My research is conflicting, are the bitcoin casinos legal?
I've found articles and sources that say the are, and others that say they're not. In my state no politician will comment on what bitcoin (legal definition) is. Are these websites "fair use?" Or is everyone operating under anonymity? If I were to start one tomorrow what are the repercussions?
Is playing Thunderstruck Slots with bitcoin in online casinos legal?
My friend could not stop talking about Thunderstruck Slots and how he won this amount of prize when he played using his bitcoins. I have my own bitcoins and I could do that too but because I am so good and I want to keep my record clean, is playing Thunderstruck Slots with bitcoin in online casinos legal?
[uncensored-r/Bitcoin] License received: Edgeless becomes first legal blockchain casino
The following post by jokemon is being replicated because the post has been silently removed. The original post can be found(in censored form) at this link: np.reddit.com/ Bitcoin/comments/7lny5v The original post's content was as follows:
Playcoin is inviting all legal online casinos and entertainment resorts that wish to added to their Kiosk platform for users to load their account with bitcoin.
Playcoin is inviting all legal online casinos globally and entertainment resorts that wish to added to our ATM for users to load their account with bitcoin . They will also be launching Playcoin ATMs near casinos in territories where legal. Playcoin will service Video , and gaming on their bitcoin enabled Kiosk. contact Playcoin at http://playcoinentertainment.com
Been using bovada for 3-4 years never once even a slight issue..... until today I placed this two team parlay this morning have been watching biting my nails all day and just finished it I won... or so I thought. I received this message shortly after I won.... shady shit who’s to say everytime a decent win happens they don’t pull this mess Edit - to add, Fowler was most definitely not listed I would not have taken the bet had he been.
So the blockchain thing keeps coming up, but all the explanations are super vague and hand-wavey. I looked-over those PDFs PowerDubs posted the other day. I still cannot figure out how this is even hypothetically supposed to work. One proposed use is for a future online casino. Crypto casinos already exist, and they are shady. The largest bitcoin casino's CEO goes by the pseudonym "wetsuit". I assume he doesn't use his real name because of, you know, all the crime involved. So what's Atari's plan? If Atari is selling a tool for transmitting money for gambling, this is a wire-fraud risk. If Americans try and use this token, Atari will have to function as a financial institute in compliance with US law. The obscure bank Atari has partnered with may or may not exist, but it won't hold up to scrutiny either way. Maybe some other countries are more lax about this, but a lot are even more strict. So who, exactly, will legally be allowed to use this token? The other major purpose is for in-app purchases. If Atari lets users cash-out in-app currencies, this basically turns EVERY GAME into a gambling game. Game companies don't want to be fined for running money laundering operations, so they don't usually make it easy to cash-out in-app currency. "Blockchain" doesn't change this. If reputable companies don't want this, why would they work with Atari? Why would Atari even offer this? There are other proposed uses as well. None of these ambitious plans amount to anything unless the token has some value in "fiat". Game industry workers still need to pay rent and buy groceries, wherever they live. Workers don't want to be payed in coupons they can only spend on overpriced app stores like RobotCache. The whitepaper even says something about Atari Token helping people without internet access. Sure Jan. If Facebook couldn't figure this out with Libra, what hope does Atari have? Again, who will legally be allowed to use this token for its proposed purpose? How does being on the blockchain actually benefit anyone?
I know that certain online casinos exist as U.S. companies and I want to know how they do it. I am a web developer as a hobby and I thought it would be a fun project to build a bitcoin bust game that I may try to monetize. From my research I know that online gambling is legal in a few states so would it be as a simple as checking for IP addresses and blocking any traffic coming from an illegal state OR notifying the user what they are doing is illegal and let them self moderate? Also I live in the United States. Thank you!
I just made a few hundred bucks gambling in a Bitcoin casino (don't judge me). Now my account is on forced holiday. I transferred money to the casino account and transferred my winnings back to my localbitcoins wallet. Of course I now have more money than I initially had and I see why that could be suspicious. Is it safe to tell localbitcoins that I won the money by gambling and attach screenshots? I might not be 18 right now and I'm not completely sure about the legal restrictions on online-casinos in my country. Would localbitcoins care about that?
