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...on exchanges. They don't ban the coins and their private usages, they ban them on exchanges.

by karel-3d 1y ago

JSR_FDED 1y ago
What are the implications of that?
- deleted 1y ago
  [deleted]
- RalfWausE 1y ago
  If you stay within the crypto-economy (e.g. buy stuff with coins from places who also only deal with coins) nothing prevents you from doing so.
  - alexey-salmin 1y ago
    Right, and laws like this slowly severe the ties between the crypto-economy and the real world. In the end you'll be able to exchange coins for other coins but by itself it's meaningless.
crimsoneer 1y ago
Wasn't this essentially illegal already due to KYC regulations?
- actionfromafar 1y ago
  I believe it was this: https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
- omeid2 1y ago
  No, because KYC is about the customer, not product. In the same way that you're not required to sell only trackable microcontrollers for example, only that you can show who you sold them to, not where they went onwards.
plsbenice34 1y ago
Based on all the other comments it seems like nobody else understands this. Funny. People will just (legally) use decentalised exchanges to convert between monero and bitcoin so it won't have much impact
- out_of_protocol 1y ago
  How do you do that on DEX?
  - plsbenice34 1y ago
    There are several models. Haveno already works by providing p2p multisignature escrow. With this design, you need to match with an individual and do a direct exchange. There is a Tor-based application BasicSwap has another model with noncustodial atomic swaps and some sort of decentralised orderbook. I expect that Serai will be much more effective than those. It will launch soon with a liquidity pool design, similar to Uniswap for Ethereum. With this model, other people can profit by providing liquidity for pools. It will be very easy for anyone to initiate a trade and do an exchange for a different currency from the pool. It will be incorporated into the most popular mobile app Cakewallet, so it should be accessible even for non-technical users and quickly gain adoption. I think this has the potential to provide an even more convenient, generally superior experience compared to centralised exchanges.
93po 1y ago
soooo we need blockchain based exchanges now? haha

...on exchanges. They don't ban the coins and their private usages, they ban them on exchanges.

JSR_FDED 1y ago

What are the implications of that?

deleted 1y ago
[deleted]
RalfWausE 1y ago
If you stay within the crypto-economy (e.g. buy stuff with coins from places who also only deal with coins) nothing prevents you from doing so.
- alexey-salmin 1y ago
  Right, and laws like this slowly severe the ties between the crypto-economy and the real world. In the end you'll be able to exchange coins for other coins but by itself it's meaningless.

crimsoneer 1y ago

Wasn't this essentially illegal already due to KYC regulations?

actionfromafar 1y ago
I believe it was this: https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng https://eur-lex.europa.eu/eli/reg/2023/1114/oj/eng
omeid2 1y ago
No, because KYC is about the customer, not product. In the same way that you're not required to sell only trackable microcontrollers for example, only that you can show who you sold them to, not where they went onwards.

plsbenice34 1y ago

Based on all the other comments it seems like nobody else understands this. Funny. People will just (legally) use decentalised exchanges to convert between monero and bitcoin so it won't have much impact

out_of_protocol 1y ago
How do you do that on DEX?
- plsbenice34 1y ago
  There are several models. Haveno already works by providing p2p multisignature escrow. With this design, you need to match with an individual and do a direct exchange. There is a Tor-based application BasicSwap has another model with noncustodial atomic swaps and some sort of decentralised orderbook. I expect that Serai will be much more effective than those. It will launch soon with a liquidity pool design, similar to Uniswap for Ethereum. With this model, other people can profit by providing liquidity for pools. It will be very easy for anyone to initiate a trade and do an exchange for a different currency from the pool. It will be incorporated into the most popular mobile app Cakewallet, so it should be accessible even for non-technical users and quickly gain adoption. I think this has the potential to provide an even more convenient, generally superior experience compared to centralised exchanges.

93po 1y ago

soooo we need blockchain based exchanges now? haha