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Thanks! Great info. I understand the wallets are anonymous but how does Coinbase know the receiving bitcoin address is a sportsbook? I understand they can correlate the time of the BC leaving your wallet and hitting the sportsbook, but how are they able to identify the receiving address as a sportsbook?Originally Posted by raiders72001
They are guessing. They are flagging wallets where there are a ton of transactions and volume. They assume these wallets are owned by a gambling site.
If you were to give me the bitcoin address of your wallet, I can see how much you have in that wallet, all the transactions made and the dollar amount.
Everyone knows most bitcoin transactions are for gambling. If you make it blatantly obvious, Coinbase has no choice.
Ok I figured that. Thanks again
How about substituting Bitstamp for Poloniex?
All exchanges should work.
Mixers will work http://bitmixer.io
How does it work?
All of this may seem super complicated, so let’s get down to the meat and bone of it. BitMixer has a huge reserve of Bitcoins already in its system. A user sends us their BTC and we cap it onto the end of our reserve chain. We then pay the amount of what was purchased from the beginning of our reserve.
Your coinsMixed coinsMixed coinsOur reserve
This method of mixing means that you do not have to wait for other customers – coins already mixed are instantly available.
Using bitmixer code
The problem with this is that the user’s coins may still be in our reserve. Meaning, on the second transaction, there could be a possibility of the user receiving the same BTC s/he had originally had. This is why we created a generator referred to as “bitcode.”
Your coinsMixed coinsMixed coinsYour previous coins
Using the BitMixer code means that a user’s previous coins will not be used in further mixing operations. Our problem is solved – every user continues to remain anonymous and private.
My point was Bitstamp is non-USA
That should be a good one for that reason. Plus it seems that a lot of sportsbooks are using Bitstamp.
I'm going to test drive all the exchanges to see what the trails look like.
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Time to go pro Raiders. So it's worth people sending you points for all the help you give around here.
So I reported my coinbase was suspended last week. I just logged on for the heck of it and was able to purchase $200. So I went ahead and transferred to blockchain. I'll let it sit until tomorrow and then I'll move to book. I have no idea how it was suspended and now it's ok to use again.
I've made over 17k worth of cashouts through coinbase directly from sportsbooks and havent received a single email. However I tried to instant sell the other day and they rejected it and they made me answer 2 questions which had choices I just needed to click: one was what was I using bitcoins for and other was my occupation (to the first I answered i wanted to diversify my investments and to the second I answered I was a student which is true). My best suggestion is if you are going to be dealing with BTC alot, make an account on localbitcoins and trade through there. Much simpler. BOL!
Be careful with Bitstamp if you are in the USA, I have read many accounts of peoples transactions being delayed for weeks.
Thanks Raiders! You The Man! I might have to start looking into that LocalBitcoins site (for trading).... the only thing I'm worried about.... paying "over value" on the current rate exchange. Also, not getting what you pay for. Guess I might have to start taking chances? I don't know?
Paying "over value" does suck but the "extra" that you are paying is for convenience and speed (when you buy the coins you have them instantly, unlike other traders where the transaction is delayed for a few days). If you are cashing out small amounts $600-$800 a week, I dont think you will have any problems with coinbase, however if you are cashing out over $2-5k, then I would look into localbitcoins. You will run into another problem when selling on localbitcoins as well. Usually people who are selling coins get 3-4% less than what the current rate is (or at least I do) if you want to turn them around quickly. Otherwise you can sell it at the current rate or even higher but buyers won't come around as often. All about market competition. Good luck!
So it's just as much on the gamblers as on the gambling site to make this work.
If 5dimes gives the same address to several BTC depositors, it will get flagged by Coinbase. Just like it will get flagged by that big money transfer company for accepting deposits via the same Maria Perez in San Jose, Costa Rica, more than just a couple of times.
Using a new address for each BTC deposit is simple, but does each and every sportsbook adhere to this practice? I think 5dimes does ... but would love more feedback by volume players/depositors.
I am strictly localbitcoins user. Like you said you pay a premium on buy and sell. If you are Canadian quadrigacx is a great option for selling, payouts in several hours
Doesn't the bitcoin address change for every transaction?
I was under the impression that all sportsbooks use a new address for each BTC deposit. Take Nitrogen for example. If they don't use a new address for each deposit then they're just asking for trouble.
So how is it possible to track anything if both books and depositors use a new BTC address for each and every transaction?
So how is it possible to track anything if both books and depositors use a new BTC address for each and every transaction?
That's what I'm wondering
The only way this isn't the case is if a sportsbook would use the same address for deposits. I doubt any book would be stupid enough to do this.
This is a newb question regarding bitcoin...
