101–110 of 110 posts
Earlier quoted context omitted.
If that would be true, then Ebay, Amazon, Etsy etc. would have no right to exist in the world.
The difference may lay in the years that those you named had to adjust and readjust their countermeasures and learn from their mistakes ( up to a point ).
Err.. aren't these guys going to run into regulatory problems? You need a license to sell this in the US. Not to mention selling crypto with credit cards is a great way to go broke unless you own the keys like Coinbase does. Also, why would you trust the keys they are sending you? Having someone else generate a wallet for you then sending it to you via a USB key sounds very very bad. I don't get this.
> Err.. aren't these guys going to run into regulatory problems? You need a license to sell this in the US. We've had some conversations with our legal team at Cooley & some conversations with outside counsel at Goodwin Procter. They have not been able to reach consensus on whether we fall within regulatory oversight. Until then, we're not going to be selling anymore in the United States. It comes down to whether thi…
I remember when I was young once, too.
Earlier quoted context omitted.
My thoughts exactly, without a MTL (Money transmitting License) it seems like this runs afoul of a number of things including KYC. For the record MTL's for all 50 states will run you 6-12 months and ~300K when insurance, lawyer fees, and application fees are through (That's for the first year, subsequent years are cheaper but still).
They don't need an MTL because they're not transmitting money to another party or holding the money, they're just transmitting the money back to the original party. However, it does seem like they are running afoul of other parts of regulations, like KYC and money laundering.
If you guys are not a registered Money Service Business you should stop ASAP. What your doing sounds like a jailable offense. See the local bitcoin guy who went to prison for selling bitcoin in Florida.
See the local bitcoin guy who went to prison for selling bitcoin in Florida. Wait, selling bitcoin in one the many bitcoin meetups around the U.S. is illegal?
Earlier quoted context omitted.
> I wouldn't recommend using this for non-trivial amounts of money for hopefully obvious reasons Hey Tom! Guy from the article here. First off, thanks for Metabase. I'm a big fan & recommend it often. Second, you're absolutely right. We have been capping people at $1500 purchases per month unless they were willing to provide identification & an understanding of the risks associated with our service. > Nor would I rec…
> We're currently working through that to understand how and where we stand to adapt our offering to be within the limits of the law. Trying to claim it's an 'art collectible' (as you say in another comment), doesn't sound like being 'within the limits of the law' - it sounds squarely like trying to find loopholes in the law.
Err.. aren't these guys going to run into regulatory problems? You need a license to sell this in the US. Not to mention selling crypto with credit cards is a great way to go broke unless you own the keys like Coinbase does. Also, why would you trust the keys they are sending you? Having someone else generate a wallet for you then sending it to you via a USB key sounds very very bad. I don't get this.
> Err.. aren't these guys going to run into regulatory problems? You need a license to sell this in the US. We've had some conversations with our legal team at Cooley & some conversations with outside counsel at Goodwin Procter. They have not been able to reach consensus on whether we fall within regulatory oversight. Until then, we're not going to be selling anymore in the United States. It comes down to whether thi…
Obligatory question nobody's ask: who is generating the wallets, and what realistically, prevent them from keeping a copy of the said wallets ?
They are, and nothing. Nothing is preventing them from keeping every single private key and then emptying all the wallets after a month.
Earlier quoted context omitted.
If that would be true, then Ebay, Amazon, Etsy etc. would have no right to exist in the world.
The difference may lay in the years that those you named had to adjust and readjust their countermeasures and learn from their mistakes ( up to a point ).
https://news.ycombinator.com/item?id=16355342
but unfortunately the link no longer has file, is there any chance you still have the chat log? i would be incredibly helpful.
Thanks