CipherTrace & Shyft Unveil ID Protecting Solution to FATF Crypto Guidance

[jjbanks994]

The FATF recent nonbinding guidance for cryptocurrency activity really stirred the community especially the part about requiring banks to share any info if transferring more than $1k.

The community should rejoice in knowing that blockchain analytics firm CipherTrace and attestation platform Shyft are developing an proof-of-knowledge protocol which allows crypto service providers to share info without disclosing user identity!

This resembles something like a zero-knowledge proof which involves a smart contract platform shared between exchanges and other relevant crypto service companies. Pretty rad if you ask me!

Would love to know all of your thoughts?


https://bitcoinmagazine.com/articles/ciphertrace-shyft-team-id-protecting-solution-fatf-crypto-guidance

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[ccryptopark]

I am actually quite impressed with their solution to the travel rule compliance. It sounds like Shyft and ciphertrace are doing what they can to create a bridge between users, exchanges and governments esp with the MLAT procedure

[samdan777712]

It's not a good thing. Nothing to rejoice. It's the beginning of them trying to globally outlaw regular anonymous non custodial wallets. The point of crypto currency is protect people from oppressive governments not let them know what you have at all times and have funds stuck in attributed smart contract tied wallets that aren't allowed to send funds to open source anonymous wallets. It's a much more dangerous technology and set of regulations than it seems.

Think about it. They will force this AML technology onto Ledger Nano and Trezor. No one will have protection from state actors anymore. Everyone will be backdoored. The governments will know everything.
I strongly urge you all to look at things like namecoin and RenVM because with the direction this is all headed in, non custodial, non jurisdictional FULLY decentralized exchanges are going to need to become a thing, that means no centralized off chain trading, no centralized server running order matching. A complete decentralized network built right into TOR.

KYC AML is antithetical to bitcoin. Governments will take and take and backdoor and spy and oppress as long as they can. This is the fight for the future of freedom of humanity and people like cyphertrace and chain analysis will sell us out, they are species traitors.

That's the problem. The government wants a back door to everything. It's Sauron level control. It's not a step forward compared to antiquity. In antiquity you could hide in the woods, run away to a new continent, hide gold in the ground. There was some freedom from absolute power. The NSA is building the opposite of that.

[avikz]

It's not a good thing. Nothing to rejoice. It's the beginning of them trying to globally outlaw regular anonymous non custodial wallets. The point of crypto currency is protect people from oppressive governments not let them know what you have at all times and have funds stuck in attributed smart contract tied wallets that aren't allowed to send funds to open source anonymous wallets. It's a much more dangerous technology and set of regulations than it seems.

Think about it. They will force this AML technology onto Ledger Nano and Trezor. No one will have protection from state actors anymore. Everyone will be backdoored. The governments will know everything.

What's the issue in it?? Money laundering and terrorism financing is a big challenge in today's world, can you deny that fact?? When we blame government for non availability of required infrastructure, isn't it our duty as well to remain transparent with the government? Why we need to run out of the legislation all the time?? Why do we need to think of tax evasion?? What's the problem in paying the taxes truthfully??

[figmentofmyass]

What's the issue in it?? Money laundering and terrorism financing is a big challenge in today's world, can you deny that fact??

is it? seriously, what are the facts? is it really necessary to report every personal transaction as small as $1000!? what is that going to accomplish? how is that gonna prevent terrorism? what it will do is create an incredibly large database cataloguing everything you've ever done financially. if the authorities ever want to come after you they'll find something in there.

you forgot to cross a "t" or dot an "i" one time? they're coming for you.

When we blame government for non availability of required infrastructure, isn't it our duty as well to remain transparent with the government?

there are no requirements like this for cash until $10k. why are the reporting thresholds 10x lower for crypto?