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9 days until the crypto industry must verify the identity of anyone sending $1,000 or more

Discussion in 'BlackHat Lounge' started by Meddie, Jun 13, 2019 at 12:22 AM.

  1. Meddie

    Meddie Jr. VIP Jr. VIP

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    In just nine days, new rules by the Financial Action Task Force on Money Laundering (FATF) will force cryptocurrency businesses in roughly 200 countries to verify the identities of anyone sending or receiving more than $1,000 worth of digital assets, effectively nullifying their pseudonymity.

    A number of US-based firms have responded by exploring the viability of a “global parallel system” that would allow the world’s cryptocurrency exchanges to share data in a bid to remain compliant, Bloomberg reports.

    https://thenextweb.com/hardfork/2019/06/12/bitcoin-cryptocurrency-fatf-regulation/amp/
     
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  2. royserpa

    royserpa Jr. VIP Jr. VIP

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    Hahahhahahaha

    I can accept btc in my store with my own btc addresses and no one can do crap about it...

    This might only affect you if you use third party balls-licking services that might enforce that. But if you accept btc with your own wallets, there's nothing they can do about it.

    So, what I suggest is NOT to use third party services like coinbase commerce or woocommerce and anything similar to that. Learn to code and use your own btc addresses. Thats the only way to be safe
     
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  3. RankingViews

    RankingViews Jr. VIP Jr. VIP

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    So Blockchain people are OK now, they already verified their identity for $50 worth XLM :D
     
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  4. terrycody

    terrycody Elite Member

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    What a hun, disaster!
     
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  5. welneto

    welneto Jr. VIP Jr. VIP

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  6. warnet

    warnet Newbie

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    in other words they want to tax and regulate the heck out of digital coins.
     
  7. Justkulboi

    Justkulboi Regular Member

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    ...but people can create fake identities?
     
  8. NX_NULL

    NX_NULL Regular Member Premium Member

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    They can only force it on exchangers, US exchangers probably get the hardest part of this impact
     
  9. TheKingSlayer

    TheKingSlayer Newbie

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    Still much better than GayPal IMO :D
     
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  10. royserpa

    royserpa Jr. VIP Jr. VIP

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    they can go after "payment processors" like woocomerce and coinbase commerce sites that accept crypto.

    The safest way to accept crypto? Bulk generate addresses and find a way to track transactions and confirmations.

    Also, it may also hurt sites like localbitcoins etc :/
     
  11. AestheticHustler

    AestheticHustler Registered Member

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    I hope this message will cause BTC to drop significantly so we can all buy BTC in a few weeks for a cheap price x)
    Waiting for a few months so the situation will calm down and hope it will go up again..?
     
  12. royserpa

    royserpa Jr. VIP Jr. VIP

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    That and maybe ther eis a mt gox sell out. Making room to buy btc later :D
     
  13. AestheticHustler

    AestheticHustler Registered Member

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    Let's hope.
    Either way, I need to get a 3.5k$+ transaction done before the "deadline"..

    My bank specifically, for example, has blocked Coinbase verifying bank account / bank account since a few months, hence I'm not able to buy BTC anyways.
    I can only receive and then cash out per PayPal or keep it.. ^^ (so for me nothing big changes)
     
  14. NX_NULL

    NX_NULL Regular Member Premium Member

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    There are many open source bitcoin payment processors, Any one can make and run his own or use the existing open source ones. Only at exchange level this can be applied. Since exchangers need bank account for changing crypto to fiat money. This wont affect crypto to crypto exchangers.
     
  15. royserpa

    royserpa Jr. VIP Jr. VIP

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    Cool. What are some examples of open source btc payment processors?
     
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  16. NX_NULL

    NX_NULL Regular Member Premium Member

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    BTCpay
     
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  17. royserpa

    royserpa Jr. VIP Jr. VIP

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    Any other options you may suggest?
     
  18. zinsok

    zinsok Newbie

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    That is bad news. Crypto dying slowly.
     
  19. franz119

    franz119 Regular Member

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    Motherfucker, where did the purpose of using these cryptos has gone then? these mf's.
     
  20. franz119

    franz119 Regular Member

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    And how about if you just pay, $900 and another $600 for a $1500 payment?