Bitcoin Forum

Simplecoin, a cryptocurrency mining platform with a focus on accessibility, will be shutting down in the new year.

According to a press release via the company, Simplecoin will be shutting down on January 1, 2020. This is due to the European Union’s eventual implementation of a new Anti Money-Laundering Directive, which will force Simplecoin to adhere to new know-your-customer (KYC) and anti-money-laundering (AML) policies. The platform, based in the Netherlands, will have to change its policies to comply with this legislature, which stands against what Simplecoin believes in.

Source link here (https://beincrypto.com/simplecoin-mining-platform-shutting-down-due-to-regulatory-policies/?utm_campaign=amba&utm_medium=social&utm_source=bitcointalk&utm_content=jc)

I know how it feels that things won’t last long, especially for Simplecoin.

Shame on these regulations, as Simplecoin cannot see themselves complying with the KYC and AML policies. Simplecoin users may have until the end of the year to withdraw their earnings.

However, they have stated that “it’s not over yet” for them, as they may be coming back in the near future with a different approach. I just don’t know what would that be, but I just hope that they won’t get into regulatory trouble if they are to open again.

I would like to hear about your reactions about this guys. Thanks!

this is very disappointing to the people who mine it and may support it to believe it, because in mining that I know requires a lot of funds

That's the life cycle. We do not know when a project will end, sooner or later, that there will all be times. I don't know anything about simplecoin, but after I open the website, they are very professional and kind. They have provided shutting down information so that the members can make the right decision to withdraw the money as soon as possible. If judging from this, clearly this is not a scam team. goodluck!

Then why its hard for the comply with government regulations? Its a pain in the ass that every business should be registered or comply with regulations to consider legitimate operations. No businesses will have a hard time as long as they comply with standard rules.

while other projects that are dead suddenly come back to life because they want to celebrate the party in 2020, while this project will instead shutting down in early 2020, but this is needed where we also have to respect every government regulation, there is no harm in following the rules very easier it is than having to close it

Just like in the article, there would be two sides to the feeling of having the regulations implemented. Both AML and KYC policies are heavily needed to prevent possible scams and other types of illegal things that could be done when using cryptocurrencies. That's one of the most concerns of people who are yet to be exposed in the cryptocurrency space, knowing that a lot of people have experienced being scammed, and the exchange wants to prevent that for sure.

I'm just curious as to why are you sorry for them? It's bound to happen when you are not going with the policy that governments imply. It's for the benefit of users altogether.

It's just against some peoples ideology, as they think they can get around regulations even though they are centralized. Not sure why they think that thought process would hold any water. Only truly decentralized projects can fight the regulations, and when it comes to fiat ramp, their users will face centralization / regulations sooner or later.

yes they seem responsible, even though most of the projects that will be closed due to lack of funds or greater expenditure just disappear without telling the news, we must pay respect to projects like this.
I think they have a reason for doing this, but we must respect their decision.

Unfortunately, unexpected things happen. I am just wondering how they couldn't rely on the new policies about KYC thing. If that coin has a good cause and has a sincere platform, they will gonna comply to the new regulations.
Anyway, at least they've reminded investors to pull out their fund before they'll shutdown. Another altcoin thay failed to succeed.

It looks very sad to see that but at least the simple coin developer still stands with its philosophy about privacy is something that has needed by almost a lot of people. As long as they are still taking care with their users and that's a good attitude that already shown by the team. Just stand against the upcoming regulation has already shown their intention to create an ecosystem which was putting the privacy above of anything.
they must be appreciated by us

Well, they can't do anything about it. Especially if one of their feature is privacy and anonymity. And it looks like miners would like to keep it that way, but regulation requires them to have Know-your-customer thing, am I getting it right? I hope they come to a new alternative way to avoid shutting-down for good. And when they come back with a new different approach in the future they won't have any problems anymore with regulation and the likes.

I'm feeling sad for the users that has been using simplecoin since ages ago, everything will turn out fine, I hope so.

Oh well, if they can't adapt to the growing regulations, then there's no way for them to survived.

I lauded them though, they didn't buckle down on these government pressures and just chooses to shutdown eventually. And that is part and parcel of crypto, we all know that most of the services do have good intentions from behind. But when government intervenes, they screw up  everything.

