Remember when you first started hearing about Bitcoin? You probably heard that Bitcoin opened up a new world of safety and privacy. And of course, that was true, to an extent and only for a short time. As technical sophistication grew up around digital currencies, the ability to track who owed what became apparent. Essentially, the moment you move out of crypto into fiat and leave a trail, you can be found. So why is this important?
The focus here is a narrow focus on why tracking fungible assets are important, specifically to governments. Yes, there are legal reasons and we want to stop the bad guys. But, at the core is the simple truth that governments want their piece of the tax pie. And this is why going forward most cryptocurrencies will be concerned with KYC and AML. And, you know what, for overall adoption within the world, this is a good thing.
First, what is KYC? No, not a chicken dinner. Sorry inside joke if you are from the USA. Know Your Customer is the correct answer. This has been a big deal in banking and finance for years. After all, you do not want your hard-earned fiat going to someone else, undeservedly. Nor do you want to allow terrorist organizations to flourish.
In its simplest form, KYC means you know the identity of your customer and if you can identify any illegal intentions. Banking specifically has lots of reporting around this, i.e. money laundering, which is AML or Anti-money Laundering
If cryptocurrencies expect to go mainstream, they will have to comply, at least to some degree, with the governing agencies in their jurisdiction. Ok, you're thinking that's not totally true. Well at the moment, the only truly decentralized privacy cryptocurrency that I'm aware of is Monero. Everything else seems to have a level of centralization, a jurisdiction, that they operate in. Vulnerable to laws and regulations. You may have other opinions, time will tell who is right.
But the point is that if cryptocurrencies want to keep up with the fast-paced blockchain expansion, they will need to be accepted by governments.
Remember, everyone liked the open source idea of most of the cryptocurrencies. However, anyone with the skills and expertise, both good and bad actors, may be able to figure out a hack or track for cryptocurrencies. The proof is in the multi-million dollar hacks experienced by Ethereum and several exchanges.
So, the moral of this story is that the implementation of KYC and AML into cryptocurrencies and blockchain benefits everyone. And, helps us get to the end goal of broader adoption.
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If KYC and AML is implemented as strictly as with the current banking system it makes the majority of crypto and decentralisation impotent.
Banks themselves are already cutting out middlemen such as visa and mastercard and the clearing houses by providing direct, instant customer to supplier transfers using QR codes. This is how I pay for many things at small businesses and restos in Thailand.
But the philospohy of crypto, in my eyes has always been about personal banking. My own bank in my pocket to pay for goods and services directly without the need for the giant traditional banks . I want instant and as close to fee-less as possible and on a global scale.
There needs to be other ways to suppress bad actors without resorting to draconian legislation. I am not a bad actor but am being treated as one by implementation of these rules.
When the same rules are applied to crypto that are applied to traditional banking, crypto is finished.
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Hi @nathen007. Thank you for your input. Unfortunately I doubt the world governments will bend too much on this. In this area specifically they will want a level playing field with regulated companies. Do you have any thoughts about alternatives?
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Thank You!! Couldn't have put it in better words, without writing too much.. And was already frying my mind trying to find a starting point, also wondering if I was alone on this topic or becoming insane =X..
Really appreciate You giving Your opinion in a simple way..
Cheers
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Thank you. That was appreciated :-)
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Thank you for sharing your thought and dropping by @cyberspacegod
Cheers, Piotr
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100% agree... crypto is a niche for people who want LESS centralization/regulation.
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I love your amazing comments @nathen007
That's the way I see it too.
There is always some solid value in them. I always appreciate your time and effort.
Cheers
Piotr
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Dear @guysellars and everyone else
Great choice of topic. I found it very important to educate people what KYC and AML is about and why is it so important. To my realization, many people out there (even involved in crypto and having some small investments "here and there") do not know much about regulations.
I would like to ask each one of you what is your personal view on that issue. I'm fully aware that all of us will have to adopot to increasing regulations and KYC + AML is something we surely will have to follow.
Do you feel comfortable with providing 3rd parties with all those informations? Do you think your details will be fully and well protected? I wonder if it raises other people concerns, that so many tokens and cryptos out there (plus exchanges) will know so much about it. And I also wonder how safe all our details will be.
Share your opinion. I read and reply to every comment
Should KYC and AML always be required? Should we always provide so many details? Or perhaps small investments should be allowed without those regulations? What's your view on that issue?
Yours
Piotr
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I think KYC is needed in some point, because of the legal state of crypto. This might prevent the widespread opinion, that crypto is used only by criminals. This is also a message to me from the trailer of new movie with Kurt Russel - Crypto...its just for criminals....sad to see it.
But in the future, meaning 10-20 years forward, the crypto will be less trackable, implementing better and better ways to do it even to Bitcoin and Litecoin (for example Mimmblewimble).
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Thank you for dropping by @ritxi. Glad you brought up Mimmblewimble. Need to research that one.
Hope to see you again!
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The Crypto movie will be a great disappointment. Because of this:
https://steemit.com/adoption/@coinatory/cryptowithkurtrussell-56fol3r9pt
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Thanks for dropping by @coinatory and for sharing this link with us.
