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September 29, 2020, 12:56:40 AM *
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1  Local / Pilipinas / GCash, PayMaya, and banks to bring beck Pesonet and Instapay fees on: September 28, 2020, 03:04:11 PM
Info drive lang ito baka hindi niyo pa alam at hindi kayo magulat sa mga kaltas.

Simula na sa October 1, 2020, ibabalik na ng Gcash, PayMaya, at ng iba pang mga bangko ang mga transfer fees thru Instapay at PesoNet. Matatandaan na tinanggal nila dati ang mga fees simula noong Marso alinsunod sa direktiba ng Bangko Sentral.

Gcash Fees (G-Xchange, Inc. (GXI)):
  • Bank Transfer - Php15 per transaction
  • OTC Cash In - 2% for more than Php8,000
(source)

Paymaya Fees (PayMaya Philippines, Inc.):
  • Bank Transfer - Php10 per transaction
  • OTC Cash In - 1% for more than Php10,000
(source)

Bank Fees:
Magkakaiba charge nila sa Instapay at PesoNet fees (ranges from Php10 to Php50).

List of Banks resuming fees by October 1, 2020:
Quote
- BDO Unibank, Inc.
- Metropolitan Bank and Trust Company
- Bank of the Philippine Islands
- Rizal Commercial Banking Corporation
- China Banking Corporation
- Bank of Commerce
- Robinsons Bank Corporation
- Philippine Savings Bank
- China Bank Savings, Inc.
- Philippine Bank of Communications (extending its P1.00 fee due to system constraints)
- Equicom Savings Bank, Inc.

List of Banks resuming fees by January 1, 2021:
Quote
- Union Bank of the Philippines
- Asia United Bank Corporation
- Land Bank of the Philippines
- Development Bank of the Philippines
- Security Bank Corporation
- Sterling Bank of Asia, Inc.
- Standard Chartered Bank
- East West Banking Corporation
- United Coconut Planters Bank
- Maybank Philippines, Inc.
- Hongkong and Shanghai Banking Corporation (waived for retail; for corporate – reduced from P150.00 to P50.00 from July 1, 2020)

Until Further Notice:
Quote
- Philippine National bank
- MUFG Bank, Ltd.
- CTBC Bank (Philippines) Corporation
- Bank of China Limited – Manila Branch

May magkaibang listahan ang GMA at CNN pero mukhang mas updated si GMA kaya yun na lang kinopya ko.
2  Bitcoin / Bitcoin Discussion / Premined bitcoin? on: September 27, 2020, 04:39:17 PM
Some anonymous "crypto farmer" on twitter insists that Satoshi Nakamoto premined 1 million bitcoin which sparked a little debate.


(source)

Another user supported the argument claiming that although Satoshi had zero btc mined when it was launched, information about Bitcoin was only known to a few people before and mining was exclusive to them. Thus, premined. (source)

Of course counter arguments that Satoshi's btc weren't premined at all were raised:
1. Bitcoin protocol was announced in 2008 and launched in 2009. Anyone interested would have been able to mine since day 1 and compete with Satoshi. (source)
2. No btc was created before bitcoin was launched. No ICO or other forms of fund raising in exchange of btc.

I know many members here who are familiar with Bitcoin would probably laugh when they read this. For the sake of newbies who do not know these details, can you add why Satoshi's coins weren't premined?




I don't know why some of these altcoin shills and yield farmers are still trolling bitcoin to defend/protect their investments when they can't even define what premine is. They are only embarrassing themselves imo. It's not Satoshi's fault that bitcoin wasn't popular and only a few mined during the early days.
3  Bitcoin / Bitcoin Wallet for Android / What's up with Coinomi fees? on: September 25, 2020, 04:31:33 AM
I was trying to compare recommended fees set by Coinomi and I noticed something odd.

Low: 0.00016
Medium: 0.000069
High: 0.00021

As you can see, "low fee" is higher than the "medium fee".  I even resynchronized but the result is the same. Is it just me or is that a bug? I tried to check for updates on google play but it appears I have the latest version (v1.16.5).

I haven't noticed it until now because I always customized the fees when sending.
4  Bitcoin / Bitcoin Discussion / New breed of bitcoin investors? on: September 18, 2020, 03:55:26 PM
There was a survey conducted by Huobi which was also reported by Cointelegraph.

No. of respondents:491
Age range:mostly from 26 to 50
Investment experience:Most with less than 3 years

So it appears that most of the respondents are relatively new to crypto investments and they weren't around during the 2017 bullrun. I guess they can be considered lucky. They might have been rekt too like most newbies then had they bought btc when it was pumping.

An interesting result is that 45% of the respondents have one year or longer timeline for their investment. To me, this indicates that they are preparing for the much anticipated bull run next year based on btc's 4-year cycle or the pattern that btc tends to pump 1 year after halving.

