[...]
one note, just to poke
many exchanges now dont accept credit card, they prefer wire transfer (avoids chargeback scamming)
many exchanges now require KYC which takes upto 24 hours to validate before you can exchange
so ill ask you
When can you go on the Internet and buy Bitcoin in five minutes with your credit card ?
[...]
I said
meaningful hinderances. There are
freakin Super Bowl commercials selling Bitcoin to
millions of people. This sure doesn't look like a country where Bitcoin is banned to me.
And not only not banned, but not hindered in any way such that it would
meaningfully reduce adoption.
And doing a little KYC--which is required for every sort of financial instrument, not just Bitcoin--does not hurt anything.
And for what it's worth, if I understand it correctly, most of that stuff is done
voluntarily by the brokerages to protect
themselves from fraud, not some commandment from the government. At minimum they would have to do at least some checks or they would get ripped off. This is not some government killing their business through regulation specially targeted at Bitcoin because they want to eliminate Bitcoin because it "competes with the dollar" or something.
awww, your so cute..
now your defending the government by trying to sweep things under the rug
you do realise the superbowl adverts dont just appear.. adverts based on bitcoin(now ratified as currency) now have to go through a review by the FTC that regulates advertising for financial services..
so when superbowl advertised a CEX it had to have approval
yes you see it on TV but to get on TV was not just a private deal sponsorship of money changing hands and thats it.. there is more to it no
..
as for exchanges doing kyc. no they dont do it voluntarily to stop fraud..
exchanges have to:
be regulated now
follow the regulations
employ a compliance officer
create policies that meet regulated standards of:
vetting customers ID via official channels
monitor customers activity and flag suspicious activity
log customers activity and keep records for 5-10 years
review suspicious activity for signs of possible law breaking
report highly suspicious activity
should authorities court order it after they review highly suspicious reports received:
provide further data on customers,
lock their accounts
freeze/seize value and pass to authorities
and its not voluntary
yes we are no longer in the wild west where anyone can just set up a swap shop.. but thats the thing, not everyone can just set up a swap shop now..
i am in complete laughter how you started in this forum warning of government oversteps.. but now you are like dont worry about them, their oversteps arnt harmful, hindering, conditional
sorry to inform you but things have changed over the years.. and its time you learn about the changes due to legislation over the years
..
each time a government ratifies bitcoin via legislation those ratifications come with conditions of jurisdictional power that allow governments to then apply new conditions of use by its citizens(either personally or professionally)
but yea i am still chuckling how you first were in uproar about people trying to lobby government for legislative ratification.. and now your like pfft doesnt matter