Explanation
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Topic: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion - page 1857. (Read 26609716 times)
June 28, 2023, 02:03:25 PM
June 28, 2023, 02:02:48 PM
KuCoin is going full KYC starting july 15.
Over time, all centralized exchanges will do this. The future is with DEX. KYC is incompatible with bitcoin in its concept. Privacy and anonymity, I do not intend to go through the KYC procedure on any exchanges.
Does a DEX offered Fiat deposit? Is there any? Do not know any. So what kind of future is that if average Joe cannot change fiat in BTC anonymous? It is becoming more and more difficult.
But it is not only KYC at KuCoin. They are also looking at the origin of your Bitcoins:
Quote
Pursuant to the requirements of the laws and regulations of applicable jurisdictions, KuCoin also collects additional information related to the customer’s business and risk profile. Risk profile data includes nature and volume of trading activity, origin of virtual funds deposited, Lyu added.
https://cointelegraph.com/news/kucoin-crypto-exchange-to-introduce-mandatory-kyc-in-july 
June 28, 2023, 01:31:25 PM
KuCoin is going full KYC starting july 15.
Over time, all centralized exchanges will do this. The future is with DEX. KYC is incompatible with bitcoin in its concept. Privacy and anonymity, I do not intend to go through the KYC procedure on any exchanges.
Slowly but surely the SEC is threatening or shutting down exchanges and services that don’t comply with their policies. This is going to bring an end to a lot of cool projects, but it will also level the playing field for those looking to start legitimate businesses. Personally I liked Bitcoin more before the regulation when cool services were everywhere, but this seems a necessary development in order for Bitcoin to thrive.
And what is the fundamental difference between a project clamped by KYC procedures and a fiat system? First you stop being anonymous, then you stop being able to use the "wrong" bitcoins, then you lose the right to use real bitcoins on the bitcoin blockchain and can only manage ersatz bitcoins in the accounts of a centralized intermediary.
The value of bitcoin lies in its decentralization. I do not need a similar centralized project; instead of a similar centralized project, I can use dollars.
June 28, 2023, 01:04:55 PM
June 28, 2023, 12:03:26 PM
June 28, 2023, 11:45:58 AM
KuCoin is going full KYC starting july 15.
Over time, all centralized exchanges will do this. The future is with DEX. KYC is incompatible with bitcoin in its concept. Privacy and anonymity, I do not intend to go through the KYC procedure on any exchanges.
Slowly but surely the SEC is threatening or shutting down exchanges and services that don’t comply with their policies. This is going to bring an end to a lot of cool projects, but it will also level the playing field for those looking to start legitimate businesses. Personally I liked Bitcoin more before the regulation when cool services were everywhere, but this seems a necessary development in order for Bitcoin to thrive.
June 28, 2023, 11:27:05 AM
KuCoin is going full KYC starting july 15.
Over time, all centralized exchanges will do this. The future is with DEX. KYC is incompatible with bitcoin in its concept. Privacy and anonymity, I do not intend to go through the KYC procedure on any exchanges.
June 28, 2023, 11:21:21 AM
Well i guess it was inevitable: https://www.theblock.co/post/236838/crypto-exchange-kucoin-mandatory-kyc
Are there any non-KYC "good enough" exchanges left at this point ? Not including DEX of course.
Are there any non-KYC "good enough" exchanges left at this point ? Not including DEX of course.
that'd interest me as well..
KuCoin and Poloniex seem to be somewhat trustworthier but they can demand KYC at any time. Poloniex has low volume though.
Thanks. Do you know if they accept/do (fiat) bank transfer without kyc?
June 28, 2023, 11:03:26 AM
June 28, 2023, 10:38:49 AM
That's a very cornie expression....
Corn up corneroos?
Are you asking again?
Someone posted this a few days ago.
Thats the expectation.
June 28, 2023, 10:35:08 AM
That's a very cornie expression....
Corn up corneroos?
Are you asking again?
Someone posted this a few days ago.
June 28, 2023, 10:31:27 AM
good old germany 
The 11.5% for Switzerland are complete nonsense.
