Topic: Will you use an anonymous payment system? (Read 604 times)

Zcash Yada Monero does it very well. The price of ZEC fell very much. I can't make sense. One of the best projects on the market. It is also a project suitable for its purpose. Also very handy. I think the price will recover.

KYC does not matter when you use opaqe ledger cryptocurrencies as Monero. Since as soon as Monero leave your platform they are not linked to identity anymore. All you need to do on your platform is to reduce risk of losing those KYC data. That is super hard job but that is all you can do. And unless you will do KYC  you will not be allowed to operate.

it is better to exchange decentralized but they must know that there are many exchanges now. and some have more than zero fees or others. they have to make it more attractive so their platforms can be crowded.

although the government does not take part here, a system like this will quickly collapse, because they will be tempted by the money and corrupt it.
but mostly like this, many team managers run away from investors' money.
so it's better to just decentralize.

If my ultimate goal is still to switch from cryptocurrencies to fiat money for daily life, won't your platform become meaningless?

any tech has so many potential and that depends on how deep the developers are digging it to get the more potential that can be achieved from that technology.
But anonymous tech has become the important tech in crypto when everything in are decentralized. it's about the privacy

It sounds like some kind of privacy coin like monero or dash currency? Correct me if I'm wrong there will definitely be some challenges since it will be fully anonymous and you need lots of partnership too

Decentralization is the main theme of crypto but honestly, not many people are interested in anonymity anymore! Just look at the Decentralized exchanges, ICO sales! All are far behind from the centralized sections! Now crypto people don't want to invest in something that has no team or nothing open! Therefore, these types of services won't last a long time, I am saying it from my past experience! So, from me, it's no, I won't use it!

Need new payment way where very easy for sending and support for many countries, we are looking which one payment currency support with faster for sending to other country and always keep higher value although pass yearly, many fiat currency payment have inflation and increase lower value after yearly and don't have the same value.

working with customs of network as delivering service for public of indonesia
we are working with own e-wallet to manage of tasks with accounting of finance.
the wallet gives with the name of MEMEKASH or LOTTOKASH as have with the customs of feature to offers of signature functionality on every transaction as transmitting balance between users and
users might collect of prize as the drawing of lotto as expending funds to move to different users account.

expecting investors for the project of ewallet with our DOGEM social dating service.

Behind the payment systems are the state. What if it's just math? I'm in this excitement. That's why we're in this market. I don't know because I can't say this system will be better. But worth trying. Already Cryptocurrency is being tested by a large community.

Why not, there are enough coins that are offering completely anonymous transactions, especially Monero. You can also use Bitcoin mixer if you prefer to hold your funds in BTC. The problem of such systems, is that they are very likely to get banned after the mass adoption.

Thanks all for the observations and comments. But first let me correct few things

1) The payment system is a platform not a coin. We aren't transferring funds from a coin, I said we are transferring funds from one account to the other which can then be withdrawn via any payment choice. I wonder why people are saying bitcoin already provides this.


2) Like I said, I didn't say there won't be KYC at all, just that account without kyc can also still use the platform and also there are other things they can't also do on the platform

3) You cannot prevent fraud 100%, no system can assure you of that, but we would try our best to see how this can be reduced to the barest minimum.

4) We really want something  anonymous, we are ready to invest on private servers just to make this work. The Banks are ripping us off and we are committed towards building a solution that can really compete and also provide better results.


I will show white paper soon.

Thanks
Regards.

I'd use it if you were able to do it, but you aren't and nobody else will. Bitcoin works because there's no single point of failure in the system and no person that can be extorted and taken to court by the government. In your case OP, you and whoever is building this system will be its weak point. You will never be able to make a decentralized independent form of payment that will at the same time convert coins to fiat. How will that work? Where are you going to take fiat from? Steal it? The banks won't work with someone who doesn't pay taxes and doesn't have a registered and licensed company.

I won't use any anonymous payment system for linked with merchants which is regulated by government. In control of government any service why merchants will accept anonymous payment. This can't be a good project because will banned the license when merchants accept any payment system without taxes.