Will definitely check it out right away.
ps.
I just checked your profile.
You keep posting really quality content. Perhaps you could always send me memo with link to your publication and 2-3 sentences description ? I will gladly support you with upvote, will drop a comment.
Especially if your publication will be related to crypto,blockchain,AI, economy or psychology (just don't send me memos like every day hehe)
And if I will have some time then I will also share your publication with my larger audience and will help you get some extra traffic.
Please keep in mind, that you can count on my help (whenever I can support you, I will) :)
Cheers
Piotr
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Dear @ritxi
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr
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I don't think, not should ask for KYC and AML.
Because most of the crypto currency,
No boundaries, no privacy, no delay, no government,
And most of the crypto currency says that if you lose your private key, they are not responsible.
If the currency of your blockchain is stolen, most of them are not responsible.
Since the crypto currency only recognizes the blockchain,
No supervisory unit, no compensation unit, no responsible unit,
But they will KYC and AML,
Yes or Not too arrogant?
It’s like the official can set fire,
but people can't set light.
If one day?
The government of a certain country says that it does not recognize a certain crypto currency.
Request that the crypto currency exchange located in the country be closed,
As a result, it is closed directly,
What to do ?
Many websites,
Suddenly, it is forbidden to log in or prohibit a person from a certain country from logging in.
But before it was not banned,
those people deposit many crypto currency and went in.
But after being banned,
They can't log in,
So those crypto currency = is engulfed.
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Thank you for your input @cloudblade. When Bitcoin and the cryptocurrencies first started to appear, I think many would have agreed with you. However, the knowledge in this space has matured and in order to foster adoption by users and acceptance from governments, we may see a significant push toward certain regulations. In particular those that help stop bad actors.
Hope to see you again.
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Governments have no right to regulate the thing they hadn't created! Why don't you just go and regulate deer breeding?! Can you regulate that? For sure, if you have a gun. But do you have the right for that? No way!
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Dear @coinatory
That's not really the truth and it never worked this way. Gov do not create much but they do regulate them.
Either we like it or not - this always had been this way. It is and it will continue being that way in the future.
Thx for sharing your view.
cheers
Piotr
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Dear @cloudblade
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr
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I understand why they want KYC and AML but at the same time, I feel like Governments are the biggest thieves out there. Governments are generally run by people who only look out for themselves and their political party rather than for the people they were elected to represent. If we truly want our freedoms back, investing in cryptocurrencies is not enough. We need to eject all of our paid officials and make governance a volunteer position (then watch all the rats abandon the ship!) Once we stop the biggest thieves, the little ones won't be so intolerable. There will always be those who would rather break the law than work within it, so whatever system prevails, there will be bad apples. Catch them if you can and deal with them. Now, if we had honest Governments, we would no longer have a NEED to worry about our Government knowing how much we have in crypto-assets and KYC wouldn't be a thing any more!
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Dear @happyme
We share similar feeling :) To some degree. If gov would keep money to themselfs, then we could call them thieves. But in general majority of money raised by taxes / money printed etc. are being redistributed by our goverments.
Not 100%.
Goverments consist of people who are politicians and most of them are the way you described them. But goverment = also thousands of people who do dirty work "behind the sceenes". Wouldn't you agree?
Saying that everyone who is part of goverment is evil is not always right. We need to remember that politicians care about votes in the first place. So pleasing their voters is their agenda. So more often than not - their decisions will help their own supporters.
Cheers
Piotr
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It is worse than that! Government is the entity that is comprised of several people. They don't just keep the money in that entity, it actually goes beyond that and goes into the pockets of the individuals that make up the governing party and their supporters, influencers and friends!
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Those people working and doing the grunt work are usually EMPLOYEES of the Government. They do not constitute the Government themselves.
Of course there will always be exceptions, but the general majority is as I described them. There is too much corruption there.
I don't know about the politicians in your country, but I have not seen any benefit to the voters in this country or its neighbour. We are all slaves of the Government, despite slavery being considered illegal. Sure, they throw us a bone once in a while to make it look like they are being nice to us, but in the end, we are still slaves.
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Dear @happyme
BIG THX for your reply. I very much appreciate your time and effort and I'm grateful that you're sharing your thoughts with me.
I'm not sure about it. People do not seem to differenciate EMPLYESS of the Goverment and goverment itself. Because the reality is that even Prime minister is an emplyee of the Goverment.
From my experience people complain that "goverment" is making their life difficult even if they deal with low-positioned tax officer sitting in goverment office.
That's my impression so far.
Politics is always very close to "buying" votes. Pleasing voters is something all of them do. But it it just like you said: just a bone.
Yours
Piotr
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You may be correct about people's impressions about government employees, but that does not make their impression correct. I was a government employee myself, and I can assure you that the employees have less influence on what happens as far as legislation than anyone else. Those in power seem to think that the employees know nothing and that the elected leaders are the ones who know everything (or at least that is the perception they give in order to hold all the power and make the rules to suit themselves).
