No More KYC with ShapeShift • Hacker News Board

Re: No More KYC with ShapeShift

#41

Post by oh_sigh » Wed, Jan 06, 2021, 8:48 PM UTC

mbesto wrote: post #30

> Bad guys: we are not your friends. There are various ways of surveilling blockchain transactions that are far more effective than KYC. Not only will we continue to cooperate with authorities where required by law, but we actively collaborate with industry groups to monitor and root out sinister activity. We are here to protect good people, and as such, stand resolutely against evil. "Against evil"...now where have…

What's the alternative to every individual determining for themselves what they view as good and evil?

Re: No More KYC with ShapeShift

#42

Post by csomar » Wed, Jan 06, 2021, 8:48 PM UTC

A4ET8a8uTh0 wrote: post #6

I assume that Treasury will have their own view of this, but I generally applaud attempts to shake status quo. I will be checking on you guys from time to time now.

It's a mouse and cat game. As of now, there are no KYC rules for decentralized exchanges, and thus they are under the radar of the law. It'll take a couple of years before the SEC/FTC catches up with them, by that time they would have already found another loop hole.

Re: No More KYC with ShapeShift

#43

Post by tigereyeTO » Wed, Jan 06, 2021, 8:49 PM UTC

silentsea90 wrote: post #33

tigereyeTO wrote: post #26

CISO of ShapeShift here. If our values speak to you, and you're a security researcher - WE ARE HIRING https://shapeshift.com/careers In liberty, --Michael

Can you please share your thesis for ShapeShift from an equity upside standpoint?

I'm not sure I follow the question, but I think you're asking about comp and whether employees have opportunities to earn equity.

We do!

Every ShapeShift employee has equity and has opportunities to earn more. It is vitally important that our employees benefit from ShapeShift's successes and I'm proud to be a ShapeShift employee.

More important to me than equity is the feelings of accomplishment and camaraderie that we already feel for building such a great platform that holds user privacy and self-sovereignty above all else.

Re: No More KYC with ShapeShift

#44

Post by tigereyeTO » Wed, Jan 06, 2021, 8:51 PM UTC

csomar wrote: post #39

Permit wrote: post #28

Earlier quoted context omitted.

I'm trying to better understand Shapeshift's business model. How do you make money?

Some kind of a miner fee: https://shapeshift.com/miner-fees I think to be able to execute the transaction.

Miner fees are charged by the various blockchain networks, and not by ShapeShift.

If the Bitcoin network is charging 0.00066 BTC for a transaction, ShapeShift passes this charge through to users transparently.

Re: No More KYC with ShapeShift

#45

Post by mbesto » Wed, Jan 06, 2021, 8:55 PM UTC

oh_sigh wrote: post #41

mbesto wrote: post #30

> Bad guys: we are not your friends. There are various ways of surveilling blockchain transactions that are far more effective than KYC. Not only will we continue to cooperate with authorities where required by law, but we actively collaborate with industry groups to monitor and root out sinister activity. We are here to protect good people, and as such, stand resolutely against evil. "Against evil"...now where have…

What's the alternative to every individual determining for themselves what they view as good and evil?

How is this an example of that? The company is explicitly saying that IT is determining who is a bad actor and who is not.

Re: No More KYC with ShapeShift

#46

Post by mbesto » Wed, Jan 06, 2021, 8:58 PM UTC

tigereyeTO wrote: post #36

Permit wrote: post #28

Earlier quoted context omitted.

I'm trying to better understand Shapeshift's business model. How do you make money?

ShapeShift is a platform that provides users with much more than just trading: we are a mobile wallet, a hardware wallet provider with KeepKey, a DEX, and an easy place to manage your crypto assets while retaining control of your private keys. And, for developers, we’re building a powerful software development kit (SDK). ShapeShift is building an ecosystem with the FOX Token at its core, and there are many opportunit…

Can you simplify a bit? Can I take my USD dollars and buy crypto on your platform or not? If not, how would I obtain crypto and leverage those solutions that you support?

Re: No More KYC with ShapeShift

#47

Post by underdown » Wed, Jan 06, 2021, 8:59 PM UTC

oh_sigh wrote: post #34

markkat wrote: post #13

>When an individual is accused of a criminal offense, it may be reasonable to dissolve their privacy to some degree in the search for truth about that offense. >However, KYC dissolves the privacy not of certain specific individuals accused of wrongdoing, but the privacy of all individuals, none of whom have been accused of anything. >We can do better than that as a society. Warrantless surveillance of all people cann…

I have no idea how this system works - how are you harmed if someone claims unemployment in your name?

You still have to pay taxes on unemployment income

Re: No More KYC with ShapeShift

#48

Post by tigereyeTO » Wed, Jan 06, 2021, 9:03 PM UTC

mbesto wrote: post #46

tigereyeTO wrote: post #36

Earlier quoted context omitted.

ShapeShift is a platform that provides users with much more than just trading: we are a mobile wallet, a hardware wallet provider with KeepKey, a DEX, and an easy place to manage your crypto assets while retaining control of your private keys. And, for developers, we’re building a powerful software development kit (SDK). ShapeShift is building an ecosystem with the FOX Token at its core, and there are many opportunit…

Can you simplify a bit? Can I take my USD dollars and buy crypto on your platform or not? If not, how would I obtain crypto and leverage those solutions that you support?

ShapeShift partners with Banxa to process debit and credit card transactions. This allows you to buy BTC directly with USD, and the BTC is delivered directly to your own wallet with keys that are in your control.

Note that Banxa performs their own KYC for their own MSB services.

Once you have some crypto, you can then trade it for other crypto with a few taps on your smartphone, or clicks in your browser.

Search your smartphone's app store for ShapeShift and give it a whirl yourself :)

Re: No More KYC with ShapeShift

#49

Post by thomaszander » Wed, Jan 06, 2021, 9:08 PM UTC

ajkdhcb2 wrote: post #40

tigereyeTO wrote: post #26

CISO of ShapeShift here. If our values speak to you, and you're a security researcher - WE ARE HIRING https://shapeshift.com/careers In liberty, --Michael

I hope to see more support for monero considering the supposed privacy values

This is an often seen opinion and there is some nuance to this idea.

Monero doesn't enable privacy by default, but its known as a privacy coin. The first means that people could be unaware of the extra steps they need to take to get privacy, but the second is the risky one.

Monero is known as a privacy coin and this makes it the target of governments that indeed made ShapeShift start to to KYC a year or more ago.

Monero is unduly targeted for standard features because governments don't like perfect privacy...

The good news is that privacy does not have to be built in to a coin for it to be capable of giving privacy. If we reverse the Monero situation we might get something that is actually useful for the majority of us. A coin like Bitcoin that doesn't have more than semi-privacy can have mixing added to become private.

Now, mixing as historically done on BTC is both expensive and centralized, which has caused several servers to be confiscated and people arrested. Again, governments really don't like what you do with your money being private.

I'm personally a big fan of https://cashfusion.org ticks all these boxes. It is built on a semi-private (bitcoin-like) coin and it solves the other problems as well with a mix (sorry, fusion) costing you nearly nothing.

Re: No More KYC with ShapeShift

#50

Post by tigereyeTO » Wed, Jan 06, 2021, 9:08 PM UTC

zadler wrote: post #21

StavrosK wrote: post #10

Earlier quoted context omitted.

Why would they need KYC if they don't handle any money?

They wouldn’t, but they might still be considered to be running an exchange if they keep a centralized orderbook. So i don’t know how they will get around that.

ShapeShift has never had an order book.