LocalCryptos is shutting down | Bitcointalksearch.org

dkbit98

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Quote from: DaveF on October 26, 2022, 06:33:19 PM

Never had to do it locally but once in Atlantic City 2 out of the 5 bills failed. I said have a nice day, shook his hand and walked away. I don't think he was ripping me off but rather the person he got the money from ripped him off. Was actually surprised when I wanted to meet at a casino till I explained why.

That's crazy, but I think there are much more fake bills in circulation than we think, and some of them are much harder to detect, that is why Bitcoin is great and you can't fake it, well unless you use some fork with similar name.
I would personally write a review for seller like this that tries to make an exchange with fake bills, even if he didn't want to scam you, he should be more careful.
There are also small personal money detectors that are not very expensive and you can carry them with you everywhere you go.

Quote from: o_e_l_e_o on October 27, 2022, 05:20:01 AM

Another suggestion would be that if there are people on LocalCryptos you have traded with several times before and have some trust with, then contact them now and ask if they are planning to set up on another platform (if they aren't already using one), or even to suggest that you can arrange private trades after the site goes offline.

I wonder if Bisq 2.0 exchange could make some magic and attract more people that are leaving LocalCryptos.

o_e_l_e_o

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Quote from: DaveF on October 26, 2022, 06:33:19 PM

Side note, but what I usually do is meet in a local casino.

That's a neat idea which hasn't occurred to me before. As you say, you can immediately check the legitimacy of the bills, there are plenty of people around, and there are plenty of cameras around as well as security. That's a pretty safe way to do it. Usually if I am trading with a brand new person or someone I don't have that much rapport with I suggest we meet at an ATM or a bank, and either withdraw the cash immediately prior to the trade, or deposit it immediately after. Again you can immediately check the bills, and if you meet during the day then again you get the benefits of people and cameras for security.

Another suggestion would be that if there are people on LocalCryptos you have traded with several times before and have some trust with, then contact them now and ask if they are planning to set up on another platform (if they aren't already using one), or even to suggest that you can arrange private trades after the site goes offline.

DaveF

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Quote from: o_e_l_e_o on October 26, 2022, 08:29:33 AM

Quote from: DaveF on October 26, 2022, 07:31:36 AM

What I liked and used a lot with LocalCryptos was the fast to face for cash. There are none listed in AgoraDesk (unless I am missing it) and very few on the other exchanges.

On AgoraDesk the option is listed under "Cash (locally)". Obviously it depends on your location, but if you search for New York for example, then there are hundreds of open offers. Bisq also offers face-to-face as a payment method.

Bear in mind as well that all the traders on LocalCryptos will have to find new homes if they want to continue trading, so hopefully you will see the face-to-face markets on these platforms grow in size over the coming weeks as people make the transition.

If you use JFK airport there are none in Queens, yes the address in NYC is not that far away by miles, but by time it's an hour+.

Side note, but what I usually do is meet in a local casino. There is one by JFK airport and one a few miles away from ISP airport. If I can grab a random few of your bills and put them in a slot machine and it takes them I figure the rest are good too. If they get rejected I walk.

Never had to do it locally but once in Atlantic City 2 out of the 5 bills failed. I said have a nice day, shook his hand and walked away. I don't think he was ripping me off but rather the person he got the money from ripped him off. Was actually surprised when I wanted to meet at a casino till I explained why.

Either way it is happening, so I guess I'll just have to figure out who wants to travel to meet me.

-Dave

dkbit98

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Quote from: DaveF on October 26, 2022, 07:31:36 AM

What I liked and used a lot with LocalCryptos was the fast to face for cash. There are none listed in AgoraDesk (unless I am missing it) and very few on the other exchanges.
And their site is mobile friendly. Meet up at a local place, get some cash, release the funds, done.

Yeah I know what you mean, that is what I prefer as well, but there are always other ways you can do this, not just by using LocalCryptos Wink

I don't know the reason why AgoraDesk didn't add that payment option already, but someone could make suggestion to them.
If someone knows any other P2P alternative that have face-to-face payment option, other than AgoraDesk with Cah locally, please post below.

Quote from: o_e_l_e_o on October 26, 2022, 08:29:33 AM

Bear in mind as well that all the traders on LocalCryptos will have to find new homes if they want to continue trading, so hopefully you will see the face-to-face markets on these platforms grow in size over the coming weeks as people make the transition.

Maybe other website will allow them to import their profiles with reputation, I think that is something LocalCryptos did when LocalBitcoin and Paxful announced KYC verification.

o_e_l_e_o

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Quote from: DaveF on October 26, 2022, 07:31:36 AM

What I liked and used a lot with LocalCryptos was the fast to face for cash. There are none listed in AgoraDesk (unless I am missing it) and very few on the other exchanges.

