Post
Topic
Re: ⚡[ANN] TOKENPAY ⚡ THE WORLD'S MOST SECURE COIN ⚡ TOKENSALE DECEMBER 7TH ⚡
by
TokenPayDerek
on 20/11/2017, 12:59:52 UTC
I Initially liked this product, especially the privacy features.

But I am calling B.S on buying a bank and then looking into a debit card.

Not trying to FUD, if you read my earlier posts on this topic I supported the idea but the DEV cannot explain how he expects to have a total privacy coin, while at the same time maintaining KYC rules in order to team up with a card issuer.

You have 2 opposing forces at work there, the privacy side of the coin vs the total transparency for the Card side of things.


You CANNOT have both, and Dev has failed to explain how or why this will work, privacy AND transparency KYC Regulations.



Actually, you can have both.  All of these crypto's are like cash except that some track every IP address and some do not (that is us).  Cash itself is extremely anonymous yet when you have to pay bills when a bank is involved you have to comply to their and the governments rules.  Now, if you have a network of ways to be able to pay for stuff using cash and cash only then you can remain private forever, however, the systems in place today for cash makes it hard to do that.  With Crypto it is much more possible than cash.  You can earn crypto spend crypto never have anyone know your ip address (like ours given TOR integration) and as long as more and more consumers and merchants accept and transact in this way it becomes more and more anonymous.  Nevertheless, when you need to pay a bill via a bank or you want to buy a large asset such as a house unfortunately today it is difficult to do that with ONLY crypto.  In the future it becomes more and more of a possibility but right now today 99.99% of real estate is done via fiat.  So, if you were to link crypto to your bank account today and transferred from say coinbase 100k to your bank account, I can assure you they will hold that money and potentially close your bank account.  The goal here is that our bank would understand you are a crypto holder from day 1.

Then you have to consider how privacy jurisdictions work this is where the full privacy and anonymity comes into play to make all of the aspects of what we have today and what we plan to have provide a whole solution.