51–60 of 78 posts
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> Treasury will have their own view of this, What will be interesting to see is if these views are physically enforceable. Having more technical details would be interesting.
As long as the officers of ShapeShift or its shareholders are within reach of the U.S. government, those rules are physically enforceable.
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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. Mon…
It does in fact enable privacy by default. If you want to show someone the details of a transaction or an address balance, you have to provide viewkeys.
> I'm personally a big fan of
Now your comment reads like an attempt to shill, which would explain the misinformation about Monero.
According to HN's rules, I have to assume you have better intentions than that. Please explain what you meant, since I must have misunderstood you.
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I understand. Governance tokens are equity (usually with voting rights), and are used to generate a capital base for a decentralised product (think: crowdfunding). Not all governance tokens are airdropped and the secondary market for said tokens often results in them appreciating over time. I would suspect shapeshift to fund itself and generate wealth for the founders through doing this both at the point of issuance…
With no incoming revenue, it seems like you've just described a pyramid scheme, albeit with extra technical steps. Can you help me understand the difference?
The difference between coins and shares is such that shares can only legally be owned by a very very small number of people that are licensed to. You can ask them to buy and give you a certificate, but you yourself probably are not one of the few that can own stock. (series 7 in https://www.investopedia.com/articles/financialcareers/07/se...)
On the contrary, coins like these can be bought and sold by anyone. And this makes the balance very different. Should you see the company do stupid things, you can sell your coins in a very short time for nearly no cost and without asking for permission or waiting for banking-hours. Noteworthy is that you can sell them to anyone on the Internet.
Naturally, such companies (and there are quite a lot doing this today) pay out dividends as well. Typically to coin-holders addresses they arrange an air-drop. So simply you own 1000 and they pay 10 extra to that address.
Other strategies are buy-backs when the company is profitable which are meant to make the price go up because there is more demand than supply.
As you can see, there are quite a lot of similarities to stocks, and certainly also differences.
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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.
Whereas you doing full KYC with most companies, who are by law also forced to determine who is a bad actor, doesn't scare you?
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
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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. Mon…
>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
That is erroneous.
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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. Mon…
> Monero doesn't enable privacy by default It does in fact enable privacy by default. If you want to show someone the details of a transaction or an address balance, you have to provide viewkeys. > I'm personally a big fan of Now your comment reads like an attempt to shill, which would explain the misinformation about Monero. According to HN's rules, I have to assume you have better intentions than that. Please expla…
Ok, my statement was maybe too black/white and you jumped on top of that. The point is that Monero has Privacy level / mixin settings, the default is not completely open, but certainly doesn't qualify as super private either.
> Now your comment reads like an attempt to shill
I shared a link to a product that I feel is very successful in reaching privacy. I have no ties to this product (though I have used it).
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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.
Earlier quoted context omitted.
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. Mon…
Privacy is much more difficult than people think - when it comes down to technical details, it is required for privacy to be default, otherwise it simply doesn't work. Even when every single transaction is mixed, and values are hidden, there are STILL not-insignificant risks. If it is not mandatory then it is just not good enough, even for people that are not doing high-risk things. >Monero doesn't enable privacy by…
Absolutely, we are in agreement.
The point I was making is that the coin itself, the base protocols, adding these privacy options makes it the difference between a generic payment protocol and one specifically made to evade the governments controls.
There being a way to do great privacy while leaving the coin itself to be a generic payment coin gives you the best of both worlds.
The point you make is still true, it is required for privacy to be default on. And this can be included in one wallet that people use for this purpose. Now its the choice of wallet that makes the privacy, not the choice of coin.
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With no incoming revenue, it seems like you've just described a pyramid scheme, albeit with extra technical steps. Can you help me understand the difference?
The various companies use such coins as a way to do the same thing as shares in a company. In fact, shares are just a pyramid scheme too, if you assume there is no obligation from the company to pay dividends or such. The difference between coins and shares is such that shares can only legally be owned by a very very small number of people that are licensed to. You can ask them to buy and give you a certificate, but…
Yes, a company that promises to never make a profit, pay out any dividends to its shareholders, or buyback stocks is a pyramid scheme. Your statement here is a bit like saying a credit card is just like bank robbery, if there's no obligation to pay off the balance.