Tbh, if this happens I see myself or somebody else creating a new one without these requirements.
A big number of users won't accept this change easily.
Topic: What if Bitcoinica requires identification for all customers? - page 4. (Read 7090 times)
February 17, 2012, 07:59:23 AM
February 17, 2012, 06:48:16 AM
I don't know about you but I've always thought that exchanges will be the way authorities can have some control over Bitcoin. It's crucial for its long term survival. So far only Mt. Gox has been serious about this and has been targeted but other exchanges will follow eventually.
This doesn't kill Bitcoin's anonymity, no one forces you to acquire bitcoins from a major exchange. There are already a number of ways you can buy bitcoins from people directly. As more and more exchanges add these requirements, it's likely that alternative ways of acquiring bitcoins become more commonplace.
From my perspective all of this is very good development and it reduces fears that Bitcoin might some day be announced illegal. If that happened, all exchanging would be person to person and that is where any larger potential Bitcoin has, dies.
This doesn't kill Bitcoin's anonymity, no one forces you to acquire bitcoins from a major exchange. There are already a number of ways you can buy bitcoins from people directly. As more and more exchanges add these requirements, it's likely that alternative ways of acquiring bitcoins become more commonplace.
From my perspective all of this is very good development and it reduces fears that Bitcoin might some day be announced illegal. If that happened, all exchanging would be person to person and that is where any larger potential Bitcoin has, dies.
I mostly agree with this -- the main problem I see is something like this: Right now, as is, Bitcoin is offering extremely impoverished, yet smart people (like myself) to financially turn their lives around and get a fresh start. If I had to start paying taxes on my earnings, boom it's game over and I'm back to being impoverished and underpaid (unless I want to partake in the then illegal trading markets which will no doubt spring up), but I don't want to -- this is why I still do not deal drugs or anything like that.
February 17, 2012, 06:45:58 AM
Accept IDs that meet minimal requirements. Be as lenient as possible for your customers' (and Bitcoin's) sake.
After these ID requirements are implemented, it is only a matter of time before they start sending 1099s to the IRS.
February 17, 2012, 06:38:11 AM
I don't know about you but I've always thought that exchanges will be the way authorities can have some control over Bitcoin. It's crucial for its long term survival. So far only Mt. Gox has been serious about this and has been targeted but other exchanges will follow eventually.
This doesn't kill Bitcoin's anonymity, no one forces you to acquire bitcoins from a major exchange. There are already a number of ways you can buy bitcoins from people directly. As more and more exchanges add these requirements, it's likely that alternative ways of acquiring bitcoins become more commonplace.
From my perspective all of this is very good development and it reduces fears that Bitcoin might some day be announced illegal. If that happened, all exchanging would be person to person and that is where any larger potential Bitcoin has, dies.
This doesn't kill Bitcoin's anonymity, no one forces you to acquire bitcoins from a major exchange. There are already a number of ways you can buy bitcoins from people directly. As more and more exchanges add these requirements, it's likely that alternative ways of acquiring bitcoins become more commonplace.
From my perspective all of this is very good development and it reduces fears that Bitcoin might some day be announced illegal. If that happened, all exchanging would be person to person and that is where any larger potential Bitcoin has, dies.
Accept IDs that meet minimal requirements. Be as lenient as possible for your customers' (and Bitcoin's) sake.
OK I understand you want to go "legal." But why in the US?
Weren't you located in Singapore?
If not, why not register in Belize or some other financial haven?
you don't even need to travel there for that.
Why are so many people voting the last option? Do you honestly think Bitcoin has any way of succeeding without required identification at the major trading and exchange sites? Of course I would prefer no requirements of identification at all, but it's just not realistic in the long run. What should be discussed is the actual terms we will have to agree/disagree with. As long as we don't have to agree to outrageous terms, it's going to be a step forward for the long run.
If you make your transactions immediately traceable to you by governments and agencies, you are negating one of the major points of bitcoin.
It looks to me like they are doing just fine without requiring it, not sure what they want to add to it now, or maybe is it what they want to prevent.
Why are so many people voting the last option? Do you honestly think Bitcoin has any way of succeeding without required identification at the major trading and exchange sites? Of course I would prefer no requirements of identification at all, but it's just not realistic in the long run. What should be discussed is the actual terms we will have to agree/disagree with. As long as we don't have to agree to outrageous terms, it's going to be a step forward for the long run.
What's the deadline?
What about for business accounts?
If you do all that I bet you'll get the "paraipan seal of approval" 
It would all depend on what Legislative jurisdiction you operate from and the implications that would hold in store for me.
To be honest tho, I prefer to remain anonymous.
To be honest tho, I prefer to remain anonymous.
This is a simple customer survey. We have a deadline of imposing KYC procedures, and basically we have to do that in order to be fulfill the compliance requirements as a legal financial services provider.
Before you vote, we want to assure you that:
- We will be fully legal as a financial services provider.
- We will have the legal right (and also the obligation) to collect your identifications.
- We will require a scanned copy of Photo ID and proof of residential address.
- We will store all identification in a secure place, and we will never give out to anyone without a court order.
- We will have a detailed Terms of Service and Privacy Policy before identification becomes an absolute requirement.
If you have any ideas, please voice out too.
Before you vote, we want to assure you that:
- We will be fully legal as a financial services provider.
- We will have the legal right (and also the obligation) to collect your identifications.
- We will require a scanned copy of Photo ID and proof of residential address.
- We will store all identification in a secure place, and we will never give out to anyone without a court order.
- We will have a detailed Terms of Service and Privacy Policy before identification becomes an absolute requirement.
If you have any ideas, please voice out too.
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