I need a Bitcoin wallet for large deposits from online casinos and sports books

Coinbase and Circle are starting to ask questions when you have a few large deposits. They want to know what you use their bitcoin wallet for and what you do etc etc etc. If you don't answer them they will shut you down. Most bitcoin wallets don't let you use it for gambling or business purposes. Is bitcoin become more and more regulated? I need a good bitcoin wallet that will accept deposits for business and casinos and sports books. Must be able to do 5k to 20k a week with getting shut down. Anyone know of any?

Lewfather has explained this many times

Give him a moment

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Originally Posted by Sanlmar

Lewfather has explained this many times

Give him a moment

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Thanks...to be honest I was too lazy to read all the posts to hunt this info down.

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Originally Posted by Matt The Rat

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Originally Posted by Sanlmar

Lewfather has explained this many times

Give him a moment

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Thanks...to be honest I was too lazy to read all the posts to hunt this info down.

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He must have fallen asleep. He was first I saw with this advice.

Just set up your own wallet. Something like BreadWallet and deposit there.

You do not want to ship from your book direct to Coin or Circle. Mayhem (once upon a time seizure?) ensues.

Your coin is now innocent. I always thought of it as washing your gambling Bitcoin.

Coinbase being tough here is not new. Lew talked about this years ago.

sign up for blockchain wallet > sign up for circle and buy bitcoin > transfer it to blockchain > send it to your bookie > when its time to cash out just do it in reverse order. from book to blockchain to circle to sell.

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Originally Posted by lewfather

sign up for blockchain wallet > sign up for circle and buy bitcoin > transfer it to blockchain > send it to your bookie > when its time to cash out just do it in reverse order. from book to blockchain to circle to sell.

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I assume this is a form of "washing" the bitcoin? How do you get around Circle asking what all the large deposits are from? They don't want you to use their wallet for business or gambling.

"Transfer to blockchain", I assume you mean sign up for a blockchain wallet and transfer to that?

Does Blockchain ever ask questions about where large deposits come from?

As far as I know there is no way for a wallet to track where the bitcoin came from so why is there a need to wash it?

What about the breadwallet thing....every use that? Is it any good?

Thanks for the info as I am relatively new to bitcoin.

How Circle or Coin knew is a great question. I forget the the reasoning.

Years ago, I just threw a dart at the board and picked BreadWallet. It has since never occurred to me to try something else. Perfectly functional and simple to use.

In terms of exchanges, using the "Lew System" I have never personally experienced any problems or questions.

Nevertheless, I still find the whole Bitcoin thing to be an enormous pain in my ass. It does solve the whole gambling deposit withdrawal problem like nothing else. Fees are less but fees still exist.

I got a book or two that charge small fees on a deposit. Last I remember was $2.99 for BetOnline. I'm like, "Really?"

I have written about LibertyX in the past. The posts get no reaction. Nevertheless, I am disposed to avoiding the exchanges and my bank. The inevitability of customer data getting breached is a mortal lock. History teaches us the only question is when.

I like the idea of walking into a retail establishment and dropping cash on the table and getting Bitcoin. I haven't bought in a while. LibertyX has gone through some changes. Last I knew the daily limit was $1000. I have, over the years, developed some relationships with the convenience store owners who sell Bitcoin as an option on their terminal. The last store I used the owner asked me what people use Bitcoin for. Away I went on a conversation with the store owner. This last particular guy said people did come in and buy the max.

I never leave the conversation without offering to duke him some money if he hooks me up with someone looking to make a larger purchase. I just text the guy when I am holding and looking to sell. I have had some really interesting meet ups. You can feel the tension from the buyer. Couple really sketchy characters. Personally, I love the juice.

One thing I notice about the convenience stores that sell Bitcoin is they almost invariably have Keno and big scratch ticket action. I only mention this cause the environment for wheeling and dealing felt right from the start.

Another common observation is these owners are always Indian or middle eastern. I fuckin love their sense for the hustle. They are players.

So, as I mentioned before I find the whole thing a giant pain in my ass. All these gyrations so I can bet a baseball game. Volatile Bitcoin prices. Exchange fees. I hate my banking info out there with shady exchanges. SLOW blockchain processing times. Absolutely retarded.

But you know what? The status quo beats the hell out of paying taxes. Fuck light regulation.

You smell like a rat and a poker player Matt. I submit that Bitcoin is still such a pain in the ass for the dumb money (the casual player) that reloading is still a barrier. Go to ACR and play some low level or microstakes. I am amazed to see regulars and find the play to be surprisingly good. Nobody spews when it is this hard to deposit.

A long long time ago
I can still remember how
That payment processing used to make me smile
And I knew if I had my chance (to interview Chad Elie)
That I could make those people dance
And maybe they'd be happy for a while

I like the young smooth and motor boating shows. Fail poker reality shows. But Druff has a contact with a guy who lived the goddamned life with the largest poker sites in the world on the business side. He met the owners. He did the time. He married the centerfold.

