Robocoin to ban anonymous transactions

[bornil267645]

Regulations force Bitcoin ATM Robocoin to ban anonymous transactions

http://venturebeat.com/2014/11/07/regulations-force-bitcoin-atm-robocoin-to-ban-anonymous-transactions/

[Soros Shorts]

Time to break out the professional disguise kits and the IDs purchased on Silk Road.

[ruthless09]

It is things like this is what is going to give bitcoin a higher level of legitimacy to larger investors that hesitate to invest in bitcoin because of it's negative association with illegal activities

[Azizagoy]

Goodbye to decentralisation and anonymity.

[santaClause]

Goodbye to decentralisation and anonymity.

robocoin is far from decentralized as you need to create an "account" with them prior to buying/selling any bitcoin at any of their machines. I think they partially instituted the policy in order to standardize their customer experience as a user of a machine is suppose to be able to use any robocoin machine to buy or sell bitcoin with their account

[PolarPoint]

Exchanges require user ids a long time ago, robocoin shouldn't be any different. I don't think it will stop money laundering, since launderers wouldn't use bitcoin ATMs anyway.

[QuestionAuthority]

This is good news. You want things like this to happen to spread Bitcoin and make it legit. You'll still be able to buy guns, drugs and rocket launchers through the mail with Bitcoin but the gun runners will have a multitude of places to spend it like cash. Bitcoin is very versatile.

[axel2078]

It's only a matter of time before Bitcoin users are no longer anonymous....at least in the U.S. where our government won't be happy until they control it.

[leopard2]

maybe it is time for Localbitcoin traders to use ATM locations as meeting places   

I thought the Robocoin machines required ID already?!

Perhaps they should move those machines to Mexico and Canada.

[segvec]

Time to break out the professional disguise kits and the IDs purchased on Silk Road.

I'm right with yA Soros.

[bluemountain]

maybe it is time for Localbitcoin traders to use ATM locations as meeting places   

People use LBC because they want to be able to deal with others in a peer to peer fashion. It is up to the other party in the transaction to follow the AML/KYC policies/rules, however I don't think many do.

I thought the Robocoin machines required ID already?!

Most do, however there are 8 that do not require users to provide photo identification.

Perhaps they should move those machines to Mexico and Canada.

There are robocoin ATMs throughout the world. I know for a fact that some are in Canada, but am not sure about mexico

[SideShow]

It could be a signal that other anonymous coins may follow it.

[leopard2]

maybe it is time for Localbitcoin traders to use ATM locations as meeting places   

People use LBC because they want to be able to deal with others in a peer to peer fashion. It is up to the other party in the transaction to follow the AML/KYC policies/rules, however I don't think many do.

I think the key here is that AML/KYC is mostly for businesses while transactions between individuals are usually not affected (except for special items like firearms). So in Switzerland for example there is a 25 000 CHF limit for businesses for anonymous cash transactions. However individuals are not affected, so that a p2p 100 000 CHF cash transaction in Switzerland would be perfectly legal.

in Southern Europe the limits are very tight but discount airfares could solve that problem.

The REAL problem with p2p transactions is the scammers. There is a market opportunity for secured p2p meeting places IMHO (counterfeit checking, escrow et cetera).

[bluemountain]

maybe it is time for Localbitcoin traders to use ATM locations as meeting places   

People use LBC because they want to be able to deal with others in a peer to peer fashion. It is up to the other party in the transaction to follow the AML/KYC policies/rules, however I don't think many do.

I think the key here is that AML/KYC is mostly for businesses while transactions between individuals are usually not affected (except for special items like firearms). So in Switzerland for example there is a 25 000 CHF limit for businesses for anonymous cash transactions. However individuals are not affected, so that a p2p 100 000 CHF cash transaction in Switzerland would be perfectly legal.

in Southern Europe the limits are very tight but discount airfares could solve that problem.

The REAL problem with p2p transactions is the scammers. There is a market opportunity for secured p2p meeting places IMHO (counterfeit checking, escrow et cetera).

You do have a very large risk of scammers when you are dealing with people in a p2p fashion, however you also have this risk when dealing with (what you think is a) business.

AML/KYC laws still apply when people are dealing on a p2p basis, however law enforcement is generally not going to go after you for not following these regulations as most people who participate in p2p transactions are too "small of fish"