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Whamoo Casino Review & Free Bonus
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About Whamoo Casino [Full Review]

Whamoo is a brand new, fun-loving online casino that has recently opened its premises for gamblers from many countries around the world. It does however promise to be more than just an online casino, as Whamoo describes itself as a lifestyle and feeling.
The rush you feel when the reels spin. The sound you make when that spin turns into a huge win. That’s Whamoo. Yet Whamoo is so much more than that. This online casino promises all you would expect from a reputable online casino – but then improved further. A massive game library? Check. Live casino? Check. Full mobile compatibility? Check. An entire VIP bonus programme for loyal customers? Check. Whamoo is a casino which comes with the entire package which players have come to expect of a casino provider.
On paper Whamoo sounds like a great online casino. But being a newcomer on the scene, there are of course always some open questions. How reliable is Whamoo? What can you expect from this brand new casino when it comes to the available games? How cooperative is their online help desk? What kind of welcome bonuses are there for new players who wish to open an online account?
In our extensive Whamoo review, we will try to answer all of the above questions and guide you through this brand new casino. So do read on and let’s explore this exciting new addition to the world of online gambling!
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A fully licenced online casino

Whamoo is a fully licenced online casino and a safe place for gamblers to put down their wagers. The website of whamoo.com is operated by DialMedia Ltd, a company registered by the Malta Business Registry with number C86642, on the registered address of Depiro Point, Block A2, Triq Mons G. Depiro, Sliema, Malta.
As gambling operator, DialMedia Ltd. fully licensed and regulated by the Malta Gaming Authority (MGA) under licence number MGA/B2C/542/2018 issued on 10/04/2019.
What does this say about the reliability of Whamoo?
The MGA licence is one of the better ones you can find in the online casino world as Malta is the major European nation when it comes to online gambling. It is home not only to most of the world’s top online casinos, but also to many software providers and other businesses providing auxiliary services in the gambling industry.
A Malta Gaming Authority licence is not handed out with ease, as a company needs to fulfil many criteria before being granted one. The national gambling authorities of this Mediterranean island and EU member state check for example if all games which are made available are indeed fair and honest. They also check whether a company has enough cash reserves to pay out lucky winners of casino games and hold regular audits to ensure that there are no irregularities.
If an online casino has a MGA licence, it means that all the important criteria when it comes to safety, honesty and reliability are fulfilled and that it is a safe place to gamble. For us, the online casino licence is always a first thing we check before we even would consider playing somewhere. With this crucial criteria being fulfilled, we can thus move forward in our Whamoo review and look at all the other things this casino has to offer. And to be honest, the whole Whamoo package looks quite promising! Three of the main selling points of the Whamoo online casino are:

• Compile your own welcome bonus package and decide between free spins or a deposit bonus – or a combination of both.
• Hundreds of games from top casino software developers, including an exciting live casino platform.
• Recurring reload bonuses every Monday, Wednesday and Friday.

Whamoo clearly sounds like a promising casino when looking at the selling points, but do these points hold up when we test out the casino in real? Let’s continue our review of Whamoo with one of the most important aspects of every online casino: its game library. Which casino games can we find back in the Whamoo game collection? How honest and fair are these games? These are all legit questions which must be looked into before you can decide whether or not an online casino is suitable or not.
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Games from top software developers

When checking the list of Whamoo’s software providers you can only feel relieved as this brand new online casino only has games from the world’s top casino games developers. Especially for a newly opened online casino it is important to show to the public that you are talking serious – and you can only do that by adding the most popular games from the top software providers to your game library.
It’s not only about fun. Sure, these top software developers are known for making some of the most fantastic video slots, stellar table games. They have the most exhilarating and professional live casino tables to which you can connect in just a few clicks. But it’s more than just playing fun, graphics and game design.
By only having games from the top software companies, you are giving your players a clear message that you are only satisfied with the best quality games. Perhaps the most important aspect is game reliability, honesty and fairness. All games from the top software companies are fully tested and accredited by regulatory bodies. These gaming authorities check whether games indeed turn out completely random results and give gamblers a honest shot at winning. This is perhaps even more important than just a fantastically designed game, as in the end what matters most is reliability and honesty inside a casino.

RNG

The games which can be played at Whamoo Casino all have a piece of code called a Random Number Generator (RNG). With a random number generator, the outcome of every game is completely random and independent from previous results. It means that every card being dealt on the table, all dice which are thrown during a game, and every ball spinning around in the roulette wheel is never predetermined. Let’s put it this way: if you throw a single dice with the numbers 1 to 6 on it, you have indeed an exact 1 out of 6 chance that it will land on your predicted number.
A random number generator is absolutely crucial when it comes to delivering fair game results and giving gamblers a honest chance at winning. By having games from the top software providers, Whamoo makes sure that you can trust the fairness of every casino game you play. The good thing is that not only are the game results subject to occasional audits by regulatory authorities, but that these software providers also pro-actively test their own games to ensure they fulfil the highest industry standards. They hire independent testing agencies such as eCOGRA to check their games, both in virtual simulations and real-time results.
Let’s take a look at the software providers whose games have already been added to the Whamoo game library. As these are some of the best known software developers in the world, chances are that you have heard about some of these names before!
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NETENT GAMES

Also known by its full name of Net Entertainment, NetEnt is one of the largest casino game developers in the world. NetEnt is a Swedish company which was founded in 1996, which makes it one of the oldest companies in the relatively young world of online casino gaming. It is so big, that the company is even listed on the local NASDAQ stock exchange in Stockholm, Sweden!
NetEnt is best known for its vast video slot portfolio, of which many games are also playable at Whamoo. Having NetEnt games in your casino game library is almost a must for every online casino, as besides Whamoo some 300 or so more online casinos have NetEnt games available, which tells you something about the popularity of this company. Just like Whamoo itself, NetEnt has a full gambling licence in the EU member state of Malta, which means that all games are subject to regulatory oversight and can be trusted for their fairness. NetEnt also works closely together with independent testing labs to ensure that their games meet the highest standards.
Some popular NetEnt games which you can play at Whamoo are Jack and the Beanstalk, BerryBurst, Twin Spin, The Vikings, Wings of Riches, Aloha!, Fruit Shop, Jacks or Better, Gonzo’s Quest, Dazzle Me, Wild Bazaar and of course the eternal favourite of Starburst.

PRAGMATIC PLAY GAMES

Pragmatic Play is another major company in the online gaming world. The casino games of Pragmatic Play are always popular with the players, so it is no surprise that Whamoo has chosen to add quite a few Pragmatic Play games to its online collection. Pragmatic Play focuses mostly on online video slots, although they also make some exciting live casino games which are hosted in their own studios.
Being only founded in 2015, Pragmatic Play is a relative newcomer within the game developing industry. Yet in those few years time, the company already managed to reach to top heights with Pragmatic Play being considered to rank among the top game providers. Quality and safety are of immense importance for Pragmatic Play. Therefore, all games are documented and tested by independent auditors and testing labs such as QUINEL, BMM and Gaming Labs.
Popular Pragmatic Play games which can be played at Whamoo are John Hunter and the Aztec Treasure, Great Rhino Megaways, Leprechaun Song, Lucky Dragons, Mustang Gold, The Champions, Vegas Nights, Aztec Gems, Buffalo King, Starz Megaways, Triple Jokers, Magic Crystals, Sugar Rush, Beowulf and many more exciting video slots.
Of course, many baccarat, blackjack and roulette variants are available in Whamoo’s Live Casino which is powered by Pragmatic Play software. You are connected by high resolution video feed to professional dealers and croupiers in one of the Pragmatic Play casino studios where you can experience the thrills of a real life casino behind your computer or mobile phone. It’s almost like you are standing in Vegas!