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Dear @happyme
You were government employee? you mind sharing with me what sort of job did you do?
I believe you.
Zours
Pitr
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I worked for a crown corporation (they have nothing to do with running the country, but it is a government operation that is funded by taxpayers).
My point was simply to say that not all government employees have a hand in what is being decided by the politicians. In fact, the company bosses listened more to outsiders than those who actually worked within the company. Lots of employees provided input as to how to make the job better/more efficient/safer, etc. however practically none of the suggestions (if any at all) were ever implemented. However, when an outside contractor or consultant said something, the bosses listened and often acted on it; sometimes with terrible results! It was very frustrating.
As far as legislation: We had absolutely no input there at all.
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These days they don't even need to "buy" votes. They manipulate social media and the press so that "public opinion" is moved by brainwashing and other psychological manipulations. It is all trickery of the less educated and even some of the more educated into believing that their party is the one you SHOULD vote for. It is not always done by pleasing the public, but also by creating fear that if the other party gets in, something bad will happen.
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In the end, KYC and AML policies based on a middle path between excessive regulation and unbridled decentralisation will help to ensure the long term viability of cryptocurrencies.
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Could not agree more @investprosper. Balance is always important, but I think most would agree that the closer cryptocurriences can adopt certain regulations, the easier and faster overall cryptocurrency adoption will happen. Thanks for dropping by.
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I absolutely love how responsive you are @guysellars :)
Supporting you turned out to be a wise move.
Yours, Piotr
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Dear @investprosper
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr
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Well, for investors should be the rules of identity verification. The fact is that in this way he will be able to access his personal account. If his attack or break. Or he will lose his password.
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Good point @carbodexkim. Identify verification may allow for reclaiming one's account if it is hacked. And, lets face it, that has happened to a lot of people lately.
Appreciate your comment.
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Thank you for sharing your thoughts and dropping by @carbodexkim
I noticed that you've send me an email. Will get to it within few hours.
Cheers, Piotr
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KYC and AML are required in order for regulation to take place. More regulation the better it is for ordinary people who would not get into the crypto space without regulation.
On the other side if you don't have to - don't give you information to anybody, only if it is that necessary to do so. There is much of the identity theft happening and if you give your info somewhere and if it gets leaked you run the risk of your identity being misused. Better avoid the problem than having the risk that something might happen in the future. Not many people think a lot about this and are giving their information everywhere they can. You should always think twice before giving out your information.
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Totally agree with your second paragraph @cyber-smiley. Give only the information that is required is definitely the way to go. And, you should go to great links to protect your information. The blockchain has several ways of protecting personally identifiable information. As that becomes more widespread, it should help and even drive more people to adopt cryptocurrencies.
I would like to unpack your first paragraph. While I agree with you that most people benefit from KTC and AML because it limits crime, I do not believe that is a motivation for many to jump into cryptocurrencies. In fact, in many cases I believe that individuals have jumped into cryptocurrencies for privacy, which is not accurate in most cases.
There will always be those that want to give no data, but in the long run, I think that KYC and AML regulations will be enforced. Albeit sometimes for good and sometimes to the detriment of ordinary people.
Thank you for adding to the post. Much appreciated.
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Thank you for sharing your thoughts and dropping by @cyber-smiley
Agree. In current situation we need regulations if we want to build back TRUST between regular people and investors.
Such a very good point. Just like you said: we share our data left and right. A bit to careless.
Cheers, Piotr
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While I am personally uncomfortable with KYC given data breaches, it is currently a legal requirement and I understand why. Because of this, I choose to comply, because I want crypto to succeed, and I know it becomes much more challenging if it alienates governments.
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Wow! @bdempsey, you've identified a key issue that impacts more than just cryptocurriencies, data breach. Within the last few years I've personally experienced several data breaches and, in cooperation with my banks, have had to take actions.
Perhaps there needs to be even more punitive damages towards companies that are negligent in maintaining data. Having to go through a lawsuit is so time consuming.
Appreciate your adding to the post. Very good call out.
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50:50 for me ... Im concern to for our data info to other 3rd side.. other side kyc have strong reason to apply too.. so maybe wait and see, mean while need to be extra selective to chose which can be trust for our kyc info ..
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Data protection is a big deal @andykarma. Going forward, KYC and AML regulations need to take protection of confidential personally identifiable information into consideration. This is a world wide issue. I agree with you we may have to wait and see how all of this plays out.
Thank you for your participation.
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Dear @andykarma
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr
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Thank you @crypto.piotr - you can always count on my support. At some point I would think the entire world will come under a singular form of digital without limits or accountability for debt. The 0's and 1's will just be added on as the cycle of life and death progresses equally exponentially...
The game of musical chairs can be played in perpetuity when three of the chairs are invisible to tha naked sheep's eye . . . .
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Interesting musical chairs comment @lanceman. Care to expound?