There is no crypto tax, there is only a property tax where crypto coins are added (based on an average fiat worth that the tax admin sets yearly) to your other properties and this tax is almost always in the very low single percentage figures (~1-5%).
Trading gains are tax free too as long as they do not classify one as professional trader (which would simply lead to paying income taxes on the gains).
Is it even possible to talk about a single tax on cryptocurrencies throughout Switzerland, when in fact each canton has different tax laws? As far as I know, in Switzerland cryptocurrencies are classified as movable property. But some cantons made them a subject to income tax, some - to capital gain tax, some to wealth tax, and some even to value added tax. And all this taxes are different.
As far as I understand and know, it counts as moveable property in every canton and is exclusively subject to wealth tax which is federal tax law (1). It's just that the wealth taxes % differ quite a bit over different cantons (the poorer and more rural the canton, the higher the wealth tax).
If you mine (possibly applies to staking too), it is income and has to be declared as such, otherwise there is no canton charging income tax on any capital gains of private persons.
So my understanding is rather, the law is everywhere the same, the rates/percentages asked differ from canton to canton.
(1) sorry, no english version available but ofc french and italian: https://www.estv.admin.ch/estv/de/home/direkte-bundessteuer/fachinformationen-dbst/kryptowaehrungen.html
June 28, 2023, 10:27:00 AM
An alternative scenario:
Due to two-three additional interest rates hikes expected, everything is peaking for the summer, then we have a usual "scary" fiat market dip in September-October.
Then, they find out that inflation is rapidly declining, Wall Street starts whining that Fed is too tight and they switch to easing by November.
Not sure how bitcoin fits in this picture, but I expect total market (indicated by VTI) going to about zero or small gains for the year (which means losing maybe 10-12%) first before some appreciation in Nov-Dec.
EDIT: Microstrategy bought additional 12333 btc at about 28.3K /btc average. Bullish long term.
Due to two-three additional interest rates hikes expected, everything is peaking for the summer, then we have a usual "scary" fiat market dip in September-October.
Then, they find out that inflation is rapidly declining, Wall Street starts whining that Fed is too tight and they switch to easing by November.
Not sure how bitcoin fits in this picture, but I expect total market (indicated by VTI) going to about zero or small gains for the year (which means losing maybe 10-12%) first before some appreciation in Nov-Dec.
EDIT: Microstrategy bought additional 12333 btc at about 28.3K /btc average. Bullish long term.
June 28, 2023, 10:22:27 AM
Well i guess it was inevitable: https://www.theblock.co/post/236838/crypto-exchange-kucoin-mandatory-kyc
Are there any non-KYC "good enough" exchanges left at this point ? Not including DEX of course.
Are there any non-KYC "good enough" exchanges left at this point ? Not including DEX of course.
that'd interest me as well..
KuCoin and Poloniex seem to be somewhat trustworthier but they can demand KYC at any time. Poloniex has low volume though.
Poloniex stole and dumped my coins at AYL and sent the funds to my states treasury when I refused to agree with their TOS after Goldman ballsacks bought them so yeah no.
Have no clue about Kucoin.
June 28, 2023, 10:13:20 AM
good old germany
The 11.5% for Switzerland are complete nonsense.
There is no crypto tax, there is only a property tax where crypto coins are added (based on an average fiat worth that the tax admin sets yearly) to your other properties and this tax is almost always in the very low single percentage figures (~1-5%).
Trading gains are tax free too as long as they do not classify one as professional trader (which would simply lead to paying income taxes on the gains).
Is it even possible to talk about a single tax on cryptocurrencies throughout Switzerland, when in fact each canton has different tax laws? As far as I know, in Switzerland cryptocurrencies are classified as movable property. But some cantons made them a subject to income tax, some - to capital gain tax, some to wealth tax, and some even to value added tax. And all this taxes are different.
June 28, 2023, 10:09:59 AM
Well i guess it was inevitable: https://www.theblock.co/post/236838/crypto-exchange-kucoin-mandatory-kyc
Are there any non-KYC "good enough" exchanges left at this point ? Not including DEX of course.