If you only have a blockchain wallet and a localbitcoin account...and you transfer from sportsbook to wallet then sell for cash on localbitcoin...
Is there any way to attach your name/identity to the bitcoins and the transaction?
So how is it possible to track anything if both books and depositors use a new BTC address for each and every transaction?
Here's some more food for thought. Everyone talks about quickly getting your BTC transaction from Coinbase... then sending to Blockchain... and then quickly sending to sportsbook. Then, because it's done so quickly.... Coinbase is looking for a trace... correct?
That's what I'm wondering
The only way this isn't the case is if a sportsbook would use the same address for deposits. I doubt any book would be stupid enough to do this.
But what if.... you had.... let's say $50.00 worth leftover sitting in your Blockchain.... and you only did a quick instant transfer at Coinbase for $200... and you sent a sportsbook around $250.00
How the heck would Coinbase know it's you? It would be the craziest assumption.
There must be another way around this.
Nitrogen has a lot of hot wallets used for payouts. Click new address for each deposit. You are safe at Nitrogen since they are aware of the Coinbase problem.
Withdrawing to Coinbase
There’s been a lot of talk this week about the concerns around withdrawing to Coinbase when you’re using your bitcoins to gamble. A few bettors have received emails like the following from Coinbase:
“Upon review of your Coinbase account, we have determined that we can no longer provide you access to Coinbase Services. Please understand that Coinbase is a regulated Money Service Business under the FinCEN division of the U.S. Treasury Department and as such, we are required to review accounts in order to ensure compliance with regulations.
Gambling is illegal under US law even if you live outside of the US we cannot provide services to your account for the purpose of any type of gambling activity.”
Anonymity and security are always at the top of our minds, so we’d like to take a moment to reassure you that we don’t use a single address to withdraw your bitcoins from Nitrogen Sports. Your deposit address can also be changed (up to 5 times a day) if you’d like to ensure that you’re getting a completely brand new deposit address every time.
If you have any concerns about the security of your bitcoin, please don’t ever hesitate to give us a shout! Please submit a support ticket, and one of our amazing support staff would be happy to walk you through how we ensure your anonymity.
If you use blockchain.info, change your address for each transaction. Click "receive money", then "new address". Coinbase will think it's a new wallet.
It doesn't seem that anyone is sure how Coinbase is determining a gambling site. A sportsbook may being using one "hot wallet" for payouts. When you deposit to a book, the book may send that to one "hot wallet" for all payouts. Another thing that would tip the book off is if all the money went to one address before they transferred the BTC to an exchange to get cash back.
At one time Coinbase only looked at one hop, now they are looking at more. When they were only looking at one hop, depositing to the same blockchain.info account worked. Now you should change that address every time. If Coinbase is looking at a few hops, then that won't be good.
It seems that depositing to an exchange will solve all problems. You will also have proof that you are sending to an exchange if Coinbase makes it necessary to show proof. I think that all exchanges will work.
Someone just told me this that makes sense. Coinbase now makes a deposit and withdrawal from a gambling site and then they are able to do analysis on that.
No matter how many wallets a book uses eventually it has to be consolidated to one of a few places they can cashout from.
I suspect this is where they are connecting all the unique accounts to the book. And the change flying around is the scent.
So Raiders.... technically if you just did Coinbase to Blockchain to Nitrogen.... you should be ok? Nitrogen stated you can change your BTC address 5 times a day.... and they payout with several different addresses? Right?
Yep, will work. Coinbase to Blockchain to Nitrogen (change deposit address with every deposit).
I'd also change my blockchain address every time. Click "receive money" tab, then "change address" to change your bitcoin address.
Why can't you just lie about where you sent the coins? How can they know who owns a specific wallet such as a sportsbooks or somewhere else? Cant you just say that the wallet you sent coins to belongs to someone else?
This is a newb question regarding bitcoin...
If you only have a blockchain wallet and a localbitcoin account...and you transfer from sportsbook to wallet then sell for cash on localbitcoin...
Is there any way to attach your name/identity to the bitcoins and the transaction?
Yes, but nobody is interested in doing so in that scenario.
Circle and Coinbase are licensed to transfer money and need to take reasonable steps to ensure they meet the requirements. No company is in that position cashing in/out via localbitcoin.
Makes sense...thanks Optional!
It's very interesting reading how many are being shut down and how it varies from person to person. I have used Coinbase always to move money and have never used anything in between and haven't ever had a problem.....knock on wood.
I think the new updated blockchain wallet changes your bitcoin address every transaction now automatically...has to be the newest updated one though anyone know for sure???
This is correct. My blockchain address changes automatically with every transaction.
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