I just feel sorry for Simplecoin users

[cheezcarls]

Simplecoin, a cryptocurrency mining platform with a focus on accessibility, will be shutting down in the new year.

According to a press release via the company, Simplecoin will be shutting down on January 1, 2020. This is due to the European Union’s eventual implementation of a new Anti Money-Laundering Directive, which will force Simplecoin to adhere to new know-your-customer (KYC) and anti-money-laundering (AML) policies. The platform, based in the Netherlands, will have to change its policies to comply with this legislature, which stands against what Simplecoin believes in.

Source link here

I know how it feels that things won’t last long, especially for Simplecoin.

Shame on these regulations, as Simplecoin cannot see themselves complying with the KYC and AML policies. Simplecoin users may have until the end of the year to withdraw their earnings.

However, they have stated that “it’s not over yet” for them, as they may be coming back in the near future with a different approach. I just don’t know what would that be, but I just hope that they won’t get into regulatory trouble if they are to open again.

I would like to hear about your reactions about this guys. Thanks!

[Dickiy]

this is very disappointing to the people who mine it and may support it to believe it, because in mining that I know requires a lot of funds

[Aabcde]

That's the life cycle. We do not know when a project will end, sooner or later, that there will all be times. I don't know anything about simplecoin, but after I open the website, they are very professional and kind. They have provided shutting down information so that the members can make the right decision to withdraw the money as soon as possible. If judging from this, clearly this is not a scam team. goodluck!

[ecnalubma]

Then why its hard for the comply with government regulations? Its a pain in the ass that every business should be registered or comply with regulations to consider legitimate operations. No businesses will have a hard time as long as they comply with standard rules.

[bitcampaign]

while other projects that are dead suddenly come back to life because they want to celebrate the party in 2020, while this project will instead shutting down in early 2020, but this is needed where we also have to respect every government regulation, there is no harm in following the rules very easier it is than having to close it

[crwth]

Just like in the article, there would be two sides to the feeling of having the regulations implemented. Both AML and KYC policies are heavily needed to prevent possible scams and other types of illegal things that could be done when using cryptocurrencies. That's one of the most concerns of people who are yet to be exposed in the cryptocurrency space, knowing that a lot of people have experienced being scammed, and the exchange wants to prevent that for sure.

I'm just curious as to why are you sorry for them? It's bound to happen when you are not going with the policy that governments imply. It's for the benefit of users altogether.

[o48o]

Then why its hard for the comply with government regulations? Its a pain in the ass that every business should be registered or comply with regulations to consider legitimate operations. No businesses will have a hard time as long as they comply with standard rules.

It's just against some peoples ideology, as they think they can get around regulations even though they are centralized. Not sure why they think that thought process would hold any water. Only truly decentralized projects can fight the regulations, and when it comes to fiat ramp, their users will face centralization / regulations sooner or later.

[naikturun]

yes they seem responsible, even though most of the projects that will be closed due to lack of funds or greater expenditure just disappear without telling the news, we must pay respect to projects like this.
I think they have a reason for doing this, but we must respect their decision.

[maxreish]

The group has been looking for alternatives, but none have come to fruition. Due to this, users will have until December 20th to withdraw their funds. After this date, wallets and the entire platform will be shut down for good. That said, users also have until the end of 2019 to delete their account information, as a basic version of the website will remain available until then.

Unfortunately, unexpected things happen. I am just wondering how they couldn't rely on the new policies about KYC thing. If that coin has a good cause and has a sincere platform, they will gonna comply to the new regulations.
Anyway, at least they've reminded investors to pull out their fund before they'll shutdown. Another altcoin thay failed to succeed.

[Lagduf]

Simplecoin, a cryptocurrency mining platform with a focus on accessibility, will be shutting down in the new year.

According to a press release via the company, Simplecoin will be shutting down on January 1, 2020. This is due to the European Union’s eventual implementation of a new Anti Money-Laundering Directive, which will force Simplecoin to adhere to new know-your-customer (KYC) and anti-money-laundering (AML) policies. The platform, based in the Netherlands, will have to change its policies to comply with this legislature, which stands against what Simplecoin believes in.

Source link here

I know how it feels that things won’t last long, especially for Simplecoin.

