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It already is. You cant buy one without KYC. Unless you go to "dark" places where you may or may not get scammed. Unless you already have cryoto then ofc you ca
by noxer 6y ago
It already is. You cant buy one without KYC. Unless you go to "dark" places where you may or may not get scammed.
Unless you already have cryoto then ofc you can exchange it but most people need a fiat on-ramp.
- RealityVoid 6y agoDon't be silly, of course you can. It's inconvenient, but not impossible. ON/OFF ramps are the parts that they could regulate but the tighter they squeeze, the better the circumvention methods will be. I think HN really overestimates the ability of states to keep this under wraps and underestimate the ability of the ecosystem to adapt.
- noxer 6y agoName one place where you can buy BTC with fiat without KYC.
- danlugo92 6y ago1) bisq 2) sign up to a kyc exchange. Exchange small amount. Contact someone who is willing to exchange outside of the platform, maybe someone with a high reputation.
- noxer 6y ago3) Lose all your money - deserved for being this stupid. The only reason someone sends you money back after you irreversible send money to them is if they are even more stupid than you.
- randomopining 6y agoThat's what I don't understand. How could you possibly exchange crypto for fiat in a completely safe/foolproof way? The person gives you fiat, you can say no. You send the person crypto first, they say no. Because it's not physical, there's no way to wrestle it from the person or whatever...
- RealityVoid 6y agoEscrow. First BTC I bought, circa 2013, I met with a guy and gave him physical money. He then released the escrow.
- randomopining 6y agoBut how do you confirm that you are in ownership of the only private key? Since transactions take too long you can't just send it.
- RealityVoid 6y agoHe doesn't give you the private key, they usually are held by the exchange, local bitcoins, par example. You could do an escrow system where you send the btc to a wallet that you need 2 of 3 private keys in order to move the funds. You, the seller, and and escrow arbiter. The seller moved the funds to the wallet, you give him the money and then with his key and your key you move it to your wallet. In case of conflict, the arbiter can step in and decide. I am sure with eth you can do even _more_ clever things. Whomever says you can't do trustless transactions just shows lack of imagination.
- randomopining 6y agoYeah but don't you need always need a centralized arbiter to guarantee the exchange? Not verifying the transaction, which of course is done decentralized.
- RealityVoid 6y agoYou would need an arbiter, or some system to do the arbitrage, for sure, but it need not be a _centralized_ arbiter. If you kick the can down the road and enough across sufficiently many actors you could get a fair, or, well, at least, predictable, system. Some sort of voting/staking consensus system might work quite well for this. Might not sound like a lot, but, IMO, it is.
- RealityVoid 6y agoHuobi, last I checked. localbitcoins, I think ? ( huh, such a blast from the past - they now have some sort of KYC but I think it's soft)
- noxer 6y agoHuobi needs KYC. Localbitcoins is more like localscamers.