[ANN][NIM] - Nimiq - The Browser Based Blockchain

[bitgangsta]

Nimiq won't transfer Net to Nim.  Sounds like a lawsuit.

[metallicelmo]

Sure they will change NET to NIM, that's the whole point of the project and the ICO

[F2b]

I don't understand... Why do they care about that? I mean, the KYC. Cryptocurrencies were creater to avoid states and régulation. Why do they need this?
I assume that I don't know the legislation over there but it's quite confusing...

[Wekkel]

There is probably a chance that swapping a token would be some kind of ‘issue’ event for securities law or something, requiring KYC. I wonder whether some smart fellow will set up a private swap pool for US residents to do the swap for them.

[danspasiva]

I don't understand... Why do they care about that? I mean, the KYC. Cryptocurrencies were creater to avoid states and régulation. Why do they need this?
I assume that I don't know the legislation over there but it's quite confusing...

This is because they are concerned that their token will be labeled as a security in the future.  Right now it is unclear what specifically the us regulatory authorities will do in regards to this, but there are some positive signs coming out recently that not all ICO will be considered securities, and that even a new asset class will be created just for cryptos.

[polylogic]

KYC - Know your Customer, just google it...

so to get our NIM we have to send you our data?!

how is the network goin to work? ....
"sorry to create a wallet you need to send us your id"
"sorry, please fill out these forms to participate in mining"
"sorry, to collect your mined coins please fill out these forms and proove that you are allowed to circulate the coin"

i know you try to follow the rules ... and i understand that we dont want anyone here financing some terror and yes this is a browser based blockchain and no cryptocurrency but how is the service going to make up for the loss in financial freedom we get when sending our documents?

btw, thats why i advertise deeponion!

[vitamilk]

looks good. i need japanese translation. if you have it.

[greml]

KYC - Know your Customer, just google it...

so to get our NIM we have to send you our data?!

how is the network goin to work? ....
"sorry to create a wallet you need to send us your id"
"sorry, please fill out these forms to participate in mining"
"sorry, to collect your mined coins please fill out these forms and proove that you are allowed to circulate the coin"

i know you try to follow the rules ... and i understand that we dont want anyone here financing some terror and yes this is a browser based blockchain and no cryptocurrency but how is the service going to make up for the loss in financial freedom we get when sending our documents?

btw, thats why i advertise deeponion!

Well, if this the case then this project is more than dead.
The reason why crypto exists is because no one should control over our own money.
But if i have to send my ID to you and fill out stupid things to mine and collect my money then why should i use your service?
Not only do you have my ID and thats terrible enough but also you can control me and my money. No thanks.

[F2b]

KYC - Know your Customer, just google it...

so to get our NIM we have to send you our data?!

how is the network goin to work? ....
"sorry to create a wallet you need to send us your id"
"sorry, please fill out these forms to participate in mining"
"sorry, to collect your mined coins please fill out these forms and proove that you are allowed to circulate the coin"

i know you try to follow the rules ... and i understand that we dont want anyone here financing some terror and yes this is a browser based blockchain and no cryptocurrency but how is the service going to make up for the loss in financial freedom we get when sending our documents?

btw, thats why i advertise deeponion!

Well, if this the case then this project is more than dead.
The reason why crypto exists is because no one should control over our own money.
But if i have to send my ID to you and fill out stupid things to mine and collect my money then why should i use your service?
Not only do you have my ID and thats terrible enough but also you can control me and my money. No thanks.

This is exactly what I think. Maybe my previous post was not very clear, but this one is a good summary of what I think about all this administrative problems.

[altcoiner555]

You people are idiots. The KYC is not for creating a wallet or mining. It's for initial swap participants and is same as ICO T&Cs. The regulators are cracking down, all ICO/swaps will have to do this or risk being delisted, shutdown, fined or imprisoned.

[IMZ]

Calling people 'idiots,' altcoiner555? Thanks for that!

There are, I feel, a range of questions that the devs should be here answering right now.

[Wekkel]

The matter is quite clear: KYC will be required for swapping a NET token for a Nimiq token. If local law prohibits someone from such swap, no swap for him. Complain to your local legislator if you do not like this. And send me your cheap NET tokens by dumping them 

[Nimiq]

KYC - Know your Customer, just google it...

so to get our NIM we have to send you our data?!

how is the network goin to work? ....
"sorry to create a wallet you need to send us your id"
"sorry, please fill out these forms to participate in mining"
"sorry, to collect your mined coins please fill out these forms and proove that you are allowed to circulate the coin"

i know you try to follow the rules ... and i understand that we dont want anyone here financing some terror and yes this is a browser based blockchain and no cryptocurrency but how is the service going to make up for the loss in financial freedom we get when sending our documents?

btw, thats why i advertise deeponion!

Well, if this the case then this project is more than dead.
The reason why crypto exists is because no one should control over our own money.
But if i have to send my ID to you and fill out stupid things to mine and collect my money then why should i use your service?
Not only do you have my ID and thats terrible enough but also you can control me and my money. No thanks.

This is incorrect. To comply with regulation you have to do KYC to use our NET-to-NIM replacement tool. This doesn't mean you have to do KYC to create a wallet, send/receive NIM or to use any app from the Nimiq Ecosystem. If you join our community you'll find this project is far from dead

[Nimiq]

Calling people 'idiots,' altcoiner555? Thanks for that!

There are, I feel, a range of questions that the devs should be here answering right now.

Please go ahead and ask them

[IMZ]

Calling people 'idiots,' altcoiner555? Thanks for that!

There are, I feel, a range of questions that the devs should be here answering right now.

