Trying to share wisdom - page 2. | Bitcointalksearch.org

o_e_l_e_o

legendary

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Quote from: Ucy on September 29, 2020, 10:25:14 AM

I will probably accept decentralized third-party verifier/verifiers to verify my private info and my identity physically, as long as they are not storing the information in their equipments.

Two problems with this.

First of all, there is no way to know your information is not being stored. If you are sending your details and data to a third party, you have to completely take them on their word that they will delete it after they are done. You need to trust them completely. There is also the possibility of your information being intercepted in transit or accessed by someone other than the intended recipient.

Second of all, I'm not sure what this achieves. KYC on centralized platforms is so they can comply with government regulations, and on decentralized platforms such as this it is seen as a security measure to help prevent scamming. If I verify my identity, and then all record of the verification is wiped, then what has really changed? A CEX can't prove to the government I am who I say I am because all my information has been deleted, and a trader on a DEX can't hand my details to the police if I scam because all my information has been deleted.

Ucy

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Quote from: o_e_l_e_o on September 26, 2020, 01:44:06 PM

Quote from: akram143 on September 25, 2020, 12:21:27 PM

Localcryptos claim they doesn't need any documents for trading in their platform but still traders may prefer docs to verify the identity.

LocalCryptos doesn't need any documents for trading on their platform. I use them not infrequently and have never and will never share a document or even my real name with them.

Some traders may ask for identity verification prior to trading, but you are entirely free to not use those traders. Last I read LocalCryptos were trying to implement some sort of secure identity verification system, which would allow users to verify their identity to each other without revealing documents, butbut it obviously still requires a third party to review your documents at some point, so it is far from an ideal solution. They wrote a blog post about it over a year ago, but I've not heard anything since - https://blog.localcryptos.com/preventing-identity-theft-with-optional-id-verification/

I will probably accept decentralized third-party verifier/verifiers to verify my private info and my identity physically, as long as they are not storing the information in their equipments.
I guess the network could simply assign me two to three random verifiers at a neutral and safe location for verification. This is one of few methods of id verification that I think is worth considering.

Harlot

hero member

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For a man who have transacted millions of dollars in all forms of payments I think you should be tge one sharing some tips and tricks to the members here since not all have reached your level and everybody here would want to hear what you have some in order to be successful just like you. But if you have any particular questions in mind I'm glad to add in some points if I have a little bit of knowledge regarding what you are asking.

barbara44

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Best advice I can give to anyone who is starting new, restarting again, or have been around for a decade would be to be ready for anything in crypto world.

I have been here for a decade and when defi suddenly jumped and became this billions of dollars worth of thing I was shocked, I wasn't ready for it and I was very surprised as well, defi wasn't a brand new thing when that happened, there was few places that dealt with defi beforehand as well but one day when I woke up something changed in defi world and suddenly they became source for gold. That is why do not really be shocked if anything unexpected happens, maybe tomorrow bitcoin will be 3k and ethereum will be 5k, who knows? Nobody can guarantee you what can happen in crypto, so be ready for everything.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

Quote from: akram143 on September 26, 2020, 05:22:46 PM

Recently I tried to trade on Localcryptos where there is no verification needed for registering but found almost every trader asks for one time verification to prove their identity and not using any third party accounts for sending or receiving money even for safe methods like banking payment modes as well.That is why I decided not to trade until I have no other choices.

It is very variable depending on which country you are in, and other trades are obviously going to me more weary if you have a relatively new account or are trying to pay with easily reversed methods such as PayPal. If you are finding the majority of trades are asking for identity verification which you rightly do not wish to provide, then simply open your own offer without such a requirement and wait for someone to take it.

Alternatively, I prefer to use Bisq which has no such issues, as well as being more decentralized than LocalCryptos.

akram143

full member

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Quote from: o_e_l_e_o on September 26, 2020, 01:44:06 PM

Quote from: akram143 on September 25, 2020, 12:21:27 PM

Localcryptos claim they doesn't need any documents for trading in their platform but still traders may prefer docs to verify the identity.

LocalCryptos doesn't need any documents for trading on their platform. I use them not infrequently and have never and will never share a document or even my real name with them.