Shame on these regulations, as Simplecoin cannot see themselves complying with the KYC and AML policies. Simplecoin users may have until the end of the year to withdraw their earnings.

However, they have stated that “it’s not over yet” for them, as they may be coming back in the near future with a different approach. I just don’t know what would that be, but I just hope that they won’t get into regulatory trouble if they are to open again.

I would like to hear about your reactions about this guys. Thanks!

It looks very sad to see that but at least the simple coin developer still stands with its philosophy about privacy is something that has needed by almost a lot of people. As long as they are still taking care with their users and that's a good attitude that already shown by the team. Just stand against the upcoming regulation has already shown their intention to create an ecosystem which was putting the privacy above of anything.
they must be appreciated by us

[LouVandetta]

Well, they can't do anything about it. Especially if one of their feature is privacy and anonymity. And it looks like miners would like to keep it that way, but regulation requires them to have Know-your-customer thing, am I getting it right? I hope they come to a new alternative way to avoid shutting-down for good. And when they come back with a new different approach in the future they won't have any problems anymore with regulation and the likes.

I'm feeling sad for the users that has been using simplecoin since ages ago, everything will turn out fine, I hope so.

[Kemarit]

Oh well, if they can't adapt to the growing regulations, then there's no way for them to survived.

I lauded them though, they didn't buckle down on these government pressures and just chooses to shutdown eventually. And that is part and parcel of crypto, we all know that most of the services do have good intentions from behind. But when government intervenes, they screw up  everything.

And for sure they are not the last, many will fold with this new policies of enforcing KYC/AML.

[Coyster]

Though i do not feel sorry for them, but I understand what they are trying to do after going through that article, their platform is refusing to bend to the policy of compulsory KYC, I do not support KYC, neither do i encourage it's forceful implementation.

But most of this platforms are not to be trusted and there are so many scammers, KYC though not being so good, can help in getting a hold of scammers, so it also has its good benefits for all,  it's up to them to either go with the regulations or not, they chose not to, and I'm curious as to why they did so.

[BitHodler]

Not much to feel sorry about. I think that we haven't even seen the worst of what regulators will subject this space to, especially with how hard it has grown in the last couple of years. No way they will ignore it for ever.

People should know by now that these things happen. This is exactly why I'm not using any service that has a high potential of ending up like this. Is it fair? It's not but we all know too well that regulators couldn't care less.

[Strongkored]

Why feel sorry?, in my opinion no one is harmed because Simplecoin has good intentions by announcing the problem at hand and giving members time to get their money.
In the future there will definitely be regulations to narrow the crypto's movement, but it is not impossible that the reverse can also occur.

[danherbias07]

However, they have stated that “it’s not over yet” for them, as they may be coming back in the near future with a different approach. I just don’t know what would that be, but I just hope that they won’t get into regulatory trouble if they are to open again.

I have heard this statement once and it had been a year.
Already forgot that name of that altcoin that I have been holding. Don't want to dig into my etherscan transactions anymore.

But the same thing is what they stated.
They already made their own exchange and then suddenly they have been stopped because of regulations too.
"We will be back." More like an Arnold Schwarzenegger film to me. 
They wont be. Efforts are already lost and they might be looking into another way on how they could just make something out of all those money.
Maybe just go home and enjoy it.

[alg0mizer]

Another one project from top 200+ cmc are gone

[nicolas1979]

Manage risk is very important to protect our asset and as limit for our profit. Many project ended not because they can handle the system but red market become their serious problems. Every result only have small value and there's no solution about it. Simplecoin is really good project and I hope new project will come with more powerful system but also has solution about handle risk.

[Genemind]

It's still a hopd thing that they're giving a guarantee and an assurance that they will still operate in the future. It's just quite disappointing for most users who have exerted an effort for simplecoin. Just don't lose hope, try to find another opportunity and good projects in the market. That's the reality here in crypto, we'll never know which one would end surprisingly.

[btcdie]

It is unfortunate, for sure the supporters of the project are currently disappointed with the news / incident. crypto is really needed by this world, but the government is against it all, arguing that it is very vulnerable to crime. it is appropriate that the Simplecoin project will be closed, opposing the government is indeed very difficult or even nearly impossible, but at least this kind of event is as soon as possible to find a solution, so that supporters are not disappointed. one way in my opinion to solve the problem by moving or operating outside the scope of these rules.