What after localbitcoins.com shutting down - page 4.

LeGaulois

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The marketplaces will follow the same path the centralized exchanges followed.

Both will have the same laws to follow. There is no reason a CEX has to be strict with KYC-KYT-EDD and a marketplace doesn't have to be.
Otherwise, CEXs wouldn't exist, and companies would make a marketplace instead, to be less bothered.

And don'y worry. If there are still some marketplaces without ID verification, they will soon or later join the group.
Including HodlHodl or LocalMonero... It's just a matter of time, trust me.

They won't all die because there are always people who have no problem with the KYC but for sure the DEXs will become the only way to trade without to be bothered.

If you really want bitcoining, you have to use bitcoinized tools Cheesy

o_e_l_e_o

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Quote from: Findingnemo on February 12, 2023, 11:17:32 AM

so anyone switching to Paxful beware of this issue and pick trader with long trading history and high positive feedbacks.

Paxful is a poor replacement for LBC. I've never used them, but my understanding is their KYC requirements are even more invasive than those of LBC, and they will regularly lock and freeze accounts and coins while demanding even more KYC info. And as I mentioned above, if regulatory pressure is enough to shut down a centralized not-really-P2P platform like LBC, then it's enough to shut down a second centralized not-really-P2P platform like Paxful, which means you would be back at square one again looking for a new platform.

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.

Findingnemo

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Quote from: o_e_l_e_o on February 12, 2023, 03:51:26 AM

Quote from: Findingnemo on February 11, 2023, 09:27:56 AM

Bisq is completely decentralized p2p but I never saw any trade was created there for my fiat currency.

What is your local currency, if you don't mind me asking? Is it supported and there is just no volume, or is it not supported at all? If it's a lack of volume, then you should feel free to create your own offers! Every market starts somewhere, and you might be able to earn yourself a couple of percentage points over the market rate since you are the only maker.

If it's not supported then you could open an issue on their GitHub (if there isn't one already) about getting it listed. Alternatively, can you swap your local currency to USD, EUR, or something else, and then trade with them instead?

With the closure of LocalCryptos and now LBC, there could well be a higher demand for Bisq to start supporting other currencies. People aren't going to want to move to a new exchange which might also close down in a few months, whereas by moving to Bisq, there is very little chance of that happening due to its decentralized nature.

For privacy reason I can't expose my nativity but its supported and I can list the offer there if I want and I will give it a try in the next week and let's see with the suspension of trading from LBC can bring p2p traders to Bisq.

I have been contacted by few of my clients who I am regularly trading via LBC for years and I am yet to reply which platform I am going to choose and their reply is Paxful where liquidity for my fiat is high but many new accounts with attractive prices like 10 to 15% over market price is listed there and from my assumption they can bring issues sooner or later cause we have chance of receiving funds from hacked bank account so anyone switching to Paxful beware of this issue and pick trader with long trading history and high positive feedbacks.

WhyFhy

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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.

o_e_l_e_o

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Quote from: Findingnemo on February 11, 2023, 09:27:56 AM

Bisq is completely decentralized p2p but I never saw any trade was created there for my fiat currency.

What is your local currency, if you don't mind me asking? Is it supported and there is just no volume, or is it not supported at all? If it's a lack of volume, then you should feel free to create your own offers! Every market starts somewhere, and you might be able to earn yourself a couple of percentage points over the market rate since you are the only maker.

If it's not supported then you could open an issue on their GitHub (if there isn't one already) about getting it listed. Alternatively, can you swap your local currency to USD, EUR, or something else, and then trade with them instead?

With the closure of LocalCryptos and now LBC, there could well be a higher demand for Bisq to start supporting other currencies. People aren't going to want to move to a new exchange which might also close down in a few months, whereas by moving to Bisq, there is very little chance of that happening due to its decentralized nature.

dollarday

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Localbitcoins bought me into contact with many good traders in the earlier days of bitcoin.It was a safe way to buy and sell before all of the exchanges. It will be missed, although we have used it much less in the past few years.