Another 12.5% said they are willing to wait four years or more for their ROI. These are either serious hodlers who sees potential in bitcoin or they just want to try and see if they can profit or not.

The no. of respondents might be small and do not really represent the new breed of btc investors but it's still a good sign that they do not see this as a pump and dump/get rich quick/ponzi scheme.

What do you make of this survey? Are we seeing a change on how newcomers view bitcoin investment?
5  Alternate cryptocurrencies / Altcoin Discussion / Another DeFi exit scam on: September 10, 2020, 04:45:26 PM
Many warnings have been posted about the possibility of DeFi exits scams across different platforms including bitcointalk but it seems people are simply too greedy to take advantage of the hype and profit. As it turns out, many of them got burned from projects like Yfdexf.Finance.

As reported, Yfdexf’s team managed to run away with $20 million. Their official website, medium, telegram and twitter accounts have all been taken down to not leave any traces.

What happened here is also another reminder to all aridrop and giveaway hunters out there to be careful in what you are sharing in exchange for some rewards. You might not realized it yet, but you are also helping these scammers.  Yfdexf’s team organized many giveaways to create hype and many of these hunters just joined without even thinking about what they are promoting.
6  Economy / Exchanges / Gate.io raided by local police? on: September 10, 2020, 04:25:07 PM
This is a developing story.

Just saw video on twitter with caption:
Quote
Seems gate got raided by local police,This video has been spreading in WeChat group.  Rumors says they got raided because they listed kimchi.

For those of you who don't know, Kimchi is one of those DeFi yield farming tokens. If I am not mistaken, that token was launched last week and it was found out that the token developer can mint unlimited supply.

Story is not 100% confirmed yet but it would be hilarious to know that an exchange would be raided because of listing a scam token  Grin


Follow up stories:
The guy on the 1st pic wearing a hoodie with gate logo on, so it seems pretty likely the raided really happened.  But not 100% confirmed .

More videos are , it’s really happened, a video of local  police check talking to a employee, that employee is telling his a WeChat friend police is on site , and police is asking him wether not if that WeChat friend is the boss of http://gate.io
7  Economy / Exchanges / Binance's own yield farming and swap platform on: September 06, 2020, 04:11:45 PM
Binance call it "Launchpool". How it works? Investors are required to stake a certain amount of BNB, BUSD, or other accepted crypto into their pool in return for new token as rewards.

Not long ago, I said in a separate topic that top CEX are on a race to list the most DEFI tokens. Well, Binance has once again upped their game to take a larger piece of the pie.



I was gonna hit the post button but I just saw another one of their new product. It's called "BSwap"  Grin
Needless to say, it's created to compete with Uniswap and other "____swap exchanges".

CZ competing with Justin for the copycat king title.

Code:
https://www.binance.com/en/support/articles/372ac176ec224df7bb53654861555ac3
https://www.binance.com/en/support/announcement/dc8f28e7a98d4534ad3db88d351200fb
8  Local / Pamilihan / Gcash at Paymaya sa Binance P2P (Tutorial) on: September 01, 2020, 04:54:44 PM
Quick share lang - Binance P2P Supports Leading Filipino E-Wallet Apps GCash and PayMaya

May dalawang posts akong nakita mentioning Binance P2P at Gcash dati pero walang detailed tutorial. Makikita lahat ng steps sa link pero kung sakaling tinatamad eh heto na lang (for images, visit above link):

Quote
Adding Your GCash/PayMaya

1. Open the Binance App. Go to Trade > P2P. Click on the ··· icon on the top right part of your screen and choose Payment Settings.
2. Choose Add a new payment method. Choose GCash or PayMaya.
3. Enter your detailed payment information, then tap Confirm.


Buying Bitcoin Using GCash/PayMaya

1. Open the Binance app. Go to Trade > P2P. Choose Buy > BTC. Click the filter icon at the top right part of your screen.
2. Select GCash or PayMaya as payment method and PHP as currency. Tap Confirm.
3. Choose the offer you want and tap Buy. Enter how much you’ll buy, and select GCash or PayMaya as payment method. Tap Buy BTC.
4. Send your payment via either app to the seller’s indicated information within the payment time limit. Tap Transfer after.
5. Tap Confirm to receive your Bitcoin. Your seller will check if he/she received the money you sent and then send you the Bitcoin,

$13M na din pala accumulated trades ng mga Pinoy sa Binance P2P kaya hindi nakakapagtaka na nagkakaroon ng expansion dito.
9  Other / Ivory Tower / Is there a mobile Tor browser? on: August 23, 2020, 08:10:20 AM
I was searching for a lighter browser on playstore and one tor browser shows up. It has 5M+ downloads according to the info provided which tells me it's probably legit. I clicked install to see if it would ask more permission and true enough, it's asking for access to photos/media/files. I don't know but it kinda feel weird for a Tor browser to ask for that.
10  Economy / Exchanges / Top CEX racing to list the most DEFI tokens on: August 21, 2020, 12:47:34 PM
Uniswap is currently killing it but top CEX are not losing out on the new crypto trend to make profits from traders riding the DEFI hype.

