What after localbitcoins.com shutting down - page 3.

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Quote from: o_e_l_e_o on February 18, 2023, 04:48:11 AM

Quote from: EarnOnVictor on February 17, 2023, 06:09:37 AM

I don't think so, if they lost due to KYC, why are the others with the same KYC flourishing in the business?

Which services which demand KYC are flourishing? In terms of centralized exchanges we've seen dozens collapse with insolvency, bankruptcy, or outright scams over the last few months, and those which haven't collapsed laying off huge chunks of their employees. And in terms of fake peer-to-peer exchanges which demand KYC, we've seen LBC shutdown and Paxful volume falling.

If you want to actually trade peer-to-peer, then you can use an exchange like Bisq which gives you complete privacy and complete security over your coins, does not require any KYC, and does not require you to deposit any money to a centralized wallet. I see no reason to use something like LBCs which provides you with zero privacy, zero security, frozen accounts, seized coins, and leaked/shared/sold data.

Binance is one company that still flourishes after the KYC, even the gateio exchange is facing downside too and laying off employees, but the KYC rule increased the rate of hacking on the cryptocurrency market. Looking at the high rate of data marketing or even same KYC rule. Hackers and money launderers would invest a lot on using other people's documents to sign up on different sites that requires KYC. The last hack on FTX, what happened to people's documents and files? These are the risks involved in KYC why most people had to move away from a very promising trading venture like localbitcoin. I could remember how long it took me to get an account approved on localbitcoin 2 years ago. These flaws are not conducive anymore especially for traders that saw LB as an intermediary between traders and buyers. What's the essence of KYC for such a platform? I think the best p2p is p2p trading. Working with a trusted trader directly on social media or any other platform.

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Quote from: EarnOnVictor on February 18, 2023, 04:19:04 AM

You of all people with your rank on the forum shouldn't have replied in a hurry and based on just a context without reading the full story

Use the advice to better yourself. It looks like you need it more than I do.

I gave you links to help you analyse what went wrong and when problems started with Localbitcoins, but it seems you are even too lazy to do anything like checking them out. Maybe you could learn a thing or two and avoid groaning the "You of all people with your rank on the forum shouldn't..." lines

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If you read the post again,

Of course, I read your lame example. Now you think am blind?

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This is business (crypto or not), and records are being broken yearly, so you are so wrong that history will repeat itself because it's crypto-related as no one will ever be able to break business records.

Show us the data and records. If they are not there, then stop speculating.

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Quote from: EarnOnVictor on February 17, 2023, 06:09:37 AM

I don't think so, if they lost due to KYC, why are the others with the same KYC flourishing in the business?

Which services which demand KYC are flourishing? In terms of centralized exchanges we've seen dozens collapse with insolvency, bankruptcy, or outright scams over the last few months, and those which haven't collapsed laying off huge chunks of their employees. And in terms of fake peer-to-peer exchanges which demand KYC, we've seen LBC shutdown and Paxful volume falling.

If you want to actually trade peer-to-peer, then you can use an exchange like Bisq which gives you complete privacy and complete security over your coins, does not require any KYC, and does not require you to deposit any money to a centralized wallet. I see no reason to use something like LBCs which provides you with zero privacy, zero security, frozen accounts, seized coins, and leaked/shared/sold data.

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Quote from: logfiles on February 17, 2023, 09:49:14 AM

Quote from: EarnOnVictor on February 17, 2023, 06:09:37 AM

Don't dwell in the past glory, you can't use all-time success to judge the stability and suitability of any business.

History always repeats itself, especially when it comes to crypto exchanges. Don't tell me you don't know this.

You of all people with your rank on the forum shouldn't have replied in a hurry and based on just a context without reading the full story. If you read the post again, you would know that I rebuffed the claim of the all-time high of Localbitcoins against Paxul using Google and Yahoo as an example, as not an indication of their present and future successes in my reply, which borne what you quoted.

This is business (crypto or not), and records are being broken yearly, so you are so wrong that history will repeat itself because it's crypto-related as no one will ever be able to break business records.

You're totally wrong!

