Bitcoin Forum

I had a "situation" with coinbase that, up to this incident, I didn't have any issues with and technically it wasn't coinbase's fault in the beginning. I moved, got a new phone number and attempted to log in coinbase to update it...annnnd it was intercepted by that stupid fucking authy crap basically intercepting it so I had to ask their permission to update my phone number and after fucking around for a week, the stupid twats actually said no. WTF. It's not their decision whether I update my damn phone. Man I was pissed. Still am. I won't be using that shit again.

I went to coinbase and they suggested just making/verifying a new acct and they'd transfer it over...which I did in about 8 minutes but when I let them know it was done and needed them to transfer it over, they took over a week to get to it...so tonight I basically had to spam the chat and the "ticket" thing with demands for them to get the shit done and send it over and finally they did.

I was a fan of coinbase but this is bullshit they take their own sweet time and do it whenever they feel like it. There was no legitimate reason for them to drag ass longer than a week to move the btc from the old acct to the new one and after a dozen emails to support - they didn't even answer the first one. After this, it really drove it home about it's "not your bitcoin" when it's on coinbase or some other exchange...but I still needed a way to buy/sell so I haven't deleted the coinbase account yet.

What I did do was join circle.com and get alllllll the way signed up until it came time to verify my identity. Unlike coinbase, circle wanted me to scan a drivers license in, which in and of itself I didn't mind but it was a pain in the ass to have do that...and then they wanted a selfie on top of it. Are you fucking kidding me?

So we have coinbase who arbitrarily drags ass and holds your money hostage til they fucking feel like getting off their asses and processing it, not to mention the whole delay between purchasing and selling off/back to bank.

We have authy who is not a 2 factor authorization, it's apparently decided IT decides whether you can authorize your shit.

And now circle who is by far the most invasive on the verification.

What's next, fingerprints, retina scans and background checks? Fuck that shit. Ah god damn I'm still fuming apparently...  ;D

What the hell has happened with these exchanges? They've become more anal retentive than a bank. I literally opened a bank account by filling out a form and giving them one dollar and was done in 20 minutes.

Any options besides these that aren't all about getting up in your business and just have minimal invasive verification?

The reason is that regulation and legal aspects of Bitcoin and trading them with Fiat, tax laws etc. are still in limbo in most of the countries and the exchanges want to keep their ass safe in case shit happens.

So they want to follow all kinds of KYC policies.

The real solution is decentralized exchanges that no one controls. There is some progress being done on that, but it is still far from fully functional.

http://bitcoin.stackexchange.com/questions/21513/how-would-a-decentralised-exchange-work
https://www.cryptocoinsnews.com/2015-year-decentralized-bitcoin-exchange/
https://bitsquare.io/

Decentalized exchanges are the way to go it's a pity it will take a while longer yet for these to develop. Centralized locations of commerce and trade while meant to provide ease of use, are creating serious constrictions in the flow of money and in my opinion the adoption of Bitcoin, all those steps and the time it takes to acquire Bitcoins makes it relatively unattractive to the less committed user.

The bitsquare sounds promising but I need something way sooner. :)

I liked circle in theory but the whole forced selfie and driver's license just totally turned me off. Who the hell do they think they are? Paypal didn't even pull that shit. I have a feeling that being a requirement for a circle acct will go a long way in circle taking a huge hit in users.

Yeah, I think a way to easily turn bitcoins to fiat and back without having to give your personal info, and without fear of being arrested would be the greatest killer app bitcoin has ever seen. I'm not sure it's possible, though.

YOu'll just have to wait until bitcoin becomes mainstream enough that you don't need to exchange it into fiat anymore, and you can easily obtain it by working or whatever.

You live in the US?  That's because your government is too invasive.  Not that there's anything wrong with it.  But it's a hassle.

Yes I agree with you, bitcoin itself isn't the problem ... The real problems are (obviously) the governments and their laws (always restrictive). For the question about a full decentralized exchange, I think in the next few years we will see a couple of new exchange only with crypto currency (because the FIAT part is the problem).

IN THEORY.....I wish someone would invent personal ATMs but then again that probably wouldn't solve the problem.

This kind of thinking will kill bitcoin. Just think about it. It's like saying the disease isn't the problem, the person whose immune system couldn't defend against it is. Well, either way, that person is gonna die if he doesn't get help.

Stop laying the blame on governments. What we need is a solution, not whining about how much governments suck.

+1

Solutions needed. Preferably sooner than years from now.

Trade Bitcoin for precious metals, sell it at current market prices, job done and you have cash without needing a huge amount of details, I've already thought about this one but it takes a bit of organising, this would alos be something you could do if a country decided to ban Bitcoin outright.

It is obviously we need a solution I have only said that the governments are the problem, not the bitcoin. My solution is to start use bitcoin as money much more than FIAT money (and I know it is very difficult to use it as money for the various purchases).