Are there any non-KYC "good enough" exchanges left at this point ? Not including DEX of course.
that'd interest me as well..
KuCoin and Poloniex seem to be somewhat trustworthier but they can demand KYC at any time. Poloniex has low volume though.
Thanks. Do you know if they accept/do (fiat) bank transfer without kyc?
There is a limit of 1400 usd per day I think. And soon Kucoin is going full KYC, I just read.
https://bitcointalksearch.org/topic/--5414539
June 28, 2023, 10:04:55 AM
June 28, 2023, 09:53:30 AM
Intriguing discussion on twitter today:
JUST IN: ARK has amended their 19b-4 for spot bitcoin ETF to include a surveillance sharing agreement bt CBOE and a crypto exchange (likely Coinbase), which makes their's like BlackRock's filing now, and puts them in pole position to be approved first bc they filed first.
Eric Balchunas
@EricBalchunas
This adds another twist to the plot bc SEC decision due on this in August, if they delay it is bad sign for approval unless, they delay and then approve BlackRock, which shows favoritism. Grayscale decision announcement also plays into timing of all this. GRAB THE POPCORN.
Eric Balchunas
@EricBalchunas
Nate also brings up another twist: would BlackRock (who doesn't play) even allow Coinbase to enter into a SSE agreement with another that would help another issuer beat them to market? If so ARK would need another crypto exchange to use.
Nate Geraci
@NateGeraci
Have to assume BlackRock was already well aware of ARK's filing...
They're not rolling out the red carpet for another issuer. Guessing Coinbase enters into SSA w/ Nasdaq first (and maybe only - at least initially).
Nate Geraci
@NateGeraci
The trick is they have to get the spot exchange to actually enter into a surveillance sharing agreement...
Potentially the same exchange that BlackRock already has a partnership with.
Eric Balchunas
@EricBalchunas
Yeah I assumed no issue entering with both but you make a good point, blackrock could use their leverage to force Coinbase to use only them ?
https://twitter.com/EricBalchunas/status/1674055780058771463
JUST IN: ARK has amended their 19b-4 for spot bitcoin ETF to include a surveillance sharing agreement bt CBOE and a crypto exchange (likely Coinbase), which makes their's like BlackRock's filing now, and puts them in pole position to be approved first bc they filed first.
Eric Balchunas
@EricBalchunas
This adds another twist to the plot bc SEC decision due on this in August, if they delay it is bad sign for approval unless, they delay and then approve BlackRock, which shows favoritism. Grayscale decision announcement also plays into timing of all this. GRAB THE POPCORN.
Eric Balchunas
@EricBalchunas
Nate also brings up another twist: would BlackRock (who doesn't play) even allow Coinbase to enter into a SSE agreement with another that would help another issuer beat them to market? If so ARK would need another crypto exchange to use.
Nate Geraci
@NateGeraci
Have to assume BlackRock was already well aware of ARK's filing...
They're not rolling out the red carpet for another issuer. Guessing Coinbase enters into SSA w/ Nasdaq first (and maybe only - at least initially).
Nate Geraci
@NateGeraci
The trick is they have to get the spot exchange to actually enter into a surveillance sharing agreement...
Potentially the same exchange that BlackRock already has a partnership with.
Eric Balchunas
@EricBalchunas
Yeah I assumed no issue entering with both but you make a good point, blackrock could use their leverage to force Coinbase to use only them ?
https://twitter.com/EricBalchunas/status/1674055780058771463
June 28, 2023, 09:51:43 AM
Well i guess it was inevitable: https://www.theblock.co/post/236838/crypto-exchange-kucoin-mandatory-kyc
Are there any non-KYC "good enough" exchanges left at this point ? Not including DEX of course.
Are there any non-KYC "good enough" exchanges left at this point ? Not including DEX of course.
that'd interest me as well..
KuCoin and Poloniex seem to be somewhat trustworthier but they can demand KYC at any time. Poloniex has low volume though.
Thanks. Do you know if they accept/do (fiat) bank transfer without kyc?
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