STAKELOGIC GAMES

Stakelogic is another popular software developer which has added its games to the Whamoo game library. As one of the best-known developers in the software industry, it is always a good sign that Stakelogic games are available to play given that this company has made some exciting video slots.
Using HTML5, Stakelogic games are of course fully mobile compatible, which means you can play them on your smartphone as well. The company has also made some exciting new 3D slots which are not only gorgeous to look at but also wild fun to play. As an off-shoot company from gaming giants Novomatic, Stakelogic certainly is a reputable software developer which can be trusted when it comes to fairness and reliability.
Popular Stakelogic games are Epic Slam, Wild Stallion, Magic Wheel, Super Wild Arcade, Fruit Spinner, Lucky Gems Deluxe, Hot Fruits, Grand Slam Deluxe, Runner Runner, Turbo 4 Player Jackpot, Dragons and Magic, Big 5 Jungle Jackpot, Mariachi and The Big Cash Game.
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High limit gaming options

Whamoo is an online casino which is not only suitable for gamblers on a tight budget, but also for the true high rollers. You can place bets as low as a few cents, or as high as several thousands of euros or dollars at this online casino. Depending on your game of choice, whether its a jackpot video slot or classic table game, there are countless of options to bet big for maximum excitement and chances of winning top prizes. Further down in this Whamoo review, we will discuss some of the high limit games which are available.
Highrollers should also note that Whamoo comes with its own VIP programme in which you can quickly work yourself to the top category if you bet big. You can get instant access to your own dedicated casino manager and will get invites to high stakes tournaments. There are special weekly cashback bonuses as well for the true high roller gamblers at Whamoo. We will discuss the VIP program more in depth a bit further down this Whamoo review.
For now, let’s take a look at all the high roller games which are available at Whamoo Online Casino!

Endless rows of jackpot video slots

If you are a real lover of video slots you will be glad to hear that Whamoo has several hundreds of online video slots available. Although some of these slots are more suitable for beginning players or those on a tight budget, there are plenty of slots available where you can bet up to 100 euro/dollar per spin. This makes for some exhilarating and thrilling slot game action which will please any high stakes gambler out there!
Of course, Whamoo also has its share of jackpot slots where you have a shot at winning the progressive jackpot which can run well above a million euro or dollar! These premium slots, such as those using the famous Megaways system, offer countless of opportunities to place maximum bets at your video slot of choice.
Check the Whamoo game library whether or not your favourite slot is available as well, or try one of the many exciting new game additions! It is easy to browse through the Whamoo website. You can sort slots by software provider, or use the search function to check for your beloved title.

Join for some high stakes blackjack action

Blackjack has always been one of the most popular games among high rollers and the reasons why are quite clear. You can often bet high amounts of money on a single play and you can as a player slightly influence the outcome of a game as you need to decide whether you want to stand or hit another card.
At Whamoo, there is plenty of high stakes blackjack action. There are both normal blackjack games such as American Blackjack and multihand Blackjack, as well as blackjack tables in the live casino. In the live casino, which is powered by Pragmatic Play software, you can play several blackjack variants. Bets of up to several hundreds of euros or dollars, or even higher for the real VIPs, are possible.
Beat the hand of the dealer and hit that score of 21. Maybe it will be your lucky day playing blackjack at Whamoo Online Casino!

Grab a seat at the roulette table

There is plenty of roulette action at Whamoo as well. You can choose between virtual roulette versions, or opt for a seat at a roulette table in the live casino, where you are connected to a real-time croupier by video feed. Especially in the live casino high bets of up to a thousand dollar or more are possible, making roulette a big favourite among the real high stake gamblers.
Of course, Whamoo Casino has all of the the standard roulette versions of American Roulette, French Roulette and European Roulette. Most of these games are developed by software giants NetEnt.
In the live casino, there is also Roulette Macao Live, where you will be connected to a gaming environment which makes you feel like you are playing in the famous casinos of this Chinese gambling mecca. Live Speed Roulette, Live Roulette Auto and Roulette Azure are popular Pragmatic Play live casino versions of roulette which are available to Whamoo players.
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Whamoo's unique bonus package

One area in which Whamoo stands out as online casino is its great bonus package. Of course, there is a great welcome bonus for newly registered users. But the fun doesn’t stop there! At Whamoo casino, it is bonus day almost every single day of the week. On Mondays, Wednesdays and Fridays the casino has recurring bonus offers if you reload you bankroll on one of those days. This makes Whamoo not only an attractive casino at the moment you sign up, but also at all those moments when you come back to play again.
300 free spins or a €200 deposit bonus

The Whamoo welcome bonus

We start of discussing the Whamoo welcome bonus which is called the “Welcombo” bonus by the casino. On a picture the Welcombo might not look too appealing as its packed in a carton takeaway box you might get at a certain fast food restaurant, but trust us on this: its contents are truly fantastic.
The Welcombo box contains a combination of goodies you get with your very first deposit at Whamoo. And what is best of all? You can decide what combo you want to receive! If you sign up at Whamoo for a free online casino account, you can determine your own bonus by adjusting the slide until you have found a combination which matches your idea of a perfect bonus.
This is a great option as it allows people to choose the bonus which best suits them. You can choose between free spins and a deposit bonus – or a combination of both. If you are an avid video slot gamer and do not care much about table games, you may want to slide all the way to the maximum free spins bonus. In that case, you will receive 300 free spins, but your deposit bonus will be 0%. The free spins in the Welcombo package are valid on the popular Amatic Industries slot Book of Fortune.
On the other hand, if you only care about table games and are not really interested in free spins and playing video slots, you want to adjust the slide to the maximum deposit bonus. This is a 100% deposit bonus of up to 200 euro. This means that if you deposit 200 euro of your own money to your newly created online casino account, Whamoo will top this up by another 200 euro from the house! If you select the full 100% deposit bonus, you will however not receive any free spins at all.
Of course, you can also opt for a mix between free spins and a deposit bonus. If you leave the slider in the middle, you will get 150 free spins and a 50% deposit bonus, for example. You can tweak this in any direction you want, for example to a 70% deposit bonus and 90 free spins. The higher your deposit bonus, the less free spins you receive. Want more free spins? Then your deposit bonus will decrease.

Welcombo bonus terms and conditions

Only one bonus is allowed per household and/or per player account. Do note that Whamoo’s bonuses remain valid until seven days after the required deposit has been made. Once this period ends, the bonus is automatically flagged as expired by the system and can no longer be released. The expired bonus funds are then automatically removed from the player’s account.
Of course, there is a wagering requirement which must be met in order to withdraw your bonus money and any winnings which may derive from it. Real money balance is used prior to bonus balance. The bonus balance will only be used when there is no real money available in your account. Only real money funds and released bonus funds can contribute towards the wagering requirement of the bonus. The wagering requirement for the Welcombo deposit bonus and free spins is thirty times (30x) the deposit + bonus.
Do note that players that deposit money using Paysafecard, Skrill or Neteller are not eligible for the Welcombo. To assure fair gaming and prevent fraud, Whamoo has placed a maximum cap on bonus money wagers, which are limited to a maximum per round/bet of €5 or its equivalent in other currencies. You should also be aware that certain games cannot be played using bonus money. There is a full overview of these games on the Whamoo bonus page.
Bets placed in certain games might not contribute fully to the wagering requirements.

• Bets placed on video slots count for 100%
• Bets placed on scratch cards count for 100%
• Bets placed on blackjack count for 10%
• Bets placed on video poker count for 10%
• Bets placed on poker count for 10%
• Bets placed on roulette, baccarat, sic-bo and craps do not count
• Bets placed on live casino games do not count

Recurring bonuses at Whamoo

The bonus fun does not stop at the welcome bonus when you play at Whamoo! You can count on a constant stream of promotional campaigns and bonus offers. The casino has recurring promo offers every Monday, Wednesday and Friday. If you deposit some extra money to your online casino bankroll on one of those days, you are eligible for a bonus. It therefore pays off to wait for these days before you decide to reload your online funds.
On Monday it is Pick ‘n’ Play day to start off the week with some good vibes. On this day, the casino basically tops up your deposited money You can:

• Turn your €20 into €25 with the code 100024;
• turn your €50 into €65 with the code 100025, and/or
• turn your €100 into €135 with the code 100026.

It is even possible to combine these bonuses if you want to deposit a larger sum! Alternatively, you can use the bonus codes of WHPICK5, WHPICK15 and WHPICK35 by putting these into the promo code field on the cashier page every Monday.

Whoa Wednesday

Wednesday is for many a difficult day in the week, it being right in the middle of another long week of work. To spice up things, Whamoo has come with an unusual bonus which it calls “Whoa Wednesday”.
Every Wednesday you get to uncover your secret gift – for free, no strings attached. The casino will add this gift to your next deposit. This can be a bonus, a set of free spins, or even both. You’ll get all the details once you’ve pulled off the cover and logged into your account. You will receive the bonus details and promotional code, which you can use in the promo field at the payment page to receive your hard-earned Wednesday bonus.