Please go ahead and ask them

Firstly, what documents and information constitute 'KYC'? When Bittrex launched an enhanced-verification project last year, they arrogantly assumed that their KYC processes encompassed every national-postal-address system on the planet. As a consequence, I experienced days of drama -- locked out of my account.

If 'KYC' remains a set of unknown documents/information, then where do I stand? Do I hold on to my tokens until the conversion begins, only to find that I am simply unable to 'KYC'?

Secondly, check the latest Vlog. A Nimiq team member is seen making little electronic hats for little electronic heads. Meanwhile, both this thread and the Reddit have token holders expressing concerns about losing their holdings -- ??

[salary123]

Calling people 'idiots,' altcoiner555? Thanks for that!

There are, I feel, a range of questions that the devs should be here answering right now.

Please go ahead and ask them

Firstly, what documents and information constitute 'KYC'? When Bittrex launched an enhanced-verification project last year, they arrogantly assumed that their KYC processes encompassed every national-postal-address system on the planet. As a consequence, I experienced days of drama -- locked out of my account.

If 'KYC' remains a set of unknown documents/information, then where do I stand? Do I hold on to my tokens until the conversion begins, only to find that I am simply unable to 'KYC'?

Secondly, check the latest Vlog. A Nimiq team member is seen making little electronic hats for little electronic heads. Meanwhile, both this thread and the Reddit have token holders expressing concerns about losing their holdings -- ??

KYC is the policy and trend that all governments use to "protect" people. I miss the old "de-centralization"

[Nimiq]

Calling people 'idiots,' altcoiner555? Thanks for that!

There are, I feel, a range of questions that the devs should be here answering right now.

Please go ahead and ask them

Firstly, what documents and information constitute 'KYC'? When Bittrex launched an enhanced-verification project last year, they arrogantly assumed that their KYC processes encompassed every national-postal-address system on the planet. As a consequence, I experienced days of drama -- locked out of my account.

If 'KYC' remains a set of unknown documents/information, then where do I stand? Do I hold on to my tokens until the conversion begins, only to find that I am simply unable to 'KYC'?

Secondly, check the latest Vlog. A Nimiq team member is seen making little electronic hats for little electronic heads. Meanwhile, both this thread and the Reddit have token holders expressing concerns about losing their holdings -- ??

I can feel your frustation. We are doing KYC only for users using our NET-to-NIM replacement tool because for Nimiq Foundation to be encompassed on a safe road to mainstream adoption (from all regulations perspectives). We are not fans of KYC and know it can be a frustrating process so we are trying to keep it as easy as possible while still complying to regulations.

We are still defining the KYC provider. We have narrowed it down to a few of them and we are analyzing the best fit to a global userbase. We expect an easy-to-follow (other than excluding US citizens). We will inform more details as soon as we have definitive information from our KYC provider.

Yes, so you noticed the identicons. Identicons are a huge UX accomplishment that makes us and our community super proud. Join our telegram or discord groups to discuss about it and understand while this aspect lowers barriers of entry to newcomers.

Do you have any specific concerns about 'losing your holdings' from s technical point of view if you have NET tokens there is no way to lose them unless you lose your private key. No vulnerabilities on the smart contract or ways for anyone to steal your NET, so there are no real ways of losing them.

[Nimiq]

Calling people 'idiots,' altcoiner555? Thanks for that!

There are, I feel, a range of questions that the devs should be here answering right now.

Please go ahead and ask them

Firstly, what documents and information constitute 'KYC'? When Bittrex launched an enhanced-verification project last year, they arrogantly assumed that their KYC processes encompassed every national-postal-address system on the planet. As a consequence, I experienced days of drama -- locked out of my account.

If 'KYC' remains a set of unknown documents/information, then where do I stand? Do I hold on to my tokens until the conversion begins, only to find that I am simply unable to 'KYC'?

Secondly, check the latest Vlog. A Nimiq team member is seen making little electronic hats for little electronic heads. Meanwhile, both this thread and the Reddit have token holders expressing concerns about losing their holdings -- ??

KYC is the policy and trend that all governments use to "protect" people. I miss the old "de-centralization"

Decentralization and KYC and non related matters. A centralized network can use KYC at some point in its evolution and this doesn't mean it has any of the flaws or disadvantages of the centralized economy.

[IMZ]

Calling people 'idiots,' altcoiner555? Thanks for that!

There are, I feel, a range of questions that the devs should be here answering right now.

Please go ahead and ask them

Firstly, what documents and information constitute 'KYC'? When Bittrex launched an enhanced-verification project last year, they arrogantly assumed that their KYC processes encompassed every national-postal-address system on the planet. As a consequence, I experienced days of drama -- locked out of my account.

If 'KYC' remains a set of unknown documents/information, then where do I stand? Do I hold on to my tokens until the conversion begins, only to find that I am simply unable to 'KYC'?

Secondly, check the latest Vlog. A Nimiq team member is seen making little electronic hats for little electronic heads. Meanwhile, both this thread and the Reddit have token holders expressing concerns about losing their holdings -- ??

KYC is the policy and trend that all governments use to "protect" people. I miss the old "de-centralization"

Decentralization and KYC and non related matters. A centralized network can use KYC at some point in its evolution and this doesn't mean it has any of the flaws or disadvantages of the centralized economy.

Your reply, nimiq, is polite. Thank you for that. But my concern remains: conversion approaches. You can't tell me what the KYC will involve. And I don't think the dev team has handled the issue at all well.

'Decentralization and KYC [are] non related matters.'        I'd like to go on the record: I agree with salary123: large numbers of people handing over data -- which we can only assume is being stored, and perhaps made available to government agencies -- may reasonably be seen as an instance of 'centralisation.'

[Brilliantrocket]

I hope the team will move to PoS as soon as possible to avoid the ecological impact BTC  have now