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/biz/ - Business & Finance

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24884620 No.24884620 [Reply] [Original]

Mofo says he got legit inside sources that say
news coming out later today that exchanges
must KYC incoming/outgoing addresses.
what to do?
i got a shitload of shitcoins on Binance global
should i move them over to Coinbase?
will they give us like 30 days to move shit around?

>> No.24884660

>>24884620
what does KYC mean?

>> No.24884796

>>24884660
know your customer/anti-money laundering shit

>> No.24884900

>>24884620
How would dydx or AAVE do KYC?

>> No.24885063

>>24884620
move to hardware & software wallet asap.

>> No.24885136

>>24885063
how are you going to cash out later?

>> No.24885184

>>24884660
Kentucky Yried Chicken

>> No.24885196

>>24885136
never sell.

>> No.24885262

>>24885136
We won

https://omid-malekan.medium.com/the-empire-strikes-back-520c725768b3

we don't need to cash out , we already have lower inflation than cash.

>> No.24885300

>>24885136
>thinking you will need to cash out while the dollar crashes.

It's called the great reset

>> No.24885303

Move it to Monero is step 1.

Step 2 will be utilize the dozens and dozens of avenues for shifting that back into the KYC world when you’re ready to cash out.

>> No.24885353

>>24885136
>sell
if you earn ETH from staking ETH2.0 or Kleros, you never need to sell as long as you know people who will accept ETH OTC.

>> No.24885373

>>24884620
France is already going full KYC anal probe town. If not this administration then the next will eventually get it done. It's the future.

>> No.24885388

lol, but binance already have KYC

fucking fudders i swear...

>> No.24885420

DFIChain is also bringing DeFi to the Bitcoin blockchain. This will help this whole situation immensely.

>> No.24885424
File: 64 KB, 1136x640, 57CBD441-7A7D-414E-B968-974C7171CC29.jpg [View same] [iqdb] [saucenao] [google]
24885424

ABANDON YOUR POSITIONS!

FLEE! FLEE FOR YOUR LIVES

>> No.24885454

Who cares about KYC? Imagine thinking that you'll be able to buy anything with your coins without having your money verified when the world switches from fiat to cryptos.

>> No.24885456

>>24885303
What are the avenues to getting back to spendable fiat (or equivalent)?

>> No.24885618

>>24885303
They'll crack monero eventually. What do then? You will just keep hoping on and on and on?
Where my darknet hackers at :(

>> No.24885688

>>24885420
how about you drown in cow shit, you disgusting third world animal

>> No.24885713

How do you KYC an address?

>> No.24885848

>>24885618
Check Monero inflation, WE WON

>> No.24885966

the jew fears the hardware wallet user
>pay rent in crypto
>sell crypto for visa giftcards for groceries and utilities
>can buy a vacation trip with pure crypto if youd like
just imagine how much adoption there will be by 2025
just gotta hold out until then and likely much sooner as they are speeding things up with covid

>> No.24886003

>>24885713
In France they want you to identify the addresses you send to and they want you to also identify your own addresses and keep that info. New CFT law is coming from the ministry soon.

>> No.24886042

>>24885713
sign message

>> No.24886074

>>24885618
>They'll crack monero eventually
kek you literally have the biggest brains working on Monero. That shit is encrypted till the grave. Even a quantum computer wont be able to crack it.

>> No.24886240

>>24885618
the ideal state of monero transactions is hard but not impossible to track. because if only nation states can afford to track it they will reserve this capacity to actual criminals and drug lords and shit and the average joe gets enough privacy.

>> No.24886258

>>24886003
>>24886042
So it's just something we need to declare on a tax return? Or is there going be some national registry for various addresses.

Either way it's fucking cancer. Would this also kill Montero because there's no way to enforce such regulations for XMR

>> No.24886298

>>24886258
there is no way to enforce on bitcoin either...

>> No.24886401

>>24885136
Have a KYC wallet you use to send crypto back to exchanges and cash out.

>> No.24886451

>>24884660
kill your celf

>> No.24886545

>>24886258
All crypto exchanges including crypto to crypto only must register and provide data on customers. Every time you send money to or from an exchange you must identify yourself. Anonymous crypto transactions are going to be obsolete.

>> No.24886580

>>24886545
Oh, I assumed they already provided that kind of data. Would this only be for US authorities?

>> No.24886592

>>24886545
You don't need an exchange to transfer crypto

>> No.24886669

>>24886592
Yeah but you'll need to send your transaction history, your selfies, your fucking nudes any time you want to touch ANY exchange that wants to work within your country and any time you want to buy any crypto from anywhere that isn't some 3rd world scam shop.
>>24886580
This is french law. An ordinance from ministry.

>> No.24886725

>>24885618
No chance. Best they can hope for is some kind of side channel attack

>> No.24886819

use Flame.exchange, no KYC

>> No.24886823

>>24886592
Back to meeting in workers cafés then.

>> No.24886882

>>24884620
Link?

>> No.24886950
File: 3.23 MB, 2000x1333, 1607029204265.png [View same] [iqdb] [saucenao] [google]
24886950

>>24886074
>Even a quantum computer wont be able to crack it.
Wishful optimistic thinking
>>24886240
>the average joe gets enough privacy
Wishful thinking
>>24886725
>No chance
Wishful thinking
>>24885848
>WE WON
And how are you going to spend your monero when everything else is KYC to the grave?
Don't mean to be a meanie guise :^(

>> No.24887268

>>24884620
Would this effectively ban paper wallets and non exchange wallets?

>> No.24887535

>>24886819
Also waves.exchange has no kyc.

>> No.24887645
File: 97 KB, 1600x1216, Hitler rehearsing his public speeches in front of the mirror 3 (1).jpg [View same] [iqdb] [saucenao] [google]
24887645

so does this make ledgers/cold storage obsolete?

>> No.24887651

>>24885373
Sucks to be a France cuck, bunch of cock suckers

>> No.24887734

>>24886950
Shut up glow nigger.

>> No.24887779

I don’t see the practical implications, yes you will have to identify yourself to make a transaction with a legal business, but how would they be able to know about your illegal transactions?

>> No.24887787

>>24886950
i'm just saying from a legislative standpoint what is ideal but schnorr signatures on bitcoin will bring both quantum resistance and privacy. monero will become obsolete in moths when taproot is activated.

>> No.24888153

>>24887779
Simple, anything that is not transparent and KYCed up your ass will be automatically considered "high risk". Netherlands already are delisting privacy coins as "high risk" assets. It's coming.

>> No.24888761

>>24884620
This is insanely bullish as people will withdraw from exchanges and cut off even more supply

>> No.24888784

>>24885136
Dude.

>> No.24888802

>>24885262
Based

>> No.24888809

If i hear the word kyc one more time...

>> No.24888834

>>24888809
kyc

>> No.24888878
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24888878

>>24884620
This has already been talked about on /biz/ for months. What your seeing is the transfer of wealth from crypto whales to institutional buyers. All the old school whales that can't prove where they bought their btc or have it connected to selling drugs on crypto marketplaces like the silk road have been forced to cash out. That is why we stalled at 19k for so long. They were cashing out while institutions were buying.

>> No.24888959

>>24885262
We want to buy houses and shit not hold cash.

>> No.24889012

>>24888878
So how the fuck does a big drug dealing whale cash out yet I got a bittrex source of funds inquiry ;/

>> No.24889038

>>24884620
Ivan on Tech is a clown

>> No.24889106

>>24884620
Isn’t this going to be like last year?? Where the regulation scared the market until is was actually released and people realized it just hurt Libra? In this case, isn’t it likely the kyc regulations are no different than what coinbase already does ? And that it’s aimed at defi?

>> No.24889143

>>24884660
Kill Yourself Cuck

>> No.24889221

>>24889012
best bet is probably with monero like >>24885303
suggested

>> No.24889274

>>24888878
Pepe für Arme

>> No.24889305

>>24889106
idk man I just want to trade perpetual futures without getting cucked

>> No.24889307

>>24889106
It will be literally nothing, if I send funds from poloniex to bittrex to cuckbase they will just want a document showing chain of transmissions which they’ve already started doing for the most part. This is actually bullish for defi because every trade you make is recorded on-chain for posterity.

