We enter a new era of heavy regulations - page 4.

Hamphser

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Quote from: chek2fire on October 13, 2021, 12:54:46 PM

Maybe this new heavy regulator era will be and a great opportunity for a growth to p2p exchanges.

Not really that surprising because government would really love to involved on things which they cant able to take some grasp out of it thats why they do target out platforms or services that do connects through it and

as a user then we wouldnt really be having any choice but to deal with it and KYC is indeed the new era since we've seen on how BInance been affected on this one where verification is already mandatory.

Sooner or later on upcoming years to come then it wont really be a new thing on seeing this new standard and us users would really be having no choice.

sunsilk

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Quote from: chek2fire on October 13, 2021, 03:11:38 PM

an example for what is coming is Bitstamp. Bitstamp for the most active account ask to prove where you get or buy those bitcoins that you trade there.
This is not a simple KYC but a heavy barrier to use this exchange especially for ppl that holds a great ammount of bitcoin and they get them from differnt sources.

Yeah, this is a complicated type of verification every time you send a fund, you have to be clear with their verification by telling where your funds came. I think this is really something that we don't like to tell where it came.

But if you can just get onto another good exchange then that's the only solution that you can do for the meantime. Hopefully that all of them are not going to be the same with that strict verification of where our funds came every time we deposit.

Dread Pirate Roberts

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Quote from: chek2fire on October 13, 2021, 03:11:38 PM

an example for what is coming is Bitstamp. Bitstamp for the most active account ask to prove where you get or buy those bitcoins that you trade there.
This is not a simple KYC but a heavy barrier to use this exchange especially for ppl that holds a great ammount of bitcoin and they get them from differnt sources.

It's already advanced KYC. not just customer data but asking for information from where the money came from and others. and each time user make a deposit . they will questioned from where that money come from? and it would be even more difficult if they asked us to prove it . personally I hope no exchange comes close to something like this . really complicate things.

Shenzou

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I totally agree on this point, because for a long time now we have seen a lot of people earning thousands of dollars and this market has grown and has a cap of billions of dollars, and they are doing so under the radar and not paying any taxes while the average joe is struggling in his deck job to barely make a living and having to pay taxes for the government, and i think that the inflation in the number of people who are gaining too much money from trading or investing in crypto is going to lead to some strict regulations.

Baskeyairdrop

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Quote from: chek2fire on October 13, 2021, 12:54:46 PM

I believe that Bitcoin and general crypto indrustry enter an era of heavy regulations.

Regulations that will do near impossible for the most ppl to buy, trade or even use Bitcoin.

Today EFF have post an article about this matter

https://thedefiant.io/crypto-endangered-confronting-an-existential-threat/

https://twitter.com/EFF/status/1448023101518671873

Bitsamp already do this and ask from the most of their customers to give them every bitcoin or crypto transaction they have done the last years. Where they buy and where they get them.

Maybe this new heavy regulator era will be and a great opportunity for a growth to p2p exchanges.

Regulations put limitations to what bitcoin stands for and if so much regulations are made, it would only limit the way the Cryptocurrency itself is used and where it is used. Most of these bodies that put up these regulatory rules do not even understand how the blockchain works.

chek2fire

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an example for what is coming is Bitstamp. Bitstamp for the most active account ask to prove where you get or buy those bitcoins that you trade there.
This is not a simple KYC but a heavy barrier to use this exchange especially for ppl that holds a great ammount of bitcoin and they get them from differnt sources.

Imran232

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I think this type of transaction might be fair. If they ask for KYC, then it might be needed for something. If I explain my thoughts, then there is one possibility. Some months ago, I heard that India's most popular exchange informed the cyber department about someone, and after their information, police tracked him down and found that he was a drag dealer and dealing in drag with crypto. In this case, the exchange didn't know about his drag dealing. The exchange saw he had some suspicious activity. He got payments from different wallets at different times and a huge number of payments, so they informed him about it. In this case, I think his kyc documents help exchange identify that person. I think if we followed government rules, then the government might not be strict on exchange and wallets, and they probably wouldn't be as strict regulated as well. If kyc is a must, then we should do it in a trusted place. In my opinion, regulation is okay, but strict regulation might be problematic. Ithers people’s opinion can be different as well.

Fortify

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Quote from: chek2fire on October 13, 2021, 12:54:46 PM

I believe that Bitcoin and general crypto indrustry enter an era of heavy regulations.

Regulations that will do near impossible for the most ppl to buy, trade or even use Bitcoin.

Today EFF have post an article about this matter

https://thedefiant.io/crypto-endangered-confronting-an-existential-threat/

https://twitter.com/EFF/status/1448023101518671873

Bitsamp already do this and ask from the most of their customers to give them every bitcoin or crypto transaction they have done the last years. Where they buy and where they get them.

Maybe this new heavy regulator era will be and a great opportunity for a growth to p2p exchanges.

I think that article takes a very pessimistic view of the cryptocurrency world. The fact that it has been allowed to flourish for over 12 years now is testament to hands off regulation and seeing how big the benefits of this new functionality can be. For the last few decades now we have been steadily marching towards digitizing everything, however having a form of cash that does not require a middleman has been missing from that. This is similar to an article saying the internet should be banned because it has pockets of illegal activity, it is a wholly unfair characterization of what it is generally being used for these days. It's worth remembering that the EFF walks a fine line between performing useful defense of our freedom and possibly over-hyping potential threats in an effort to raise more funds for their organization.

stompix

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Quote from: chek2fire on October 13, 2021, 12:54:46 PM

Regulations that will do near impossible for the most ppl to buy, trade or even use Bitcoin.

Can you please give a single example of those regulations that will make it Impossible!! for Most! poeple to buy trade and use bitcoin?
One single example of such thing that will affect the majority of a country's population!

For ten years everyone was telling the movements can't stop bitcoin and now suddenly we're in a vulnerable spot and we need to create activist cells in every corner of the world and fight for the revolution otherwise we're doomed.

Quote

The crypto industry is facing an existential threat, one that can only be neutralized by collective community action

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Existential threat.wtf!!..if one or two bills are posting an existential threat it means everything was flawed from the beginning and it's not worth fighting, back to the drawing board.

Bitstar_coin

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And what happens if assuming I refuse to give those info? Will be prevented from trading and my account get blocked or something! If there are no other stiff penalties aside from those, I think I will gladly refuse and find alternative, yeah, I guess this will make p2p more popular among crypto enthusiasts. What a calamity. Roll Eyes

goldkingcoiner

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A Bitcoiner chooses. A slave obeys.

The next step of regulation as I see it, is whitelisting. Soon anyone who has a "dirty bitcoin", which isn't direcly tied to the kyc of an entity, might find themselves stuck, unable to sell it or trade with it.
However how exactly they can pull that off, remains to be seen. I kind of doubt that regulators will have that kind of control over decentralised apps and finance. At most they can only regulate the custodians and intermediarys.

This would maybe benefit poor countries or countries that refuse to bow down to the US. Perhaps your coins could still prove to be useable in their own cryptospaces.

chek2fire

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I believe that Bitcoin and general crypto indrustry enter an era of heavy regulations.

Regulations that will do near impossible for the most ppl to buy, trade or even use Bitcoin.

Today EFF have post an article about this matter

https://thedefiant.io/crypto-endangered-confronting-an-existential-threat/

https://twitter.com/EFF/status/1448023101518671873

Bitsamp already do this and ask from the most of their customers to give them every bitcoin or crypto transaction they have done the last years. Where they buy and where they get them.

Maybe this new heavy regulator era will be and a great opportunity for a growth to p2p exchanges.

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