Exiting process but don't think still exists in cryptocurrency same process, although tax free payment system this is good. But if you don't use any law of any country and without government interfere than same to Bitcoin just banned. As providing purpose could be use for unregulated reasons.

If you can install the system as you describe, your project will be one of the very few privacy project on the market. So, considering that the project is privacy, how do you intend to provide confidence to find someone to support you? Because we do not have an option to investigate the project. Also, will it be able to compete with projects like XMR, 0x, Zcash?

Yes.
To get merchants/retail to accept your system, you will have to show face, at least  to them.
No serious business will make a deal with an anonymous entity

I hope you understand that this is simply impossible. You have to register a company somewhere and if you don't how are you going to run the servers? The system has to be located somewhere and you will have to be accessing it from somewhere.

Ross Ulbricht also thought he could build something like that and they traced him into a public wifi in a library.

I do not think there is any reason to worry about anonynmity anymore
the presence of crypto currency is to keep you private and unknown to all..

Make your payments via bitcoin, etherum or perhaps ltc, you have all the privacy you want.

Sounds like a centralized project well all you need to make me become interested is wide partnership across the globe, but if you want to go decentralized you won't be needing all you posted

when bitcoin or altcoin is used for transactions not related to fiat transfers, we can provide a sufficient level of anonymity by hiding the ip address, using mixers, etc. As soon as we withdraw to fiat, we lose this level of anonymity and in order to ensure privacy we need ways to circumvent laws that control money circulation.
In other words, bitcoin and the blockchain transaction as a whole are quite anonymous thing for the IT sector, gaming, trading, but for a serious business it will not help.

I myself dont need it yet. but dont worry, there are many people here for anonymous payment system
if you look at entire coins/ tokens, there are many projects like that. and it atrracts many investors

If you can make it better, youll get interest from investors too
bcz the demand for that is big, just be a good 'place' to invest.

There are many things here that could go wrong.
For an example, the supply and demand needs to transfer money from one country to another. There's no way to move large amount of money without the consent of the governments involved. Doing it illegally would be busted regularly. And then comes the security of the merchants. For most of countries, you need to be licensed to operate financial related tasks.

You don't need a country to accept this type of transactions. If it would be created similar to decentralized exchanges, then being an anonymous creator no one would be able to determine one owner, because it would be anyone who would use this system. However, the danger is that the creator would have access to the transferred funds.

It all sounds fantastic, if not implausible. To assess the possibilities of creating such an anonymous payment system, you must at least indicate in which state you are going to launch it. In offshore zones, perhaps this can still be done, but in most states it is unlikely. International bodies such as the FATF require states to enact laws that would combat the laundering of dirty money and the fight against the financing of terrorism. Therefore, the creation of a completely anonymous payment system is now very difficult.

As much as I would like to have and engage in something like this, it is unfortunate that it is nearly impossible as there is not country which will support that. We can see the case of set back and rejection the bitcoin and other cryptocurrencies are getting from the government bodies.

Same thought here, though if it established its reputation then maybe I will.  But once it became famous government will come after this anonymous payment system and by that time, it will either comply with government regulation or be shutdown.  It won't last long even if it prosper a lot.

Of course, I will use an anonymous coin project because I am really happy with this feature, but for your project, I'm not really sure it will go as you wish, I will use it if you really started the project.

Why build and make something like this when we already have bitcoin? It is anonymous, Bank Alternative, anyone can access it as long as they have internet, we already have merchants that accept bitcoin payments. The only thing is lacking in bitcoin in what you say is "free without any charge" But bitcoin almost charge like nothing when sending a transaction the fees are not that big compared to banks, PayPal, etc.

There is nothing wrong in coming up with an almost perfect system with anonymous transactions but how long it can survive if the government starts targeting you is another question and if you gain traction there is no doubt they will be behind you and will pay the price.
 
Trusting an anonymous team is another question because we have seen many scams in the market till now and it is highly likely that people will trust an anonymous team at this point where billions are lost of exit scams.

I think yes i will use if is secure, and i like to use an anonymous payment system but my question is can i withdraw that money from your system if i need cash money for some payment.