On AgoraDesk the option is listed under "Cash (locally)". Obviously it depends on your location, but if you search for New York for example, then there are hundreds of open offers. Bisq also offers face-to-face as a payment method.

Bear in mind as well that all the traders on LocalCryptos will have to find new homes if they want to continue trading, so hopefully you will see the face-to-face markets on these platforms grow in size over the coming weeks as people make the transition.

hugeblack

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Quote

Over the years, it gained more than 400,000 registered users and grew to a team of approximately ten.

I did not expect that after five years of development and 400,000 registered developers, the number of the developer team is about 10, so the financial problems may be a sufficient reason for this, although I think it is the organizational reasons.

Overall it's a strange way to say saying goodbye.

Quote

We also owe immense gratitude to our partners, vendors, and affiliates, including ChangeNOW, Bitcoin.com, PhishFort

ChangeNOW & Bitcoin.com Shocked

I didn't think these were their partners.

DaveF

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Quote from: dkbit98 on October 25, 2022, 01:48:06 PM

Quote from: DaveF on October 24, 2022, 09:54:29 AM

The other possibility, which still sucks mind you, is that they looked into compliance and then looked at the cost of doing it and said nope, not worth it. If BTC was at $100k and they were making 5X what they are now and they could have taken it a bit easy to deal with health issues and brought in a few lawyers and whoever to deal with the compliance and whatever else was needed. But it's not, and sometimes you just have to walk away. Would be nice if they open soured their code at shutdown so someone else could run with it, but on the other hand the fraud and scam sites that would start popping up would most likely be insane.

Any way you put it their reasons are certainly related mostly with regulations and compliance, but they can't go out any just say it like that in public.
Sure they could release source code but it's not some rocket science, and we already have similar P2P websites that works,
like LocalMonero, AgoraDesk, HodlHodl, etc. and they all have better rating than LocalCrytos on kycnot.me website.
Source code is also private for this alternatives, but advantages for LocalMonero andAgoraDesk are that No personal information is needed, no need for JavaScripts, TOR is available, there is API and Android/iOS apps.
That is much better than LocalCryptos, so people can just transition there.

What I liked and used a lot with LocalCryptos was the fast to face for cash. There are none listed in AgoraDesk (unless I am missing it) and very few on the other exchanges.
And their site is mobile friendly. Meet up at a local place, get some cash, release the funds, done.

Could also just be the comfort level, been using it on and off but not a lot for a few years, so I just got used to it. I am admittedly a creature of habit so figuring out which other P2P works for me is just more work.

-Dave

NotATether

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Quote from: o_e_l_e_o on October 24, 2022, 04:23:47 AM

Quote from: Darker45 on October 23, 2022, 10:50:15 AM

I'm now wondering whether those so-called Bitcoin and decentralization advocates who are rich and willing to shell out hundreds of millions to save the likes of Liquid, Voyager, BlockFi, and others, all inferior to LocalCryptos' vision, would also extend the same offer to save a worthy cause.

I'm not holding my breath. These buy outs are not done for altruistic reasons to support bitcoin - they are done solely for personal profit, and a decentralized peer to peer exchange just doesn't generate the types of profit that a centralized lending platform does.

CeFi lending does not support bitcoin or any kind of cryptocurrency anyway (except maybe for XRP).

But I don't see how their buying up these platforms is going to be an asset and source of profit to them and not a liability down the road as they will be responsible for paying everyone from those platforms - unless their plan is to file for bankruptcy during such an event as well.

dkbit98

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Quote from: DaveF on October 24, 2022, 09:54:29 AM

The other possibility, which still sucks mind you, is that they looked into compliance and then looked at the cost of doing it and said nope, not worth it. If BTC was at $100k and they were making 5X what they are now and they could have taken it a bit easy to deal with health issues and brought in a few lawyers and whoever to deal with the compliance and whatever else was needed. But it's not, and sometimes you just have to walk away. Would be nice if they open soured their code at shutdown so someone else could run with it, but on the other hand the fraud and scam sites that would start popping up would most likely be insane.

Any way you put it their reasons are certainly related mostly with regulations and compliance, but they can't go out any just say it like that in public.
Sure they could release source code but it's not some rocket science, and we already have similar P2P websites that works,
like LocalMonero, AgoraDesk, HodlHodl, etc. and they all have better rating than LocalCrytos on kycnot.me website.
Source code is also private for this alternatives, but advantages for LocalMonero andAgoraDesk are that No personal information is needed, no need for JavaScripts, TOR is available, there is API and Android/iOS apps.
That is much better than LocalCryptos, so people can just transition there.

Plaguedeath

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Well this is bad news for people who use Localcryptos for privacy purpose. What I know is Bisq, Hodlhodl, Localcryptos, is the top 3 P2P platform who trustworthy and wouldn't ask anyone KYC. Now only Bisq and Hodlhodl can be used, I just hope Bisq and Holdhodl didn't shut down their platform.