I would to ask you, what is the reason that make you still use coinbase? is there no substitute for it?
in my opinion, bitpay could replace its payment, lakebtc kraken bitstamp could replace its exchange.

The best exchange right now is BTC-e. They have been around for more than 4 years now, and they were never hacked during this entire time period. They require no verification, and they will never provide any user info to the United States government agencies.

In the mean time you can also trade Bitcoins on this forum using trusted escrow service.

You just post your Buy/Sell requirements in appropriate section and make use of trusted members with their escrow service so that nobody gets scammed.

funny thing is that while bitcoin is pseudo anon and it is aiming at completely anon, exchange do require your id, they need after all to back up their asses if too much money flow in-out

anyway just use the one that do not require id, like kraken(and bitfinex too?)

The exchanges require an ID because they 'manage' and use also the various FIAT value , so they are obligated to use the banks and also due the country laws.


Yes kraken is very fine, I don't know if the other one (bitfinex) is similar to the first one, because I've never used it.

Try out Bit-X too as it's also an exchange where without much interference, for trading purposes, you can go ahead without verification and you will only need it at the time of withdrawal, that too minimal...

Also, if you are soo allergic to verification and all that, I would suggest you to try out LocalBitcoins instead... I don't think you need anything like that there...

This is real problem, exchanges are too invasive in my opinnion but they are mostly obligated to act like this. Otherwise they couldn't operate.
There should be open anonymous markets for bitcoin, decentralized, that noone controls it

You can only avoid verification if buying using cash deposits and local cash trade on localbitcoins. Other methods of payment require verification.

https://localbitcoins.com/guides/real-name#toc4

The state doesn't want people to be free, because freedom means lack of predictability which is a structural antagonist to the state's order. So from the perspective of the state, freedom always poses a possible threat to its power.

To control the financial sphere is of greatest importance to the state, because this sphere provides the resources for the state to operate. That's why the state invented KYC/AML laws to oppress people's financial freedom.

Bitcoin is here to rescue us from an ever growing cancerous state control. But only if we manage to prevent the transgression of metastases into the Bitcoin system, by avoiding to use the services of any companies that follow KYC/AML laws.

ya.ya.yo!

Their volume is still low for an exchange that aspires to be the best.

There have to be more places to buy Bitcoin or we'll have more Goxes. The exchanges can't be the only source, not all people are traders and we can't expect the whole society to access exchanges every time they need some coins for daily use. Localbitcoins is great, but we need more alternatives.

Still, they don't pinch you in every trade to verify in order for that to take place I guess...

But isn't it self-defeating if you have to have exchanges in order to actually spend your Bitcoin? What's the whole point of having Bitcoin if you need to convert it back to local fiat to actually purchase anything without getting ripped off? The reality is that it isn't a lack of anonymous exchanges, but a lack of ability to actually spend Bitcoin for any and all items with relative ease and without additional costs.

Exchanges must comply with the regulations, or must escape the regulations. At this moment the escape route isn't ready, so only the first option is available.

Been looking out Multisigna, looking really fit for those that want quick and as private as possible transactions. It's sort of p2p exchange but better.

https://localbitcoins.com/ (https://localbitcoins.com/)

Instant. Secure. Private.
Trade bitcoins in 7728 cities and 240 countries

Do you guys know that if you give your personal to a centralised exchange  your info will be acquired by government and you will be most likely taxed in the future? I read that anti money laundering agency FINCEN  shared information with other parts of the Treasury Department, (IRS included). FINCEN is the agency that seized millions from bankrupt exchange Mt.Gox last year and presumably obtained customer account information in the process... If you trust now new exchange with your info, then expect to pay tax in the future. How awesome is that?

All this shite started after the MtGox fiasco... {Thanks Mark} ....Governments around the world, wants to prevent a second occurance of that chaos and protect the consumer.

They use the KYC/AML regulations to do that... We have to choose ...either we have a MtGox again, or we bend the knee {or bend over} to these government regulations.

You can always use the alternative methods, if you willing to take the risks.  :(

We, the people can choose between being slaves to government that's trying to "protect" us or acting as free individuals at our own responsibility.

You can always trade direct face2face with no exchanges involved at all. If you use exchanges, you can reduce your risk by depositing smaller amounts and immediate withdrawal of all Bitcoin to your own addresses.

ya.ya.yo!

As a rule of thumb, most big things online are invasive. Amazon and Facebook are awfully invasive. I've never shopped at Amazon, and I never will. I'm not on Facebook, and I won't join ever. Regarding exchanges, I guess I've been lucky, because I first used more than 2 years ago, and there were less invasive back then. The solution, what I'm really waiting for is a shop. In big cities, you can buy foreign currencies at the counter, and that's where I'll appreciate to buy BTC.