something at the suparmarket - it's taxed. In reality, highest percentage of our salary is taxed, more than what we use.

Btw it's good if you hadn't a problem with coinbase. I don't really understand why they don't like money from gambling or etc. What if someone has to send me some money and that person sends funds from gambling sources without warning me?

[pugman]

So I was thinking about what people do with the BTC that they get from signature campaigns and converting it to fiat.
There are a few places (Coinbase comes to mind) that do not like BTC that comes from online gambling and will close your account because of it.
There are others that may or may not keep some track of what they think are "tainted" (I hate the expression) coins.

So, if you are in a campaign for a casino or if you are one of the ChipMixer people, do you keep your payouts sequestered a bit from coins you may want to convert to fiat one day?

Just bouncing this around in my head, no idea if anyone else thought about it.

-Dave

Well essentially the idea is to separate campaign payments/casino money from the rest, and if there come a scenario to withdraw said money to fiat, I'd probably just mix the coins through chipmixer and then withdraw from a P2P site like localtbitcoins/localcryptos/bisq.

Interestingly enough, I used coinbase before, and I received a warning i think(?) that I had received funds from a gambling site, so I withdrew everything immediately and never used coinbase again IIRC, I am not sure. I am getting old my brain is NOT remembering things anymore :/ 

Also stopped using centralized KYC sucking exchanges like coinbase/bittrex/poloniex/hitBTC since a long time. Thanks to o_e_l_e_o I now know how decentralized shit works.........to an extent.

[buwaytress]

I'll just say this: any time you want to transfer funds to an exchange, especially a regulated one, just make sure it comes from a wallet only you control (that is to say, you should be able to sign to prove ownership).

As far as I've experienced, and as far as AML laws (outside of US) dictate, the exchange requires nowadays you to be able to pass Proof of Funds. And this only means as far as proving you own the funds. Signing from a wallet used to transact (deposit) to the exchange is more than enough.