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No More KYC with ShapeShift

erikvoorhees.medium.com

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Re: No More KYC with ShapeShift

#61

Post by thomaszander »

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?

... they get the money you could have received.

Re: No More KYC with ShapeShift

#62

Post by thomaszander »

aidenn0 wrote: post #60
thomaszander wrote: post #53

Earlier quoted context omitted.

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…

> In fact, shares are just a pyramid scheme too, if you assume there is no obligation from the company to pay dividends or such. 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.

notice that the disingenuous statements came not from me, but from the parent comment who asserted (without basis):

> With no incoming revenue []

I didn't want to be an ass to point this out, seems I confused you instead.

Re: No More KYC with ShapeShift

#63

Post by silentsea90 »

tigereyeTO wrote: post #43
silentsea90 wrote: post #33

Earlier quoted context omitted.

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…

I am sorry for the unclear question. I was curious about the bull case/potential upside for ShapeShift equity. Specifically, what makes you believe (if you do): 1) ShapeShift will succeed as a business long term 2) ShapeShift will capture value as a business

Broadly, where do you see the company in 5-10 years :) What makes you bullish about it!

Re: No More KYC with ShapeShift

#64

Post by mbesto »

googlryas wrote: post #58
mbesto wrote: post #45

Earlier quoted context omitted.

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.

A company is a collection of individuals. It wouldn't make sense to say an individual can determine X but 10 individuals voluntarily organizing together can't determine X.

> A company is a collection of individuals.

What's your point? Facebook is a collection of individuals, but if Zuck wants political ads barred from his platform he can snap his fingers and make it happen.

Having individual private companies become the arbiters of justice for good/bad actors is not a sound resolution...especially when it comes to fraud/identify theft.

Re: No More KYC with ShapeShift

#65

Post by mbesto »

tigereyeTO wrote: post #48
mbesto wrote: post #46

Earlier quoted context omitted.

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…

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

Ok and so does Coinbase. So at any point I, an American citizen, must do some level of KYC.

Is the idea that I can simply buy Crypto from another exchange and then send the hash to another wallet on your platform (where KYC isn't performed)?

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

No offense, but I won't. It's hard for me to trust a wallet that clearly (or technically unclearly) is operating in a grey area of the law.

Re: No More KYC with ShapeShift

#66

Post by googlryas »

mbesto wrote: post #64
googlryas wrote: post #58

Earlier quoted context omitted.

A company is a collection of individuals. It wouldn't make sense to say an individual can determine X but 10 individuals voluntarily organizing together can't determine X.

> A company is a collection of individuals. What's your point? Facebook is a collection of individuals, but if Zuck wants political ads barred from his platform he can snap his fingers and make it happen. Having individual private companies become the arbiters of justice for good/bad actors is not a sound resolution...especially when it comes to fraud/identify theft.

In that case, individuals join a collective knowing that they are deferring their viewpoints to the shareholders. And the individuals are free to leave at any time if they feel their views aren't aligned with the company view.

And what's the alternative? Who is the decision outsourced to if not the individual/company?

Re: No More KYC with ShapeShift

#67

Post by tigereyeTO »

twodayslate wrote: post #55
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

Any plans to get added to 3commas?

We've got connections for sure https://www.cameo.com/v/LP_Hemal_W

Re: No More KYC with ShapeShift

#68

Post by brokensegue »

thomaszander wrote: post #62
aidenn0 wrote: post #60

Earlier quoted context omitted.

> In fact, shares are just a pyramid scheme too, if you assume there is no obligation from the company to pay dividends or such. 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.

notice that the disingenuous statements came not from me, but from the parent comment who asserted (without basis): > With no incoming revenue [] I didn't want to be an ass to point this out, seems I confused you instead.

ok but making a coin doesn't solve the lack of revenue problem which is I thought aidenn0 was proposing they would. it seems totally unrelated to the question at hand. Edit: Simon not aiden

Re: No More KYC with ShapeShift

#69

Post by aidenn0 »

thomaszander wrote: post #62
aidenn0 wrote: post #60

Earlier quoted context omitted.

> In fact, shares are just a pyramid scheme too, if you assume there is no obligation from the company to pay dividends or such. 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.

notice that the disingenuous statements came not from me, but from the parent comment who asserted (without basis): > With no incoming revenue [] I didn't want to be an ass to point this out, seems I confused you instead.

Thanks for the clarification.

Re: No More KYC with ShapeShift

#70

Post by asdfasgasdgasdg »

ur-whale wrote: post #51
asdfasgasdgasdg wrote: post #32

Earlier quoted context omitted.

As long as the officers of ShapeShift or its shareholders are within reach of the U.S. government, those rules are physically enforceable.

lol, good point, it's not like actual rules matter anymore.

On the contrary, the rules -- especially their spirit -- are what actually matter. Not the games people play with numbers in computers.
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