Good day! Yes, it can scare. If you already had a working system, this already gives more confidence. But, as I understand it, you are still in the process and want to attract investors. But anonymity is still scary. Also, your product may be banned in countries where cryptocurrencies are currently banned. But I would use such a system. First of all, for security purposes.

When someone wants to build such a system, the first thing that comes to my mind is money laundering.
I don't understand why someone would use such a system if Bitcoin is used to send money and the decentralized exchange such as https://bisq.network/ to convert to fiat.. This system can only make life easier, but if owners are anonymous, do anyone will want to take that risk? I don't think so.

Well if it is a newly developing project then you can forget it lol. First of all, it does not make much sense that the team would want to stay silent and this makes is very fishy i must be honest with you. Anyway, we already have bitcoin which is quite anonymous and absolutely when you use bitcoin mixers to perform your transactions. If you guys, really believe in your project so much then you need to come out in the open.

Of the five options you wrote, I still use it, but I disagree with the first option, Verification will not be compulsory, this is indeed very anonymous, but for the sake of the security of the funds we have, a very large amount is very worrying, in essence, I think it is anonymous, but safe.

I will not be convinced to use anonymous payment, which is having a different between decentralized. Whom you will contact once there is fraud happen? This also needs a proper research and you might fall into the trap. A custodial payment system is better than anonymous even though they are both very risky on our part as a user. There should always transparency in every payment system.

Good proposition but it should not be used for illegal money transmissions! How do your team ensure that dirty money is not getting added to your system?

I hope you know about Liberty Reserve which was closed down by FBI back in 2013 and it used to have similar facilities that you are planning to add! It went bust because Liberty Reserve had become the heaven for ponzi scammers and money launderers.  

Sounds too good to be true, I have read a lot of this back 2018 as long as you don't do crowdfunding, I don't know how are you going to be anonymous when the government starts asking you to be compliant, I don't know how it can become no government compliance, we'll have to see first how are you going to do this. 

There is always a pros and cons with anonymous payment system. Just like what you've said, that's the pros of anonymity why people prefer decentralized. But there's always a limiting factor. At some point anonymity can be something bad if used negatively like illegal activities. It's a con but a pro to criminals.
It's fine to use it if you think infos are not necessary at all but for sure people will take advantage of it and it'll be a mess.

I don't think there is need for such payment systems. We already have cryptos like bitcoin, ethereum, monero and many more that allows you to transfer funds to other party by remaining anonymous. If you are planning to create another one it will be like competing with these giat cryptos. Good luck.

OP, you should know that people don't buy so much by the payment system, they buy more by the store that has the products to be bought.
So if you can get enough shops sell goods and services through your system, the users/spenders will come easily.

But i'm sure many people will use it in terms of bad things like crime or money laundring. Many people using crypto is just for the anonymousity with intention of doing crime. Crypto reguliation and exchanges are more strict right now and force their users to do KYC, so it could prevent those kind of crimes.

Can be concluded, anything related to money are all very vulnerable to loss. There is no safe place in this world especially with regards to wealth. both centralization or decentralization are the same. Things to consider if you choose centralization, reputation is in full control. but anonymous coins are at least not related to any party and cannot be falsified, but behind it all, the government hates it because it can help criminals (money laundering). everyone has their own perceptions and assuming I prefer high-level anonymity.

will not use it unless it can benefit me the anonymous platform is not free from negative assumptions and will remain like that which makes your altcoin price not enough to gain potential in the future ,not transparent its liked by bad people

What so you mean perfect money? Perfect money keep their users anonymous? Though i am not regular user of perfect money.I think in Perfect Money they don't ask for email to receive and send.They use U****.but they ask for kyc. If we verify Kyc then how users is anonymous?  Because website owner know every users ID,if website data leaked then high risks for users.                

Honestly all the features that you will make for your platform are already available in bitcoin and I don't see any advantages or uniqueness in them. See now everyone is competing to make a decentralized platform, but why do you want to make it retreat to be semi-decentralized? We will see how the market responds to your platform.

