6 ms·

Having no KYC process is "building useful stuff"?

• __alexs 4y ago
  It is the payments are in XMR.
  • KronisLV 4y ago
    >> Having no KYC process is "building useful stuff"? > It is the payments are in XMR. If you mean Monero, isn't that just asking for trouble? As in, you'd be supporting a cryptocurrency that has a history of often being used for illicit purposes (as many unfortunately are), with no KYC processes in place, non-compliance for which has historically resulted in some pretty hefty fines by the powers that be as well: https://shuftipro.com/blog/record-breaking-fines-on-banks-for-kycaml-non-compliance/ https://shuftipro.com/blog/record-breaking-fines-on-banks-fo... Assuming that the protocol/platform works out and assuming that you don't attract the attention of neither nefarious individuals, nor regulatory bodies, nor media that would lead to one or both of the former, it would probably be fine, but that's a lot of "if"s. It makes me feel dirty that nowadays the choice is between large orgs that can ban you and kill your business with a (possibly automated) wave of their finger, and between oftentimes shady platforms, using which is just asking for trouble.