That sucks. Sorry for your loss.

You should stop using Yahoo immediately. Billions of Yahoo accounts have been compromised in multiple hacks. I recommend a more secure email provider like Gmail.

Like others have said, the money is gone. At this point, you need to worry about securing your computer and accounts. I would follow TheWolf666's instructions regarding cleaning or formatting your PC. I would back up anything important and then format myself. Change your passwords, switch to a more secure email provider, and start using 2FA on your exchange accounts.

Very true. I was initially under the impression that compliance was pretty widespread. It's the opposite really. Many dozens of monitored countries fail to implement the majority of FATF rules. This is decades after these standards were initially put in place. Often times, a mere pledge by a country to work towards implementing some of the standards is enough to stave off FATF pressure for years.

That means we'll probably see non-compliant exchanges persist for many years. My biggest concern is how compliant exchanges will interface with customers who send coins from non-compliant exchanges.

Let's say BitMEX continues their no-KYC policies in the face of these rules. What happens when you send a few bitcoins from your BitMEX account to your Gemini account? Will Gemini close your account? Seems possible to me.

I was under the impression that none of these are serious legal threats. I've only been following the Craig Wright saga very loosely, but I recall seeing some legal analysis suggesting his suits were frivolous.

As for the patents, what do you think he'll accomplish?

If you're in the US and trade for cash at meaningful volumes or as a business, be very careful. Law enforcement agents have infiltrated P2P trading platforms. They have arrested many people at this point for unlicensed money transmission just for trading on Localbitcoins. The IRS has been involved in some of the larger cases too.

Better to do it through multiple venues (not just Localbitcoins) and in lower amounts not approaching the $10,000 CTR threshold to stay off their radar.

Binance, Bitfinex, and Deribit are a few other options that allow unverified accounts.


You can certainly make your tracks more difficult to follow. If you properly shield your IP address and cascade enough transactions, you might be anonymous.


That's only for long term capital gains, where you held for more than a year. Short term capital gains are taxed at your ordinary tax rate, up to 37%.

I wouldn't think fraud would be the angle here. Something like negligence with regard to capital and margin requirements, maybe.

Does anyone know what jurisdiction this case would fall under? Did the lawyer you spoke to say? As a US company, capital and margin requirements would normally be covered by CFTC regulations. Since US persons aren't allowed to lend or margin trade on Poloniex, I'm not sure they apply here.

To each his own. There's absolutely nothing wrong with tripling one's investment and walking away. I personally think we're going much higher over the next several years -- which is why most of my bitcoins are in cold storage -- but it's a free market. If he wants to lock in his dollar gains, he should.


I always feel regret looking back at how much I spent or sold at much lower prices.

I never regretted investing in Bitcoin, but I was also lucky with timing. I never lost any of my initial investment in the 2014 and 2018 corrections. I'm sure it's different for people who bought closer to the tops and had to wait out the bear markets.

Nope, not yet anyway. Right on the link you provided, they state the verification tiers:


This is what a KuCoin rep said on Reddit regarding US traders about a month ago:


I don't think anything has changed since that time.

The FATF expects countries to begin implementing domestic laws within a year. They'll be reviewing compliance in June 2020. The G20 countries already pledged to implement the rules, so we'll probably see most of them passing laws -- or at least in the process of it -- by then.

Most monitored countries are still noncompliant with existing FATF rules, though. So there will probably be plenty of places where non-KYC exchanges can still set up shop.

The big question then becomes, how will highly compliant and tightly regulated exchanges (like Gemini) deal with noncompliant exchanges? Will they close your account for depositing coins from them? Gemini already prohibits mixing services, for example.

I wouldn't do it.

Coinbase and Gemini both do this, and supposedly it's secure -- they don't actually have access to your credentials. Like you said, though, it just feels wrong and seems unnecessary.

You can do manual bank verification. They'll make two small deposits < $1 to your bank account and you'll verify by reporting the amounts. I forget the exact process but I just did it when I switched banks on there a few weeks ago. Just click through the option that says you can't/won't verify using your bank login.

According to Bakkt, they've been in close discussions with the CFTC and have made significant changes to their product to reach compliance. So I'm assuming they believe the CFTC is no longer a significant obstacle. I just hope they aren't underestimating the licensing process with the New York Department of Financial Services, who are notoriously difficult to deal with -- see BitLicense.

You're only considering newly mined coins, not the 17+ million other bitcoins in circulation. With each passing day, miners comprise a smaller and smaller portion of the total supply. Since they don't dictate the supply, the market doesn't move to their whims.

In your vision, what do you expect to happen when block rewards approach zero?

Miners aren't the only ones enforcing the 4MB block weight limit. The entire network of full nodes is. And it's limited block space that drives fees up when there is strong demand for transactions.

So it's all Bitcoin users -- or at least node operators -- who are to blame, at least according to your theory.

Here's the thing, though. Why do you think it was high fees that caused price to fall? Previous bubbles burst the exact same way.

I'm not sure how big LedgerX's futures market will get... their brand remains fairly small among institutional exchanges. This is potentially huge, though. With the cash-settled CME markets, there is no arbitrage mechanism to bring the spot markets in line. With physical settlement on LedgerX (and eventually Bakkt), the derivative markets become a real avenue for institutions to accumulate bitcoins. If demand is strong, that should have a tangible effect on the global spot rates because of arbitrage.

It's obviously a violation of their terms. If it becomes really prevalent, they'll start suspending or terminating the accounts of these users. Hopefully not though -- I'm all for workarounds like this.

Inevitably though, we need to move beyond Localbitcoins for P2P trading. They got too big and regulators are breathing down their neck. It's only going to get worse, not better.

Yes, there's no issue with that at all. Electrum supports all the above formats, so you can easily send bitcoins from your native Segwit wallet to legacy and P2SH wallets, and vice versa.


You can't import private keys using a wallet that has a seed. You can sweep them, but that obviously incurs fees.

In the current version of Electrum, it appears the only options are to create a wallet from seed or use imported keys. If you create a wallet from imported keys, you won't be generating new keys for use.

The best option is probably just to use the two wallets separately and when needed, send/sweep coins between them.

Is Coinbase Pro available where you live? It's a separate interface and may require additional verification beyond Coinbase's normal site. Once verified, deposit/trading limits on Coinbase Pro are unlimited and withdrawals are limited to $10,000 per day.

Japan is a member of the G20. All G20 members have already pledged to implement the recently published FATF rules.

Why do people think Japanese regulation is so great anyway? The FSA has been clamping down on privacy coins as a requisite for licensing, and their self-regulatory agency is prohibiting exchanges from listing them. Now they are taking things even further with new nanny state regulations:

This has been discussed at length already. See this thread.

The "evidence" -- if you could call it that -- is entirely circumstantial and unconvincing. Internet sleuthing at its worst. We still have no idea who Satoshi is.

I don't think Bisq has a market for BTC/MYR. It's not listed here under their active markets. Hodl Hodl also has no listings in Malaysia. P2P liquidity is hard enough to find in the United States and Europe. I don't think there are many options in Malaysia outside of Localbitcoins and Paxful.

Paxful is possible without KYC for under $1,500 in trade volume. I'm not sure how much the OP is trying to send, but maybe the recipient could do it in increments through different accounts. I'm sure that's a violation of Paxful's terms, though.