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Quote from: EarnOnVictor on February 17, 2023, 06:09:37 AM

Don't dwell in the past glory, you can't use all-time success to judge the stability and suitability of any business.

History always repeats itself, especially when it comes to crypto exchanges. Don't tell me you don't know this.

Quote from: logfiles on February 16, 2023, 08:44:00 AM

I don't think so, if they lost due to KYC, why are the others with the same KYC flourishing in the business? What I have noticed is that businesses with their model accepting all manner of payment systems for P2P need due process to protect themselves and their customers because fraudsters are everywhere.

Did you ever have an account on localbitcoins before the mandatory KYC requirements came in? Trust me, their new KYC requirement were too strict and asking for too much personal information before one could get verified.

Even Binance and likes of OKX have KYC verification but have not yet reached that level of KYC where you have to state how much you earn yearly, what kind of business you do and where your grandmother was born etc Grin

You can look at the charts and interpret from the time KYC verification became mandatory on the platform - https://coin.dance/volume/localbitcoins

or this can help - LocalBitcoins: volumes down because of KYC

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Quote from: logfiles on February 16, 2023, 08:44:00 AM

I don't know about Paxful's KYC policy, but their volumes seem to be starting to decline too, according to coindance and the current weekily of $30M is nowhere near Localbitcoin's all-time high of over $120M weekly trading volume.

Don't dwell in the past glory, you can't use all-time success to judge the stability and suitability of any business. The all-time high I even read was in 2017 and it's $130M but that is not the case here. Yahoo was doing better than Google some time ago, but can you compare the two in earnings now? Paxful was a better competitor and traffic trackers ranked it #16,947 while Localbitcoins ranked #42,159. That should mean something to you.

Quote from: logfiles on February 16, 2023, 08:44:00 AM

The lost the volumes so quickly because of their strict KYC policy and they suffocated so fast.

I don't think so, if they lost due to KYC, why are the others with the same KYC flourishing in the business? What I have noticed is that businesses with their model accepting all manner of payment systems for P2P need due process to protect themselves and their customers because fraudsters are everywhere.

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Quote from: EarnOnVictor on February 16, 2023, 02:55:58 AM

Paxful and other rivals are doing well and recording regular yearly gains to buttress my point.

I don't know about Paxful's KYC policy, but their volumes seem to be starting to decline too, according to coindance and the current weekily of $30M is nowhere near Localbitcoin's all-time high of over $120M weekly trading volume.

We will see how it goes, maybe they will benefit from the closure of Localcryptos and Localbitcoins.

Quote from: EarnOnVictor on February 16, 2023, 02:55:58 AM

What I believe is that they (Localbitcoins) are short of partonge compared to cost of running their service, hence the need to shutdown.

The lost the volumes so quickly because of their strict KYC policy and they suffocated so fast.

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Quote from: Findingnemo on February 15, 2023, 12:09:57 PM

Quote from: talkoncrypto Official on February 15, 2023, 04:01:18 AM

In a centralized exchange the price of crypto is set by exchange itself, which is a monopolistic practice which is not in the case of p2p as people set their own margins for buying or selling, there is competetiveness..

2ndly for a crypto to be cashed out, either you choose to go centralized exchange or you use p2p exchange which provides an escrow service,
We see many scenarios where cex falls out of liquidity because they have to cash out funds for users, which is not the case in p2p as people trade among themselves..

A centralized exchange is just a platform like eBay where the seller and buyer set their own price and when it matches the trade will execute on an exchange whereas in p2p when someone posts a price and if you feel its okay then you will proceed further and that is the difference if you don't realize it in case.

Secondly, I can give thousands of examples of scams that happened in p2p which means the fiat sender gives false payment receipt and give some excuses for the trade to be released so the risk exists everywhere and not really exchange like Binance runs out of liquidity. Tongue

There are many centralised exchanges that have helped the crypto space so much in the past, and people often look for ways to cheat their services such as P2P services. This is a big challenge but I still do not believe that it's the main reason why Localbitcoins decided to stop their service. Paxful and other rivals are doing well and recording regular yearly gains to buttress my point.

What I believe is that they (Localbitcoins) are short of partonge compared to cost of running their service, hence the need to shutdown.