As for your first comment, "At some point I would think the entire world will come under a singular form of digital currency without limits or accountability for debt..." Bitcoin may be about as close as we ever get to that situation. Having been the first, Bitcoin was under no prior regulation. the coins and tokens coming after, are now maturing in a more regulated environment. And, even Bitcoin is taxable in many countries, USA being one. Somehow I doubt countries are going to give up the ability to make money through taxes on cryptocurriencies.
You've brought some key concepts and I appreciate you dropping by. Thank you for your input.
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Banks are Currently using Digital Dollars and Cents... This will soon be Removed and Replaced by "U.S. Crypto-Dollars and Decimal Cents"...
March 24, 2019... #ssg-membership
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Hi @pocketechange. Would you mind providing your source showing that indicates "U.S. Crypto-Dollars and Decimal Cents". Not familiar with anything in mainstream media to this effect.
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I am the Source... Feel free to ask any Questions... It’s all part of my U.S. Monetary Reset Theory...
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Thank you @pocketechange, I now understand that this is your theory.
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Correct...
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Dear @lanceman
I wonder if it may happend during our lifetimes.
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr
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Small investments should be allowed without those regulations.
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Hi @hansgans. Interesting statement. Care to share any particulars? Such as what is small and any particular type of investments?
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Dear @hansgans
Indeed. Luckily KYC and AML are not required for accounts with small amount of funds.
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr
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@crypto.piotr While I believe that KYC and AML are important at levels of any significance, the current state of common implementation Exorbitantly intrusive. The amount of personal information and selfies (holding identification documents and "clearly visible" credit cards with fingers only masking certain numbers) required to buy $20 worth of crypto on a credit card or swap small amounts of currencies as required by many services is: #1 ridiculous #2 A deterrent to adoption (of the use of crypto in general). #3 Unnecessary . There should be a dollar amount threshold for these requirements. Using Cash does not require any of this why does crypto require it?
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Dear @minerthreat
Very true. You nailed it buddy.
I just had a chance to read your comment. Thx for sharing your view on that particular topic. Appreciate it.
Indeed. I can only hope that providing all those details wont be necessary for small investors.
Yours
Piotr
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Hi crypto.piotr thanks for this
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Thanks for dropping by @canon12
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hello @ crypto.piotr, thank you for your consideration, I am new in the field, with a desire to grow, sincerely providing lots of data to third parties can be useful, in theory, for security purposes, but the question is always the same:
who controls the controllers?
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Thanks for dropping by and for sharing your thoughts @pablo81
What is your field if you dont mind me asking? Something related to blockchain?
Cheers, Piotr
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A lot of comments made by a number of digital financial transaction experts, are sure to request the source of funds and the source of wealth is the standard throughout the industry. This is very similar to a number of platforms, but cryptocurrency users are complying with these regulatory policies KYC and AML. Especially when there is an implicit form of burden of proof used against them, especially when asked to prove that their money was clean.
When it comes to the money transfer service, especially when it comes to those companies that allow exchange between banknotes and coded currencies, they often feel obliged to comply with AML legislation, which also includes "Know Your Customer" policies and reporting transactions that Are considered suspicious.
Personally I do not think all this information will be safe ... even user accounts are unsafe.
Thanks for sharing @crypto.piotr
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Thanks for dropping by and for sharing your thoughts @nabil.nassiri
ps. big thx for resteeming my latest publication. Appreciate it a lot.
Cheers, Piotr
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Sharing useful topics is one of the objectives of this site. Thank you..
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KYC and AML is great thing, yes. Until all this info goes to the wrong hands. That's why Monero will never die and decentralised exchanges as well. Privacy is power. Privacy is the right that we have. It turns out, we will have to take it back out of dirty hands pretty soon.
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My own preference is for absolutely NO government regulation. The ideal crypto works with a completely "free market" and this necessitates government staying completely out of it. :)
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Thank you so much for dropping by @crypto.piotr. And, for encouraging interaction. We become a community through interaction and comments are how we achieve that goal.
Also appreciate your opinion on KYC and AML. This may be a sensitive topic for some, but it is good to keep it out in the open so that everyone can voice concerns or praise.
Again, thanks for dropping by, truly appreciated.
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Dear @guysellars
Would you mind telling me if your job is in any way related to blockchain or crypto? I'm naturally trying to get to know valuable people from within this industry and this is my main reason why I'm supporting authors like yourself. To build some new connections :)
Yours
Piotr
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Hi @crypto.piotr. Mine is a technology background in the finance space. Mostly enterprise level applications, I'm familiar with fintech revolution and disruptive impact on traditional business models.
Appreciate you asking. Have a great day.
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Wow @guysellars
That sound impressive. Would it be also okey to ask you about your name (so I could remember you better, not only by username) and where you from? Just curious.
Cheers
Piotr
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Wow... I have everything you've been searching for, but you failed to make it past the first few Sentences of one of my Posts, only to Comment on how Messy it looked... You owe it to yourself to find out about the Activation of U.S. Crypto-Dollars and Decimal Cents... I am the Source...
March 24, 2019... #ssg-membership
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In this shared exchanging world ought to be no I mean no guidelines on little speculation., However we likewise need wellbeing.
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Interesting, why no guidelines?