Freeday bonus

Friday is the favourite day of the week for many people – and the reason why is quite obvious. It marks the end of another working week and the start of some well-deserved weekend R&R! For many people this involves paying a visit to a land-based or online casino to get their kicks at their favourite game, whether it is a card game, roulette or video slot.
Whamoo knows that many people cannot wait for the days off work to start and therefore has come up with a special Friday bonus to welcome in the weekend! This bonus day is called ‘Freeday’ by Whamoo. The casino basically hands you a bunch of free spins if you are a regular customer. For every weekday from the previous week (Friday through Thursday) that you’ve deposited 30 euro or more, you get 10 free spins. For every weekend day you even get 20 Free Spins! That means up to 90 Free Spins are yours to play with. That’s a great start to a weekend full of partying and fun!

Wagering requirements

Do note that wagering requirements do apply to all daily promo offers. These are more or less the same as we outlined above in the description of the welcome package, but do take a look at the bonus terms and conditions page on the Whamoo website to know precisely what you can expect! As always, it is important to read the small print in order not to face any surprises later on.
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A fully mobile compatible casino

As a brand new online casino, Whamoo knows that already a majority of gamblers nowadays play on their mobile phones rather than on computers. Because of this, the Whamoo casino is fully compatible with mobile devices and tablets. If you load the Whamoo website on your smartphone, it looks just as good as on your laptop of computer. It’s equally accessible and orderly too! The mobile website is a breeze to browse through and you can easily access all the important pages such as the game library and payment page.
The same counts for the actual games themselves. Whamoo only works with software providers which are known to offer full mobile gaming support. These games are made in code such as HTML5, which means that the games can simply be played in your (mobile) internet browser. There is no download or special app required to play these games. Whether you are playing on your computer, tablet or smartphone, you simply surf to Whamoo.com and select your favourite game from the library. This game will then open in your internet browser – and you can play instantly. It does not matter whether your phone runs on Android or is an iPhone, nor does it matter whether you have Mozilla Firefox, Google Chrome, Internet Explorer, Opera, Safari or any other internet browser. Whamoo will function just fine!
This is absolutely great as you can now play at Whamoo wherever you are, whenever you want. Want to put down some wagers on the roulette table while you are sitting in public transport on your way to work? That’s easily doable! Just take out your smartphone on the train or bus, and surf to Whamoo.com to play at your favourite roulette table. Are you sitting on your couch at home and want to play a few hands of blackjack before going to sleep? Just take out your laptop, tablet or phone and within seconds you can have some of the most exhilarating blackjack fun on your screen.

The Whamoo Live Casino

Whamoo’s live casino is powered by Pragmatic Play and NetEnt software – which are two of the biggest, most reputable software providers in the world. This is great news for the players, as you can access high quality tables in just a few clicks.
In the live casino, you are connected with a live video feed to a real-time casino table in one of the casino studios of these software providers. You can play games like baccarat, blackjack and roulette like you are standing in a real land-based casino in Vegas or Monaco! Thanks to the high definition video stream, you have a great overview of all the action which unfolds on and around the table.
All table games are led by experienced, professional croupiers and dealers who are not only well-trained, but entertaining as well. By all means, feel free to open your microphone or the chat window to have a talk with them, or even with other players from around the world. This is what makes the live casino such a great invention. Even though you might be sitting at home in front of your laptop or computer, it does almost feel like you are standing in a casino for real!
Especially for high rollers the live casino is a worthwhile addition as table limits are often much higher than in regular games. Of course, if you are on a tight budget there will definitely be live casino tables where low minimum bets are allowed too – no worries there. But it is the experienced, high stakes gambler who probably feels most at home in the live casino.
There are multiple baccarat, blackjack and roulette variants which you can play. For roulette, there is American Roulette, European Roulette, French Roulette, Speed Roulette, Live Roulette Auto and Roulette Macao Live. If you prefer the casino classic of blackjack, you will find plenty of different tables all with slightly different betting limits. Baccarat is perhaps the game with the highest betting limit. Besides the regular version, there are also Speed Baccarat tables. A fourth casino game which can be played live at the Whamoo Live Casino is Sic Bo. Just browse through the list of live casino games, or use the search function to find your favourite table!
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TL;DR :–
· Me and why I was banned
· IWISK
· EVE CASINO
· CCP Security
· Tinfoil
· Shit Spelling

Dear Fellow Space Nerds,

For months I have been debating if I should write this piece and I warn you now it is long, I have written this and discarded it several times on the basis that it will just come across as a bitch or a whine. But as you may now tell I have left it long enough for many to not care, so this story will just be that, a story of bad spelling, bad punctuation and the worst grammar you have ever seen. But it is my story and I have decided to just tell it as the question “I thought you was banned” needed a point of reference I could send people to. Now I get you will be suspicious but I am telling it as I see it, and if you read all of this then bravo indeed! :)

Before we begin let me just say that the whole banning of gambling mechanisms from a video game I do support and that is my stance on it. It may just be for fun but does it hold a place in a sandbox from an external point of view, the answer is no and should be every time. However it can be incredibly innocent for the 99% that participate, it is however the 1% who may have been personally affected by the ability to gamble using IRL money via the forms of plex codes. My issue which you will read here, is how it was handled and how I was treated rather than the morals of gambling.

This story begins at the start of 2016. Between the dates of the 6th and 9th of January, approx 14 Bankers in IWISK was banned for suspected RMT. This was only several days after CCP Peligro (who will be referenced allot in this piece) had announced on Twitter that he was back to work. CCP Peligro has been a subject much recently on reddit and other channels (discord / IRC etc) and I figured I would give my experience with him and CCP as a whole. Now some devs from CCP are reading this and those who I have linked this too will agree with much that is written here.

Now the claims that the banning of IWISK bankers was due to SMA etc informing CCP Security of the 1 Dollar to 1 Billion isk that IWISK was selling, these were called Batts or batteries.. I know what you are thinking, why would CCP believe such an incredible story that 1 Billion equated to 1 USD... Now CCP Peligro was off on Christmas break when these emails were sent to [email protected] mailbox.

Well the simple truth is that they actually did! Team Security took this as an opportunity to jump on the IWISK RMT train which they failed to execute back in mid 2015 with the whole iwisk URL blacklisting from the in game browser. Now why would Team security hate IWISK? The answer is really simple and can be summed in a few bullet points :

• Several complaints over IWISK RMT which on reddit we saw around 20 threads claiming to have damning evidence but was never shared with anyone...
• Bankers actually had been caught prior to the ban wave (I think 2 but we shal say 3 for the sake of argument)
• IWISK is a blind spot for Security

So the complaints speak for themselves however the bankers who had actually been caught prior to this are simply the reaction of an individual acting alone. Some CCP Security caught and some we had emailed CCP Security of suspicious activity who had later been perma banned.

And lastly the blind spot... This for any organisation regardless of being a gaming company, this is just an almost impossible scenario to police and should never have been allowed to operate. But the fact is that it was and as such this was their own creation of a black zone. This black zone had existed for almost 7 years+ with 3rd partying websites. The actual Blackzone has technically always existed since the API was allowed for public use.

Now keep in mind this is not just IWISK related as ANY other gambling or website that allowed transactions to take place "legitimately" through a 3rd party site is a risk. The reason IWISK was such a risk was because literally hundreds of trillions flowed through it. IWISK could easily transact up to or approx 50 to an incredible 100 Trillion a month just by the master wallet alone! (may have been less but at its peak it really hit these numbers)

So IWISK was a massive risk to Security from an RMT perspective, and anyone could claim RMT, and to be fair to those who did, we could not prove that it was not happening. And I will explain why this is the case…

IWISK had a quick deposit method that allowed bankers to process isk by copying the transaction from the wallet into a field on the bankers backend. This allowed said banker to give the customer their virtual isk on the site within 8 seconds of sending the isk to IWISK Corp. This made us very popular as there was very limited wait times to gamble with your iskies.

However this system could be abused right? I simply could just copy a transaction from the wallet and wallah, I have given myself 1 bajjilion isk right... Yes this indeed is the scenario... IWISK or EEP mitigated this risk by adding a collateral to the bankers account. So if a bankers collateral was 10 billion, he could only quick deposit for players up to 10 billion isk. When the API ran after 30 minutes, these would be matched against the players transaction from the master wallet and the banker would be given his collateral back on the site.