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Quote from: talkoncrypto Official on February 15, 2023, 04:01:18 AM

In a centralized exchange the price of crypto is set by exchange itself, which is a monopolistic practice which is not in the case of p2p as people set their own margins for buying or selling, there is competetiveness..

2ndly for a crypto to be cashed out, either you choose to go centralized exchange or you use p2p exchange which provides an escrow service,
We see many scenarios where cex falls out of liquidity because they have to cash out funds for users, which is not the case in p2p as people trade among themselves..

A centralized exchange is just a platform like eBay where the seller and buyer set their own price and when it matches the trade will execute on an exchange whereas in p2p when someone posts a price and if you feel its okay then you will proceed further and that is the difference if you don't realize it in case.

Secondly, I can give thousands of examples of scams that happened in p2p which means the fiat sender gives false payment receipt and give some excuses for the trade to be released so the risk exists everywhere and not really exchange like Binance runs out of liquidity. Tongue

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Quote from: talkoncrypto Official on February 15, 2023, 12:34:43 AM

Though you have a legendary account but i wish you would simply understand the difference between a peer-to-peer crypto exchange to a centralized exchange,

I think you need to do more reading about what "peer to peer" means. Stop focusing on member's ranks and feeling insulted.

These exchanges and marketplaces keep confusing you by mentioning p2p because it feels more attractive, but in actual sense they are not p2p exchanges. I don't know about the first years, but LocalBitcoins was far from being a p2p exchange in the later years. They would hold user funds, set deposit and withdrawal fees at their will, they would never reveal any private keys of the accounts to the users, block funds and ask for KYC.

The same applies to "Binance p2p". In fact, Binance gives even a clue in the link that they are not a p2p platform.

Look closely

Code:

https://c2c.binance.com/en/trade/sell/BTC?fiat=HKD&payment=ALL

Do you see that c2c right before binance.com? It means Customer to Customer or consumer to consumer, which makes more sense because c2c involves a third party, unlike p2p.

Quote from: talkoncrypto Official on February 15, 2023, 04:01:18 AM

In a centralized exchange the price of crypto is set by exchange itself, which is a monopolistic practice which is not in the case of p2p as people set their own margins for buying or selling, there is competetiveness..

Wooooow. Just wow!!!

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Quote from: talkoncrypto Official on February 15, 2023, 04:01:18 AM

In a centralized exchange the price of crypto is set by exchange itself, which is a monopolistic practice which is not in the case of p2p as people set their own margins for buying or selling, there is competetiveness..

2ndly for a crypto to be cashed out, either you choose to go centralized exchange or you use p2p exchange which provides an escrow service.

Is that a joke?
A centralized exchange doesn't set a price per se. It is based on the supply and demand, as well the trading volume.

Additionnaly, a CEX also acts as an escrow service. It connects buyers and sellers and is the middleman between both.

Quote from: talkoncrypto Official on February 15, 2023, 04:01:18 AM

we are still in early stages of crypto space where the difference is still unknown

Everthing is clear. The difference is know and understood.

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Quote from: Z-tight on February 15, 2023, 03:07:19 AM

Quote from: talkoncrypto Official on February 15, 2023, 12:34:43 AM

but i wish you would simply understand the difference between a peer-to-peer crypto exchange to a centralized exchange,

If you have to give up the custody of your coins to an exchange before you trade it, then that is 'fake' p2p, p2p involves trading crypto without any third party, so every centralized exchange isn't really a p2p exchange because you have to give up the custody of your funds to the exchange before they would allow you trade. A good example of a p2p exchange is Bisq.

Quote from: talkoncrypto Official on February 15, 2023, 12:34:43 AM

moreover every exchange in the world will protect its right when it comes to fraud, so every exchange or platform have the right to ban/freeze bad actors...

You do not even have to be a bad actor for a centralized exchange to ban or freeze your money. They will do that for many reasons, if they don't like you or where your money is coming from, if they think your money is "tainted", if the government says they should, heck, they don't even have to ban or freeze you, they can just take your money and put it in another investment and lose it, or they get hacked and lose your money. There are so many ways you can lose your money in a centralized exchange.