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Short but wise comment @aikeen
Cheers, Piotr
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Greetings Guysellars and everybody,
This is really a great topic and happy to be here.
KYC - I believe being anonymous is part of why bitcoin was coined.
AML - Anti-Money Laundering is really a concern for all government/country because when the printed money is transported and leaves a country it will affect the economy greatly especially for a large amount of cash.
I wrote the other day https://steemit.com/blockchain/@jackramsey/blockchain-and-cryptocurrencies
"What I like with blockchain and cryptocurrency is the term decentralized digital currency where the value of your money or the buying power of money should not be affected by the decisions of other countries and governments officials because of what they are doing with their economy."
For government "intervention" or regulation regarding cryptocurrency, well, the problem is like the government official asking Facebook's Mark Zuckerberg about Facebook, it seems that they have not been using Facebook. The same people "like Grand Pa and Grand Ma" who are used to having cash money will be making regulation but do not really understand or have not tried buying and using cryptocurrencies, and the technology behind.
This is where the problem will be, vested interest and little knowledge is the problem.
Since there are many cryptocurrencies to choose from I believe we have to let the people choose where they want to put their money.
My gratitude to @Crypto.Piotr
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Hello @jackramsey. Thank you for your input. Lots of good information here.
I took particular interest in your comment, "What I like with blockchain and cryptocurrency is the term decentralized digital currency where the value of your money or the buying power of money should not be affected by the decisions of other countries and governments officials because of what they are doing with their economy." I think this was the original goal, but as things have matured, reality may be somewhat different. The reason I say that is that many cases, cryptocurrencies are tied to fiat. And even though they can and do move separately from time to time, there is a growing synergy between the two that we may not overcome in the long run.
All that said, today there are people in dire situations that are utilizing cryptocurrencies to circumvent bad situations, some of which originate in their government. I applaud this and hope that this benefit continues. Time will tell.
Hope to see you around again @jackramsey.
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Great to hear from you,
Very interesting to read various comments and concerns about this topic.
I agree that the community of people using cryptocurrency is maturing.
Most exchanges are already trying their best to satisfy the requirements and regulations of the powerful.
I still believe that with the power of the internet such as the algorithm and the blockchain technology itself, a little tweak every now and then should do the trick.
For those who have nothing to hide there really is no worries.
Enjoyed reading, learning, and interacting.
Regards
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Thank you for the additional input!
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Thank you for sharing your thoughts and dropping by @jackramsey
That's true. But I think it is clear that bitcoin will fail in that aspect. Already did.
Thanks for sharing that link. Will check out your publication right away.
ps.
You keep posting really quality content. Perhaps you could always send me memo with link to your publication and 2-3 sentences description ? I will gladly support you with upvote, will drop a comment.
Especially if your publication will be related to crypto,blockchain,AI, economy or psychology (just don't send me memos like every day hehe)
And if I will have some time then I will also share your publication with my larger audience and will help you get some extra traffic.
Please keep in mind, that you can count on my help (whenever I can support you, I will) :)
Cheers, Piotr
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Happy to hear that,
I sincerely appreciate it.
I am sure to make a memo to you.
I will love to share my work.
I thank you once more.
Regards
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I would like to thank @crypto.piotr who has led me to read your rich post @guysellars.
I have also read all the comets here so far that have good opinions about KYC and AML.
I think KYC and AML. . will force himself forward as long as there is talk of switching to FIAT. Governments will have their share of tax on the amounts taken out to fiat.
3 party systems are already struggling to get a Visa or Mastercard to their customers who want to switch coin to fiat.
As it is now and few places we can get crypto switched directly to fiat without us being skinned is disgusting. For many who earn their hard earned coin for example in Steemit, the 3 party system takes a lot of profit.
It might be nice to know what the various services charge and who of those who offer card solutions to switch to fiat
Re-Steemed Reagards @xpilar
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Hi @xpilar. Thank you so much for dropping by and your insight. To be sure, governments will get their due.
I liked your comments around exchanging crypto for fiat. There have always been a few services and wallets that do this, but I imagine that they are all centralized and therefore subject to the coming KYC and AML regulations. But it is an interesting area to be sure.
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Dear @xpilar
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Interesting. I wasn't aware of it.
Yours,
Piotr
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I have no problem with it as long as I make money I will fill out any KYC form. I've nothing to hide
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Hi @blanchy. Hopefully the information we provide will be kept secret. Thanks for dropping by.
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Dear @blanchy, @guysellars
Most of us have nothing to hide. But would you really feel comfortable providing all personal details every single time when KYC is required? After all we don't even know how safe those data will be. I can imagine data leaking and being stolen left and right.
Yours
Piotr
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If it is only name address and passport details its fine. Anyone asking for bank details is a different story but I have not done a KYC yet where I have to give this. If you believe in a coin or exchange and you have invested in their coin then I don't see what the problem is.
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Dear @blanchy
The truth is that even sharing passport details isn't really fine for many people. I travel a lot and passport is my most important document and sharing all those details does make me already feel very uncomfortable.
Agree with you 100%.