The most active according to this article dated Aug. 10, 2020
  • Binance: listed 9 out of 13
  • FTX: listed 6
  • Poloniex: listed 11
  • Coinbase: listed 4

There are probably more now as other exchanges are trying to catch up just like this one:

(source)

When the hype dies off and as the trading volume for these tokens declines, I expect them to be delisted. What's happening right now is similar to what happened back in the ICO boom when top exchanges listed a lot of ICO tokens only to delist most of them later on.




11  Economy / Trading Discussion / Crypto Twitter on: August 17, 2020, 04:59:11 PM
Since the market is "alive" once again and many are speculating a bull run, crypto twitter is fun to watch again. You see a lot of new accounts popping up with their charts, analysis, shills, and their paid subscriptions/groups. You also read or listen to a lot of shits from them  Grin

Maybe we can create a list of all the shits being said/written there.

Here's an example:
Quote
I got a new crypto I'm interested in. I'm not gonna say what crypto I'm interested in 'till I've cryptonized (Huh) it because I don't want people to buy it before I do.

The thing I like about pump and dump is it's encourage.

In crypto, you can pump and dump all day long.



May this serve as a "guide" to new traders and speculators that not all you read and hear from these so called OG's and experts/analysts are educational. Majority of them are just for money-making just like how McAffee has been doing since 2017. Don't blindly take their suggestions or picks.
12  Local / Pilipinas / DOJ laban sa mga pekeng crypto traders? on: July 31, 2020, 11:52:39 AM
Napikon na yata si Sec. Domiguez sa mga gumagamit ng mga pangalan ng mga opisyal ng Gobyerno at ng mga ibang artista. Alam niya na kahit ilang ulit nilang i-report sa Facebook yung mga posts ng mga scammers, eh babalik at babalik pa din sila kaya humingi na ng tulong sa DOJ mismo para matukoy yung mga taong nasa likod ng mga scams.

In a letter sent to Justice Secretary Menardo Guevarra, which was received at the DOJ on July 28, 2020 based on the copy of the letter shared by Dominguez to journalists, the DOF chief said there have been several Facebook posts that illegally use his name “to promote a fake cryptocurrency auto-trading platform called ‘bitcoin revolution’.”
 
“Similar investment ploys using the names of some Finance and Treasury officials in other countries as well as Filipino celebrities is likewise used in an attempt to dupe the public into falling for the scam,” he said.

Dominguez said they have reported these posts to Facebook “to prevent the spread of these hoaxes.”
 
He, however, said the “perpetrator of such acts may still continue to find other avenues to pursue their malicious activities.”
 
“Thus, we request the assistance of the Department of Justice (DOJ) Cybercrime Office to track, identify and prosecute those responsible for these posts,” he said.

Maliban sa bitcoin revolution, kelan lang din nung may pinost si @Vaculin na ginamit din si Sec. Dominguez.

Hindi ito yung unang kaso about cybercrimes na tututukan sakali ng DOJ pero ito yata pinakauna na related sa cryptocurrency. Sa ngayon, wala pa sila feedback.
 
13  Local / Pamilihan / Cryptocurrency from trader and non-trader's perspective on: July 25, 2020, 03:13:52 PM

(photo not mine - nakita ko lang sa feed ko)

Funny isn't it? Grin

Every now and then may lumalabas na bagong pakulong ganyan. Maybe a good image din para ipakita sa mga noobs na hindi kailangan sumali sa mga kahit anong grupo/kumpanya, offering crypto commissions in return for their registration fees, para lang kumita. Feel free to grab and post in your walls if necessary.
14  Bitcoin / Bitcoin Discussion / If bitcoin doesn't reach $500K in 3 years.... on: July 18, 2020, 11:34:30 AM

source

^ I'd forgotten about this self-imposed challenge  Grin

We know that he backtracked but I just want to remind everyone that even crypto personalities can't predict the market and they get it wrong most of the time. Do not fall for their "expert" opinions. Some of them are paid reviews/opinions anyway.

