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Old 05-04-2015, 05:49 PM   #251
ten25
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Re: Bitcoin Announcement!!

Quote:
Originally Posted by EndTheFed View Post
Yeah, if Coinbase knows that you did a "gambling" transaction they can close your account.

(Which as a side note is why it's a good idea to have an account set up on both Coinbase and Circle ahead of time. If one gets closed you can just use the other right away.)

Sending to a separate address in between makes it a little tougher for them to detect, and adds plausible deniability for you. They can't be sure that you owned the address in the middle.


.
So you're saying even if you send from WPN > your own wallet > Circle that Circle can still trace it back to being a gambling transaction? I really don't want to be taking chances with my money
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Old 05-04-2015, 10:54 PM   #252
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Re: Bitcoin Announcement!!

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Originally Posted by ten25 View Post
So you're saying even if you send from WPN > your own wallet > Circle that Circle can still trace it back to being a gambling transaction? I really don't want to be taking chances with my money
With Bitcoin the ledger of transactions is public... so you can go back and follow all the previous transactions that coins have taken since being created.

But, you don't know who owned any of those addresses used in past transactions. The addresses are just long strings of numbers of letters.

So Cirlce would have to know that a certain address belonged to WPN to know that your money came from them. That would be very difficult to do if WPN creates and uses new addresses every time.

And even if they did know a certain address was WPN's... they won't know that the address WPN sent the withdrawal to was yours.

An example:
- Bob withdraws from WPN to an address in his personal wallet, then sends to his own Circle account.

- Dave withdraws from WPN to his personal wallet, sells that bitcoin to Bob for cash, and sends the bitcoin to Bob's Circle account.
Both of those situations look exactly the same to Circle or anyone else that looks at the transaction records.

You're Bob... Circle won't know if you withdrew from WPN, or if you received bitcoin from someone else after they had withdrawn from WPN.

TL;DR: It's technically possible, but unlikely. Can't guarantee anything... but the method described has worked for many people for a long time.

And from the few cases I've seen so far, even as a worst case they would only refuse service and you'd be free to withdraw your bitcoin and sell it another way.
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Old 05-05-2015, 10:50 AM   #253
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Re: Bitcoin Announcement!!

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Originally Posted by EndTheFed View Post
That would be very difficult to do if WPN creates and uses new addresses every time.
They do in my experience.
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Old 05-05-2015, 07:54 PM   #254
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Re: Bitcoin Deposits and Withdraws

Ok good, I was hoping they did. Thank you for confirming.

Some other bitcoin gambling sites pass all of their withdrawals through the same addresses. That's probably the biggest reason people have had Coinbase/Circle accounts closed for gambling.

Assuming WPN holds no bitcoin and buys/sells for each transaction it should be:

WPN creates new address for player deposit -> Player sends bitcoin to WPN -> WPN sends it to an exchange and sells for $

WPN buys from bitcoin exchange with $ -> WPN withdraws btc to new address -> Sends to player


If they follow that and create a new address for every deposit and withdrawal it would be nearly impossible for Circle or Coinbase to flag a transaction with them.
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Old 05-06-2015, 10:07 AM   #255
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Re: Bitcoin Deposits and Withdraws

If they always consolidate their deposited coins to a known address, it's pretty easy to figure out the deposit address must belong to WPN. I don't know if this is happening or not, but all these companies need to stop address reuse, even for internal transactions.
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Old 05-06-2015, 11:27 PM   #256
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by TimM View Post
If they always consolidate their deposited coins to a known address, it's pretty easy to figure out the deposit address must belong to WPN. I don't know if this is happening or not, but all these companies need to stop address reuse, even for internal transactions.
Yes, exactly.

Like you said that would be bad and would negate the benefits of using new addresses for deposits/withdrawals.

I don't want to sound like I'm being critical of WPN for doing something wrong without knowing whether they actually are or not.