So what the hell does that all mean.. well it means that a banker could amass profits as a banker and they could use those profits to RMT with. So If the banker had 20 Billion in his collateral wallet, the banker could sell 10 Billion to a player by just tweaking the transaction to their name, thus creating a fake wallet deposit in the database. The API runs and it will not match the in game wallet, and thus the banker is now down 10 Billion but you have "gifted" a player 10 billion isk to do what they want with.

So yes there was a loop hole in IWISK that allowed people to do this, but it was policed when discovered and this was one of the ways we caught people who thought they were smarter than the admins running IWISK or CCP security. I genuinely believed these bankers thought we could not catch them and that we would not shop them to CCP --- They were wrong.. --- I would often receive emails from players stating they just bought isk from xyz site and they got a iwisk email saying they had funds. So my response which can be verified by Security was always to inform CCP and if I catch who it was I would do the same.

So this is where it got a bit hard to navigate, I would often look at the person delivering the isk and be like "really this fucking guy is RMT'ing....". So when probed the banker denied it and I could not help but believe him. However I now had the issue of trying to work out who and how.. So this is really how the above loophole was discovered and the watching began to see who and how.. I never said or told people that we were watching them, simply just mailed everyone saying, if you are RMT’ing and using IWISK as a front we can identify you and you will be caught. Again this can be verified by CCP or a banker who kept these mails… We caught several bankers and details were sent to CCP and policing of that was now a task.

So back on track to the banning of the Bankers Jan 2016. After a month or so CCP un-banned all those involved. Except for one person “R00gle” who was in MC at the time. Now R00gle to this day denies any involvement in RMT and even went to FanFest to hang out with his buddies from MC. CCP Spoke to him and said they would look back into it, but they never did get in touch with him. Having now known R00gle for many years, If asked the question did he? I would say no every time and he was a scape goat for CCP Security to claim they got "their" guy from the ban wave in Jan.

Remember that CCP Security only answers to very few people in CCP and that would be Hilmar, and maybe Andie or Ned? IDK exactly who but this would be a reasonable assumption and really just speculation from other posts and channels I have poked around in. So on that basis, any communication directed at CCP Security is never going to give you a response, because CCP Security do not discuss with end client or in very rare cases they may, but not to the value add of the end user, and simply close your ticket with a no response. This you can find on Reddit hundreds of times and this is how they operate. This should come to many of you as no surprise regardless how shit the service is.

The so what to all that is, CCP Security hated IWISK from day one. Not just for the reasons above but also because they got told to let it go the first time around (mid 2015) and the second time around (Jan 2016). Most reading this will know about where CCP Burgtarist was open at FanFest and said he was over ruled and if he had his way everyone would have remained banned.

Now some numbers, because we all love numbers and spreadsheets! But sadly I do not have graphs... I could make one but then I would be just trying to buy the super nerds approval using graph pron!

This is the contribution of IWISK over 12 months to the RMT issue. So you can speculate that CCP Security spent hundreds of hours of no doubt, evidence gathering and data analysis which I know CCP Quant had to do. I am sure trying to map all that isk was a nightmare and the promo codes must have made it impossible to determine isk in vs isk out..

CCP released a figure stating that on average every day they ban 50 accounts for RMT or other activities etc... Now this same figure I have seen across reddit on a few occasions and I have used this number on occasion to make a point, and I believe it has comes from the 2014 FF video archive. If the figure is wrong let me know and I will recount my abbicus and update appropriately. But I think when you see the result the amount they ban per day will not change the outcome too much.

EDIT: Some facts for you... 2012 to 2013 30,202 Account banned total.

So 50 Accounts banned daily over 1 year

• 50*365= 18,250 accounts.
• IWISK accounts perma banned within 12 months = 4 people Jan 2016 to Jan 2017
• IWISK Contribution to the RMT problem

0.022%

Not suggesting that RMT is justified and belittling the issue at all, but numbers speak for themselves and the issue was tiny by comparison to what actually takes place in Eve if at all IWISK was RMT'ing. Now if you check these websites that are selling ISK and have feedback sections, you will see that they are still selling and moving the same amounts of isk. Soooo no sudden dip in ISK being RMT'd to the "black market"??? Think about that just for a minute and ponder if IWISK was such a massive RMT operation why has banning it had no effect on the 3rd party ISK Black Market? Smells like bullshit right...

So before I even get to what happened in Octoer 2016.. Several more points on RMT in Eve. It happens all the time and it is happening in alliances or inter corp constantly. Supers & Titans are being sold for RL $$'s all the time and accounts. CCP Tickets to FF / Vegas are being sold for isk along with Plane tickets / hotels and beer money.. Yes those going to Fanfest this year, there will be a few who have paid corp mates isk to fund their trip and hotel stays because they have soo much isk and some people have swag amounts of RL $$’s. I know many that have done this and even many CCP dev's know who these people are. This was discussed at a player meet on several occasions late last year. However this is not challenged or tackled because literally who gives a F, certainly the Devs attending did not give a F.

Hell I tried to buy a nice duder at FF but he refused to take my money and insisted he bought me the beer. So instead I said jokingly how about a plex as I will end up owing you? He said that is one cheap plex, but no you do not have to do that... Now some would have said hey, I buy beer and you gib plex K?... Little did he know that because he refused me spending my own money and just wanted to buy me a beer out of principle and in his own words "you have done a lot for many", when I got back to the UK @ home I sent him 20 plex's! Made me warm and fuzzy just for his reaction as he was gobsmacked. ♥ So If I am guilty here it is accepting a beer and paying 20 plex’s for the pleasure \0/ then yesh I deserve the banning. kek

So now we spin on to September 2016. Me and Eep had a few disagreements over several years and now looking back it was over trivial stuff and I decided that If I had stayed in IWISK our relationship would have devolved further. This being our friendship of 3 years was coming to an end and it genuinely made me sad and disappointed with myself. Regardless of what you may think of Eep or the way he reacts from time to time, he is a good guy and he takes way more flak than is deserved. He is down on his luck most of the time. He struggled with money and lived on very little, despite what you all thought, he was not rolling around in RL money living the dream, but sadly living month to month on most occasions and having to borrow money (which he repaid back to people). And I hope Gonz does not mind me saying that, but I just wanted to put it into context and disperse any ideas that he was rivalling yacht sizes with Mittens… If you really knew Gonz, you would know he had no money and if he had been RMT'ing then he would have been rich by comparison.

So I decided one day that enough was enough and if I stayed in IWISK one more day I would flip my sheet and my relationship with Gonz would be perma damaged. So I left to join Eve Casino who welcomed me along for their launch of a new casino that worked completely different to any of the others currently open. Now I did act badly here and I do regret my abuse of the in game mailing list IWISK had, I advertised me leaving IWISK and promoting a new Casino. As the Face of IWISK (streaming and Media) I tried to justify it as a bit of tongue and cheek on my way out, but it was a douche move. I figured Eep would take it two ways, badly or a challenge to step up IWISK 2.0 asap. Not one that I am proud of... But even after all that me and Eep have remained friends and we still talk from time to time. Some things are more important than space pixels, and I am happy to report he is doing ok and better off now than he was prior to IWISK being banned from EVE. The site is still thriving and makes more $$$$’s than it ever has.

So I am now with this new group ECAS / Eve Casino. The doors are closed for internal testing only and the website was pretty damn good I must say. I will not go too deep on ECAS as there really is not much to say, but the website was functioning but only to a point as it was only half finished, not ready for release. The planned release date was the week of Eve Vegas and much work was needed to get it finished.

So with that in mind that Eve Casino was not open to the public and not a single isk was moved through ECAS, the owner was banned along with myself Lenny and Eep. Here is the list of why's :

• Lenny – RMT.
• IronBank - Section 2.1 EULA Offence.
• Eep - EULA Offence / not sure as never saw it and cannot find reference.
• Adarics ECAS - EULA Breach of Development License.

Now Eve Casino was banned because they had used the Crest API for the login to the site as part of the "Evil Network" SSO. This included EOC TV and a few other tools that was being developed. The Crest API was not used for anything else other than the player to login and this was approved by CCP for use. Adarics had spoken with several developers who had given him the greenlight to use it as it was not being used to handle wallet information or any other part of the player. But CCP security banned him for said use. So now we have a classic situation of Part A of the org not talking to Part B. When this was produced to CCP Security they just closed the ticket and ignored him.

And yes you got it, CCP Peligro. So again even with Adarics doing everything by the book, asking for permission and clearing everything prior to deploying it or using it, CCP still screwed him over, or should I say CCP Security. Now it is my understanding that he took this information to Falcon who basically dismissed him and said it did not matter as the case was closed. Now Falcon was A) not interested or B) Cant do anything...

