Betting Questions

t6p said:
Not sure if you guys are aware, but my understanding is that you should use something like Blockchain as an intermediary. If for no other reason than I've heard sites like Coinbase might ban you for transferring bitcoins to/from gambling sites. This is how I've been doing it for about a year now and no issues.
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Very nice info. Thanks, gonna look into it next time I withdraw.


So since we're on this subject, something else I wanted to ask about but wasn't gonna do so til my next withdrawal. Might as well ask now......

This stuff is completely untraceable and unregulated, right? I just withdrew $4k, lets say I withdraw another $10k throughout this year.....do I really not have to report it on my taxes since bitcoin is anonymous? I'm scared lol. Keep in mind I have a modest job and i'm not settled in life (biggest worry being eventually getting a mortgage which they'll need to review bank statements for).

My coworker thinks opening an LLC and claiming i'm a 'consultant' so I can write shit off is a viable option, but idk. I don't want the government touching my money, but I don't wanna get in trouble either
 
Joseph Budden said:
Very nice info. Thanks, gonna look into it next time I withdraw.


So since we're on this subject, something else I wanted to ask about but wasn't gonna do so til my next withdrawal. Might as well ask now......

This stuff is completely untraceable and unregulated, right? I just withdrew $4k, lets say I withdraw another $10k throughout this year.....do I really not have to report it on my taxes since bitcoin is anonymous? I'm scared lol. Keep in mind I have a modest job and i'm not settled in life (biggest worry being eventually getting a mortgage which they'll need to review bank statements for).

My coworker thinks opening an LLC and claiming i'm a 'consultant' so I can write shit off is a viable option, but idk. I don't want the government touching my money, but I don't wanna get in trouble either
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I could be totally wrong here, but I think if someone knows your btc address, they can look up your whole transaction history because the blockchain is public data. Therefore, bringing up a privacy issue
 
Jae Gibbz said:
I could be totally wrong here, but I think if someone knows your btc address, they can look up your whole transaction history because the blockchain is public data. Therefore, bringing up a privacy issue
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Hmmm could they find that out though?

I guess whats really important is, at what point should I be filing my winnings in my tax return? Can yourself and other long time bettors share their policy on this subject? I want to avoid the government putting their hand in my pocket at all costs if possible lol
 
Joseph Budden said:
Hmmm could they find that out though?

I guess whats really important is, at what point should I be filing my winnings in my tax return? Can yourself and other long time bettors share their policy on this subject? I want to avoid the government putting their hand in my pocket at all costs if possible lol
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Not sure, but I just figured to bring that up
 
Jae Gibbz said:
I could be totally wrong here, but I think if someone knows your btc address, they can look up your whole transaction history because the blockchain is public data. Therefore, bringing up a privacy issue
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I can't speak to any of this tax stuff, but I create a new wallet for every transaction I make through Blockchain, so the bitcoin address is never the same. Here's a good guide on this stuff:

http://professionalrakeback.com/how-to-set-up-bitcoin-for-online-gambling
 
Fuckkk none of you guys have any advice as far as what point to file winnings on taxes? I know i'm not the only one here whos withdrawing thousands lol
 
Joseph Budden said:
Fuckkk none of you guys have any advice as far as what point to file winnings on taxes? I know i'm not the only one here whos withdrawing thousands lol
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Using BTC with online bookies is still relatively new. Therefore, I doubt there a bunch of people out there that have been using btc for bets for a good amount of time
 
Jae Gibbz said:
Using BTC with online bookies is still relatively new. Therefore, I doubt there a bunch of people out there that have been using btc for bets for a good amount of time
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I'll take an answer in general, even from people using checks.

But I know i've seen EZ, waiguoren, Jim Gunn, few others talk about how they use bitcoin transfers for their withdrawals into their bank account. So hopefully one of these guys sees this and can enlighten me on their policy as far as filing winnings on tax returns, if they do at all
 
Joseph Budden said:
This stuff is completely untraceable and unregulated, right?
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The currency itself is safe as long as you are careful. If only I know J. Budden's bitcoin address and no one knows mine, I can slip you coins without anyone knowing who sent or received. Obviously the quantity of coins sent and the addresses are public information in the blockchain, but no one besides me (and maybe also you) will know who was involved.

Exchanges are a different issue. The big US-based exchanges like Coinbase are always going to be under fire from IRS. I think smaller/foreign exchanges and localbitcoins would be the preferred tools of tax evaders.
 
@YoungScholar

Did I see that you are playing with Unibet? I thought you were US-based and that Unibet didn't accept US players.
 
I'd ask in the questions and answers thread to start with.
If you're US start with a 5dimes account.
 
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