---------

If you're wondering what he did in the past, check this:

For those noobs who don't know who John McAfee is:

1. John McAfee is the person who promoted scam projects such as SimmitriToken and Zombie Coin
2. He charged ~20% of the total supply of the ICO, in exchange for the promotion
3. In other cases, he charged $105,000 for each tweet he made to promote the scam ICOs
4. He is suspected of involvement of the murder of Gregory Faull in Belize
5. McAfee fled to Guatemala, in order to avoid arrest by Belizean authorities



15  Local / Pamilihan / Biflex.net is a SCAM on: July 06, 2020, 02:39:59 PM
Nag-post kanina itong si biflexnet tungkol sa Biflex.net na bagong investment platform daw at ayon sa post niya pwede daw kumita sa panonood ng videos. Gusto pa nga magka-referral  Grin - BIFLEX.NET - New Website for Investment (Bitcoin,Ethereum,Bitcoin Cash) (archive)

Huwag kayong padadala sa mga matatamis na salita nyan dahil bibiktimahin lang kayo. A quick check sa website nila ay makikita agad ang mga red flags indicating na isa itong scam.

I. Another ponzi investment scheme



II. Copycat ng https://viewadvertise.com/ na isa ding ponzi investment scheme  

Pinalitan lang ng konti (lalo na yung currency) at mukhang mga Pinoy naman ang target.

Domain:biflex.net
Registrar:NameCheap, Inc.
Registered On:2020-05-04
Expires On:2021-05-04
Updated On:2020-05-08
Status:clientTransferProhibited
Name Servers:art.ns.cloudflare.com
pat.ns.cloudflare.com

Domain:viewadvertise.com
Registrar:GoDaddy.com, LLC
Registered On:2020-04-27
Expires On:2021-04-27
Updated On:2020-04-27
Status:clientDeleteProhibited
clientRenewProhibited
clientTransferProhibited
clientUpdateProhibited


Yung KYC page ng Biflex at Viewadvertise ay kinopya din sa iba


Know Your Customer (KYC) Policy
Last Update 1 year ago

Know Your Customer (KYC) procedures are a critical function to assess and monitor customer risk and a legal requirement to comply with Anti-Money Laundering (AML) Laws.
Do you know your customer? You better, if you’re a financial institution (FI) or you face possible fines, sanctions and maybe even public ridicule if you do business with a money launderer or terrorist. More importantly, it’s a fundamental practice to protect your FI from fraud and losses due to illegal funds and transactions.

“KYC” refers to the steps taken by a financial institution (or business) to:

Establish customer identity
Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate)
Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities
To create and run an effective KYC program requires the following elements:

1) Customer Identification Program (CIP)
How do you know someone is who they say they are? After all, identity theft is widespread, affecting over 13 million US consumers and accounting for 15 billion dollars stolen in 2015. If you’re a US financial institution, it’s more than a financial risk; it’s the Law.

The CIP mandates that any individual conducting financial transactions needs to have their identity verified. As a provision in the Patriot Act, it’s designed to limit money laundering, terrorism funding, corruption and other illegal activities. The desired outcome is that financial institutions accurately identify their customers:

A critical element to a successful CIP is a risk assessment, both on the institutional level and on procedures for each account. While the CIP provides guidance, it’s up to the individual institution to determine the exact level of risk and policy for that risk level.

2) Customer Due Diligence
For any financial institution, one of the first analysis made is to determine if you can trust a potential client. You need to make sure any potential customer is worthy; customer due diligence (CDD) is a critical element of effectively managing your risks and protecting yourself against criminals, terrorists, and corrupt Politically Exposed Persons (PEPs).

There are three levels of due diligence:

Simplified Due Diligence (“SDD”) are situations where the risk for money laundering or terrorist funding is low and a full CDD is not necessary. For example, low value accounts or accounts where checks are being on other levels
Basic Customer Due Diligence (“CDD”) is information obtained for all customers to verify the identity of a customer and asses the risks associated with that customer.
Enhanced Due Diligence (“EDD”) is additional information collected for higher-risk customers to provide a deeper understanding of customer activity to mitigate associated risks. In the end, while some EDD factors are specifically enshrined in a countries legislations, it’s up to a financial institution to determine their risk and take measures to ensure that they are not dealing with bad customers.
3) Ongoing Monitoring
It’s not enough to just check your customer once, you need to have a program that knows your customer on an ongoing basis. The ongoing monitoring function includes oversight of financial transactions and accounts based on thresholds developed as part of a customer’s risk profile.

Up to now, regulations call for a risk-based assessment. However, as of January 1, 2017 The New York Department of Financial Services (NYDFS) requires specific measures of transaction monitoring and filtering.

KYC News Around the World
KYC: Knowing Your (Onboarding) Costs

$60 million. $300 million. One month, four months? Welcome to the well-meaning but truly inefficient world of onboarding and KYC — where financial services firms are mired in manual processes and where wait times are forever, and expensive.

The unquenched longing for a transformed KYC and AML solution

In spite of heavy investments, FIs have been unable to optimally counter the growing peril of money laundering. Regulatory fines on FIs for KYC/AML related violations continue to rise.