Love Grandma Rosa. However, Chad Elie's opinion about Bitcoin processing and the state of poker and gambling today might entertain and inform the last degen holdouts amongst us.

There is something going on with Druff regarding Chad that doesn't compute. In before you offer some explanation. There is none. It's just fail and social anxiety. Man up. Druff doesn't have a more relevant contact to poker and poker fraud (this is straight up fact) and he has snoozed.

You know Chad still follows the business of gambling. Fuck, he listens to our show... not for TMMLK either.

Chad:
What is your speculation about Tzvetkoff today. Is he still in the game? Just how much treasure did he bury?

Can you help Druff get Tzvetkoff on the show.

What is your take on PokerStars? What do you think about Baasov? Where do you see the direction of online gambling/poker going if PokerStars is any measure of the industry.

Tell us an Isai Scheinberg anecdote.

How fat is Howard Lederer in real life?

What is your take on Calvin Ayre the man and the entrepreneur. Have you ever met or done business with Ayre?

What is your take on Bovada/Bodog & Ignition and how does this inform your view of the state of US online today and near term?

What is your take on Bitcoin?

Is there a kingpin of Bitcoin processing? Isn't there only one major processor today?

What is the state of general poker processing aside from Bitcoin?

What is your estimation of Preet Bharara? What is your take on the Justice Dept and US facing sites? What is the risk?

What is your take on lol wow?

Edit:
I admire the balls, the fearlessness, and the hustle that Chad Elie exhibited. He is a role model for the 401k crowd - the office veal and corporate tools. He lived life full and large.

Chad Elie's personality is as interesting to me as his experience. In this vein, it is a mandatory condition that Drexel be present as guest host. Drexel's intelligence is exhibited when he makes unexpected connections between things. Conversations take unexpected turns that are often the best part of the show. Druff is a bright lad but very linear with his thought.

I am often delighted when I catch that clash of brains. Druff will amp up his baud rate like an auctioneer in a desperate attempt to keep the line of thinking on point or preserve his failing position. Subtle but great stuff.

I use blockchain as my median wallet in between books and the final destination (like circle, coinbase, or bitpay....which also has a debit card).

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Originally Posted by Sanlmar

I have written about LibertyX in the past. The posts get no reaction. Nevertheless, I am disposed to avoiding the exchanges and my bank. The inevitability of customer data getting breached is a mortal lock. History teaches us the only question is when.

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Have you ever tried a bitcoin ATM? Just scan your QR code for your bitcoin wallet and feed the machine with 100's. Some of them charge as much as 15% markup but if you can find one around 5%, I think it is worth it. Especially if you can get some type of deposit bonus.

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Originally Posted by snake_in_the_ass

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Originally Posted by Sanlmar

I have written about LibertyX in the past. The posts get no reaction. Nevertheless, I am disposed to avoiding the exchanges and my bank. The inevitability of customer data getting breached is a mortal lock. History teaches us the only question is when.

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Have you ever tried a bitcoin ATM? Just scan your QR code for your bitcoin wallet and feed the machine with 100's. Some of them charge as much as 15% markup but if you can find one around 5%, I think it is worth it. Especially if you can get some type of deposit bonus.

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LibertyX developed and placed one of the first ATM's ever in Boston. Maybe THE first. South Station. I made a pilgrimage.

There is a machine in Vegas that I saw.

It is an expensive model. The physical ATM has a cost. The fees and process are dumb. I looked but never touched. There was a lot of fail.

LibertyX graduated to this retail model on someone else's existing platform. A little $100 terminal used for purchasing phone cards and similar stuff.

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Originally Posted by Shizzmoney

I use blockchain as my median wallet in between books and the final destination (like circle, coinbase, or bitpay....which also has a debit card).

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Do you ever have circle or coinbase ask what you do and why the large deposits to your account? If so what do you say?

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Originally Posted by Matt The Rat

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Originally Posted by Shizzmoney

I use blockchain as my median wallet in between books and the final destination (like circle, coinbase, or bitpay....which also has a debit card).

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Do you ever have circle or coinbase ask what you do and why the large deposits to your account? If so what do you say?

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no, not as of yet. Bitpay has asked however I just say, "internet marketing lead generation".

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Originally Posted by Matt The Rat

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Originally Posted by Shizzmoney

I use blockchain as my median wallet in between books and the final destination (like circle, coinbase, or bitpay....which also has a debit card).

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Do you ever have circle or coinbase ask what you do and why the large deposits to your account? If so what do you say?

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Got this message from circle 2 months ago:

This message relates to possible gambling activity associated with your Circle account. Please note that if we detect any such activity, we are required to close the associated account.

As a federally regulated money service business, Circle is subject to the Unlawful Internet Gambling Enforcement Act. As as result, we are unable to offer service to individuals who utilize our platform for any online gambling. This activity relates to sections 17 and 18 of the User Agreement which detail 'Restricted Activities’ and ‘Prohibited Payments.'

If you have any questions, please reference the User Agreement or our support article on this topic: It's not you, it's me: User Agreement Violations.

