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Author Topic: Localbitcoins confirms ID verification and one account per person  (Read 175 times)
audaciousbeing
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May 15, 2018, 05:49:36 AM
 #21

https://localbitcoins.com/gdpr

Most people knew this was coming but here's the confirmation anyway. ID verification will be required when you hit certain volume limits. Thank the EU rather than them. I presume this'll speed up decentralised options.

We had seen this that it will come and its happening but the people to be blamed is who I won't subscribe to because the EU cannot just come up with rules and regulations without having something to rely upon. We have read about several activities perpetuated on that platform, disputes that is left with the moderator to decides who is right and wrong without any deep investigation while they frustrate every move to get external help from the police simply because they have nothing to give.

Even though ID verification would come eventually, it should not be this early and the people I blame are those who have turn the crypto market into a funnel of scam, to carry their activities without any fear of being caught because there is no data of them that can be used against them and they can create so many accounts using disposable emails once one account is busted those are the people to be blamed and not EU or any government agency.

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May 15, 2018, 10:56:56 AM
 #22

https://localbitcoins.com/gdpr

Most people knew this was coming but here's the confirmation anyway. ID verification will be required when you hit certain volume limits. Thank the EU rather than them. I presume this'll speed up decentralised options.

Dang, one account per person as well as a lot stricter KYC, it really means that the EU is regulating crypto trading platforms with much more force than before. Hopefully it doesn't turn into a ban altogether in the future, because I can only see these regulations getting stricter.

They actually started limiting people before the new terms were updated, as well.

those are the people to be blamed and not EU or any government agency.

Whatever reason these regulations are for, it's definitely not to address scammers. LBC was functioning perfectly with its escrow system to deter scammers, and I don't see how forcing people into ID verifying at certain limits would do anything to the scamming problem (which was pretty much nonexistent on LBC anyways) on a large scale.

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May 15, 2018, 11:42:55 AM
 #23

Localethereum time gents...

Works on a smart contract, you don't need to wait 1 hour for your deposit and doesn't need KYC. I messaged a couple of the top sellers in my region and they are all moving over.

Was a good run.

The reason why Localbitcoin is now asking for ID is to avoid regulatory problems. How sure are you that Localethereum will not be pressured by the regulators to do the same? Is the service decentralized? But what about the website, it can be taken down or given a cease and desist order.
Probably will be gone in 1-2 years, but for now we have to migrate to localeth, maybe in another couple of months, there will be another site.

The price on keeping your anonymity is high nowadays.
Well said.

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May 15, 2018, 11:51:39 AM
 #24

But what about the website, it can be taken down or given a cease and desist order.

There are options beyond vanilla websites. People are trading via Telegram groups and so on. And why the hell aren't more operations using Namecoin .bit based sites? That's a censorship resistant option right there.

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May 15, 2018, 07:37:04 PM
 #25

Even with the perfect functionality it is unable to safeguard its user community from the scammers who make traps in different ways. One such is creating accounts and scamming with ease and leaving it. Now, if the single account is made effective the security of the users get enhanced to some extent.

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May 15, 2018, 07:47:12 PM
 #26

I think it's more an excuse to introduce an anticipation, something they planned to add long ago and are using this to make 2 in 1 shot
By the way, anyone knows what is this limit in term of volume traded?
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May 15, 2018, 10:37:29 PM
 #27

By the way, anyone knows what is this limit in term of volume traded?

I haven't seen a figure named anywhere which I think is a bit uncool myself. I would guess that it's similar to the 10,000 Euro limit where they start getting weird about bank accounts in the EU too, or maybe they'll equate it to cash in which case it's even lower.

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May 16, 2018, 01:35:57 AM
 #28

And why the hell aren't more operations using Namecoin .bit based sites? That's a censorship resistant option right there.

namecoin isn't intuitive or easy to use. the wallet sucks; there's just no usability to drive adoption. people squatted lots of domains on the chance that it would take off, but it never did. based on my last look at the protocol a couple years ago, there was hardly anyone in the world set up to actually view .bit sites. a few thousand people maybe. i think it's safe to say that namecoin is a dead project.

in reality, most people just don't care very much. it usually takes the government years to shut anything down or force compliance. once that happens, people tend to just hop on the next centralized alternative. Undecided

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May 17, 2018, 08:36:31 AM
 #29

anyone knows what is this limit in term of volume traded?

Nobody knows, nor is it stated clearly in their new terms and conditions. You could have a ban going on you at any moment, and you'd have no chance to argue against it, as long as they think that you're trading with "significant trade volume". It's a completely one sided judgment, if you know what I mean.

For me, the restrictions came onto my account when my trade volume was just around 2-3 BTC or so, over the lifetime of the account. No way was I even an active trader, but they still decided that my volume was significant.

And that's the thing, they should at least tell you when the requirement for verification will come. That way, people don't get a nasty surprise one day but can know in advance. But hey, everything in the EU is tighter now and probably is going to go in that direction in the future as well.

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May 17, 2018, 06:36:38 PM
 #30

Ok I see. Like we say in my country 'It depends how cute you are'
Then who is going to use a platform if at any time you may be forced to verify (for guys who don't want to give personal info I mean)
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May 17, 2018, 11:35:21 PM
 #31

There is not a compulsory ID verification for all accounts,and even if you do,you need to disclose your details of you and your bank,every time you do a trade. As it is,its a crypto-fiat trade and not a crypto-crypto trade. This might actually be  better for your future trades.

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May 18, 2018, 09:46:57 AM
 #32

There is not a compulsory ID verification for all accounts,and even if you do,you need to disclose your details of you and your bank,every time you do a trade. As it is,its a crypto-fiat trade and not a crypto-crypto trade. This might actually be  better for your future trades.

When you want to post you trade on localbitcoins. You need some amount of bitcoin in your LBC wallet along with you need to share the ID documents and phone number to verify there. If you want to sell your bitcoin to some trader in your location also you need to the get verified if the concern trader have the rule to verify the doc before open the trade.
If you verify your document with LBC you will not be shared to anyone mate. Please do not sell or buy bitcoins in your country's local exchanges.


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