I love that WPN is using bitcoin and just want to make sure they are doing everything the best way possible.
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Old 05-07-2015, 04:27 AM   #257
futurized
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Re: Bitcoin Deposits and Withdraws

if i withdraw to euro bitcoin sit that allows gambling transactions/does not care, then send it to my coin base to cashout is best way?
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Old 05-07-2015, 02:19 PM   #258
Candid21
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Re: Bitcoin Deposits and Withdraws

Made my first 2 withdrawls using bitcoin on WPN and im pretty happy with the result. Each transaction took about 16 hours
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Old 05-07-2015, 04:26 PM   #259
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Re: Bitcoin Deposits and Withdraws

can somebody refer me to a link where i can find a step by step procedure to set up my first bitcoin cash out? do i need to send any documents to the site? do they need my SSN? bank info? ect ect

thanks
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Old 05-07-2015, 04:42 PM   #260
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by Jmas8310 View Post
can somebody refer me to a link where i can find a step by step procedure to set up my first bitcoin cash out? do i need to send any documents to the site? do they need my SSN? bank info? ect ect

thanks
The first post in this thread tells u what sites to use go set up the accounts at those places
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Old 05-07-2015, 05:25 PM   #261
SpankTrain
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Re: Bitcoin Deposits and Withdraws

I just deposited into circle.com using my Visa for $50, but it isn't in my account. On cirlce's site it says CC transfers are instant. Anyone else have this issue?
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Old 05-08-2015, 09:20 AM   #262
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Re: Bitcoin Deposits and Withdraws

Quote:
Originally Posted by Jmas8310 View Post
can somebody refer me to a link where i can find a step by step procedure to set up my first bitcoin cash out? do i need to send any documents to the site? do they need my SSN? bank info? ect ect

thanks
Besides the first post on setting up your Bitcoin wallets, ACR will need information on you before they process your first withdrawal. Here is what I was requested to send:

Quote:
Originally Posted by Request from ACR
1. A clear copy of the front side of your Driver’s license or Government Issue ID
2. Clear copy of a recent utility bill
3. Clear copies of the credit/debit card(s) used in our site. Visa *** ####
4. A signed copy of the Card Authorization form for Visa *** #### that you will find attached.

These documents can be sent as a scanned image via email or to our toll free fax (1-888-902-2541).

If you would like to, we invite you to remove your Social Security Number from your Driver’s License and also the CV2 Code Number from the copy of the back face from your credit card; we do not need such sensitive information.
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Old 05-08-2015, 02:56 PM   #263
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Re: Bitcoin Deposits and Withdraws

I had never used bitcoin but the process was painless.

- Transferred funds from bank account to Circle (took 2 days)
- Transferred funds from Circle to block chain wallet (instant)
- Transferred funds from blockchain wallet to ACR (10 min)

As long as you follow directions and can turn on a PC you'll have no problem with bitcoin
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Old 05-08-2015, 04:58 PM   #264
ThatsAGoodCard
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Re: Bitcoin Deposits and Withdraws

This is definitely the nuts. One question, is it possible to increase circle's weekly withdrawal limit of 5k?
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Old 05-08-2015, 08:48 PM   #265
EndTheFed
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Re: Bitcoin Deposits and Withdraws

Quote:
Originally Posted by apology7 View Post
I had never used bitcoin but the process was painless.

- Transferred funds from bank account to Circle (took 2 days)
- Transferred funds from Circle to block chain wallet (instant)
- Transferred funds from blockchain wallet to ACR (10 min)

As long as you follow directions and can turn on a PC you'll have no problem with bitcoin
Thanks for posting.

It can seem complicated at first if you've never used bitcoin... but once you actually do it you realize how simple and awesome it is.

Quote:
Originally Posted by ThatsAGoodCard View Post
This is definitely the nuts. One question, is it possible to increase circle's weekly withdrawal limit of 5k?
You might be able to contact them and request an increase. Or you can do $5k at Circle and the rest on Coinbase.

I think Coinbase starts out at $3k daily limit, and you can increase it to $10k after 30 days by verifying your identity.
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Old 05-08-2015, 09:25 PM   #266
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Re: Bitcoin Deposits and Withdraws

Since I haven't tried to cashout over the weekend by Bitcoin yet do they process those transactions on Saturdays and Sundays or just during the week?