Thx for sharing your view
Piotr
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My final point is that in a way, Crypto is already regulated as I still need to do crypto to fiat and at that point I need a traditional and regulated financial institution which of course, is regulated.
Coins (except monero) are traceable from source on their respectove blockchain so until a lot more suppliers, whether it be goods or services, start accepting it as payment, govts will not worry, and even then, traditional business will still have a paper trail.
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Dear @nathen007
I appreciate your AMAZING comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Do you really consider crypto already being regulated? I still think that in most countries it's far from being regulated. And even countries like Switzerland still are in the process.
Yours,
Piotr
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No. I meant IF it is mate as the poster suggests it needs to be.
I accept some regulation but no where near like we have with current banking regulation.
As it stands now, converting crypto to fiat brings you into government hands as they regulate all the crypto to fiat conversion instruments
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I always appreciate your awesome comments @nathen007
Enjoy your weekend buddy
Piotr
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With the "activation" of the U.S. Crypto-Dollars and Decimal Cents, I still plan on using ATM's to turn my Crypto into Cash, and Spend it so as not to leave a Trail of what I buy... I Retain the Right to Remain Silent... Yes, the Banks will know how much U.S. Crypto-Coinage I have on Deposit, but it's my Right to Privacy that concerns me... I like Spending Cash...
March 24, 2019... #ssg-membership
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Good to meet you @pocketechange. You have a right to protect your privacy and an obligation to keep your personally identifiable information out of the hands of unscrupulous bad actors. The ATM's still offer a certain amount of anonymity. But, at least if you are here in the USA, that may change over time as the ATM's are relocatable by authorities and may be subject to regulations. Time will tell.
If you are truly concerned with privacy and asset protection, you may also want to check out the opportunities in Wyoming, USA. They have had protection laws on the books for a long time that rival old time Swiss laws. Although everything changes over time.
Hope to see you again!
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I'm not Totally Private... But when it comes to Spending my Money, I Retain all Rights...
That includes my Right Remain Silent, when I choose to Remain Silent... So, I like Cryptos and Cash... Backed by U.S. Bullion Coinage...
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Hey @guysellars Monero seems to be interesting platform.
and @crypto.piotr You seriously raised an important question which I was wondering of. surely providing KYC to every invested account is sure shot of security but what about the security of the important details of all individual, I guess we need to wait for some secure platform for our information's integrity and then only should provide KYC for our investment.
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Hi @praditya. Monero is an interesting platform. And, it is very easy to run a full node. Their documentation is very easy to follow.
Also, I like your comment to @crypto.piotr. Data protection seems to be an important concern which has run through a number of the comments on this post.
Interestingly enough, I read a post recent on "handshake" functionality that is proposed for Steemit. As I understand it, this would help protect sensitive data. Need to read more on this topic.
Thank you for dropping by.
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Handshake, seems to be interesting functionality, would definitely learn more about it.
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Dear @praditya
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Agree 100%. This is going to be VERY challenging.
Yours,
Piotr
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Crypto ATM doesn't need KYC yet, it's only way to be anonymous.
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Great call out @dandabone. Hopefully this will not change for a while. But keep in mind, these are in physical locations and therefore subject to government regulations. It is not too far fetched to believe that these too will become KYC at some point.
Thank you for dropping by. Great add to the post. Appreciate it.
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I was just wondering "where is the catch" with those crypto ATMs @dandabone
The only thing is that buing BTC as anynomous person isn't going to help us much yet. If you would like to invest in any crypto (which would require KYC) or you would like to use most exchanges - then you will still need to provide 3rd parties with your datas.
Am I right @guysellars?
Cheers
Piotr
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Don't be aware of Monero! Once you're under the laws of the open sea, no need to blame someone for playing dirty. Monero truly provides you the right to use your crypto in the way you like and nobody dares to tell you what to do, nobody traces your wallet and asks you about the purpose of your spending. You truly own your funds only when you have Monero wallet.
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Thank you for the reminder @coinatory. If you lose your Monero keys, you've lost your money.
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But can someone steal your funds? Or block them because you're suspected in something? Or take taxes from your wallet? That's what truly owning your funds means. No government or whoever else can touch them without your permission.
And by the way, nobody even knows that you have funds in your Monero wallet ;)
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Dear @coinatory, @guysellars
I understand that monero does provide us with some sort of privacy. But in order to use monero, we need to purchase it on some exchange. Right? And most exchanges still require KYC.
I can bet that accounts purchasing larger amount of monero will be automatically "on radar" and will only attract unwanted attention.
Or perhaps Im wrong? Please share with me your opinion
Cheers, Piotr
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it is true for centralized exchanges, yes. It's true when you move all your funds to first Monero wallet (the exchange will keep this record). After that, you just send all your funds to another Monero wallet and this transaction cannot be traced. Nobody will know the sum or the wallet you've sent your funds to. That's privacy.
You can avoid the KYC - buy monero at localbitcoins!
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Dear @coinatory
Thank you for your kind comment. Appreciate.