Quote from: talkoncrypto Official on February 15, 2023, 12:34:43 AM

This exchange does not popped out yesterday or day before..its been there for more than 2 years now ...and still going good

FTX, Voyager, Celsius, 3AC, Genesis...all didn't pop out 'yesterday', they have been in the market for sometime, it doesn't matter how long a centralized exchange has been in the market, it can collapse at anytime, even Binance isn't safe from collapse, so do not trust any exchange.

Reading at the replies one thing is concluded , we are still in early stages of crypto space where the difference is still unknown,.. Let me just give you a scenario for better understanding..

In a centralized exchange the price of crypto is set by exchange itself, which is a monopolistic practice which is not in the case of p2p as people set their own margins for buying or selling, there is competetiveness..

2ndly for a crypto to be cashed out, either you choose to go centralized exchange or you use p2p exchange which provides an escrow service,
We see many scenarios where cex falls out of liquidity because they have to cash out funds for users, which is not the case in p2p as people trade among themselves..

Though there are "n" number of scenarios i can still but its better for anyone to go DYOR as i mentioned in my thread...

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Quote from: albon on February 14, 2023, 06:00:00 PM

there are many other alternatives that are characterized by safety, reliability, reasonable fees, and privacy, and this is often missing on centralized exchanges, for me, I recommend Binance P2P and Bisq in the first place.

If you want safety, privacy, or reasonable fees, then Binance shouldn't even be on your list, and certainly nowhere near the top. Binance P2P is completely centralized and simply uses the P2P tag as marketing slogan. It is about as far from true P2P as you can get.

Quote from: talkoncrypto Official on February 15, 2023, 12:34:43 AM

Though you have a legendary account but i wish you would simply understand the difference between a peer-to-peer crypto exchange to a centralized exchange, moreover every exchange in the world will protect its right when it comes to fraud, so every exchange or platform have the right to ban/freeze bad actors... though chances are very negligible but one has to mention ...

My account status is irrelevant. There are plenty of actually decentralized exchanges out there which never request KYC and do not require that you hand over control of your coins by depositing them in a centralized wallet under control of the exchange, such as Bisq, AgoraDesk, RoboSats. The site you are shilling is completely centralized and therefore a very poor choice.

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Quote from: talkoncrypto Official on February 15, 2023, 12:34:43 AM

but i wish you would simply understand the difference between a peer-to-peer crypto exchange to a centralized exchange,

If you have to give up the custody of your coins to an exchange before you trade it, then that is 'fake' p2p, p2p involves trading crypto without any third party, so every centralized exchange isn't really a p2p exchange because you have to give up the custody of your funds to the exchange before they would allow you trade. A good example of a p2p exchange is Bisq.

Quote from: talkoncrypto Official on February 15, 2023, 12:34:43 AM

moreover every exchange in the world will protect its right when it comes to fraud, so every exchange or platform have the right to ban/freeze bad actors...

You do not even have to be a bad actor for a centralized exchange to ban or freeze your money. They will do that for many reasons, if they don't like you or where your money is coming from, if they think your money is "tainted", if the government says they should, heck, they don't even have to ban or freeze you, they can just take your money and put it in another investment and lose it, or they get hacked and lose your money. There are so many ways you can lose your money in a centralized exchange.

Quote from: talkoncrypto Official on February 15, 2023, 12:34:43 AM

This exchange does not popped out yesterday or day before..its been there for more than 2 years now ...and still going good

FTX, Voyager, Celsius, 3AC, Genesis...all didn't pop out 'yesterday', they have been in the market for sometime, it doesn't matter how long a centralized exchange has been in the market, it can collapse at anytime, even Binance isn't safe from collapse, so do not trust any exchange.

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Quote from: o_e_l_e_o on February 14, 2023, 02:06:56 PM

Quote from: Findingnemo on February 14, 2023, 11:48:40 AM

About the platform shared by OP which I never heard about, has anyone really used it and if yes please share how was your experience.

You can see from OP's post history that he heavily shills that site. He is most likely affiliated with it.