Push for Aadhaar-enabled e-KYC for digital transactions

Aadhaar-enabled electronic know your customer (KYC) process should be “firmly established” as the acceptable KYC, a panel with representatives from all financial sector regulators has proposed.

US insurers ‘lagging behind’ in fight against financial crimes

Money laundering is an ever expanding problem for the American insurance industry. An increasing number of individuals are using insurance accounts to hide money from federal taxation agencies – and the industry needs to step up and tackle the situation head-on.

MAS to roll out national KYC utility for Singapore

The Monetary Authority of Singapore (MAS) is piloting a national know-your-customer (KYC) utility for financial services, based on the MyInfo digital identity service, jointly developed by the Ministry of Finance and GovTech, the lead agency for digital and data strategy in Singapore.

Average UK bank wastes £5 million a year on manual and inefficient KYYC processes

“The message to all financial institutions is clear: The cost of KYC checks is much too high, placing too much reliance on inefficient and error-prone manual processes,” says Steve Pannifer, COO, Consult Hyperion.

KYC obstacles hamper Mifid II preparations in Europe

Alan Samuels, vice-president and head of product strategy for reference data services at Alacra, said: “There is a clear regulatory need for meeting high standards. This is creating more and more challenges for operational managers to build flexible, scalable processes and systems to be able to address use cases that have not yet even been articulated.”

India KYC updates

The Government of India has notified six documents as ‘Officially Valid Documents’ (OVDs) for the purpose of producing proof of identity. These six documents are Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Job Card.

Philippines KYC under review

Under Republic Act 9160 or the Anti-Money Laundering Act (AMLA), banks and other financial institutions, including remittance centers and pawnshops, are mandated to institute “know your customer” (KYC) rules that ensure the legitimate source of funds.

Revisions in Australia

AUSTRAC has revised Chapter 4 of the AML/CTF Rules in a few small but significant ways. These changes came into effect on 16 September 2016.

e-KYC in Thailand

The Bank of Thailand (” BOT “) has introduced a new regulation to facilitate the Know-Your-Customer (KYC) process by using an electronic means (” e-KYC “) for account opening for deposit acceptance or fund acceptance from public.
- archive

Know Your Customer (KYC) Policy
Last Update 1 year ago


Know Your Customer (KYC) procedures are a critical function to assess and monitor customer risk and a legal requirement to comply with Anti-Money Laundering (AML) Laws.
Do you know your customer? You better, if you’re a financial institution (FI) or you face possible fines, sanctions and maybe even public ridicule if you do business with a money launderer or terrorist. More importantly, it’s a fundamental practice to protect your FI from fraud and losses due to illegal funds and transactions.

“KYC” refers to the steps taken by a financial institution (or business) to:

Establish customer identity
Understand the nature of the customer’s activities (primary goal is to satisfy that the source of the customer’s funds is legitimate)
Assess money laundering risks associated with that customer for purposes of monitoring the customer’s activities
To create and run an effective KYC program requires the following elements:

1) Customer Identification Program (CIP)
How do you know someone is who they say they are? After all, identity theft is widespread, affecting over 13 million US consumers and accounting for 15 billion dollars stolen in 2015. If you’re a US financial institution, it’s more than a financial risk; it’s the Law.

The CIP mandates that any individual conducting financial transactions needs to have their identity verified. As a provision in the Patriot Act, it’s designed to limit money laundering, terrorism funding, corruption and other illegal activities. The desired outcome is that financial institutions accurately identify their customers:

A critical element to a successful CIP is a risk assessment, both on the institutional level and on procedures for each account. While the CIP provides guidance, it’s up to the individual institution to determine the exact level of risk and policy for that risk level.

2) Customer Due Diligence
For any financial institution, one of the first analysis made is to determine if you can trust a potential client. You need to make sure any potential customer is worthy; customer due diligence (CDD) is a critical element of effectively managing your risks and protecting yourself against criminals, terrorists, and corrupt Politically Exposed Persons (PEPs).

There are three levels of due diligence:

Simplified Due Diligence (“SDD”) are situations where the risk for money laundering or terrorist funding is low and a full CDD is not necessary. For example, low value accounts or accounts where checks are being on other levels
Basic Customer Due Diligence (“CDD”) is information obtained for all customers to verify the identity of a customer and asses the risks associated with that customer.
Enhanced Due Diligence (“EDD”) is additional information collected for higher-risk customers to provide a deeper understanding of customer activity to mitigate associated risks. In the end, while some EDD factors are specifically enshrined in a countries legislations, it’s up to a financial institution to determine their risk and take measures to ensure that they are not dealing with bad customers.
3) Ongoing Monitoring
It’s not enough to just check your customer once, you need to have a program that knows your customer on an ongoing basis. The ongoing monitoring function includes oversight of financial transactions and accounts based on thresholds developed as part of a customer’s risk profile.