And so will authorities. Right? I bet that everyone who will be purchasing privacy coins will be right away "on the radar".
And being on the radar of your tax office / goverment is not what privacy is about :)
Yours
Piotr
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localbitcoins is the website to avoid taxes ;)
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Thank you for being so responsive @coinatory
Hope you will have a great week ahead,
Piotr
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thanks for your recommendation @crypto.piotr! Very good article @guysellars! I also have my concerns about privacy in cryptocurrency. But I didn't know monero. Thanks for sharing that!
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getmonero is where you want to go to learn about Monero. Running a full node is not difficult and if you are concerned about privacy is one way to go.
Thanks for dropping by @helgalubevi. Looking forward to seeing you around.
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A nice and educating write up buddy. The reason why i said its educating is that though i do hear about the KYC and AML but i dont really know much about it because its was not really my discipline. Seeing your post i needed to go and do more research on the subject matter so that i can understand it thoroughly.
So concerning your post, i must applaud you have really gave a good opinion but looking at crypto, i believe it is already regulated it will also be great if the KYC and AML is introduced to the crypto world.
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Thank you for your kind words @adewararilwan. Providing educational information to each other is a great way to build comminity. Looking forward to seeing you around.
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Ok boss!
Nice to meet you
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Thanks for dropping by and for sharing your thoughts @adewararilwan
ps. big thx for resteeming my latest publication. Appreciate it a lot.
Cheers, Piotr
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IMO KYC is better for wider crypto adoption
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I agree @moghul. It is necessary to be accepted by governments and law enforcement.
Thank you for dropping by.
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Hello...@crypto.piotr provided me the link to your post.
I think it's an amazing topic and it's full of knowledge. People nowadays are interested in digital currencies but they might not fully know everything about it.
Your post shares general awareness, for a person like me, who knows a little about digital trading and cryptocurrencies.
Due to anonymous trading, people invest and trade without really knowing who the other parties are. So, I think it's important that both parties should provide a valid piece of information about themselves to ensure safe trading.
KYC and AML, as you said can serve a better and safe environment for regulation of cryptocurrencies and furthermore increasing customer flow. Hence, it would increase it's worth three folds by ensuring trust in customers and traders as well.
Thank you for a great piece of information.
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Thank you for your kind words @jeoleena. I agree with you that KYC and AML can serve to make for a better and safer environment.
Also wanted to comment on anonymous trading. It will be very interesting to see if the decentralized trading platforms, usually called Dex's, survive beyond the next few years. Most trading platforms, even those that do not collect identifiable information upfront, may not be anonymous. The reason is that due to the tracking ability on most blockchains, ever time you convert to fiat, you risk having your true identity exposed.
Hope to see you around!
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Thanks for dropping by and for sharing your thoughts @jeoleena
ps. big thx for resteeming my latest publication. Appreciate it a lot.
Cheers, Piotr
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@crypto.piotr
glad to contribute sir... and thank you for all your kindness..
Your last post was tremendous...an approach to build and grow as a community together defines an amazing perception.
thank you
jeoleena
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Dear @jeoleena
Im sorry for such a late reply. For some readon I've missed your reply and I only had a chance to read it now.
Thx for always being so responsive :)
Cheers
Piotr
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The only reason to trace customers is not to know them and help.them out but to make a big income, earn taxes, so in the end the customer is doing the work and has zero and banks getting richer, so does the state, and spend it on.b-shit instead of a descent chicken meal.
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Always good to see you @wakeupkitty. I think there are many who share the concerns you have expressed. There always seems to be a little bit of truth in everyone's opinion. I would encourage you to review a few of the comments on this post. Different thoughts. Anyway, have a great day. You are one of my favorite writers.
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I agree. The idea of decentralized financial exchange that respond to no laws is problematic, to say the least.
I think that decentralized notion should go as far as getting rid of unnecessary burocratic restrains and away from the political turmoils that play with fiat money (and still, we see how crytos' fluctuating market does not seem to be that disconnected from political issues).
There have been reports of increasingly high trading rates of Bitcoins in Venezuela. Something that could be explained by the volatility of our fiat currency. Who would want to save in Bs?
https://www.ccn.com/bitcoin-trading-in-venezuela-just-hit-an-all-time-high-despite-a-40-price-premium
However considering the overall poverty of the population and how expensive it is to make a significant investment in Birtcoins, only one explanation is possible: money laundering!
Only people who have stolen money in the Maduro administration or who have made money out of drug traficcking or other ilegal activities can move the bitcoin market in venezuela up.
That should be subject to supervision. Criminals are finding in crypto currencies a tax haven.
Except for some affirmations regarding inflation (not clear if it refers to the whole american region or just venezuela), this article provides a accurate timeline of the Petro fiasco in the context of Venezuela's political and economic crisis.
https://cointelegraph.com/news/venezuela-on-fire-how-maduros-petro-plan-failed-to-bail-out-the-country
When Maduro launched the Petro he lied to the country stating that in one day they were able to get hundreds of millions of dollars in investment. When experts did some digging, they found that nobody had purchased a single petro. Probably the government did buy whatever amount traded. Then they started to force people to "buy" Petros by retaining part of their salaries or any bonus the government had promised. That kind of compulsory transactions were the only "legitimate" ones going on.