I think day by day, any exchanges or sites has been forced to follow a regulations since they don't have any choice anymore.

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Quote from: examplens on October 23, 2022, 06:38:46 PM

Quote from: ?? on ??

Quote from: logfiles on October 22, 2022, 03:52:58 PM

This is what they said, but I think it's more of a regulatory issue than the bear market. Being that they are located in Australia, whose Government can sometimes get cocky when it comes to regulations

Quote from: https://blog.localcryptos.com/after-5-years-localcryptos-is-saying-goodbye/

LocalCryptos has made the tough decision to voluntarily wind down for multiple reasons. Among the reasons include personal health matters impacting the development and progression of the marketplace, an anticipated downtrend in cryptocurrency markets, as well as challenging developments in the long-term regulatory trajectory amidst the global evolution of the crypto economy.

If it's true, it would be a shame since they could relocate to country with better regulation.

It was always unclear to me why some good services just shut down. in addition to changing the country of business, maybe they could sell the whole business to some company that is already in the industry.
although I would say that this is a forced move because just a few months ago they were hiring new developers https://jobs.gohire.io/localcryptos-ddlp8az9/react-native-mobile-app-developer-63702/

Maybe the compliance has something to do with this since they will not close down their successful business if there's no government disturbing their operations, maybe they find it hard to comply what necessary needed to legalize their business that's why they decide to shutdown their business. Although what we are saying is just speculation but mostly regulation has huge factor on their decision made.

DaveF

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Quote from: o_e_l_e_o on October 24, 2022, 04:23:47 AM

Quote from: Darker45 on October 23, 2022, 10:50:15 AM

I'm now wondering whether those so-called Bitcoin and decentralization advocates who are rich and willing to shell out hundreds of millions to save the likes of Liquid, Voyager, BlockFi, and others, all inferior to LocalCryptos' vision, would also extend the same offer to save a worthy cause.

I'm not holding my breath. These buy outs are not done for altruistic reasons to support bitcoin - they are done solely for personal profit, and a decentralized peer to peer exchange just doesn't generate the types of profit that a centralized lending platform does.

Quote from: examplens on October 23, 2022, 06:38:46 PM

although I would say that this is a forced move because just a few months ago they were hiring new developers https://jobs.gohire.io/localcryptos-ddlp8az9/react-native-mobile-app-developer-63702/

Good spot. It does seem they have fairly suddenly been hit with regulations or requests to start collecting KYC or similar, and have decided the best route forward it to simply cease operations. Perhaps if there weren't the health issues they mentioned in their statement they would consider moving jurisdiction, but doing so is more than they can deal with at the moment. Although Wasabi recently moved jurisdictions and yet continue to invade their users' privacy, so perhaps it's not as simple as that.

The best web based alternative now is probably Agoradesk/LocalMonero and RoboSats, although Bisq remains the gold standard. Let's hope a significant amount of the volume from LocalCryptos moves to Bisq and helps grow its ecosystem even more.

The other possibility, which still sucks mind you, is that they looked into compliance and then looked at the cost of doing it and said nope, not worth it. If BTC was at $100k and they were making 5X what they are now and they could have taken it a bit easy to deal with health issues and brought in a few lawyers and whoever to deal with the compliance and whatever else was needed. But it's not, and sometimes you just have to walk away. Would be nice if they open soured their code at shutdown so someone else could run with it, but on the other hand the fraud and scam sites that would start popping up would most likely be insane.

-Dave

o_e_l_e_o

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Quote from: Darker45 on October 23, 2022, 10:50:15 AM

I'm now wondering whether those so-called Bitcoin and decentralization advocates who are rich and willing to shell out hundreds of millions to save the likes of Liquid, Voyager, BlockFi, and others, all inferior to LocalCryptos' vision, would also extend the same offer to save a worthy cause.

I'm not holding my breath. These buy outs are not done for altruistic reasons to support bitcoin - they are done solely for personal profit, and a decentralized peer to peer exchange just doesn't generate the types of profit that a centralized lending platform does.

Quote from: examplens on October 23, 2022, 06:38:46 PM

although I would say that this is a forced move because just a few months ago they were hiring new developers https://jobs.gohire.io/localcryptos-ddlp8az9/react-native-mobile-app-developer-63702/

Good spot. It does seem they have fairly suddenly been hit with regulations or requests to start collecting KYC or similar, and have decided the best route forward it to simply cease operations. Perhaps if there weren't the health issues they mentioned in their statement they would consider moving jurisdiction, but doing so is more than they can deal with at the moment. Although Wasabi recently moved jurisdictions and yet continue to invade their users' privacy, so perhaps it's not as simple as that.

The best web based alternative now is probably Agoradesk/LocalMonero and RoboSats, although Bisq remains the gold standard. Let's hope a significant amount of the volume from LocalCryptos moves to Bisq and helps grow its ecosystem even more.

examplens

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Quote from: ?? on ??

