Localbitcoins confirms ID verification and one account per person - page 2.

TheQuin

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Quote from: gentlemand on May 14, 2018, 06:36:53 AM

Quote from: TheQuin on May 14, 2018, 06:27:00 AM

I'm pretty sure that when you sell a gold bar to a registered bullion dealer in the UK as well as asking to see your passport they are also compelled to inform HMRC. At least we haven't got that bad yet.

It's difficult to see a way other than f2f cash deals how to avoid ever creeping regulation.

Yup.

https://www.sharpspixley.com/buy-gold-using-bitcoin/

That's the best place to get metals with BTC in the UK. If you're going above £5000 then you have to hand your ID over.

The £5k limit only applies to buying. If you want to sell then you need it for all transactions.

https://www.sharpspixley.com/sell-your-gold/

Quote

Payment can be made by Bank Transfer, or in cash if selling in person. We require two forms of identification; one photo ID and one proof of address (dated in the last 3 months) for all transactions.

gentlemand

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Quote from: TheQuin on May 14, 2018, 06:27:00 AM

I'm pretty sure that when you sell a gold bar to a registered bullion dealer in the UK as well as asking to see your passport they are also compelled to inform HMRC. At least we haven't got that bad yet.

It's difficult to see a way other than f2f cash deals how to avoid ever creeping regulation.

Yup.

https://www.sharpspixley.com/buy-gold-using-bitcoin/

That's the best place to get metals with BTC in the UK. If you're going above £5000 then you have to hand your ID over.

TheQuin

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Quote from: gentlemand on May 13, 2018, 07:31:24 AM

Dunno where you're at, but that's not the case for me in the UK.

Most metals places have a limit on how much you can buy before they start having kittens and I've never come across a stock trading place that lets you get rolling without ID.

If they're not already then crypto services will be the same as everywhere and everything else in the EU - onerous.

I'm pretty sure that when you sell a gold bar to a registered bullion dealer in the UK as well as asking to see your passport they are also compelled to inform HMRC. At least we haven't got that bad yet.

It's difficult to see a way other than f2f cash deals how to avoid ever creeping regulation.

pinkflower

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Is there a market for a darknet Localbitcoins type service? I think it will have to charge more. The price on keeping your anonymity is high nowadays. If you do not want to. You can always verify your ID on the regular Localbitcoins lol.

mobnepal

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This is the reason why we should start using decentralized p2p platform but there are not many working options available right now because of budgetary constraints. Bitsquare (decentralized p2p trading platform) started more than year ago but still struggling to survive because of almost zero fund for marketing and development. Don't know much about other similar platforms but I think all of them are struggling to survive. Localbitcoins like platform should start thinking about moving to decentralized ecosystem to get rid of all this regulatory requirement also this opens up space for dark net based localbitcoins if anyone willing to create one. Grin

gentlemand

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Quote from: 1Referee on May 13, 2018, 09:55:32 AM

Decentralized incentives are great, but they face one challenge they can't (at least for now) overcome, which is to incorporate fiat in a totally decentralized manner.

Short of handing over cash in person it can't be done. The best you'll get is keeping your deposit or payment obtuse enough for your bank to not notice or care. And that still does nothing to deal with charge backs or claims of scamming. I'm not sure how these platforms handle it but as they get bigger they'll get ever more gamed.

1Referee

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Quote from: magneto on May 13, 2018, 05:58:10 AM

You're right, this will probably prompt faster development for decentralised trading options for sure.

Decentralized incentives are great, but they face one challenge they can't (at least for now) overcome, which is to incorporate fiat in a totally decentralized manner. All decentralized platforms right now rely on centralized payment services to settle fiat to crypto transactions, which is something they need to figure out somehow. Only crypto to crypto transactions are truly decentralized.

Tether is somewhat of a decent alternative, but again not decentralized since they work with fiat reserves being held by one party, where on top of that they don't enjoy that much of a clean status with everything going on. Unless we start disregarding fiat and use Bitcoin as base, it will prove to be a real challenge having decentralized platforms offer truly decentralized fiat to crypto trades.

gentlemand

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Quote from: BitHodler on May 13, 2018, 07:01:36 AM

Funny is that I can buy as many precious metals from whatever site as I want, and that without sharing any details aside from shipping information of course. It's solely meant to slow down crypto.

I can also start trading stocks and securities without verification, so the risks and financing of terrorism authorities always point to as being the reason is just nonsense. Just say it, you are afraid of crypto. Tongue

Dunno where you're at, but that's not the case for me in the UK.

Most metals places have a limit on how much you can buy before they start having kittens and I've never come across a stock trading place that lets you get rolling without ID.

If they're not already then crypto services will be the same as everywhere and everything else in the EU - onerous.

BitHodler

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If people think this is bad, then look at how the market will turn into one heck of a regulated legal circus.

Governments and their regulations while in some cases are helpful if fairly implemented, are an absolute plague to a free and healthy market development. It's perfectly showing how nervous the current system is.

Funny is that I can buy as many precious metals from whatever site as I want, and that without sharing any details aside from shipping information of course. It's solely meant to slow down crypto.

I can also start trading stocks and securities without verification, so the risks and financing of terrorism authorities always point to as being the reason is just nonsense. Just say it, you are afraid of crypto. Tongue

magneto

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Quote from: gentlemand on May 12, 2018, 12:43:04 PM

https://localbitcoins.com/gdpr

Most people knew this was coming but here's the confirmation anyway. ID verification will be required when you hit certain volume limits. Thank the EU rather than them. I presume this'll speed up decentralised options.

Yeah, the rules are really tightening surrounding trading platforms.

I've already been identified as someone with significant trade volume and been asked for my ID. It's honestly disappointing to see a platform previously known for its anonymity all of a sudden requiring so much in terms of KYC, even though it is the EU regulations to blame.

They are still using pretty vague terminology in their terms and conditions, and nobody knows when you'll be asked for ID verification.

You're right, this will probably prompt faster development for decentralised trading options for sure.

gentlemand

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https://localbitcoins.com/gdpr

Most people knew this was coming but here's the confirmation anyway. ID verification will be required when you hit certain volume limits. Thank the EU rather than them. I presume this'll speed up decentralised options.

Topic: Localbitcoins confirms ID verification and one account per person - page 2. (Read 395 times)