Findingnemo

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I didn't see that coming even a few days ago I completed a trade there. Roll Eyes

Now it is going to be the happy days for the many scammers out there in Paxful platform because the trade limit of paxful is high even with email verification compared to LBC so scammers can simply throwaway their account once they scammed someone and starts with new email. Roll Eyes

Bisq is completely decentralized p2p but I never saw any trade was created there for my fiat currency.

o_e_l_e_o

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Quote from: LeGaulois on February 09, 2023, 09:51:31 AM

The truth is that they started to die when they were forced to introduce KYC rules.

This. LBC was a shadow of its former self. Anyone who actually cared about privacy or security left LBC years ago. I know I did. They were little more than a CEX using "P2P" as a buzzword for advertising reasons.

Quote from: Charles-Tim on February 09, 2023, 10:21:28 AM

You can trade on Binance before without KYC, but Binance had no option than to make KYC mandatory.

This is different. If you want to use a CEX to trade fiat, then you must complete KYC. If you want to use a DEX to trade fiat, then there is absolutely no reason to choose one which mandates KYC.

Quote from: The Cryptovator on February 10, 2023, 02:59:15 PM

It appears that peer-to-peer trading opportunities are decreasing. It constitutes a risk to us if a well-known P2P exchange closes.

I don't have any concerns about LBC closing. It was peer to peer in name only, and completely centralized in practice. If even a tiny proportion of its remaining users transition to a real peer to peer platform like Bisq or AgoraDesk (like many did when LBC first introduced KYC years ago), then that will be a net positive for the peer to peer marketplace.

buwaytress

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Quote from: LeGaulois on February 09, 2023, 09:51:31 AM

Blaming the crypto winter.... great job!

The truth is that they started to die when they were forced to introduce KYC rules.
Since it was one of the reasons people traded there, they moved to another place
The same goes for localcrypto and a regulatory development that can take place when your company grow up.

It's called the Darwin's theory. Only the best survives Grin

This, guys. They blamed the crypto winter, economic outlook, etc., and yes, there's a truth to it. But the winter did not strike the first blow, it only slammed in the final nail.

Before they enforced strict KYC (they actually always had it, but it was either optional or very minimal, IIRC a phone number was enough to get by for most people), I would get trade offers almost as soon as I put mine live. Selling was over in minutes (literally, because of my location and mode of buying).

It was after KYC + the removal of face-to-face that they lost their niche. I took most of my trades off-site, so did most traders I knew. LBC simply became an additional listing site.

Survival of the fittest eh?

pixie85

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Quote from: Lucius on February 10, 2023, 10:58:24 AM

After 10 years, I wouldn't be surprised if the man decided that he had enough money to end the whole thing and maybe devote himself to some new challenges. Some are surprised by this, as if a person has committed to providing a service for life, and how many people have been active on this forum for 10 or more years - or how many will be there in 10 years?

Especially with all the regulatory uncertainties. These days you have to watch the regulators all the time. One day they are ok with what you're doing the other day they attack you, like the SEC did with staking in the US.

It's not the crypto system that is broken and uncertain, it's the politics and the corrupt financial system that is making crypto volatile. I wouldn't want to run a crypto company if they could raid my house at any time claiming my site accepted coins from a hack or I don't have a money transmitting license or something else.

Charles-Tim

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Quote from: Despairo on February 11, 2023, 12:18:44 AM

Both Binance and Kucoin are become very popular because they're centralized exchange and have mandatory KYC rule, so everyone already know if they will get asked to provide KYC at the worst case. While localbitcoins, they're start from zero KYC P2P platform, but they now require KYC and the clients are not happy because of this rule.

Binance started as a no KYC exchange, it was a year or two years ago that Binance made KYC mandatory. You can still use Kucoin with just your email and password, though it is a centralized exchange and any Kucoin user can be force to provide KYC.

Quote from: Despairo on February 11, 2023, 12:18:44 AM

Paxful is also KYC P2P platform, they didn't disappointed their clients.