Now you might be thinking wait there must be more to this than what Iron is telling us... Nope that is it, and the so what to that.. Around 12 bankers who were helping test the website which had not transacted a single isk and was closed to the public had all their wallets reset to zero, and Adarics was banned for a first time infraction of a rule that had no effect on the game as the casino was closed even though he had a green light from the Developers.

To this day Adaric is still banned and all those bankers who joined ECAS never got their isk back. They had done nothing wrong, not a single isk moved around, not involved in any of the coding, and CCP just took trillions of isk from these players. Soo, abuse of Power you might say? Guess who did this >>> CCP Peligro Mr Team Security.

Next we move back to IWISK.. Lenny and EEP banned for the reasons above and the rest of the bankers had their isk stripped. So again bankers in IWISK who may have been or may not have been involved in RMT was stripped of their isk and that was that. CCP took between 25 and 30 Trillion isk from both of these orgs and claimed a victory over RMT.

Now it is not hard to fathom that a lot of isk was purchased with plex. I often was intrigued if people had been playing with Plex to fund their activities on IWISK, as to me this was fascinating. Take away the human part that people may have been spiralling out of control, this can be said not just for IWISK but for EOH EVE Bet and the "others" who probably had small amounts of traffic but nothing worth boasting :P (still getting those jabs in). I do not like to reference competition as it seems like a cheap shot, but as these are now all dead, it no longer matters to a degree… But yeah the point here is that all that isk taken which no doubt the players had purchased via EVE or Markee etc has disappeared.. Not even some sent to Plex 4 Good or used to reimburse players who had their stuff stolen in game etc.. CCP talk about an isk imbalance when they restore Items from stolen looted accounts, well they have a huge sink to use. But I guess this was taken and written off as profit rather than use what they took.

Whenever people think of RMT or gambling in Eve they will always pick the most known target. One because the most popular and two because law of averages state that yes it probably exists at some point. However this can exist across all of the casino's, but given the most popular will always be the focal point, you are always going to be under suspicion.

An example of RMT existing outside of IWISK I want to share with you is a guy we caught from Germany, who was trying to use IWISK to funnel money to another player. He was using the raffle system buying 50% tickets with player 1 and using a 2nd account on another machine connected via a VPN to mask himself from us and CCP. His 2nd account would purchase the other 50% of tickets. So he was washing his isk. Yes IWISK was taking a cut as the house would normally regardless, but unknowingly being abused by some tard or tards. I asked this guy if he used any other ways of doing this...

With a bit of poking he finally opened up and said he had access to alliance funds and also a corp accounts in B0T. Not B0T holding itself ofc but some renter corps within B0t... This allowed him to funnel isk into these corp accounts and the use of these funds to build supers etc which he then 3rd partied to make RL money. This seemed like an obvious way to funnel isk and I asked him how he never got caught. His response was CCP are not clever enough or lack the resources to catch him... I was a little surprised by this but I wanted more info on this guy. I was trying to catch him out by getting any info I could, but all avenues lead me to around 50 iP's which bounced all over the world across 7 or 8 VPN services which are easily obtained online & his hardware ID's were changing all the time. This guy was the master or RMT and seemingly from what he was claiming (because that is what it is just a claim) and I wanted to know more, hell who would not be curious.

So I asked him if he had ever used any other websites to facilitate washing isk or doing RMT trades. He said the best one was using EOH Poker (Sorry guys). He said that all he had to do was set up a Head to Head and just lose to the person he was selling to... Or use 2 accounts of his and wash the money across 20 accounts over a 3 month or 6 month period of which none could be connected to Physical hardware or software ID tagging. He told me he would biomass on mass accounts, and some accounts he has had for years without being banned by Team Security. So he in private could wash isk very easily via playing poker in sealed rooms. Thus utilizing EOH's system to wash isk very easily with little to no risk of another player sniping raffles from him. I could see his point and he said that he would only use IWISK for certain methods of washing or selling isk, but he would not tell me anymore, he felt spooked by a few people dropping in and out of the channel. Once really confident talking to us then suddenly not so much. So this encounter certainly opened my eyes on how these guys were abusing sites to do these trades and he was boasting of hundreds of thousands of Euros in profit from this.

This ultimately changed how I looked for patterns in the database. For example looking for players who go head to head on raffles of a value higher than x and then expanding this to a large date range to see how long this was going on for. To be honest it was hard to figure out who was who and if it was chance or just normal activity.. So I thought I knew or had the silver bullet in identifying anyone abusing the system, but reality was, I am now more confused over the data set than ever.

So that aside, that was September done and dusted and I have now moved over to EVE Casino. Hopefully I have given a decent overview of the before the final banning and demonstrated that RMT was happening everywhere, but because IWISK was the most prominent focal point of the gambling scene in EVE, it had become the centre of all RMT claims, even though every system could be manipulated regardless of reputation.

So October the 12th and the ban wave and EULA changes announced by CCP. https://community.eveonline.com/news/dev-blogs/end-user-license-agreement-changes-coming-with-eve-online-ascension/

I am working night shifts and had been for a few days at this point. I woke up to hundreds of messages and tweets, skype, irc everything… I laid in bed and was like sigh this again!!! So I get out of bed, put on my slippas and go to the kitchen whilst reading all of the messages and a cluster barrage of confusion. I make a cup of tea (Earl Grey to be precise + 2 sugars dash of milk) and make my way to my PC. I was not worried as this had happened several times before and I have never been banned in 12 or 13 years. To be honest at that point I assumed it was just a IWISK the website had been blacklisted and all gambling was to cease, but to my genuine surprise, my account had been banned also.

When attempting to login I got the classic “Banned pending investigation, CCP Peligro”… I laughed out loud at first and then tried every account I owned. All 30 of them but alas to no avail. So I started checking my emails and literally as I opened my client, the email popped in.. It was from guess who, you got it – CCP Peligro

CCP Peligro (EVE Online) Oct 12, 15:22 UTC
Hi,
This mail is sent to inform you that your EVE Online accounts have permanently banned, in light of EULA violations. Specifically, you were found to be using your accounts "XYZ" and "XYZ1" for business purposes, in violation of the EULA, Section 2.A.
Your continued access to the System and license to play the Game is subject to proper conduct. Without limiting CCP's rights to control the Game environment, and the conduct of the players within that environment, CCP prohibits the following practices that CCP has determined detract from the overall user experience of the users playing the Game.
2.A "Accounts may not be used for business purposes. Access to the System and playing EVE is intended for your personal entertainment, enjoyment and recreation, and not for corporate, business, commercial or income-seeking activities. Business entities and anyone who is acting for or on behalf of a business or for business purposes may not establish an Account, access the System or play EVE. Accessing the System or using the Game for commercial, business or income-seeking purposes is strictly prohibited."

So I opened TS3 and those from IWISK was now back on my TS3 server and I started to understand what the damage was, and it was everyone, it was a swift attack from young Mr CCP Peligro.

So I noticed that a Petition had already been opened on my behalf by CCP, no doubt just for their tracking. So I responded saying “I have never RMT’d so I do not understand my ban”. Then as I sit there I read the email again, it was not for RMT as I had assumed... Because it came from CCP Peligro my assumption was that it must be ISK related as that is what he does right. But to my surprise it was no mention of RMT in my petition like Lenny’s. Now I had not spoken to Lenny at this point due to the TZ difference, but the guys on TS3 said his specifically stated RMT, yet mine was for a Section 2.A… So I jumped on IRC and started asking questions with some Devs at CCP, they said if it was not RMT then it should not have come from CCP Peligro, it should have come from another person at CCP. I cannot remember who the Dev is who handles violating of Section 2 of the EULA but we know that it is not CCP Peligro. So now I am confused as this info is coming from Devs and then a few days later I noticed that Nosy Gamer was talking about the same thing. (If anyone finds out who the Dev at CCP should have been let me know and I will update this to keep this accurate.)

So I respond to my petition basically saying, sorry I misread the petition, but I do not understand how I broke this section of the EULA. Can you explain to me what I did wrong…
But the classic silence now dawned upon this petition and not a single response. Few weeks later the petition is closed and not a single response nor explanation or even guidance on why and how to avoid going forward, just simply nothing.

I spoke with Falcon and we had traded a few emails. Not to go into them too much but the bottom line was that Security had concluded their investigation and as such the matter was closed. Nobody can do anything at CCP as the decision is theirs.