Up to now, regulations call for a risk-based assessment. However, as of January 1, 2017 The New York Department of Financial Services (NYDFS) requires specific measures of transaction monitoring and filtering.

KYC News Around the World
KYC: Knowing Your (Onboarding) Costs

$60 million. $300 million. One month, four months? Welcome to the well-meaning but truly inefficient world of onboarding and KYC — where financial services firms are mired in manual processes and where wait times are forever, and expensive.

The unquenched longing for a transformed KYC and AML solution

In spite of heavy investments, FIs have been unable to optimally counter the growing peril of money laundering. Regulatory fines on FIs for KYC/AML related violations continue to rise.

Push for Aadhaar-enabled e-KYC for digital transactions

Aadhaar-enabled electronic know your customer (KYC) process should be “firmly established” as the acceptable KYC, a panel with representatives from all financial sector regulators has proposed.

US insurers ‘lagging behind’ in fight against financial crimes

Money laundering is an ever expanding problem for the American insurance industry. An increasing number of individuals are using insurance accounts to hide money from federal taxation agencies – and the industry needs to step up and tackle the situation head-on.

MAS to roll out national KYC utility for Singapore

The Monetary Authority of Singapore (MAS) is piloting a national know-your-customer (KYC) utility for financial services, based on the MyInfo digital identity service, jointly developed by the Ministry of Finance and GovTech, the lead agency for digital and data strategy in Singapore.

Average UK bank wastes £5 million a year on manual and inefficient KYYC processes

“The message to all financial institutions is clear: The cost of KYC checks is much too high, placing too much reliance on inefficient and error-prone manual processes,” says Steve Pannifer, COO, Consult Hyperion.

KYC obstacles hamper Mifid II preparations in Europe

Alan Samuels, vice-president and head of product strategy for reference data services at Alacra, said: “There is a clear regulatory need for meeting high standards. This is creating more and more challenges for operational managers to build flexible, scalable processes and systems to be able to address use cases that have not yet even been articulated.”

India KYC updates

The Government of India has notified six documents as ‘Officially Valid Documents’ (OVDs) for the purpose of producing proof of identity. These six documents are Passport, Driving Licence, Voters’ Identity Card, PAN Card, Aadhaar Card issued by UIDAI and NREGA Job Card.

Philippines KYC under review

Under Republic Act 9160 or the Anti-Money Laundering Act (AMLA), banks and other financial institutions, including remittance centers and pawnshops, are mandated to institute “know your customer” (KYC) rules that ensure the legitimate source of funds.

Revisions in Australia

AUSTRAC has revised Chapter 4 of the AML/CTF Rules in a few small but significant ways. These changes came into effect on 16 September 2016.

e-KYC in Thailand

The Bank of Thailand (” BOT “) has introduced a new regulation to facilitate the Know-Your-Customer (KYC) process by using an electronic means (” e-KYC “) for account opening for deposit acceptance or fund acceptance from public.
- archive

sources:  
https://medium.com/@bc.oosterman/kyc-in-3-steps-e38e39e686e1
https://www.trulioo.com/blog/kyc/


Ganun din ang kanilang Terms and Conditions page

Terms and Conditions
Last Update 1 year ago


ACCEPTANCE OF TERMS OF USE

By using this website (“Site”), registering for a Bitstamp Account (“Account”), or using any of our other Bitstamp Services, you ("you, your, or yourself") are agreeing to accept and comply with the terms and conditions of use stated below ("Terms of Use"). You should read the entire Terms of Use carefully before you use this Site or any of the Bitstamp Services.As used in this Terms of Use, “Bitstamp" refers to the company Bitstamp Limited with registered address at 5 New Street Square, EC4A 3TW London, United Kingdom, including, without limitation, its owners, directors, investors, employees or other related parties. Depending upon the context, "Bitstamp" may also refer to the services, products, website, content or other materials (collectively, "Bitstamp Services") provided by Bitstamp........
- archive

Terms and Conditions
Last Update 1 year ago


ACCEPTANCE OF TERMS OF USE

By using this website (“Site”), registering for a Bitstamp Account (“Account”), or using any of our other Bitstamp Services, you ("you, your, or yourself") are agreeing to accept and comply with the terms and conditions of use stated below ("Terms of Use"). You should read the entire Terms of Use carefully before you use this Site or any of the Bitstamp Services.As used in this Terms of Use, “Bitstamp" refers to the company Bitstamp Limited with registered address at 5 New Street Square, EC4A 3TW London, United Kingdom, including, without limitation, its owners, directors, investors, employees or other related parties. Depending upon the context, "Bitstamp" may also refer to the services, products, website, content or other materials (collectively, "Bitstamp Services") provided by Bitstamp........
- archive

source:
https://www.bitstamp.net/terms-of-use/
16  Local / Pilipinas / BDO - BPI - Wirecard $2.1 Billion Fraud Case on: June 19, 2020, 12:40:51 PM
Kakabasa ko lang kanina na "nadawit" ang dalawang bangko dito sa Pinas sa isang malaking case ng fraud.



