11–20 of 78 posts
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.
What will be interesting to see is if these views are physically enforceable.
Having more technical details would be interesting.
So glad to see this view rising up. When so many private and public parties are required to collect my private data, how can it remain private? I've had unemployment claims made in my name this year due to a breach, and it was on me to fight the fraud that would harm me. The collection of private data does not protect us, it results in a honeypot and puts us at risk.
Reading this, I get the hacker vibe: "The law says this, but I came up with this clever hack so it does not apply to me."
Unfortunately for this view, the law and judges who apply the law care a lot about intent, and are not very impressed by "hacks" of the law. Advertising that you are doing an end-around KYC, is something that a judge will find very interesting if this comes to court.
In addition, KYC is a big priority of the US Treasury department and there is pretty bipartisan support for it.
Basically, the US Treasury Department does not want any company to facilitate large money transfers anonymously. If you are doing that, they will likely come after you, despite whatever clever legal "hacks" you may think you have.
I don't see this ending well.
how will they make money if they aren't involved in the transaction and won't transact with the customers?
Did this get checked by a lawyer before posting? Reading this, I get the hacker vibe: "The law says this, but I came up with this clever hack so it does not apply to me." Unfortunately for this view, the law and judges who apply the law care a lot about intent, and are not very impressed by "hacks" of the law. Advertising that you are doing an end-around KYC, is something that a judge will find very interesting if th…
how will they make money if they aren't involved in the transaction and won't transact with the customers?
Yeah, this is an astute observation. If they're taking a cut of the transaction, I suspect they'll still fall under KYC (either because the legislation today is sufficient or because it'll be changed as soon as they become a threat).
Earlier quoted context omitted.
Yeah, this is an astute observation. If they're taking a cut of the transaction, I suspect they'll still fall under KYC (either because the legislation today is sufficient or because it'll be changed as soon as they become a threat).
they will release their own governance token through an airdrop. It's the new way to fund decentralised startups - no need for VC. Essentially it's the equivalent of an IPO on day 1.
Did ShapeShift migrate to a Uniswap-like dex?