And for sure they are not the last, many will fold with this new policies of enforcing KYC/AML.

Though i do not feel sorry for them, but I understand what they are trying to do after going through that article, their platform is refusing to bend to the policy of compulsory KYC, I do not support KYC, neither do i encourage it's forceful implementation.

But most of this platforms are not to be trusted and there are so many scammers, KYC though not being so good, can help in getting a hold of scammers, so it also has its good benefits for all,  it's up to them to either go with the regulations or not, they chose not to, and I'm curious as to why they did so.

Not much to feel sorry about. I think that we haven't even seen the worst of what regulators will subject this space to, especially with how hard it has grown in the last couple of years. No way they will ignore it for ever.

People should know by now that these things happen. This is exactly why I'm not using any service that has a high potential of ending up like this. Is it fair? It's not but we all know too well that regulators couldn't care less.

Why feel sorry?, in my opinion no one is harmed because Simplecoin has good intentions by announcing the problem at hand and giving members time to get their money.
In the future there will definitely be regulations to narrow the crypto's movement, but it is not impossible that the reverse can also occur.

I have heard this statement once and it had been a year.
Already forgot that name of that altcoin that I have been holding. Don't want to dig into my etherscan transactions anymore.

But the same thing is what they stated.
They already made their own exchange and then suddenly they have been stopped because of regulations too.
"We will be back." More like an Arnold Schwarzenegger film to me.  ;D
They wont be. Efforts are already lost and they might be looking into another way on how they could just make something out of all those money.
Maybe just go home and enjoy it.

Another one project from top 200+ cmc are gone

Manage risk is very important to protect our asset and as limit for our profit. Many project ended not because they can handle the system but red market become their serious problems. Every result only have small value and there's no solution about it. Simplecoin is really good project and I hope new project will come with more powerful system but also has solution about handle risk.

It's still a hopd thing that they're giving a guarantee and an assurance that they will still operate in the future. It's just quite disappointing for most users who have exerted an effort for simplecoin. Just don't lose hope, try to find another opportunity and good projects in the market. That's the reality here in crypto, we'll never know which one would end surprisingly.

It is unfortunate, for sure the supporters of the project are currently disappointed with the news / incident. crypto is really needed by this world, but the government is against it all, arguing that it is very vulnerable to crime. it is appropriate that the Simplecoin project will be closed, opposing the government is indeed very difficult or even nearly impossible, but at least this kind of event is as soon as possible to find a solution, so that supporters are not disappointed. one way in my opinion to solve the problem by moving or operating outside the scope of these rules.

Never heard about this coin and I thought that this is just another project that's about to shutdown. You don't have to feel sorry about their investors because it seems that they were aware of the coin before investing.

I guess that feeling is like you're feeling sorry for the money that they are about to lose because of the shutdown. That's life and that's the lesson and risk that's with investing on altcoins.

They can simply reorganised or realign their beliefs in away that they will still be able to comply, like those investors who wants to do KYC will stay and those not are OK to withdraw but we don't know what's really happening, I just hope investors were oriented that they need to withdraw before it's too late. As some might be not active in crypto now.

I don't know anything about the simplecoin project, but after hearing the information you have explained above it seems that the project does not have good hopes in the future. we can conclude if a project is like that then I think the project is a scam, there is no good hope for investors, communities or prize hunters who have previously taken part in it.

that will be a very difficult thing to do. simple puts anonymity as its own priority and to be compliance with the future regulation make simplecoin must leave from its anonymity.
Remember about that will be a very strict regulation consder that will be implemented to the major company

this is not a coin but a mining pool, it is not even listed on cmc.

there is no scam in this scenario, it is just a difference in ideology. they think everybody has the right to mine something without providing their documents. there is no investor in here only miners because it is mining pool.

simplecoin a cryptocurrency mining platform ,not a new project and not to pursue investors you must read in detail how this problem this does't include the definition of scam unless there is no notice and is immediately closed ,it's unfortunate why they don't follow rules so easily

Nothing to feel sorry, there are really some ideas and beliefs that they should consider. Atleast they don't just disappear and they provide time to those who mined and own their coins. There are many projects who did scam exit and just lost without any trace so we can still consider Simple coin considerate, let's just see what they are up to next.

