Topic: Risks selling to a government regulated btc exchange place? (Read 82 times)
By my experience I have never seen any record of a regulated crypto exchange "denying" that they have received crypto from their customers/users since it will definitely be hard to deny. Most of the cases is regarding them freezing accounts of the users and bans as there is some violation on their terms and conditions. As long as they are really registered properly I think you can be confident of not losing your Bitcoin because on their part. Just always make sure that you are doing it on a trusted crypto exchange.
Any idea how I can scan the QR code from a video?
Pause the video at a clear frame of the QR code, and take a screenshot to save it as a picture (or take a separate video and picture at the time the clerk is showing you the QR code). Once you have a picture of the QR code saved on your device, there are various apps you can use to read a QR code which is saved as an image on your device, such as https://play.google.com/store/apps/details?id=la.droid.qrScan QR Codes from your camera, browser, SD card, or saved image.
Thinking about it more, I would think the easiest thing to do would be to record a video of the clerk generating and showing you the QR code, capture a second or two of video which is clear enough to show the QR code, and then switch to your wallet app and scan the QR code normally to generate your unsigned transaction, before heading home to sign it.
They display the QR on the clerks phone which I then use my phone to read
So why not instead of scanning the QR code there and then, instead take a photo or video of the clerk holding the phone with the QR code on it in a high enough resolution that you can still scan the QR code when you get home to your cold wallet. That should be a reasonable amount of proof in the event that they were to deny the address was actually theirs.That sounds like a good idea. Any idea how I can scan the QR code from a video? Would I need another device?
They display the QR on the clerks phone which I then use my phone to read
So why not instead of scanning the QR code there and then, instead take a photo or video of the clerk holding the phone with the QR code on it in a high enough resolution that you can still scan the QR code when you get home to your cold wallet. That should be a reasonable amount of proof in the event that they were to deny the address was actually theirs. You send them the bitcoin to an address they give you.
How do they give you the address?They display the QR on the clerks phone which I then use my phone to read
But even if they do keep a log, the log is with them. How can anyone prove that they have a log if they deny it?
I imagine it would likely resort to a court order which would restrict their operations within that country and/or just them banning the exchange completely on the grounds that they do not comply with the country's KYC policies. Once the government does anything that could possibly disrupt their growth or profits, you bet they'll do anything to assist the government on whatever they need. You cannot trust them to not keep logs or keep it safe for that matter.Since you mentioned that they already generate an address just for you, and blockchain transactions are immutable and will have that address listed as a receiving address, there is cryptographic proof of the transaction taking place if, and this is a big if, they keep records of their receiving addresses. Not with much extra data just the addresses listed in some spreadsheet or database as receiving addresses and a customer's name or order ID on a row with each one. They cannot pretend that they did not receive it (the sole exception being if the transaction is still unconfirmed) because you can use the blockchain transaction as legal evidence of the opposite if it comes to litigation.
Without any records of this address in their systems they can claim that this address never belonged to them in the first place.
Without any records of this address in their systems they can claim that this address never belonged to them in the first place.
But even if they do keep a log, the log is with them. How can anyone prove that they have a log if they deny it?
You send them the bitcoin to an address they give you.
How do they give you the address? If they send it via SMS or email, then you have some proof that it came from them. If they print it out on a piece of paper, perhaps with a QR code, and hand it to you, then they can easily deny that it belongs to them.Could they deny getting the bitcoins when I go to the outlet to collect the cash?
Sure, but you can prove the bitcoin are in the address you were given using blockchain evidence. The harder part is proving that the address belongs to them.Could the address be traced back to them if want to complain at the governing body?
Unlikely based solely on blockchain evidence, unless they were careless and combined the coins in the address you have sent to with coins in other addresses which are known to belong to them.Note that there is not really anything inherently different to buying in the shop - even if you do it all in person they can just as easily say "That address isn't ours". They only way around this is to receive some kind of proof from them that the address belongs to them before you send coins to it. If they do hand over addresses on a piece of paper, then perhaps you could take a photo or video of it being handed over? At the end of the day, if you are going to be sending first (which you always will be with a merchant such as this), then it comes down to trust.
Since you mentioned that they already generate an address just for you, and blockchain transactions are immutable and will have that address listed as a receiving address, there is cryptographic proof of the transaction taking place if, and this is a big if, they keep records of their receiving addresses. Not with much extra data just the addresses listed in some spreadsheet or database as receiving addresses and a customer's name or order ID on a row with each one. They cannot pretend that they did not receive it (the sole exception being if the transaction is still unconfirmed) because you can use the blockchain transaction as legal evidence of the opposite if it comes to litigation.
Without any records of this address in their systems they can claim that this address never belonged to them in the first place.
Without any records of this address in their systems they can claim that this address never belonged to them in the first place.
So a company has outlets around the city that buys bitcoins. You send them the bitcoin to an address they give you. They hand you the cash. The address they give you is generated just for you. You get several text messages to confirm - I think the fist of which is to show the clerk - and then they give you the cash. I asked them if I could send them the bitcoin from home since I want to do an unsigned transaction from my cold storage and they said yes.
My concern is, how safe is that? Could they deny getting the bitcoins when I go to the outlet to collect the cash? Could the address be traced back to them if want to complain at the governing body?
Any insight into this would be hugely appreciated!
My concern is, how safe is that? Could they deny getting the bitcoins when I go to the outlet to collect the cash? Could the address be traced back to them if want to complain at the governing body?
Any insight into this would be hugely appreciated!
Jump to: