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Evercoin: A cryptocurrency exchange platform

evercoin.com

41–50 of 77 posts

Re: Evercoin: A cryptocurrency exchange platform

#41

Earlier quoted context omitted.

first by admitting that KYC wouldn't help stop terrorists even if it was implemented how you imagined it. Even Shapeshift wrote that in response to the WannaCry investigations. One hop to Monero and the whole money firewall regime is foiled, hopefully enough that the people of any nation ask their governments to stop spending their money on that task, and focus on the economy in more productive ways. KYC laws apply t…

> KYC laws apply to national currencies Assuming federal laws don't apply because you sprinkled some magic around you is a pretty awful way to end up in jail. KYC violations are criminally punishable. Anyone operating a non-compliant exchange is subject to investigation, arrest and asset freezes. Disclaimer: I am not a lawyer. This comment does not constitute legal nor investment advice.

> Assuming federal laws don't apply because you sprinkled some magic around you is a pretty awful way to end up in jail.

AML/KYC apply to institutions that apply for Money Service Business licenses, MSBs for short. This is promulgated by FinCEN agency of the US Treasury department. FinCEN has comprehensive definitions of what kind of digital currency use is subject to MSB registration.

It is easy for digital currency to other digital currency exchangers to be exempt from those regulations, via one of the codified exemptions, because your straw man argument about federal laws not applying wasn't the argument I was making at all. So now that we've established that, let me know if you want to discuss the something closer to reality.

Re: Evercoin: A cryptocurrency exchange platform

#45
post #44

I was hoping to learn that the in game coin for EverQuest was backed by a public blockchain

Couldn't that stop gold farming / selling? Proof of work (proof of grinding)?

Online games give gold to their users liberally as positive reinforcement for playing the game.

That's probably not compatible with a strict minting schedule constrained by a proof of work system.

Re: Evercoin: A cryptocurrency exchange platform

#48

Earlier quoted context omitted.

> KYC laws apply to national currencies Assuming federal laws don't apply because you sprinkled some magic around you is a pretty awful way to end up in jail. KYC violations are criminally punishable. Anyone operating a non-compliant exchange is subject to investigation, arrest and asset freezes. Disclaimer: I am not a lawyer. This comment does not constitute legal nor investment advice.

> Assuming federal laws don't apply because you sprinkled some magic around you is a pretty awful way to end up in jail. AML/KYC apply to institutions that apply for Money Service Business licenses, MSBs for short. This is promulgated by FinCEN agency of the US Treasury department. FinCEN has comprehensive definitions of what kind of digital currency use is subject to MSB registration. It is easy for digital currency…

> AML/KYC apply to institutions that apply for Money Service Business licenses

MSBs have KYC requirements. It does not follow that non-MSBs have no KYC requirements. FINRA-member firms, for example, are not MSBs and have strict KYC rules [1].

FinCEN has nowhere said that non-MSBs are exempt from KYC. Nobody can competently say that. All American businesses are subject to the minimum threshold of KYC responsibility in coöperating with OFAC restrictions [2].

[1] http://www.finra.org/industry/notices/11-02

[2] https://www.treasury.gov/resource-center/faqs/Sanctions/Page...

Disclaimer: I am not a lawyer. This comment does not constitute legal nor investment advice.

Re: Evercoin: A cryptocurrency exchange platform

#50
post #35
post #25

Earlier quoted context omitted.

And Evercoin's fees are even higher.

I just tried placing an order and Evercoin's fees appear to be significantly lower. Shapeshift: 1 BTC -> 14.20477011 ETH Evercoin: 1 BTC -> 14.25967407 ETH Changelly: 1 BTC -> 14.35434362 ETH While Changelly appears to have the best rate they don't guarantee the rate. In my experience the actual rate is often much worse than the estimated rate (and unfortunately it's too late to cancel once you see the rate).

They're all going away after cross-chain atomic swaps become THE thing.
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