I have not used it, and I would recommend avoiding it. It requires that you deposit your coins to a wallet that they control, so is completely centralized and your coins are not yours. Their Terms of Service say they require full KYC, and reserve the right to freeze your account and your funds while they demand "upgraded" KYC, for any reason. And of course their Privacy Policy gives them the right to share all your data with anyone they want.

So pretty much all the worst parts of a centralized exchange.

Though you have a legendary account but i wish you would simply understand the difference between a peer-to-peer crypto exchange to a centralized exchange, moreover every exchange in the world will protect its right when it comes to fraud, so every exchange or platform have the right to ban/freeze bad actors... though chances are very negligible but one has to mention ... This exchange does not popped out yesterday or day before..its been there for more than 2 years now ...and still going good

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Quote from: talkoncrypto Official on February 09, 2023, 09:10:51 AM

So today we have a news that localbitcoins.com is shutting down

Now people are in dilemma that how they can continue their trading, as localbitcoins is one of the exchange which set a benchmark in crypto space,

People are really not in a dilemma as you see it because they will transfer their assets from LocalBitcoins to any of the other exchange platforms. Yes, LocalBitcoins was one of the platforms that lived a long time to provide P2P services, but the matter is not catastrophic because there are many other alternatives that are characterized by safety, reliability, reasonable fees, and privacy, and this is often missing on centralized exchanges, for me, I recommend Binance P2P and Bisq in the first place. Also, the names of the BITKAN and PAXFUL platforms top the headlines of most blogs as being good alternatives to LocalBitcoins; although I have never used them, I found them in search engines, so everyone who leaves Localbitcoins should do his own research and know the appropriate platform for him in terms of features, security, ease of use, and in terms of KYC procedures, and he must never deposit his assets in a P2P platform that he does not know it before.

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Quote from: Findingnemo on February 14, 2023, 11:48:40 AM

About the platform shared by OP which I never heard about, has anyone really used it and if yes please share how was your experience.

You can see from OP's post history that he heavily shills that site. He is most likely affiliated with it.

I have not used it, and I would recommend avoiding it. It requires that you deposit your coins to a wallet that they control, so is completely centralized and your coins are not yours. Their Terms of Service say they require full KYC, and reserve the right to freeze your account and your funds while they demand "upgraded" KYC, for any reason. And of course their Privacy Policy gives them the right to share all your data with anyone they want.

So pretty much all the worst parts of a centralized exchange.

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Quote from: o_e_l_e_o on February 13, 2023, 05:09:21 AM

I don't see why people wouldn't just go for the best option out there (Bisq), which is immune to being regulated out of existence given that it is software which is run locally and not a centralized entity.

I have been checking Bisq regularly and still no offers, let's see if really people are moving towards real p2p which is decentralized. Paxful seems a temporary replacement cause the only trade limit is 1000$ for no address verified accounts, reading about their customer support is poor as many said so if anyone really moving to beware of scammers and read the terms of their trade before initiating the trade.

About the platform shared by OP which I never heard about, has anyone really used it and if yes please share how was your experience.

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Quote from: WhyFhy on February 12, 2023, 07:49:27 AM

I stopped using them after they kept all my fork funds in 2017.
They pretended to be accommodating but I never saw my fork money.

From what I read, they were supposed to give compensations in BTC, instead of giving Bitcoin Cash. So, they didn't made it? It's not about just LocalBitcoins, but there is much more centralised platforms which followed their path and didn't gave BCH. It's another examplewhy keeping your coins there isn't best idea in cases like this. Not your keys - not your coins.

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If you want to use a P2P service that operates on Bitcoin, then support the bisq ecosystem. If you don't want to use bisq, you really do not have many options for P2P trading other than platforms that cost you your data and/or privacy. The best solution for P2P trading after Bitcoin are ones that are based on Monero. There are one or two with the trusted "local" prefix around. While there is a drought for BTC P2P solutions for the moment, I predict a new revolution for private and unstoppable P2P Bitcoin trading will come soon now that such a big market has just opened following Local-bitcoin's closure. It is possible that due to over-regulation of this company, the devs here might even be re-structuring for this very with better legal foundation. That would make sense, but that is only speculation.

Topic: What after localbitcoins.com shutting down - page 3. (Read 1197 times)