Cryptocurrencies and Money Laundering: To What Extent They Are Actually Connected ( part 2)
https://preview.redd.it/rwfzet5fu2u51.jpg?width=1024&format=pjpg&auto=webp&s=f27873c32c2c5435ae7ed7d51f8abf47152073bf Cryptocurrencies are ill suited to money laundering As a tool for money laundering, cryptocurrencies are a lot less universal and convenient than bank payments and cash. Unlike cash transactions and bank transfers, transactions in decentralized blockchains are easily traceable. Cryptocurrencies are transparent in nature — all transactions are recorded and publicly accessible. If you can accumulate considerable volume of data, you can determine who's behind a bitcoin address used for money laundering. Besides, you cannot use the ВТС network and other cryptocurrency networks to transfer a large amount of money — such a transaction would be immediately brought to attention of law enforcement. The experience of fighting against the Darknet (the illegal Internet) shows that states can fight against cyber crime while anonymity of cryptocurrencies is greatly exaggerated. Legal cryptocurrency platforms have demonstrated a long-standing trend of using KYC principles (provision of complete information about a user) — exchanging currencies anonymously is getting harder. Special services can connect transactions to specific users, sometimes using the blockchain technology itself to do it. Super anonymous coins that encrypt transaction data (Monero, Dash, ZCash and others) cannot save criminals either — there are methods that can be used to break down these transactions. However, some experts state that cryptocurrency technologies evolve really fast and will soon become completely untraceable. In any case, to withdraw cryptocurrencies and turn them into fiat money, you would have to “burn” your actual bank accounts, thus reducing the entire anonymity level. It is often mentioned that criminals use the so-called “mixers” — software and services where transactions can be run by mixing your coins and coins owned by other users to maintain confidentiality. It allows you to hide your withdrawal data and addresses, as well as your real identities. However, according to the above mentioned Chainalysis report, most users prefer to use mixers to ensure confidentiality and not to conduct illegal activity. This method is only used to launder 8 % of all money passing through. Moreover, special services can track transactions passing through mixers which makes them suspicious by default. This is why criminals are not overenthusiastic to use them — cash and banks are more secure. As you can see, cryptocurrencies are not all that convenient for criminals though it may seem so. They are an excessive intermediate since actual laundering requires cashing out and it's getting harder to do so anonymously by the day. Banks are the key “laundromats” of the criminal underworld Let's turn to the best part now. Criminals launder most money via regulated banks seen as ideal by the states. They can annually launder up to $ 2 trln. Think about it: trillions of dollars laundered through the banks. Many of the world's biggest banks have been involved in money laundering schemes and fined for this. For instance, Wells Fargo, J. P. Morgan Chase & Co and the Bank of America, Standard Chartered and others. Last year, it turned out that Citigroup, Deutsche Bank and Raiffeisen had helped criminals launder $ 8.8 bln over a period of 7 years. It's only three bank conglomerates seen as strongholds of honesty and security. Imagine how much money has been laundered via other banks, including “shadow” banks. In 2019, various companies around the world were fined for being involved in money laundering schemes worth of the record $ 8.14 bln. It's twice as much as in 2018. Two thirds of the fines were attributed to banks — $ 6.2 bln, and 17% — to gaming and gambling organizations. The best joke is that these fines are a drop in the ocean for the banks while money laundering cannot be undone. According to the August report by the Mexican Finance Intelligence Unit, local criminals still prefer to launder money using conventional financial institutions, mostly banks, as well as brokerage firms and exchange companies. Seven biggest and most regulated Mexican banks that control 80 % of all assets in the national financial sector run the biggest number of transactions with black money (no specific amounts are given). Moreover, Mexican banks have long been known to deal with activities of this kind. In 2012, one of them — HSBC — paid a record $ 1.92 bln in fines to the US authorities after the Mexican and Columbian drug cartels were caught using this bank for laundering drug-related money. A short time ago, the international payment system SWIFT used by all of the world's banks published a report drafted in partnership with the financial research firm Bae Systems. The report noted that cryptocurrencies are rarely used for money laundering — with criminals preferring the more conventional ways. These include: using the so-called “money mules” — intermediaries who allow to use their accounts for transferring illegal money; hacking bank accounts, bribing bank officials, using shell companies and casinos. The report also lists examples of laundering big amounts of money using cryptocurrencies while also noting that only few cases have been registered. These include use of intermediaries, prepaid crypto cards, purchase of physical assets, such as real estate or expensive cards, for cryptocurrency. Cryptocurrencies do not launder money — they fight against money laundering As you can see, while cryptocurrencies can be used for money laundering, they are ill suited to this purpose. Moreover, they actually work the other way around by increasing transparency, security and speed of payment transactions and giving users more independence. Coins like UMI are building an alternative financial system accessible to anyone, not a shadow market for laundering illegal money. The fact is that today 99 % of laundered money passes through other channels, not cryptocurrencies. Criminals still prefer using fiat money for this purpose. Banking institution are their key accomplices, and the amounts of money they hide outmatches the overall capitalization of the cryptocurrency market. However, no one is threatening to prohibit banks. At the same time, we hear all the time that cryptocurrencies should be banned or strictly regulated. Unfortunately, financial regulators and law enforcement agencies all over the world are sometimes obsessed with the idea of putting spokes in wheels for the usual people who use cryptocurrencies while also allowing bankers to launder trillions of dollars. Isn't it ironic? UMI is fighting against this state of affairs. We're building a new, alternative and completely transparent financial system where any person on the globe can generate digital money and make instant, fast and free-of-charge payments. To sum up, don't trust the negative publicity for cryptocurrencies Trust the facts. The negative publicity is mostly generated by people who are not happy that the existing financial system based on banks is gradually become a thing of the past while cryptocurrencies are growing rapidly. At any rate, the key point is that decentralized cryptocurrencies which belong to users from across the world cannot be banned, even from the technical point of view. Thus, there's nothing to fear and progress cannot be stopped. Sincerely yours, UMI Team!
Without Bitcoin. A token is just a claim slip. A coupon. Something that can be redeemed for a service or good.It has no monetary value in and of itself. It's utility is the good or service it can be redeemed for. Legal tokens like coupons that already exist today, have to specify on them that you can't exchange them for monetary value. This requirement, that you can't legally sell them to someone else for money, and the fact they have expiry dates, limits any potential use as a monetary unit of account. Casino chips are tokens also. That people use to gamble with at casinos. They are only accepted at the casino, they have virtually no utility outside their walls. Nobody will buy them from you, other than the casino itself. Or accept them in direct settlement of a transaction Bitcoin is cash. Cash is the ultimate unit of account, because it can be used to purchase any other token. Bitcoin can also be used to issue new tokens. And store data. And so much more. Tokens will never be more valuable than Bitcoin itself.Their utility is derived from that of Bitcoin. Without it, they would be useless. And worthless.
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DOJ: All internet gambling is now illegal - YouTube
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