I'm just curious so I know for the future.
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Old 05-08-2015, 11:14 PM   #267
CuseNation
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Re: Bitcoin Deposits and Withdraws

Quote:
Originally Posted by BeerBottlez View Post
Since I haven't tried to cashout over the weekend by Bitcoin yet do they process those transactions on Saturdays and Sundays or just during the week?

I'm just curious so I know for the future.
u can only request withdraws during the week between 7am and 11pm EDT
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Old 05-09-2015, 12:21 PM   #268
j schlita
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Re: Bitcoin Deposits and Withdraws

Quote:
Originally Posted by CuseNation View Post
u can only request withdraws during the week between 7am and 11pm EDT
Pretty sure its just 7am-11pm 7 days a week. I put a request in just now. Maybe it wont get processed until Monday but the cashier let me request it.
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Old 05-09-2015, 01:17 PM   #269
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Re: Bitcoin Deposits and Withdraws

You can request it anytime. The person/dept who processes the requests are only there M-F.
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Old 05-09-2015, 02:20 PM   #270
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Re: Bitcoin Deposits and Withdraws

Thanks guys! I knew you could request anytime but wasn't sure if they processed them on weekends.
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Old 05-09-2015, 09:39 PM   #271
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Re: Bitcoin Deposits and Withdraws

^^^^-

Okay just to see I did a withdrawl via bitcoin at 3pm and not sure when it got credited to my blockchain since I didn't follow up a bunch looking for it but when I checked at 9pm in was in my blockchain account so ACR at least processes bitcoin withdrawls on Saturdays.
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Old 05-09-2015, 10:10 PM   #272
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Re: Bitcoin Deposits and Withdraws

Quote:
Originally Posted by BeerBottlez View Post
^^^^-

Okay just to see I did a withdrawl via bitcoin at 3pm and not sure when it got credited to my blockchain since I didn't follow up a bunch looking for it but when I checked at 9pm in was in my blockchain account so ACR at least processes bitcoin withdrawls on Saturdays.
Very nice! That's new, or maybe you got lucky there... the first one I did when it first came back up I did on a Friday, when I contacted support to find out the timeline they said they don't process the requests on the weekend, it would happen Monday (and it did, Monday morning). Maybe they've adjusted to provide more thorough coverage, or have all hands on deck for the freebuy weekend given the traffic it's bringing. Hope it stays this way.
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Old 05-13-2015, 06:03 PM   #273
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Re: Bitcoin Deposits and Withdraws

So I understand the process of bank --> Circle --> Blockchain --> WPN but when cashing out from WPN --> Blockchain --> Circle or other wallet, at what point/how is the BTC converted back to USD? Is that a big process or minimal? Sorry I know this is super newb.
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Old 05-13-2015, 06:26 PM   #274
Max Cut
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Re: Bitcoin Deposits and Withdraws

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Originally Posted by peterpjames View Post
So I understand the process of bank --> Circle --> Blockchain --> WPN but when cashing out from WPN --> Blockchain --> Circle or other wallet, at what point/how is the BTC converted back to USD? Is that a big process or minimal? Sorry I know this is super newb.
When you transfer from Circle to your bank it's converted to USD. It's just as simple as going from bank to Circle, assuming your bank is linked up.
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Old 05-13-2015, 07:26 PM   #275
EndTheFed
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Re: Bitcoin Deposits and Withdraws

Quote:
Originally Posted by peterpjames View Post
So I understand the process of bank --> Circle --> Blockchain --> WPN but when cashing out from WPN --> Blockchain --> Circle or other wallet, at what point/how is the BTC converted back to USD? Is that a big process or minimal? Sorry I know this is super newb.
Quote:
Originally Posted by Max Cut View Post
When you transfer from Circle to your bank it's converted to USD. It's just as simple as going from bank to Circle, assuming your bank is linked up.
Yeah, you'll deposit the BTC into your Circle account and then sell it to Circle for whatever the current value is in dollars.

In my experience Circle has the money deposited in my bank within 1-3 days, but that may vary depending on your bank.
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