Some traders may ask for identity verification prior to trading, but you are entirely free to not use those traders. Last I read LocalCryptos were trying to implement some sort of secure identity verification system, which would allow users to verify their identity to each other without revealing documents, but it obviously still requires a third party to review your documents at some point, so it is far from an ideal solution. They wrote a blog post about it over a year ago, but I've not heard anything since - https://blog.localcryptos.com/preventing-identity-theft-with-optional-id-verification/

Recently I tried to trade on Localcryptos where there is no verification needed for registering but found almost every trader asks for one time verification to prove their identity and not using any third party accounts for sending or receiving money even for safe methods like banking payment modes as well.That is why I decided not to trade until I have no other choices.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

Quote from: akram143 on September 25, 2020, 12:21:27 PM

Localcryptos claim they doesn't need any documents for trading in their platform but still traders may prefer docs to verify the identity.

LocalCryptos doesn't need any documents for trading on their platform. I use them not infrequently and have never and will never share a document or even my real name with them.

Some traders may ask for identity verification prior to trading, but you are entirely free to not use those traders. Last I read LocalCryptos were trying to implement some sort of secure identity verification system, which would allow users to verify their identity to each other without revealing documents, but it obviously still requires a third party to review your documents at some point, so it is far from an ideal solution. They wrote a blog post about it over a year ago, but I've not heard anything since - https://blog.localcryptos.com/preventing-identity-theft-with-optional-id-verification/

jostorres

hero member

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I mostly make use of peer-to-peer for trading cryptocurrency, funny thing is that I have never used a centralized exchange to trade cryptocurrency, not to talk of giving out my information to any of them, it has only been the decentralized exchanges and even most of the people I trade with are people that I know face to face and some over-the-counter business of trading cryptocurrency, and I prefer this method because it makes things more easy for me.

I don’t have to give any information about myself, all I need is just their wallet address and all they need is my bank account number and that’s it. Very simple, I send the crypto and they send the payment; the same thing when I want to buy cryptocurrency.

akram143

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Peer to peer mode trading changed a lot in the meanwhile period, now almost there is no complete privacy when registering into the exchanges.Localcryptos claim they doesn't need any documents for trading in their platform but still traders may prefer docs to verify the identity.

Ucy

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Quote from: Yogee on September 14, 2020, 10:47:37 PM

Quote from: joniboini on September 14, 2020, 02:31:31 AM

Quote from: Yogee on September 14, 2020, 12:07:36 AM

When we say P2P, it doesn't automatically mean that it's decentralized. Many of us are still confused with this.

I think it's a matter of preference. Some traders probably refers decentralized when they don't have to store KYC and stuff like that when they use the platform. It's not entirely wrong imo, as long as both parties understand what they're trying to do.

It's still wrong and people who think it's the same are still misinformed or uninformed. P2P platforms allows trade between two parties without the exchange interference but that doesn't qualify them as decentralized when their servers are centralized.

These traders who refers an exchange not storing personal information for KYC as DEX probably thinks Yobit as decentralized too hehe.

And Decentralized exchange can also work as peer-to-peer platform. I believe that is the best way to go about peer-to-peer trading Bitcoin/cryptocurrency. That will allow for selfcustody, running of nodes, privacy, decentralized regulation, censorship resistant etc

Paycoinzzz

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Quote from: Eisenhower34 on September 13, 2020, 10:50:28 AM

Hey guys,

I've taken a break for a few years here since going hard trading Bitcoin peer-to-peer. I'm just now coming back and going to get back to spreading the good word and I'm looking to start networking again.

If anyone is interested in sharing tricks, tips, or any kind of advice when it comes to the Bitcoin lifestyle, feel free to reach out via DM. I've transacted well over millions of dollars to direct individuals using all forms of payments over the years. I've lived, learned, and even lost. Let's share stories and laugh, time to catch up!

Even though I was only trading a year ago, I would love to discuss how the market works and how bitcoin does. Do you accept more students? Now I want to learn everything about finance, I'm very interested in it. If you accept it please send me your telegram link, we will chat about your trading experience.