>> No.24889384

>>24889106
>Libra
Yes, this is only going to affect StableCoins really and some specific forms of DeFi.

***BTC WILL REMAIN ENTIRELY UNAFFECTED***
***BTC WILL REMAIN ENTIRELY UNAFFECTED***
***BTC WILL REMAIN ENTIRELY UNAFFECTED***

Understand that 99% of this is thread doesn't know the legal differences and so their opinions are truly worthless. Its completely safe to ignore them and laugh from your citadel balcony when you stare into the Klaus Kamps with your binoculars and see them suffering. That is 100% ok legally and ethically.

>> No.24889545

>>24885136
no need, you can buy stuff directly with crypto with Swipe and such.

If you mena how do yo cash out anonymously then yeah you will probably have a problem but if you seriously thought crypto could explode in price, get real adoption and still could be used without paying taxes you were kidding yourself

>> No.24890174

>>24884620
You should put them on Coinbase by October 2019. Godspeed

>> No.24890201

>>24884660
Kill your celf

>> No.24890308

>>24889545
>only liquidate usd 40k of crypto a year <on paper>
>liquidate the rest off screen
>wait ten years
>statute of limitations is up
>gainz

>> No.24890395

What's the problem with KYC? Why are you so scared of it?

>> No.24890751

>>24890395
>what is the problem with government sticking its nose up my ass for no reason
>why do you value your own time and not want it wasted bu the governments bullshit
>that's antisemitic
Kyc? Kys

>> No.24890904

>>24885184
Kek

>> No.24890986
File: 224 KB, 1080x1045, 1593184620570.jpg [View same] [iqdb] [saucenao] [google]
24890986

>>24884620
>don't want government meddling in this shit
>however have never done anything shady myself
>binace was kyc'd and moved on coinbase months ago
>on-ramp was coinbase

Honestly if you weren't prepared for this as someone with a bunch of anonymous addresses, what were you thinking? That institutions you hate would continue to serve you regardless?

>> No.24891083

>>24890986
This is why I hate crypto anarchists, they actually are dumb to think brick and mortar exchanges in a 1st-world country is just going to flip off the government and let people trade anonymously forever, that is literally how retarded they are.

>> No.24891105
File: 2.73 MB, 828x1792, 3B39C51A-1F61-4F85-8213-8632A4FD31D6.png [View same] [iqdb] [saucenao] [google]
24891105

>>24884620
You should have listened... government regulation is incoming, this is the final get-out moment before shtf. But don’t worry, this bull market will last until May 2021 then s will htf

>> No.24891212

So if I have crypto in MEW I can't send it back to the exchange?

>> No.24891261

Hey guys, I'm thinking of founding a new nation in the unclaimed zone in Antarctica, there will be no KyC and 1% capital gain taxes (to keep the heat generators running), want to join me?

>> No.24891989

>>24890751
>implying
You'll have to pay taxes on that income one way or another so the government will know anyway. Are you evading taxes

>> No.24892106

>>24885966
They'd make it so that businesses would have to report their wallets as well, anon. So you may want to nix the vacation trip if it involves a plane.

>> No.24892129

>Hardware wallet
>LINK / LinkPool
>XSN Masternodes
>XSN DEX
Yeah i'm feeling extremely fucking comfy over here.

>> No.24892162

>>24887645
It's in the description for what they're for, storage. The KYC is for when you want to move your crypto through exchanges, they'll want to know that the address you're using the cold storage device for is yours.

>> No.24892184

>>24892162
Good thing layer 2 and monero exists. Privacy for the win.

>> No.24892317

>>24884660
Its to make you give your id / data so it can be stolen or sold off.

>> No.24892528

>>24891083
Yeah so surprised it's coming when the writing was on the wall so long and FATF and friends are transparent in what they're hoping to accomplish, going to make sure no stone is unturned.