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> Err.. aren't these guys going to run into regulatory problems? You need a license to sell this in the US. We've had some conversations with our legal team at
by auston 9y ago
> Err.. aren't these guys going to run into regulatory problems? You need a license to sell this in the US.
We've had some conversations with our legal team at Cooley & some conversations with outside counsel at Goodwin Procter. They have not been able to reach consensus on whether we fall within regulatory oversight. Until then, we're not going to be selling anymore in the United States. It comes down to whether this is art or a collectible or not. We're working on it & have stopped sales for the time being. :)
> Not to mention selling crypto with credit cards is a great way to go broke unless you own the keys like Coinbase does.
This is a fair point, there is actually trust on both sides of the relationship here - we're trusting that our customers will not chargeback & they're trusting us not to steal their keys.
> Also, why would you trust the keys they are sending you? Having someone else generate a wallet for you then sending it to you via a USB key sounds very very bad.
We originally thought so as well. When we sold a bunch we were surprised & started talking to our customers. It turns out, they don't want to go through the hassle of finding a wallet creator, disconnecting their computer from the internet, generating a wallet, writing down private keys or mnemonics & securing them.
You can think of this kind of how car dealerships don't run their own mail servers anymore or pizza places don't run their own instance of a bind DNS server. They want the convenience of not having to worry about it.
We're currently working hard on a v2 that makes it a bit more secure while maintaining usability.
> I don't get this.
We really didn't either, but the people that have trusted us with their money helped us understand this: Everyone who is working on cryptocurrency projects is suffering from the curse of knowledge [1] - most of them don't care about the end user.
1. https://en.wikipedia.org/wiki/Curse_of_knowledge https://en.wikipedia.org/wiki/Curse_of_knowledge