I am more amenable to just selling decisions now while still able and there is still time until the 1st later. because while the simple coin didn't obey from the start, I don't think there's a second chance for him and I'm sure they won't do it either.

Regulation is something that should be obeyed although it will give a bad affect to cryptocurrencies price. Because we stiil alive in the country and it is reasonable for the government to keep tabs with what their citizen have done. I just thinking they will come with the other idea, I know simplecoin for almost two years and it is a big platform as far I know.

That's the sad thing about a project even if the law is intervening them they still aren't willing to adjust for it. I know they have these philosophies to stand by with but I think any holders of their crypto are prepared to sacrifice anonymity just for the sake of the project's longevity instead of purely shutting it down just like a project that failed to come up with their promises. If they still want for this project to survive and their investors to be happy they still have the chance to change their views about KYC which in my perspective isn't too big of an ask. Especially when you think about it realistically now that if you want your project to be running smoothly then you should also prepare for it to be legally compliant.

Ahhh... sigh... KYC.... The most abused and less understood term in the crypto world. People are so afraid of the law they allow themselves to be abused which is stupid as hell. USA law is not the world. We not all insane and think everything is money laundry or anything like that. Or terrorism.... -_- I don't think a terrorists open an account to exchange they too bust making bombs or whatever it is they do. In my country, we not very fond of US law and we don't have to give any KYC to anyone for anything. The only thing that happens is we can refuse KYC and not gain access to the service. The local exchange I use here does do KYC but they an actual real company that exists and not a faceless organisation. In cases like this I will give KYC since I am actually protected by my local law so if the exchange leaks my info or steals from me they can't just run since people know who they are and they are properly registered. IF we in freaking South Africa a third world country can get it right why can't the rest of the world? It really is not very hard. Being treated like a damn criminal all the time is some bs.

There is nothing wrong with obeying the government than being labeled a dissident and only making it difficult for us going forward. Indeed government policies are sometimes strange and excessive, but I think that is a risk that must be faced. Even when it was finally simplecoin decided to close, I think they had thought about the risks that would occur, then for the problem of profit and loss, I think they also have a mental preparation of every project that is up to the worst possible point.

Sometimes the policy makes people lose, but if indeed the policy has been decided, like it or not, it must be run according to the rules made. if not, then the people in the company will get the consequences of the country that made the regulation

It is the sorry state of the space but on a brighter side, if they are truly shutting down because they can't meet regulatory requirements, they it should be. The decentralisation of crypto should not provide the Lee way for scammers to overrun this space with their hanky panky projects. I expect more projects to close down too

Another one bite the dust in this case. They should have seen this scenario and since they don't want to comply, they should have think of other contingencies for to work around on this requirement. I hope Simplecoin users will not lose so much from this project.

I'm sick of this KYC approval. Why do we prefer the Blockchain economy? Why did we trade with bitcoin. We opted for privacy, but they collect our credentials everywhere. I don't want any more credentials anymore.

More stringent regulation is unfortunately going to be introduced in many parts of the world next year and this may result in some startups having to change their business models, move to another region or close down, which is unfortunate, but this also has a positive side to it as it helps legitimize the industry and prepare it for more mainstream adoption

This was really awful news for everybody specially for the Simplecoin users that depends their living through mining. It is really sad that because of non-compliance to the government regulations, a certain mining will be down due to the fact that Simplecoin have a different belief which is a part from what the government regulations have been stated. It is the bad side when the government have already get into the world of cryptocurrency in which they will put certain regulations to be able to let the government have part on what the cryptocurrencies have been up to. Well, there is point on putting such regulations to control mining usage and to better know Simplecoin users identity if they are really into existence or not. Simplecoin users must not be too sad since Simplecoin may be back as soon as they will fix what the government wants and pursuing their aim for their customers on a different approach.

Really unfortunate events for their users but at least they are closing with their reputation and principles intact, they could change the venue of their operation to a place where they can implement their principles, but it's hard to pick a country know that do not ask for KYC and are not within the AMC jurisdiction.

If this the required policies from the government they don't have any way not comply as it's the government who'll be the one that gives them the permits to do business from whatever countries they are facilitating. KYC is the only way the government will ever detects the transactions that the residents who holds cryrpto assets. It's a required rules to avoid money laundering.