Bitcoin Forum

E-mail from Ripple
If you wish to continue using Ripple Trade to access the Ripple network, Ripple Labs will require you to submit personally identifiable information similar to what you would provide to open a bank account, such as your full name, address, national ID number, date of birth, and possibly a copy of your driver’s license or other identifying documents. We will use this information to verify your identity for compliance purposes.

IF YOU DO NOT WISH TO CONTINUE USING RIPPLE TRADE, YOU MUST WITHDRAW YOUR FUNDS FROM RIPPLE TRADE NO LATER THAN AUGUST 30, 2015 AND ALSO RECORD YOUR SECRET KEY SO THAT YOU CAN ACCESS THE RIPPLE NETWORK OUTSIDE OF RIPPLE TRADE.


I don't think this is a good idea for the value and adopters of Ripple..?

Nothing is over unless they shut down everything (blockchain mainly).
Ass long ass they dont do that every coin lives, but barely.

No not over.. But I don't think many people will submit there personally identity..
Will it increase the value of XRP?

They started this a couple of months ago and it hasn't hurt their value, in fact xrp is higher now.

Perhaps some people will see such regulatory actions as a positive thing. BTW Cryptsy asked for same thing about a year ago, but I haven't seen people running away...

I don't think people will be scared of this.
Sooner or later, bitcoin exchanges would require you to submit your particulars.

Yea this is the end of the wild wild west. Best to pay capital gains now in the US or go down like Al Capone.

Are you dumb? RippleTRADE. If you do not want to use this wallet/ exchange, you don't have to. These verification laws are already implemented into a number of bitcoin and alt coin exchanges. As a result, Bitcoin isn't dead... yet.

And who do you think will calculate the "capital gains" vs trading income for your Tax Authority?
What kind of bill will the IRS send you for the 500% "stock dividend" you got on all those BottleCaps?

Ripple will be required to send you an IRS Tax Slip just like your broker...
And the IRS has Tax Treaties with at least 50 countries who will all get a copy.  

And guess what, your Tax Slips are not produced by your broker...
But by billion dollar bank owned firms called Clearing Firms... so they tend to be accurate and can ultimately be verified.

Would you trust a Tax Slip from Cryptsy or Bittrex?
Will they be here 2 years from now?
Do they even have a Chartered Accountant on staff?
Do you know that Bittrex cleared the entire Trading History a month ago?

This will be big surprise for those that get "verified" by shady, little crypto "exchanges"...
You will have no way of contesting your 2018 Tax Bill unless you have VERY careful records.

I would say that this is the maturing of Ripple / XRP.

Ripple has always been geared towards financial institutions, so to succeed in that arena, KYC/AML compliance is part of the deal. Ripple was one of the first alt coins to be fined by Fincen, and has hired a high profile financial compliance officer. Not sure other alt coins will be able to pony up and pay a $700K fine when its their turn.

Aside from BTC, Ripple is at a different level of venture funding, financial technology, and global marketing than other alt coins. Ripple is being trial tested with 30 banks (undisclosed) across the world. Last month, the prime minister of Luxembourg had a meeting with RippleLabs CEO Chris Larsen to talk about his country's financial tech future and Ripple. I just don't see any other cryptos with that kind of outlook.

In closing, I think a more apt title to this thread might be: "Is this the end of Crypto Anarchy?"

My 2 crypto cents,

H.

Nice post, don't have much to add, but yes. That's what ripple should be.

For a noobie, that was well said. You've done your homework :)

Well, was it the end of Paypal when they decide to want your address and person verification some years ago? No! So Ripple will survive that but it will loses some users which not agree with this procedure.

Ripple will lose most of the traditional crypto world customers.Most of us dont like these kind of regulations.

Daily users are now target group for Ripple.I think their job is not easy because there is already huge competition among Bitcoin ventures to attract daily users to their services. And its really hard to guess the result but time will tell whether this is end or not for Ripple.

There will be a lot of people storing money as XRPs who don't want to submit verification details and sell before the deadline. That will probably crash the price. There will also be a lot of bad will from others who don't hear about the deadline and lose their XRPs. The stories those people tell will put ripple in a bad light.

I doubt verification will kill ripple but it won't do it any favors.

This. People were screaming that Ripple isn't decentralized since its inception and this certainly doesn't do anything to change that opinion.

There is no company to fine with BTC and others. Ripple became a target because it is a company pushing forth its own currency. BTC is truly the peoples coin, there is no single entity controlling it.

You are correct. It is impossible to enforce ID verification on BTC wallets, and that's the way it should be. And we can convert and buy BTC to cash anonymously, through exchanges such as localbitcoin, and other home-made markets.

However, when BTC is traded and sold through an exchange with a bank affiliation, you can be certain that KYC/AML is on its way for all the users of that exchange. (if its not already there...i.e. Coinbase, Bitstamp).

For most of the people using the "People's Coin" who want to buy and sell it on a regular exchange, they are gonna get KYC'ed. (if they haven't already)

I'm not thrilled about it, but that's the trending reality.

Beyond saving pennies on the dollar, what incentive is there for somebody to switch from a KYC like PayPal with 150 million users down to something like Ripple, which probably only has 100s of human users with amounts over $100 in their wallet?

*crickets*

That's what I thought, Ripple isn't offering anything actually wanted.  At least the decentralized cryptocurrencies have their current and implied later utility.

Ripple is an investment in the global future of the financial tech industry. Kind of hard to equate with Paypal.

Another retard. Don't worry I know the general IQ of bitcointalk is around 40-50.

RippleTRADE is an exchange! So basically you are saying bitcoin isn't decentralized because bitstamp requires verification.

DERPPPPPPPP! Idiot.

Hatin' Ripple intensively. Hopefully, that crap network is over.

It is doing better than NEOS!  :D  :D

But seriously, is NEOS still alive? I don't even think it is in the top 100 CMC anymore? What a joke.

You not know, bitcoin already dead. I know I was there for the funeral over the weekend.  There was a great big fat lady singing and everything. No wait, that was just Zenit St. Petersburg championship game.

Ripple will never die. Only a matter of time before it becomes the number 1.