So no point except to maybe appeal to Internal Affairs at CCP. I did wait a while before doing this, & Not a single response.

The one good thing about going to Player events is you can meet Devs that you know or have never met. Meet people you have never met and share experiences. Even though I was super angry about what happened, I pulled up my big boy pants and put a smile on my face. I think because of my demeanour about the whole thing being happy go lucky and care free, nearly all the devs would speak openly with me about what had happened over a few shots and a giggle. Not giving too much away, but it did give away a few things that I was trying to understand. Why had I been banned as the reason given made no sense.

So take the email from CCP stating that my accounts had been banned for the reason “income seeking or for business” – Now given I know this is not RMT related as it would just say RMT and you are perma banned from EVE. Yet I am still allowed to play subject to proper conduct right? So it is not RMT as that is clear cut and nor should it be.

The only road I can go down is “Twitch” and the “Game Show” I was pixel space famous for. So I would ask these Devs when intoxicated, was I banned for the reason because of what I was doing on Twitch? The same response, sorry I cannot tell you but a smile & a wink was enough for me to know that I was on the right path.

Why all this effort and having to read between the lines, simple really, nobody at CCP would discuss any of this with me. Because they were kept out of the loop or those involved were told specifically not to discuss this with anyone at CCP or external. Drunk CCP best CCP :)

However not all employees will toe the line, so yes some expressed their disgust to me and apologised for their company & colleagues behaviours and some of the CSM contacted me saying they were appalled by this, and no I am not referring to Bobmon but “others”. It was comforting to know that despite the public flogging CCP gave me, people were still ready to call out CCP’s BS.

So now Its November and I kinda have a better understanding of the reason I was banned for. So I stream on Twitch like many others and the assumption from CCP or more specifically is that my channel is a cash grab based on massive amounts of ISK I have amassed from IWISK. (This was a comment made to me by a member of CCP GM's)

Now if you spent like 5 minutes in my channel like most critiques have in the past. You assume that I am trying to get subs and donations for the isk being given away. This could not have been further from the truth and if you have read this far congratulations…

The channel operated like this… If you are a subscriber you got “Iron” or points for every month that you were subscribed. So if you had been subbed for 1 month you got 500 Iron, and on month 2 you got 500 + 2000 for being 2 months, 3 months 500 + 3000 etc etc…

So the longer you are subbed the more points or “Iron” you got and this is known on Twitch as a loyalty system. You also got points for being idle in channel or being in channel when I was streaming.

Now if you are not subscribed you got no points at all, simply none as points are used to play in game channel games “roulette or Bank robbing” or entering Subscriber only giveaways / requesting songs etc. These giveaways were for Plex’s or other things which you could redeem via your EVE account management page.

I purchased these codes from Markee Dragons store or Greenman Gaming (Approved ETC or PLEX code retailers) and the money to buy these codes came from the sub’s money that I got from Twitch every month.

So I have been accused of Income seeking by CCP, and the reason I find this so ludicrous is that it was no secret of how this model operated. Hell every stream I would announce these code giveaways are only for subs because the subs effectively paid for them. And at this point I think nobody at CCP involved in my banning knew this, because they simply did not do their homework. I would love to be proven wrong, but that would require someone from CCP actually talking to me.

The other giveaways that was done on the channel follow’s CCP rules that everyone must have the same chance regardless of subscription type. This I followed to the letter and back story, I even asked for this to be made as a policy for streamers. The rules also state that this is for “in game items only” and Fozzie even reinforced that on Mittani’s Twitch channel days after this policy was released. He said if it is for anything out of game then do what you want with it, which reinforced the CCP policy on Streaming.

So I followed the rules to the letter and others on Twitch were still not following these rules… But hey I did not care as everyone has their own path to follow and if CCP really gave a hoot they would step in. I am no internet police vigilantly and I do not stoop to the same levels like DBRB for example. Yes DBRB I know what you tried to do and it failed.

Anyway back on track.. A little bit into the world of me and why income seeking is just utter nonsense.. I work as an IT Contractor and earn good money. Or at least I think it is good money. Approx 300 GBP a day or 380 USD a day not inc bonus etc. Not going to be a billionaire in RL, but enough to not worry financially about a mortgage or nice cars holidays etc.
So here is a rough example of what I got from Twitch every month and how those funds were spent. Sometimes it was less around 500 but it varied and at one point was as high as 720… This is puny compared to the likes of Zarvox etc but he does it full time and deserves every penny!

Twitch Income:

• 250 Subs @ 2.5 USD = 625 USD

Monthly Expenditure:

· Server VPS - 105 USD · Deepbot 10 – USD · 1ronbot 5 – USD · Plex Codes and Aurumn Codes Monthly Avg - 200 - 250 USD · X-Split – 15

Total Monthly Expenditure - 380 USD

So I make give or take a massive:

245 USD a month

depending on how many subs I have, and this does not even include the cost of Electricity / Hardware failures or equipment purchases to improve the stream. If I was to break it down further into that. But as these additional's I have not included are for personal enjoyment as well and I cannot or won’t include them. as it would be wrong to do so.

Also any paypal money left over in paypal get's spent at the end of the Year on a Christmas and New Years special Stream. I buy as many codes as I can to give away (2015 Christmas I spent over 1100 USD on codes alone). So I run my channel almost non profit or at least as best I could. And yes I take money for Beer and Nachos cuz Beer and Nachoz amright?

So I was banned for making around 200 USD a month and some change because… NOPE NOPE NOPE I do not get it also. Other streamers make more $$$’s than me easy in the Eve Category, but yep you got it, it was all they could use to ban me. Literally they used a BS excuse to ban me from the game and publicly flog me.

So yes I got F’d over royally because some fuck wit child in CCP Security had a grudge to settle. That is truly how I feelz about this and it is disgusting. If any of my staff members behaved like this, they would be out immediately without warning. And I know I am not alone when it comes to complaints about Peligro and his conduct…

To add insult to injury he even followed me on Twitter about 2 weeks prior to nuking my account, I guess he wanted my tears…

http://i.imgur.com/MtAxI0Y.png

But the funny part is, as soon as I mentioned and saw this connection I emailed CCP about his behaviour and that day he un-followed me on Twitter. Bad taste indeed sir.

Now I had tried to reach out and extend my hand with Peligro, as he followed me on Twitter prior to the first ban wave in Jan 2016. I used to feed him info on suspected people or anything else that I thought may have been an issue. See image and you will notice the dates..

http://i.imgur.com/bxATAfX.png << But as you can see I was trying every avenue to get these sec people to engage.

Around June he stopped following me, so I took that as a sign that CCP Security wanted nothing to do with me or to aid in catching RMT'ers. I have also emailed and raised petitions of bankers & players who I thought were dodgy. And I also captured one of the bankers via Reddit who I know got banned. That was a good day for Reddit on the anti RMT front!

Now there is the whole unassailable wealth thing.. This made my literally laugh out loud. For a start I know more people in Eve who are station traders and combined have more isk than IWISK bankers / IWISK in general. They could have funded the war against Mittens all by themselves as a small group. Station traders in major hubs selling and buying firesales or hunting forums for cheap BPO deals and reselling them etc also have unassailable wealth. The hypocrisy that it is unfair because you cannot target these people and casino’s are generally untouchable… Well if you know station trading or have half a fucking clue about this game and enough capital, you can literally steer the market in your favour. And I do believe a trader recently and a few other have been banned and they are still banned. Guess who is investigating them… CCP Peligro

@ CCP – I am disappointed with you that you even listened to the dear complaints of the overlord Mittani, But I do expect you to Nerf Market trading so you can be killed and have your stuff taken from you, or would it be better Mittens to write a letter of complaint to Ned?
Sigh…

Lastly
I was debating and have been for the last 15 minutes whether to put this in or not but I will add these last few bits as conjecture and you make up your own mind. But all of the above is my story and I have no reason to BS. You can see it is open and honest. I have tried not to misty any part of the above except the bit with my email trades with Falcon as it contained some personal parts of my life when I was in the forces / Hospital. But I hope at the very least you can see that not everything is as it seems.

If you control the evidence that is received and you want a group or x people out of the game, you can make any evidence tell the story you want. Forget what you think about me or IWISK etc, just think about it for a while.

[Tinfoil-zone]

· Mittani is RL friends with Peligro and he is / was a Goonswarm Member… · Head of internal affairs left after this all happened. · Head of CCP Security left after this all happened.

