I have been advised of the following:
1. No you cannot offset the responsibility of KYC/AML to anyone and you are the sole responsible. What can happen is that you can enlist the services of an entity that you trust would do a good job at KYC/AML, but if they fak up then it's your ass. All you can do is chase them back for some of their fees. So you should know what your target audience is and make sure your payment processor has good experience in the countries where they accept payment from.

I agree PayPal is not seller friendly and it is the worst service on this planet and I will not use it nor do I recommend any seller use PayPal for any reason whatsoever. I was just giving an example. I am still looking for a good payment processor that does AML?KYC if you know any.

2. The laws go deep into the substance of the ICO and not the form of ownership of the token to determine whether it is a security or not, and they err on the side of the more conservative interpreation.

Some of them are securites some of them are not securities, depending on what you are selling, this regulation classifies ICOs in 3 groups:

https://www.finma.ch/en/~/media/finma/dokumente/dokumentencenter/myfinma/1bewilligung/fintech/wegleitung-ico.pdf?la=en

What I want to know though is that since PayPal accepts now to be the payment processor for ICOs (check this link: https://parkgene.io/parkgene-ico-now-accepting-paypal-payments/)

does this mean that if we want to make an ICO, we do not need to worry about KYC/AML anymore? PayPal takes care of this for us?

I am looking to start a project and I need to receive the payments in fiat in order to pay others definite amounts not subject to market fluctuations. So I want to use the services of a payment processor where people can pay whith any method they want, and the payment processor will give me the money in fiat.

I do not want to focus the limited resources that we have on AML/KYC and storing people's personal information possibly for no reason at all. One of the reasons is that possibly 99.99% of the exisiting methods of identify verification being used by ICOs et al. can be tricked very very easily in so many ways.

Then I read this PDF and it seem on page 7 they mention that some payment processors actually do provide the AML/KYC service. Link to PDF: https://www.finma.ch/en/news/2018/02/20180216-mm-ico-wegleitung/

Can anyone please confirm that this is indeed the case?

And can we really "offset" the responsibility of AML/KYC to someone else while at the same time continue to provide the person-that-we-don't-know with goods and service?

I like very much the comment that large blocks help a 51% attack,.

Could someone please explain more these points:

1. "BTC developers are getting rich pretending ..." what does this mean, unlike DASH, there is no percentage for developers is there?

2. "Moving data to LN is killing the block chain": is the lightning network structured in a consensus manner similar to the block chain? so effectively it becomes a Block-Tree not a single chain, but still every spur is agreed upon before moving on to the next?

I think there is something more than meets the eye on Dec 22.

Before Dec 22: i used to be able to buy on one exchange and sell on another, make a few bucks. There ALWAYS room to do this with a few coins on every exhange.
After Dec 22: as if by magic, the price of each and every coin on each and every market is within very very thin limits

not sure how this happened, but it did and you can check obviously.

did I post in the wrong forum? 

I am considering to setup a crypto-currency exchange, like any of the existing exchanges.

I have done initial research and found the following:
1. The biggest risk is chargebacks which can be done even with bank wire transfers. This can be mitigated by instating time delays, or by automatic withdrawals from the deposited bank account into another bank account.
2. The fees charged by the banks for the use of the APIs for the automation of the banking/fiat part of the exchange exceed the commissions charged by the exchange, hence the need for additional fees, say $60 etc per transfer.

For the above two reasons, to start with, I do not want the exchange to send/recieve fiat, only crypto; and also to start with, I do not want to list bitcoin or any expensive or highly volatile crypto, say we list a few low cost "alt coins", with all due respect to each community.

Does anyone have the technical know-how to guide me through setting this up?

I am assuming I will need to rent rack space in a physically secure data center, and bandwidth, and separate hardware for each currency/block chain, and a high speed server running the exchange software in php.

Any pointers to clean / reputable hardware / software / service providers?

Thank you

Hi thanks for the clarification but back to the question: can he or can't he make an ASIC for bitcoin gold?

Technical question: with the new BiTG = Bitcoin Gold forking to make it ASIC resistant. And given that Scrypt was once ASIC resistant, would you or your chip supplier be able to make an ASIC for Bitcoin Gold?

Betacoin was advertised on this website: https://cryptocurrencytalk.com/topic/1443-betacoin-bet-information/

The .info url is working: https://betacoin.info/

My Chinese is not that good to understand the two other coins:
http://betacoin.org/
http://betacoin.cc

With the .info one, they say I need to open a wallet online.

I have an old wallet.dat for this coin from 2013, I also have a copy of the wallet but it is not finding any sources to synch with

What happenned to this coin and how to synch the old wallet with the networks?

Genesis Mining has tanked



Warning to anyone advertising affiliate codes: you are bringing liability onto yourself by enticing people to invest in a fraud

Genesis Mining has tanked
https://imagebin.ca/v/3cVaubb0nHZu

I'm not being negative guys, just asking the questions to understand. Less difficult alt coins are even cheaper, i buy 1 LTC and exchange to those, will get heaps of each.

The problem is: to secure the coins against the exchange's CEO stealing everything, I will need to download the block chain of each alt coin. This has to be on a very fast SSD, minmum 1 TB for all the coins. I could safeguard each wallet.dat and delete the wallet, but that means I can't buy again more of that coin unless i reinstall and download the block chain.

Everything seems easier than mining 24/7.

I just bought 1 LTC from kraken for $54. So let's say that's the equivalent of 1.85 LTC had i paid $100 which is the cose of the miner. If I placed these $54 (or $100 for argument's sake) on the miner, would I have been better off? I'm finding it hard to work out the true ROI, assuming the price of LTC/USD does not change over time.

Just checked bitmain: L3 504Mhs for 2200 USD.

100 x USB miners = 500 Mhs
100 x $80 = $8000

L3+ @ 2200 USD, even if it is a cashed page, is 400% cheaper.

Coinbase: when I purchased, it said the coins are in my wallet "instantly". When I read your message about missing out due to delays, I did a withdrawal from coinbase to my local wallet and it came through in a few seconds.

What did you mean by missing out?


Cex.io fell in the same basket as Kraken.com in reviews: people seem to be coming to b$tch about them on bitcoin talk in order to get their support tickets resolved and both have reduced their functionalities to reduce the work load. Didn't seem too shiny.

I signed up at coinbase and made a purchase. Their commission was more than 4% though.

Why do the ICOs want us to go via bitcoin? why wouldn't they take credit card payment directly? I'm sure thee-commerce part of a website is standard off the shelf so it can't be offsetting the financial part

Some friends and I decided to buy bitcoin becasue we want to buy into one of those ICOs. This task should be simple but we're almost giving up.

Localbitcoin or similar services want 4% commission (that's $160 at $4k/bitcoin). Sounds a bit high or is it normal?

We tried to use credit card on some websties but the transactions get declined by the banks stating they do not do business with bitcoin. We will have to do EFT @ $60 fee per transfer.

Then the question: bitstamp.net and wex.nz are $500 off per bitcoin, we can make money buying on one exchange selling on another.

What is the simplest most secure way to buy bitcoin and where is the best place to do so?