Summary:

Tumanggi ang Ernst & Young (EY) na siyang auditor ng Wirecard na primahan yung 2019 financial reports nila dahil hindi na matukoy kung totoong may $2.1 Billion silang pera na dineposito sa BDO at BPI.

Ayon sa BDO at BPI, wala daw silang kinalaman sa Wirecard at hindi daw nila kliyente ang kumpanyang ito.

Quote
We are not involved in the Wirecard affairs. Wirecard is not a client. We have no relationship with them. BDO was used and is not party to the issue, ” said BDO president Nestor V. Tan in a statement.

“The document claiming the existence of a Wircard account with BDO is a falsified document and carries forged signatures of bank officers. The matter has already been reported to the Bangko Sentral ng Pilipinas, ” Tan added
 
Quote
BPI is adamant it has no business relationship with Wirecard.

“Their external auditor (Ernst and Young) presented to us a document that claimed that they are a client. We have determined that the document is spurious,” said BPI in a statement.

“We continue to investigate this matter,” it added.



Kung pagbabasehan natin ang statements ng dalawang bangko natin, lumalabas na pinagloloko ng Wirecard ang kanilang mga investors at mga stakeholders (kabilang na ang mga customers).

Wirecard, on the other hand, is also claiming na nabiktima din sila ng fraud. They are implying na someone has fooled them all and stolen the $2.1 Billion funds. While I personally doubt that is the case, hintayin na lang natin ang resulta ng further investigations.

Curious din ako paano kaya nakuha nung forger lahat ng detalye sa mga bank documents ng BDO at BPI. Alam ko visible naman yung mga pangalan ng mga officers sa website pero paano yung ibang documents? Hindi kaya masyado naging pabaya din ang mga bangko?


Additional notes:
  • Wirecard also offers services involving cryptocurrency payments. Check if isa kayo sa gumagamit ng Tenx, TON labs, Crypto.com, Wirex
  • This is not the firs time na nadawit ang Wirecard at kanilang officers for fraud

References:
Code:
https://bilyonaryo.com.ph/2020/06/19/di-namin-kliyente-yan-bpi-denies-hand-in-wirecards-2-1b-missing-funds2/
https://bilyonaryo.com.ph/2020/06/19/updated-bdo-says-its-a-victim-in-2-1b-wirecard-fraud-scammers-faked-our-docs-forged-officers-signatures/
https://www.straitstimes.com/business/banking/wirecard-hits-out-at-fraudsters-amid-search-for-missing-3-billion-suspends
https://www.bloomberg.com/quote/WDI:GR
https://www.coindesk.com/crypto-card-issuer-wirecard-missing-german-enron-scandal
17  Alternate cryptocurrencies / Service Discussion (Altcoins) / Thoughts on Bold browser? - formerly Braver on: June 17, 2020, 09:03:32 AM
Update: Braver is now Bold browser. Read explanations here

For those who haven't heard of it yet, it's a fork of the Brave browser.
If you are wondering why there's a sudden fork, read New stupid/greedy move from Brave Browser

Braver Bold devs plan to keep the privacy features of Brave (built-in ad blocker, Tor, WebTorrent) and removing revenue generating features such as adware, token (BAT), sponsored images, Binance ad, and referral links.

I'm also curious how this would work. Brave CEO already said that the fork won't work without the revenue streams.
Clunk UX sounds like bugs to fix. Please file. But they want to drop several major revenue legs. That leaves nothing but donations for funding. Won't work.

He also revealed that Firefox was able to survive because of the deals it had with Google:
I'm a founder of http://mozilla.org, pulled Mozilla out of AOL, incubated & launched Firefox, had first contact from Google for the 2004 search deal that made Firefox viable via an affiliate code in default UX. Not replicable, forks don't inherit. Open source was not enough.
I was there, I'm telling you straight — ask around. Being a non-profit was not the basis for our survival & growth, the Google search deal was. By mid-2004, we'd used most of the AOL seed funding, only IBM + a few bigs paid for TAB membership. We were going down without Google.

I'm still using brave with disabled ads/refs as Firefox crashes on my device from time to time. I'm personally looking forward to using Braver but it seems like developers will have a tough time here unless they get enough funding. Any developers here who might have an idea how much it would cost to run this?



For those interested to follow the developments on Braver Bold browser, check links below:
Quote

18  Alternate cryptocurrencies / Service Discussion (Altcoins) / CoinmarketCal is now a paid group shill on: May 30, 2020, 01:26:22 PM
Anyone here subscribed to this service?