[/Tinfoil-zone-end]

CRYPTOCURRENCY BITCOIN
Bitcoin Table of contents expand: 1. What is Bitcoin? 2. Understanding Bitcoin 3. How Bitcoin Works 4. What's a Bitcoin Worth? 5. How Bitcoin Began 6. Who Invented Bitcoin? 7. Before Satoshi 8. Why Is Satoshi Anonymous? 9. The Suspects 10. Can Satoshi's Identity Be Proven? 11. Receiving Bitcoins As Payment 12. Working For Bitcoins 13. Bitcoin From Interest Payments 14. Bitcoins From Gambling 15. Investing in Bitcoins 16. Risks of Bitcoin Investing 17. Bitcoin Regulatory Risk 18. Security Risk of Bitcoins 19. Insurance Risk 20. Risk of Bitcoin Fraud 21. Market Risk 22. Bitcoin's Tax Risk What is Bitcoin?
Bitcoin is a digital currency created in January 2009. It follows the ideas set out in a white paper by the mysterious Satoshi Nakamoto, whose true identity is yet to be verified. Bitcoin offers the promise of lower transaction fees than traditional online payment mechanisms and is operated by a decentralized authority, unlike government-issued currencies.
There are no physical bitcoins, only balances kept on a public ledger in the cloud, that – along with all Bitcoin transactions – is verified by a massive amount of computing power. Bitcoins are not issued or backed by any banks or governments, nor are individual bitcoins valuable as a commodity. Despite it not being legal tender, Bitcoin charts high on popularity, and has triggered the launch of other virtual currencies collectively referred to as Altcoins.
Understanding Bitcoin Bitcoin is a type of cryptocurrency: Balances are kept using public and private "keys," which are long strings of numbers and letters linked through the mathematical encryption algorithm that was used to create them. The public key (comparable to a bank account number) serves as the address which is published to the world and to which others may send bitcoins. The private key (comparable to an ATM PIN) is meant to be a guarded secret and only used to authorize Bitcoin transmissions. Style notes: According to the official Bitcoin Foundation, the word "Bitcoin" is capitalized in the context of referring to the entity or concept, whereas "bitcoin" is written in the lower case when referring to a quantity of the currency (e.g. "I traded 20 bitcoin") or the units themselves. The plural form can be either "bitcoin" or "bitcoins."
How Bitcoin Works Bitcoin is one of the first digital currencies to use peer-to-peer technology to facilitate instant payments. The independent individuals and companies who own the governing computing power and participate in the Bitcoin network, also known as "miners," are motivated by rewards (the release of new bitcoin) and transaction fees paid in bitcoin. These miners can be thought of as the decentralized authority enforcing the credibility of the Bitcoin network. New bitcoin is being released to the miners at a fixed, but periodically declining rate, such that the total supply of bitcoins approaches 21 million. One bitcoin is divisible to eight decimal places (100 millionths of one bitcoin), and this smallest unit is referred to as a Satoshi. If necessary, and if the participating miners accept the change, Bitcoin could eventually be made divisible to even more decimal places. Bitcoin mining is the process through which bitcoins are released to come into circulation. Basically, it involves solving a computationally difficult puzzle to discover a new block, which is added to the blockchain and receiving a reward in the form of a few bitcoins. The block reward was 50 new bitcoins in 2009; it decreases every four years. As more and more bitcoins are created, the difficulty of the mining process – that is, the amount of computing power involved – increases. The mining difficulty began at 1.0 with Bitcoin's debut back in 2009; at the end of the year, it was only 1.18. As of February 2019, the mining difficulty is over 6.06 billion. Once, an ordinary desktop computer sufficed for the mining process; now, to combat the difficulty level, miners must use faster hardware like Application-Specific Integrated Circuits (ASIC), more advanced processing units like Graphic Processing Units (GPUs), etc.
What's a Bitcoin Worth? In 2017 alone, the price of Bitcoin rose from a little under $1,000 at the beginning of the year to close to $19,000, ending the year more than 1,400% higher. Bitcoin's price is also quite dependent on the size of its mining network since the larger the network is, the more difficult – and thus more costly – it is to produce new bitcoins. As a result, the price of bitcoin has to increase as its cost of production also rises. The Bitcoin mining network's aggregate power has more than tripled over the past twelve months.
How Bitcoin Began
Aug. 18, 2008: The domain name bitcoin.org is registered. Today, at least, this domain is "WhoisGuard Protected," meaning the identity of the person who registered it is not public information.
Oct. 31, 2008: Someone using the name Satoshi Nakamoto makes an announcement on The Cryptography Mailing list at metzdowd.com: "I've been working on a new electronic cash system that's fully peer-to-peer, with no trusted third party. The paper is available at http://www.bitcoin.org/bitcoin.pdf." This link leads to the now-famous white paper published on bitcoin.org entitled "Bitcoin: A Peer-to-Peer Electronic Cash System." This paper would become the Magna Carta for how Bitcoin operates today.
Jan. 3, 2009: The first Bitcoin block is mined, Block 0. This is also known as the "genesis block" and contains the text: "The Times 03/Jan/2009 Chancellor on brink of second bailout for banks," perhaps as proof that the block was mined on or after that date, and perhaps also as relevant political commentary.
Jan. 8, 2009: The first version of the Bitcoin software is announced on The Cryptography Mailing list.
Jan. 9, 2009: Block 1 is mined, and Bitcoin mining commences in earnest.
Who Invented Bitcoin?
No one knows. Not conclusively, at any rate. Satoshi Nakamoto is the name associated with the person or group of people who released the original Bitcoin white paper in 2008 and worked on the original Bitcoin software that was released in 2009. The Bitcoin protocol requires users to enter a birthday upon signup, and we know that an individual named Satoshi Nakamoto registered and put down April 5 as a birth date. And that's about it.
Before Satoshi
Though it is tempting to believe the media's spin that Satoshi Nakamoto is a solitary, quixotic genius who created Bitcoin out of thin air, such innovations do not happen in a vacuum. All major scientific discoveries, no matter how original-seeming, were built on previously existing research. There are precursors to Bitcoin: Adam Back’s Hashcash, invented in 1997, and subsequently Wei Dai’s b-money, Nick Szabo’s bit gold and Hal Finney’s Reusable Proof of Work. The Bitcoin white paper itself cites Hashcash and b-money, as well as various other works spanning several research fields.
Why Is Satoshi Anonymous?
There are two primary motivations for keeping Bitcoin's inventor keeping his or her or their identity secret. One is privacy. As Bitcoin has gained in popularity – becoming something of a worldwide phenomenon – Satoshi Nakamoto would likely garner a lot of attention from the media and from governments.
The other reason is safety. Looking at 2009 alone, 32,489 blocks were mined; at the then-reward rate of 50 BTC per block, the total payout in 2009 was 1,624,500 BTC, which at today’s prices is over $900 million. One may conclude that only Satoshi and perhaps a few other people were mining through 2009 and that they possess a majority of that $900 million worth of BTC. Someone in possession of that much BTC could become a target of criminals, especially since bitcoins are less like stocks and more like cash, where the private keys needed to authorize spending could be printed out and literally kept under a mattress. While it's likely the inventor of Bitcoin would take precautions to make any extortion-induced transfers traceable, remaining anonymous is a good way for Satoshi to limit exposure.
The Suspects
Numerous people have been suggested as possible Satoshi Nakamoto by major media outlets. Oct. 10, 2011, The New Yorker published an article speculating that Nakamoto might be Irish cryptography student Michael Clear or economic sociologist Vili Lehdonvirta. A day later, Fast Company suggested that Nakamoto could be a group of three people – Neal King, Vladimir Oksman and Charles Bry – who together appear on a patent related to secure communications that were filed two months before bitcoin.org was registered. A Vice article published in May 2013 added more suspects to the list, including Gavin Andresen, the Bitcoin project’s lead developer; Jed McCaleb, co-founder of now-defunct Bitcoin exchange Mt. Gox; and famed Japanese mathematician Shinichi Mochizuki.
In December 2013, Techcrunch published an interview with researcher Skye Grey who claimed textual analysis of published writings shows a link between Satoshi and bit-gold creator Nick Szabo. And perhaps most famously, in March 2014, Newsweek ran a cover article claiming that Satoshi is actually an individual named Satoshi Nakamoto – a 64-year-old Japanese-American engineer living in California. The list of suspects is long, and all the individuals deny being Satoshi.
Can Satoshi's Identity Be Proven?
It would seem even early collaborators on the project don’t have verifiable proof of Satoshi’s identity. To reveal conclusively who Satoshi Nakamoto is, a definitive link would need to be made between his/her activity with Bitcoin and his/her identity. That could come in the form of linking the party behind the domain registration of bitcoin.org, email and forum accounts used by Satoshi Nakamoto, or ownership of some portion of the earliest mined bitcoins. Even though the bitcoins Satoshi likely possesses are traceable on the blockchain, it seems he/she has yet to cash them out in a way that reveals his/her identity. If Satoshi were to move his/her bitcoins to an exchange today, this might attract attention, but it seems unlikely that a well-funded and successful exchange would betray a customer's privacy.