Thus, here decentralization of audit, the idea of transparency and exposure in all transactions is a great concept to avoid corrupt goverments fiascos, but more measures should be taken to avoid money laundering.
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Great call out @hlezama. For all the good that decentralized cryptocurrencies can do, there are those that abuse the systems.
Interestingly though, there have been several cases where Bitcoins gained through illegal activity have been frozen on exchanges. Or, in other cases, the wallets have been identified and any transactions are followed.
Thank you for dropping by. Hope to see you again.
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Dear @hlezama
I appreciate your AMAZING comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Seriously? noone did? I wasn't aware of it. So it was quite a failure, right?
Yours,
Piotr
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Noone did at the launching. The goverment just posted a bogus figure to give the impression that it had been a success, that investors were lining up to save our economy.
Then, they launched a campaign showing government officials purchasing/saving in Petros.
Of course, the chavistas bought Petros after that. Most venezuelans were forced to.
The government designed a system of bonifications through the Carnet de la Patria (Motherland ID Card--can you think of a more stupid name for an ID card used with the sole purpose of controlling people?). The have to give these bonuses because minimun wage, which is what most peole get these days, is never enough to cover more than 1 day a month. If you don't get this new ID you can't get the bonuses.
Well, some of the bonuses were automatically put in Petros, a crypto wallet to encourage saving.
Most people found ways to cash those into fiat money.
For most chavistas who believed this fraud, because the government sets the price of Petros and it has been on the rise, they feel they are making a good deal. Even if the Petro increased its value 100% a month (which it has not) that is nothing compared to the 100,000% inflation (which is a conservative monthly estimate these days).
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BIG THX for replying @hlezama. I very much appreciate your time and effort and I'm grateful that you're sharing your knowledge and observations with me.
chavistas ??? What is chavistas ?
So it was possible to cash it out already? good.
Yours
Piotr
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It's me again @hlezama
You keep posting really quality content. Perhaps you could always send me memo with link to your publication and 2-3 sentences description ? I will gladly support you with upvote, will drop a comment.
Especially if your publication will be related to crypto,blockchain,AI, economy or psychology (just don't send me memos like every day hehe)
And if I will have some time then I will also share your publication with my larger audience and will help you get some extra traffic.
Please keep in mind, that you can count on my help (whenever I can support you, I will) :)
Cheers
Piotr
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Thanks. I will.
The chavistas are the followers and venerators of hugo chavez. The worst kind are those who say they are chavistas but not maduristas. They claim to reject maduro's government, but will never accept a change of goverment outside their revolutio
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Dear @guysellars
Interesting choice of topic buddy.
Thank you for sharing link to your publication with me. I will check out this post later on today and you can expect another comment. In meantine ...
I can bring some traffic already to this post, but I would need to ask you to help me little bit with task of promoting it:
1) will you reply to every comment?
2) could you visit accounts of those few people, who dropped interesting comment at your post? And then would show your own support by dropping some unique and valuable comment? Idea behind it is simple: I want to help people who will engage with their audience.
I need to ensure that you will give back to community and show your support to others as well.
Let me know what do you think.
Yours
Piotr
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Hi @crypto.piotr. Good to see you again. I've been focusing a lot on adoption of cyptocurrencies. And, potential barriers, such as KYC and AML, seemed like a good topic to cover. Kinda a necessary evil or two edged sword if you will.
As for your second comment, I'm overwhelmed. I believe that community is built on interaction and here on Steemit, we interact through comments. I appreciate the quality comments you've brought to this post and topic in general.
I'm happy to reply to comments and visit some of those creatives who've added to the topic. Or, may be similar to my own interests.
Thank you again for your help in getting the word out.
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Hi @guysellars
I absolutely agree that this topic is a very good one to cover. And you did it very well.
As you may noticed I shared link to your post with others and it seem that people liked your publication as well. You're right - so many quality comments. I hope you can find time to reply to each one and take this opportunity to build few valuable contacts :)
Indeed my pleasure :)
Yours
Piotr
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hi @guysellars
I was wondering if you had a chance to read my previous comment? I offered to boost your post but you didn't reply :( I found your content interesting so I will bring some audience anyway. I really hope you will find some time to reply to their comments.
Yours, Piotr
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Hi @crypto.piotr. I think I responded above, let me know if I missed something.
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@nathen007 you spoke my mind
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https://local.bitcoin.com/
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Thanks for dropping by @sinushacker. Thank you for the link. In my area at least one person was arrested using this service as a business. Some licensing they were missing.
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This one is new. Being offered buy Bitcoin.com
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Good to know!
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Congratulations @guysellars! You have completed the following achievement on the Steem blockchain and have been rewarded with new badge(s) :
You can view your badges on your Steem Board and compare to others on the Steem Ranking
If you no longer want to receive notifications, reply to this comment with the word
STOPDo not miss the last post from @steemitboard:
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