You need to work a lot in order to gain the trust of the crypto community especially that you are planning to hide the identity of your team behind the project. I've seen a lot this kind of situation and there are other that became successful even if the team behind the project is anonymous but it was around the peak of the market.

And if you are planning to launch with the market condition that is almost the same as right now then you need to work a lot for it even if you are stating the good reasons behind your actions. Here are the hurdles that you will surely face : Many projects have been launch just to run the money of the investors, trust of the investors (why they should support you behind your actions), marketing plan on how you are going to gather big investors to invest in your project, how you can assure that the money of the investors are secure in your hands and etc. Be sure that you are ready for it if you are planning to proceed with your plan.

You are entering into very risky water. It is better to stay anonymous, I do not think that will be an issue if your platform is ready and functional. If you plan and ICO or IEO than that will not work as lot of promises have been made in the past in regards to such a platform but, nothing concrete has happened.

sometimes this anonymous makes me doubt because it's prone to fraud if the transaction is p2p. indeed, so far using crypto is very safe and I did not find a problem, and if memnag you mean is crypto, I agree and want it. but if outside of that, anonymous transactions are very vulnerable, and I prefer third parties or joint accounts.

Bitcoin is designed to be transparent, where you can track everything on the blockchain explorer. It's designed to be pseudonymous, not anonymous or "hideunymous" with Ring-CT like method.

Let's say big fat governments would allow such a system (which is improbable). How your method differs from Monero or Grin?

There is huge difference between Decentralization & Anonymous payment with 0 track to trace.
Monero; Zcash, Zcoin, PIVX,..already do that AFAIK.

These kind of cryptos will always face the ugly truth of financial laws of EU & USA laws since they really don't like this " so much privacy ".
Like the other member said, if it won't have the decent merchants, it will be just another " dark web " kind of payment.

I am not because this kind of payment system will not last long, I do not want to repeat the same mistake all over again(your money will be gone if they get caught by the government and most people will use this service to do money laundry). another reason is because of the anonymous team.

Yes, for me, an anonymous payment system is now very relevant. And I believe that every user does not want the entire payment system to be transparent. Many users make a lot of different payments and believe that it should be secret and there was no envy from other users. Since large amounts of payments can attract a large number of scammers. And I believe that a new system for all financial transactions should be invented.

I think if used by everyone it would be an act that could mess up the world, now cryptocurrency is needed for KYC if it's in exchange, that's good, of course it will be hard to be anonymous in a few years

Don't say you're ready before you actually do a research on a system, because everyone will definitely like the new payment system, as long as the system really has good benefits for everyone, especially in terms of payment.

Isn't this a private business? If fully decentralized, it's no longer a private business and you wouldn't have to worry about most things you posted. I am not sure you can last long with semi-decentralized exchange without "complying".

i think its not possible to build a semi decentralized platform without the goverment interference
the coin can be a decentralized using the blockchain technology but it will not the same in the platfrom that using it
your website or platform can be shutdown if one user break a law or your platform didnt follow the law

Im ready to use this system but only if there will be merchants whom will support it

We are building a payment system like perfect money and the rest. The team want to remain anonymous cos of the following;

1) Regulations: We want users to be able to transfer lot of funds anonymously just like the way Bitcoin was initially designed. Verification won't be mandatory, even without verification users would be able to still send up to $50k daily.

2) Taxes: We are building a tax free payment system thereby making it possible for anyone to send and receive payment for free without any charge.

3) Bank Alternative: International transfer of money would be from peer to peer making it possible to transfer up to $100,000 in a day to any country and withdrawal orders would be fulfilled by Approved Merchants on the platform.


4) Uses no law of any Country, we want to create our own laws guiding the platform and power to vote would be allocated to stake holders (stake holders are the investors, investors are those who own a portion of the equity coin)



5) We are building a payment platform that would be controlled by the people without any Government interference.



We want to achieve a semi decentralized system with lots of advance features. The team has already spent up to $50k already in its development and planning also we intend to launch around early days in March, 2020.

Do you think remaining anonymous as the lead team will affect trust?