Receiving Bitcoins As Payment
Bitcoins can be accepted as a means of payment for products sold or services provided. If you have a brick and mortar store, just display a sign saying “Bitcoin Accepted Here” and many of your customers may well take you up on it; the transactions can be handled with the requisite hardware terminal or wallet address through QR codes and touch screen apps. An online business can easily accept bitcoins by just adding this payment option to the others it offers, like credit cards, PayPal, etc. Online payments will require a Bitcoin merchant tool (an external processor like Coinbase or BitPay).
Working For Bitcoins
Those who are self-employed can get paid for a job in bitcoins. There are several websites/job boards which are dedicated to the digital currency:
Work For Bitcoin brings together work seekers and prospective employers through its websiteCoinality features jobs – freelance, part-time and full-time – that offer payment in bitcoins, as well as Dogecoin and LitecoinJobs4Bitcoins, part of reddit.comBitGigs
Bitcoin From Interest Payments
Another interesting way (literally) to earn bitcoins is by lending them out and being repaid in the currency. Lending can take three forms – direct lending to someone you know; through a website which facilitates peer-to-peer transactions, pairing borrowers and lenders; or depositing bitcoins in a virtual bank that offers a certain interest rate for Bitcoin accounts. Some such sites are Bitbond, BitLendingClub, and BTCjam. Obviously, you should do due diligence on any third-party site.
Bitcoins From Gambling
It’s possible to play at casinos that cater to Bitcoin aficionados, with options like online lotteries, jackpots, spread betting, and other games. Of course, the pros and cons and risks that apply to any sort of gambling and betting endeavors are in force here too.
Investing in Bitcoins
There are many Bitcoin supporters who believe that digital currency is the future. Those who endorse it are of the view that it facilitates a much faster, no-fee payment system for transactions across the globe. Although it is not itself any backed by any government or central bank, bitcoin can be exchanged for traditional currencies; in fact, its exchange rate against the dollar attracts potential investors and traders interested in currency plays. Indeed, one of the primary reasons for the growth of digital currencies like Bitcoin is that they can act as an alternative to national fiat money and traditional commodities like gold.
In March 2014, the IRS stated that all virtual currencies, including bitcoins, would be taxed as property rather than currency. Gains or losses from bitcoins held as capital will be realized as capital gains or losses, while bitcoins held as inventory will incur ordinary gains or losses.
Like any other asset, the principle of buying low and selling high applies to bitcoins. The most popular way of amassing the currency is through buying on a Bitcoin exchange, but there are many other ways to earn and own bitcoins. Here are a few options which Bitcoin enthusiasts can explore.
Risks of Bitcoin Investing
Though Bitcoin was not designed as a normal equity investment (no shares have been issued), some speculative investors were drawn to the digital money after it appreciated rapidly in May 2011 and again in November 2013. Thus, many people purchase bitcoin for its investment value rather than as a medium of exchange.
However, their lack of guaranteed value and digital nature means the purchase and use of bitcoins carries several inherent risks. Many investor alerts have been issued by the Securities and Exchange Commission (SEC), the Financial Industry Regulatory Authority (FINRA), the Consumer Financial Protection Bureau (CFPB), and other agencies.
The concept of a virtual currency is still novel and, compared to traditional investments, Bitcoin doesn't have much of a long-term track record or history of credibility to back it. With their increasing use, bitcoins are becoming less experimental every day, of course; still, after eight years, they (like all digital currencies) remain in a development phase, still evolving. "It is pretty much the highest-risk, highest-return investment that you can possibly make,” says Barry Silbert, CEO of Digital Currency Group, which builds and invests in Bitcoin and blockchain companies.
Bitcoin Regulatory Risk
Investing money into Bitcoin in any of its many guises is not for the risk-averse. Bitcoins are a rival to government currency and may be used for black market transactions, money laundering, illegal activities or tax evasion. As a result, governments may seek to regulate, restrict or ban the use and sale of bitcoins, and some already have. Others are coming up with various rules. For example, in 2015, the New York State Department of Financial Services finalized regulations that would require companies dealing with the buy, sell, transfer or storage of bitcoins to record the identity of customers, have a compliance officer and maintain capital reserves. The transactions worth $10,000 or more will have to be recorded and reported.
Although more agencies will follow suit, issuing rules and guidelines, the lack of uniform regulations about bitcoins (and other virtual currency) raises questions over their longevity, liquidity, and universality.
Security Risk of Bitcoins
Bitcoin exchanges are entirely digital and, as with any virtual system, are at risk from hackers, malware and operational glitches. If a thief gains access to a Bitcoin owner's computer hard drive and steals his private encryption key, he could transfer the stolen Bitcoins to another account. (Users can prevent this only if bitcoins are stored on a computer which is not connected to the internet, or else by choosing to use a paper wallet – printing out the Bitcoin private keys and addresses, and not keeping them on a computer at all.) Hackers can also target Bitcoin exchanges, gaining access to thousands of accounts and digital wallets where bitcoins are stored. One especially notorious hacking incident took place in 2014, when Mt. Gox, a Bitcoin exchange in Japan, was forced to close down after millions of dollars worth of bitcoins were stolen.
This is particularly problematic once you remember that all Bitcoin transactions are permanent and irreversible. It's like dealing with cash: Any transaction carried out with bitcoins can only be reversed if the person who has received them refunds them. There is no third party or a payment processor, as in the case of a debit or credit card – hence, no source of protection or appeal if there is a problem.
Insurance Risk
Some investments are insured through the Securities Investor Protection Corporation. Normal bank accounts are insured through the Federal Deposit Insurance Corporation (FDIC) up to a certain amount depending on the jurisdiction. Bitcoin exchanges and Bitcoin accounts are not insured by any type of federal or government program.
Risk of Bitcoin Fraud
While Bitcoin uses private key encryption to verify owners and register transactions, fraudsters and scammers may attempt to sell false bitcoins. For instance, in July 2013, the SEC brought legal action against an operator of a Bitcoin-related Ponzi scheme.
Market Risk
Like with any investment, Bitcoin values can fluctuate. Indeed, the value of the currency has seen wild swings in price over its short existence. Subject to high volume buying and selling on exchanges, it has a high sensitivity to “news." According to the CFPB, the price of bitcoins fell by 61% in a single day in 2013, while the one-day price drop in 2014 has been as big as 80%.
If fewer people begin to accept Bitcoin as a currency, these digital units may lose value and could become worthless. There is already plenty of competition, and though Bitcoin has a huge lead over the other 100-odd digital currencies that have sprung up, thanks to its brand recognition and venture capital money, a technological break-through in the form of a better virtual coin is always a threat.
Bitcoin's Tax Risk
As bitcoin is ineligible to be included in any tax-advantaged retirement accounts, there are no good, legal options to shield investments from taxation.
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Related Terms
Satoshi
The satoshi is the smallest unit of the bitcoin cryptocurrency. It is named after Satoshi Nakamoto, the creator of the protocol used in block chains and the bitcoin cryptocurrency.
Chartalism Chartalism is a non-mainstream theory of money that emphasizes the impact of government policies and activities on the value of money.
Satoshi Nakamoto The name used by the unknown creator of the protocol used in the bitcoin cryptocurrency. Satoshi Nakamoto is closely-associated with blockchain technology.
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By Satoshi Nakamoto
Read it once, go read other crypto stuff, read it again… keep doing this until the whole document makes sense. It’ll take a while, but you’ll get there. This is the original whitepaper introducing and explaining Bitcoin, and there’s really nothing better out there to understand on the subject.
“What is needed is an electronic payment system based on cryptographic proof instead of trust, allowing any two willing parties to transact directly with each other without the need for a trusted third party