I subscribed to their telegram channel to get updated with upcoming cryptocurrency events. The platform is actually pretty good that's why I was surprised to see it shilling a paid group - https://t.me/cmcal_bot/13962 (archived)

Yeah, maybe they needed funding from donors and/or sponsors to keep the service going but shilling a paid/pump & dump signal group is a bit low. You might consider switching to other platforms before you get bombarded with similar ads.

19  Economy / Gambling discussion / The Effect of the Bitcoin Halving on Online Casinos on: May 20, 2020, 06:25:45 PM
I just copied the title from a blog I read recently. Basically the writer provided some reasons why online gamblers would use Bitcoin gambling platforms more because of the halving.

Quote
1. Bitcoin Casinos Are Secure

When you gamble online with Bitcoin, you don’t have to share your credit card or bank details with the casino. You deposit BTC straight from your Bitcoin wallet, and when you win, you withdraw to it. The wallet doesn’t give away any details about you, and if a hacker did break into the casino, all they would see is your wallet address and transaction history. Without your private keys, they can’t do anything with your wallet address. Therefore, Bitcoin casinos are safer and more secure than fiat casinos.

2. Bitcoin is Maturing and People Sense It

After the previous two halvings, in 2012 and 2016, barely anyone had heard of Bitcoin. These days, Bitcoin is talked about in the mainstream media often, and the number of users has increased dramatically. Even CNBC hosts and Wall Street legends like Paul Tudor Jones talk about Bitcoin’s bright future. There’s a sense that Bitcoin is reaching a new level of maturity and is being accepted by people who previously dismissed it. Many BTC holders are convinced that institutions such as pension funds will soon buy and hold Bitcoin, so the price increase could be larger than anything we have seen before.

3. Bitcoin Is Changing Gambling for the Better

Bitcoin itself has forever changed money, but it has a number of knock-on effects which are positive for online gambling, too. For example, since all Bitcoin transactions are recorded on the blockchain, it is impossible for rogue casinos to steal your deposits and deny that you ever made them. Likewise, there are now Provably Fair casino games that use blockchain technology and hashing to make sure that game outcomes are truly random and honest. These innovations will clean up casino gaming and squeeze rogue operators out.

1. That should have been "Bitcoin Casinos Are More Secure". Hackers unable to access your personal wallet because they don't have the private key doesn't mean you are already safe. Remember that even some Bitcoin casinos require KYC verification now and if hackers got a hold of your personal info, you are still be a potential target especially if they found out that you hold a large sum of Bitcoins.  

2. Bitcoin survived the "bubble" that's why these guys are now acknowledging Bitcoin in different capacity.

3. I read some articles saying Bitcoin worsened the illegal online gambling situation. This is probably the first one that says it actually makes online gambling better  Grin


The writer went on to add why the halving is special for online gamblers: Potential Gains!
He/She assumes that gamblers will hold their BTC winnings because of the potential that it will pump to $100K or to whatever price as an effect of the halving.

I cannot say that I agree with that assumption. It's a bit of a stretch imo. I mean gamblers are gamblers but they are not necessarily speculators. Some gamblers are probably wiser than others in keeping their winnings but doesn't mean they will save it as Bitcoins. They could easily convert it to fiat and just deposit them into their bank accounts.




Disclaimer: The blog is promoting another casino. I'm not part of that.

20  Local / Pilipinas / Blockchain Technology "AMA" on: May 16, 2020, 05:45:37 AM
This thread is not exactly Ask Me Anything dahil hindi pa naman ako ganun kagaling pagdating sa mga usaping ito. This is more like a Ask The Local Community Anything related sa blockchain technology.

Pansin naman natin na kokonti lang engagement sa mga technical topics dito siguro dahil maraming nahihiyang magtanong. Pagdating sa technical topics, nakakalamang talaga ang mga may background/courses related sa blockchain. Kaya regardless of ranks, Legendary ka man o Newbie, let us use this avenue para mas lalong matuto.

Kung may katanungan kayo sa mga technical terms kagaya ng mga salitang Hash, Hashrate, Nodes, Blocks, Mempool, at marami pang iba, just drop them here. Sabi nga sa isang commercial, huwag mahihiyang magtanong...





Summary of questions and answers from the comment section:

Q: Anong wallet ba ang pwede na makapag-send ng bitcoin to a multiple address kabayan?
A: [1] [2]

Q: Pwede bang mag send ang coins.ph na may script type na Pay-to-Script Hash (P2SH) which starts with 3..sa Bech32 addresses na nag start sa bc1
A: [1] [2] - sundan ang mga sumunod na komento para sa karagdagang talakayan.

Q: Paano natin mapapabilis ang bitcoin transactions natin kapag matagal itong natengga sa mempool?
A: [1] [2]
Pages: [1] 2 3 4 5 6 »
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