Paxful is also a centralized exchange with KYC mandatory.

Despairo

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I hope no one will use the platform mentioned by @OP because it's a custodial P2P platform similar like localbitcoins where they will ask you to submit KYC.

Quote from: bbc.reporter on February 10, 2023, 08:16:48 PM

Agreed. Also, there are other peer to peer marketplaces with more traders that began offering better conversion prices than Locabitcoins in Paxful, Binance and Kucoin. I have only learned about Binance and Kucoin peer to peer marketplaces last year. I was shocked that they have become very popular.

Both Binance and Kucoin are become very popular because they're centralized exchange and have mandatory KYC rule, so everyone already know if they will get asked to provide KYC at the worst case. While localbitcoins, they're start from zero KYC P2P platform, but they now require KYC and the clients are not happy because of this rule.

Paxful is also KYC P2P platform, they didn't disappointed their clients.

bbc.reporter

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Quote from: LeGaulois on February 09, 2023, 09:51:31 AM

Blaming the crypto winter.... great job!

The truth is that they started to die when they were forced to introduce KYC rules.
Since it was one of the reasons people traded there, they moved to another place
The same goes for localcrypto and a regulatory development that can take place when your company grow up.

It's called the Darwin's theory. Only the best survives Grin

Agreed. Also, there are other peer to peer marketplaces with more traders that began offering better conversion prices than Locabitcoins in Paxful, Binance and Kucoin. I have only learned about Binance and Kucoin peer to peer marketplaces last year. I was shocked that they have become very popular.

dansus021

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Quote from: Charles-Tim on February 09, 2023, 10:21:28 AM

Quote from: LeGaulois on February 09, 2023, 09:51:31 AM

The truth is that they started to die when they were forced to introduce KYC rules.
Since it was one of the reasons people traded there, they moved to another place

You can trade on Binance before without KYC, but Binance had no option than to make KYC mandatory. Yet, Binance remain as the exchange with the highest trading volume. Although, some people that are concerned about KYC left the exchange at the time. Jeremias Kangas founded Localbitcoins in mid 2012. 2022 crypto winter wasn't the first, that makes your post valid, but regardless of what happened, it is still about the survival of the fittest, but not necessarily about KYC as well if other things has been in place. Although, I am not disputing the fact that KYC could have been the reason for the start of Localbitcoins collapse.

Yes, I do agree I know LocalBitcoin when the price was still hundred dollars, I know their strong this is not their first crypto winter Cry

But it is very sad when saw news like this

On the other hand back a couple of years ago there is a bunch of Centralized exchanges who don't do KYC but now almost all need KYC. I know that some people hate this but they don't pretty much have a choice.

and also bybit or binance offer P2P service but still to use it you need KYC first Cry

. I think like it or not when the platform gets bigger and get more user the government will approach them and talk about "Regulation or I gonna shut down your business" Tornado Cash is one of the example even tho is not an exchange

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Quote from: The Cryptovator on February 10, 2023, 02:59:15 PM

It appears that peer-to-peer trading opportunities are decreasing. It constitutes a risk to us if a well-known P2P exchange closes. Because peer-to-peer trade is replacing centralized exchange like Binance is currently conducting significant p2p trade. There would be other exchanges opening up for peer to peer trading. However, LocalBitcoin was a realizable P2P exchange. I don't see why a peer-to-peer exchange would shut down. I'm not certain, but I'll guess it's just for a little enforcement.

Man, I don't even think what localbitcoins was offering was anything to do with p2p. Well it may have seemed like two parties were involved in direct trade, but then there was a third party which was localbitcoins

They could choose to freeze the funds any time they wanted, since the customer wallets were custodial. To be honest, they were more like Binance, especially when they made KYC verification mandatory.

boyptc

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I've used them years ago and then never used them anymore when I've seen that my needs can be found in the popular exchanges these days.

It's sad to see that some big known P2P will have to go. I'm now having the idea that the other of the same service might also announce their official closure soon.