Quote from: logfiles on October 22, 2022, 03:52:58 PM

This is what they said, but I think it's more of a regulatory issue than the bear market. Being that they are located in Australia, whose Government can sometimes get cocky when it comes to regulations

Quote from: https://blog.localcryptos.com/after-5-years-localcryptos-is-saying-goodbye/

LocalCryptos has made the tough decision to voluntarily wind down for multiple reasons. Among the reasons include personal health matters impacting the development and progression of the marketplace, an anticipated downtrend in cryptocurrency markets, as well as challenging developments in the long-term regulatory trajectory amidst the global evolution of the crypto economy.

If it's true, it would be a shame since they could relocate to country with better regulation.

It was always unclear to me why some good services just shut down. in addition to changing the country of business, maybe they could sell the whole business to some company that is already in the industry.
although I would say that this is a forced move because just a few months ago they were hiring new developers https://jobs.gohire.io/localcryptos-ddlp8az9/react-native-mobile-app-developer-63702/

logfiles

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Quote from: ?? on ??

If it's true, it would be a shame since they could relocate to country with better regulation.

It's tricky. Relocating to another jurisdiction, yet you have a bulls-eye on your back especially if the founders and developers are well-known isn't something easy to pull off.

They could possibly do it if they were completely anonymous, but not when the Law enforcement knows who they are. Voluntarily shutting down is a smarter move to do if you don't want to bend down and kneel for the Government.

Darker45

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Another one bites the dust. This time, though, it's a lot more sad and, well, mysterious.

While they claim success for the past 5 years (only 3 years as LocalCryptos, if I'm not mistaken), the past bearish months must have taken a heavy toll on their operation. Of course, as others have also felt, LocalCryptos must have also been facing a good amount of regulatory pressure. But I'm honestly wondering whether all these reasons provided are enough to willingly put an end to what's certainly a good cause. But if it's the health of the few individuals behind the operation, it's indeed a good reason.

I'm now wondering whether those so-called Bitcoin and decentralization advocates who are rich and willing to shell out hundreds of millions to save the likes of Liquid, Voyager, BlockFi, and others, all inferior to LocalCryptos' vision, would also extend the same offer to save a worthy cause. But I certainly understand if the small team behind LocalCryptos would courteously refuse.

DaveF

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I did not use them a lot, but I did use them. Makes you wonder if they ever made a 'profit' running it. Yes they took in money and so on, but did the income ever cover the costs of development and running the site. I would *think* that if it was cash positive enough they would find a way but at the I can make more money working at Taco Bell with less stress point, you do have to let it go.

Yes, I am sure regulation was part of it, but if they were making enough you can move and keep going.

-Dave

o_e_l_e_o

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Relaunching with an anonymous team from a different jurisdiction would be the best outcome here, but even so, most peer to peer exchanges such as LocalCryptos still operate from a centralized website and so can still be targeted by governments and regulators. Thankfully we still have Bisq which is largely immune to any such attacks by way of not having a centralized entity responsible for its operation, as well as some new anonymous Tor based platforms being developed such as RoboSats.

OmegaStarScream

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Quote from: ?? on ??

If it's true, it would be a shame since they could relocate to country with better regulation.

It's possible this is what they're trying to do:

Quote

Is there a chance that LocalCryptos will come back?
Yes, it is possible that LocalCryptos will make a return in the future. We’ll let you know if that happens.

But at the same time, I doubt regulations are the main reason behind their decision since they could've relocated before and plan this ahead.

Charles-Tim

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Quote from: logfiles on October 22, 2022, 03:52:58 PM

This is what they said, but I think it's more of a regulatory issue than the bear market. Being that they are located in Australia, whose Government can sometimes get cocky when it comes to regulations

Quote from: https://blog.localcryptos.com/after-5-years-localcryptos-is-saying-goodbye/

LocalCryptos has made the tough decision to voluntarily wind down for multiple reasons. Among the reasons include personal health matters impacting the development and progression of the marketplace, an anticipated downtrend in cryptocurrency markets, as well as challenging developments in the long-term regulatory trajectory amidst the global evolution of the crypto economy.

I too do not know what could be the sole reason LocalCryptos is closing down, but the sole reason the no-KYC exchange is closing down is not directly included or maybe not included at all, it may and may not be KYC reason, or maybe it is and the exchange do not just want to directly disclosed about it. But it is still of concern that the government can force no-KYC exchange to demand for KYC from all their customers, but this may not be the main reason. Whatever the main reason could be, many people will miss the exchange, even I will miss the fact that I do recommend the exchange among the few no-KYC exchanges that are existing because such exchanges are not many but very few. Also maybe they would come back as they imply of possible comeback, but in a way in may or may not be possible.

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