Eisenhower34

legendary

Activity: 906

Merit: 1002

Quote from: RealMalatesta on September 16, 2020, 11:10:32 AM

Trading peer-to-peer for me has always been a pain in the ass lol.
The people I do peer-to-peer trading with usually do rates that are seriously annoying and I will always be at loss after trading.

It took me long until I started to become an OG in the trading game this time around it’s really interesting and I am the one calling the rates now and making huge profits from every trades I make. This time around I sell for a rate that is very high and when I am buying I buy for a very low rate and it is really cool. When you’re still new in this you will find it hard.

That's the American dream, set your own price. Way to go man.

adaseb

legendary

Activity: 3808

Merit: 1723

I used to also trade peer-to-peer locally in my city years ago when I first discovered bitcoin and mining and honestly it was very stressful to say the least. I didn't do it to make a profit because I was usually just selling my mining profits, so I sold at the exchange rate with no market up. But the amount of sketchy people you meet was just not worth it.

When Bitcoin ATMs started to hit my city, I was relieved and used those instead. Then there was more and more legit exchanges which you can just do a bank transfer or wire and I've been using those ever since. I always claimed my income and taxes so the high rate of Bitcoin ATMs wasn't really worth it for me. Rather just do a transfer using an legit exchange and not worry about my safety.

RealMalatesta

legendary

Activity: 2338

Merit: 1124

Trading peer-to-peer for me has always been a pain in the ass lol.
The people I do peer-to-peer trading with usually do rates that are seriously annoying and I will always be at loss after trading.

It took me long until I started to become an OG in the trading game this time around it’s really interesting and I am the one calling the rates now and making huge profits from every trades I make. This time around I sell for a rate that is very high and when I am buying I buy for a very low rate and it is really cool. When you’re still new in this you will find it hard.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

Quote from: Eisenhower34 on September 15, 2020, 11:12:09 AM

They only care about maintaining their enormous daily profit 10k+> profit.

I've often said this about all centralized exchanges. Coinbase are quite happy to rat their users out to the IRS provided they are allowed to keep operating and make their obscene half-a-billion-a-year profits. The willingness of people to hand over their private information to complete strangers never ceases to amaze me.

Quote from: Eisenhower34 on September 15, 2020, 11:19:27 AM

Where are our projects with the same ethos as Dark Wallet or developers like Amir Taaki?

Wasabi and Samourai wallets are the two leading privacy orientated wallets at the moment, which both make use of coinjoin like Dark Wallet did. I think much of the more "radical" side of the community have moved to Monero, though.

Eisenhower34

legendary

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Quote from: o_e_l_e_o on September 14, 2020, 04:26:47 AM

Quote from: btc_angela on September 13, 2020, 06:01:17 PM

How about another good option which is https://hodlhodl.com/?

I do like hodlhodl, I use it occasionally, and I like the amount of work they have put in to setting up their smart contract escrows. However, as pointed out above, it still runs on a centralized website and so is not as truly decentralized as Bisq is.

Quote from: minairia3 on September 13, 2020, 09:31:44 PM

A lot of scam new projects are lurking on the market.

There are always scam coins and tokens on the market. It used to be ICOs. Then it was IEOs. Now it's yield tokens or whatever. No doubt next year it will be something else for people to lose their money on. And throughout it all, bitcoin remains.

Quote from: joniboini on September 14, 2020, 02:31:31 AM

It's not entirely wrong imo, as long as both parties understand what they're trying to do.

There is a problem with a lot of exchanges using the word "decentralized" as a marketing tool and gimmick, when in reality they are not decentralized at all. Sites like LocalBitcoins and IDEX which claim to be decentralized, and yet users have to deposit coins to their custodial wallets and complete KYC. Complete nonsense.

Thanks for breaking it down. Where are our projects with the same ethos as Dark Wallet or developers like Amir Taaki? I want radical.

Eisenhower34

legendary

Activity: 906

Merit: 1002

Quote from: mk4 on September 13, 2020, 10:55:27 AM

Quote from: Eisenhower34 on September 13, 2020, 10:50:28 AM

If anyone is interested in sharing tricks, tips, or any kind of advice when it comes to the Bitcoin lifestyle, feel free to reach out via DM.