Yeah, every time there's a closure it's all about the bear market that seems to be the big catalyst and where the blame is being point to.

LTU_btc

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Damn, that's really sad news. I don't use their platform, but I remember them from my early days in crypto and how big they were back then. Basically, everyone who was in crypto, knew their platform. What I can say, end of another era.
Probably crypto winter is main reason behind closure, their volumems went down significantly. But regulations didn't helped them either. Introducing KYC had direct impact why their trading volums went down and platform stopped giving profit.

The Cryptovator

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It appears that peer-to-peer trading opportunities are decreasing. It constitutes a risk to us if a well-known P2P exchange closes. Because peer-to-peer trade is replacing centralized exchange like Binance is currently conducting significant p2p trade. There would be other exchanges opening up for peer to peer trading. However, LocalBitcoin was a realizable P2P exchange. I don't see why a peer-to-peer exchange would shut down. I'm not certain, but I'll guess it's just for a little enforcement.

Lucius

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Quote from: Charles-Tim on February 09, 2023, 10:21:28 AM

You can trade on Binance before without KYC, but Binance had no option than to make KYC mandatory. Yet, Binance remain as the exchange with the highest trading volume. Although, some people that are concerned about KYC left the exchange at the time. Jeremias Kangas founded Localbitcoins in mid 2012. 2022 crypto winter wasn't the first, that makes your post valid, but regardless of what happened, it is still about the survival of the fittest, but not necessarily about KYC as well if other things has been in place. Although, I am not disputing the fact that KYC could have been the reason for the start of Localbitcoins collapse.

It is not very logical to compare LB, which was a Bitcoin exchange, with that CEX, which achieves its trading volume thanks to countless shitcoins, its own token and the fact that CZ, like all Chinese, has learned very well how to fake trading volume. If some kind of internal audit entered their system, I wouldn't be surprised if their actual numbers are at least 30% less than what we see in public - but when you buy CMC as one of the most popular crypto sites, then you can very easily build an image that you are best.

Quote from: stompix on February 10, 2023, 08:40:15 AM

If he's an early adopter probably he has 100x more than what would be left over a year stashed in BTC already.

After 10 years, I wouldn't be surprised if the man decided that he had enough money to end the whole thing and maybe devote himself to some new challenges. Some are surprised by this, as if a person has committed to providing a service for life, and how many people have been active on this forum for 10 or more years - or how many will be there in 10 years?

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Quote from: talkoncrypto Official on February 09, 2023, 10:58:27 PM

dont act as a spectator, be a player than probably your comment would matter..

Exactly what I'm doing, not acting as a spectator and reminding people what kind of hyena is now spamming around here

Quote from: ParticlAccelerator on February 10, 2023, 06:24:55 AM

There is a KYC free alternative to local bitcoins. It's called Particl marketplace.

LB was an exchange, not a marketplace, the two are completely different.
LB was used exactly because it was easy to deal with it, you would just look at the prices, decide from who to buy and which method, and at least here in EU with instant national transfers you could get your coins or funds in minutes and finish the trade.
That's why some don't get why other solutions are not getting traction, as the situation is now fewer people care more about privacy than about how fast and easy things can be done, that's why Bisq has dozens of traders and Biance p2p thousands.

Quote from: hugeblack on February 10, 2023, 02:13:35 AM

I do not have charts for trading volumes, but the platform seems profitable, perhaps their profits decreased and therefore they preferred to stop rather than the platform dying, but the advertisement is somewhat strange.

Most likely.
https://coin.dance/volume/localbitcoins/ALL
Their volume went down as BTC went down, from the 45 mils a week to 6 mils a week, at some point maybe the profit from it simply doesn't make sense anymore and you're better off just quitting. Assuming they are getting 1% of all that volume it would be $3 mil a year, with 50-100 highly paid employees in Europe as they claim just the wages and taxes and rent would drive that to almost zero. If he's an early adopter probably he has 100x more than what would be left over a year stashed in BTC already.

Topic: What after localbitcoins.com shutting down - page 4. (Read 1187 times)