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>And if you push it back further and require KYC for every transaction - at that point it's PayPal with an API. Not necessarily, the stellar compliance protoco

>And if you push it back further and require KYC for every transaction - at that point it's PayPal with an API. Not necessarily, the stellar compliance protocol allows firms to set up peering agreements and share KYC information. It would definitely require a shift in the KYC/AML laws to use the compliance protocol as your KYC. We're canada based, so the law may be different in your municipality. Those kinds of peering agreements are how we can get a pseudo-decentralized KYC/AML layer, and "know who our customers transact with". We're not expecting to need KYC for every transaction at this time though.

esotericn 8y ago
So is this a system people can actually use or just an internal settlement layer? If I set up a Foo wallet, and sell some things, and have 10K Foo, and try to cash out 10K Foo, are you going to give me 10K USD, or are you going to ask for a transactional history of the funds (i.e. KYC per transaction)? Basically, is it actually going to be realistic to exercise the cash-out functionality, or is it going to be a theoretical thing that end users in the cryptocurrency space don't actually use? I suppose I have a bias here in that I don't find a non-fungible cryptocurrency useful. I think it's actually negative and creates more problems than it solves.
- traverseda 8y ago
  That's a question the lawyers are negotiating right now, but if we needed to "ask for a transactional history of the funds" our business model would be untenable. We're getting into territory I'm not allowed to talk about now, but note that all the crypto-currency exchanges are operating under a similar "keyhole" principle, of only doing KYC at the withdrawal or deposit steps. >Basically, is it actually going to be realistic to exercise the cash-out functionality, or is it going to be a theoretical thing that end users in the cryptocurrency space don't actually use? If should be a realistic thing, where we have real regulations applied to us and real banking partners that aren't going to suddenly pull their support, and who know exactly what it is that we're doing. Canada is a bit of a different market though.
  - esotericn 8y ago
    I wish you the best of luck.

esotericn 8y ago

So is this a system people can actually use or just an internal settlement layer? If I set up a Foo wallet, and sell some things, and have 10K Foo, and try to cash out 10K Foo, are you going to give me 10K USD, or are you going to ask for a transactional history of the funds (i.e. KYC per transaction)? Basically, is it actually going to be realistic to exercise the cash-out functionality, or is it going to be a theoretical thing that end users in the cryptocurrency space don't actually use? I suppose I have a bias here in that I don't find a non-fungible cryptocurrency useful. I think it's actually negative and creates more problems than it solves.

traverseda 8y ago
That's a question the lawyers are negotiating right now, but if we needed to "ask for a transactional history of the funds" our business model would be untenable. We're getting into territory I'm not allowed to talk about now, but note that all the crypto-currency exchanges are operating under a similar "keyhole" principle, of only doing KYC at the withdrawal or deposit steps. >Basically, is it actually going to be realistic to exercise the cash-out functionality, or is it going to be a theoretical thing that end users in the cryptocurrency space don't actually use? If should be a realistic thing, where we have real regulations applied to us and real banking partners that aren't going to suddenly pull their support, and who know exactly what it is that we're doing. Canada is a bit of a different market though.
- esotericn 8y ago
  I wish you the best of luck.