Not sure if you're doing this already, but if you want a Bitcoin lifestyle, you might want to give attention to your privacy by doing things such as mixing and/or CoinJoining your coins through services like WasabiWallet and ChipMixer. https://en.bitcoin.it/wiki/Privacy

I suggest moving this topic to the Bitcoin Discussion section though, as it's probably more fitting there.

Of course =) Real privacy lays in who you cash out with though, always remember. Nerds always get beat by the rubber hose, remember that.

Forgot all about the Bitcoin Discussion section... whoops.

LBC is swarmed by the feds and they cooperate all the time. They use MLAT's (Mutual Legal Assistance Treaties). Even though LBC is slow as fuck, they still respond to the processes. They only care about maintaining their enormous daily profit 10k+> profit. I have accounts that are half a decade old I refuse to use anymore simply because it requires me to enter KYC if I wish to use them.

Those bums should at least give every user a canary and have it disappear when they are ratting them out to the federales. BUMS. I remember when LBC was created they had a backbone.

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

Quote from: Yogee on September 14, 2020, 10:47:37 PM

P2P platforms allows trade between two parties without the exchange interference but that doesn't qualify them as decentralized when their servers are centralized.

Exactly. LocalBitcoins is peer to peer but it isn't decentralized at all. HodlHodl is peer to peer and semi-decentralized, but still has a centralized website which all functions take place on. Bisq is peer to peer and the most decentralized exchange we have at the moment, as each user runs the software on their own computer, but still has a few centralized components (the arbitrators for conflict resolution).

Not requiring KYC, while necessary to be classed as a decentralized exchange, is not sufficient on its own to make an exchange decentralized by any means.

Yogee

sr. member

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Quote from: joniboini on September 14, 2020, 02:31:31 AM

Quote from: Yogee on September 14, 2020, 12:07:36 AM

When we say P2P, it doesn't automatically mean that it's decentralized. Many of us are still confused with this.

I think it's a matter of preference. Some traders probably refers decentralized when they don't have to store KYC and stuff like that when they use the platform. It's not entirely wrong imo, as long as both parties understand what they're trying to do.

It's still wrong and people who think it's the same are still misinformed or uninformed. P2P platforms allows trade between two parties without the exchange interference but that doesn't qualify them as decentralized when their servers are centralized.

These traders who refers an exchange not storing personal information for KYC as DEX probably thinks Yobit as decentralized too hehe.

Quote from: o_e_l_e_o on September 14, 2020, 04:26:47 AM

.......
There is a problem with a lot of exchanges using the word "decentralized" as a marketing tool and gimmick, when in reality they are not decentralized at all. Sites like LocalBitcoins and IDEX which claim to be decentralized, and yet users have to deposit coins to their custodial wallets and complete KYC. Complete nonsense.

This!

o_e_l_e_o

legendary

Activity: 2268

Merit: 18711

Quote from: btc_angela on September 13, 2020, 06:01:17 PM

How about another good option which is https://hodlhodl.com/?

I do like hodlhodl, I use it occasionally, and I like the amount of work they have put in to setting up their smart contract escrows. However, as pointed out above, it still runs on a centralized website and so is not as truly decentralized as Bisq is.

Quote from: minairia3 on September 13, 2020, 09:31:44 PM

A lot of scam new projects are lurking on the market.

There are always scam coins and tokens on the market. It used to be ICOs. Then it was IEOs. Now it's yield tokens or whatever. No doubt next year it will be something else for people to lose their money on. And throughout it all, bitcoin remains.

Quote from: joniboini on September 14, 2020, 02:31:31 AM

It's not entirely wrong imo, as long as both parties understand what they're trying to do.

There is a problem with a lot of exchanges using the word "decentralized" as a marketing tool and gimmick, when in reality they are not decentralized at all. Sites like LocalBitcoins and IDEX which claim to be decentralized, and yet users have to deposit coins to their custodial wallets and complete KYC. Complete nonsense.

Topic: Trying to share wisdom - page 2. (Read 483 times)