We appreciate your cooperation in this matter.

Team Circle


I just told them I buy and sell bitcoins and have not had a problem since.

Quote:

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Originally Posted by Sanlmar

LibertyX developed and placed one of the first ATM's ever in Boston. Maybe THE first. South Station. I made a pilgrimage.

There is a machine in Vegas that I saw.

It is an expensive model. The physical ATM has a cost. The fees and process are dumb. I looked but never touched. There was a lot of fail.

LibertyX graduated to this retail model on someone else's existing platform. A little $100 terminal used for purchasing phone cards and similar stuff.

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a few years ago when I was playing with some coins (had a great time with Anonibet), I called up LibertyX to see what their deal was, because it was obv local, but their website had almost no detail, no word on even how they came up with their exchange rate. I don't remember everything, but it was a call that for sure didn't inspire confidence. The phone rang a bunch of times, then someone eventually answered. Clearly, phone calls were not a thing they were used to. After talking to the guy for a few minutes, it became pretty cleatr that I got lucky he was even there, as it was like a 2 man operation and the office was just an address and a phone number, maybe stationed in Cambridge or similar. When I asked about the exchange rates and which markets/lines they used, they were all "we average a bunch of exchanges and go with that." Oh really? Which ones? "The main ones." Most questions got answers like that. wasn't too impressed, to say the least.

When you use a US regulated exchange like Circle you should always use a buffer wallet afterwords. Web based wallets have a habit of going south. Blockchain has the best track record as far as web wallets go and have I made made and used wallets there as through away wallets. Personally , I prefer using Electrum for a wallet. It's not centralized and has NEVER let me down. I've had times when I had to change servers, but there has always been one when I needed one. It's cross platform. I've used it in Windows, Linux and Android personally without complaint.
https://electrum.org
https://en.wikipedia.org/wiki/Electrum
https://bitcointalk.org/index.php?board=98.0

No matter your choice of wallet, NEVER use a site that's regulated (IE: Circle or Coinbase) directly with ANY gambling site; EVER
Do your business with said exchange, get your coin and send it to a personal wallet, then send it to your gambling website of choice. Do the same in reverse. Never directly withdraw or depo to a gambling site with such an exchange. They will shut you down to cover their own ass. Please spread the word.

Bitcoin is very traceable, despite what you may have heard. We can go next level and talk about tumblers, but I've never had the need. Though my method is only security through obscurity. And it seems to be enough to calm the regulated exchanges as of now.

You're doing 5k to 20k a week in transfers and come to this site for insight on what to do ?

You have to make up a legitimate sounding business. I don't think any legitimate US site that is hooked into the American banking system is going to do 5k-20k a week without asking you questions. You'll have reports filled out on you regardless. Only thing you can do is make a good cover story so they keep doing business with you.

YOu keep saying "Wallet" but you are talking about exchanges. Just get a wallet and run it on your computer with the appropriate backups.

Now if you want to go from USD<->BTC you dont need a wallet, you need an exchange.

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Originally Posted by donkdowndonedied

You're doing 5k to 20k a week in transfers and come to this site for insight on what to do ?

You have to make up a legitimate sounding business. I don't think any legitimate US site that is hooked into the American banking system is going to do 5k-20k a week without asking you questions. You'll have reports filled out on you regardless. Only thing you can do is make a good cover story so they keep doing business with you.

YOu keep saying "Wallet" but you are talking about exchanges. Just get a wallet and run it on your computer with the appropriate backups.

Now if you want to go from USD<->BTC you dont need a wallet, you need an exchange.

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Yes you are correct I need an exchange. I never really thought of using a wallet on my computer. I will have to look into that. Any recommendations on good reliable exchanges that wont fuck me over?

blubbernuffle gave very good advice.

I should note that it will be tough to make large buys on Circle or Coinbase without waiting a week for it to hit.

But yeah, absolutely never use those exchanges to send bitcoin to or from a gambling site. Always use a middleman wallet.

If questioned, be careful what you say.

"I buy and sell bitcoin" is not a good answer. That is technically illegal if not done via one of these licensed exchanges, and some have rules specifically against "traders" using their services.

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Originally Posted by Matt The Rat

Coinbase and Circle are starting to ask questions when you have a few large deposits. They want to know what you use their bitcoin wallet for and what you do etc etc etc. If you don't answer them they will shut you down. Most bitcoin wallets don't let you use it for gambling or business purposes. Is bitcoin become more and more regulated? I need a good bitcoin wallet that will accept deposits for business and casinos and sports books. Must be able to do 5k to 20k a week with getting shut down. Anyone know of any?

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Shit just tell Coinbase you are involving in a cryptomining cooperative.. Theres enough action out there right now with the mining of XMR and ZEC alone to justify some money..

The other option is wash your coins through Poloniex or another exchange that doesn't give 2 shits..

Also for those interested found a new place to buy BTC using a CC.. Annoying as fuck as the vig is a little expensive but if its kinda urgent and you want them fast (and not using Coinbase) try xcoins.io