Localbitcoins is going down the shit hole

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SilentDreamer

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It would seem that the new verification system that they are trying to implement will be complete and utter dogshit just like with any other bitcoin trading platform. Once it's fully implemented people will no longer have a reason to go to Localbitcoins as they might as well register and verify with a corporate company that does the trading themselves rather than peer to peer yet still having to verify with Localbitcoins and then the seller asking for ID verification too. If Bitcoin ever becomes mainstream it will probably have so many laws slapped onto it that it will be just as useless as the current fiat system.
 
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They announced back in March

"In March, likely in order to comply with “KYC-AML” requirements that are standard at banks and payment companies, LocalBitcoins announced it would be requiring users to provide proper ID in order to conduct trades."

Also

"The latest ban on in-person cash trades forces money passing through LocalBitcoins traders to first move through one of a long list of regulated payments providers."

Source
https://www.crowdfundinsider.com/20...spends-in-person-cash-trades-by-us-customers/
 
All they're trying to do is to completely regulate cryptocurrency so that people won't avoid paying the likes of tax. Not to mention they don't want people trading cash for crypto because a lot of people have cash that the goverment doesn't know about to begin with.
 
it will be still widely used as it's very popular and most people don't know any better
 
What if we made a competitor site that isn't located in America or in Europe and we didn't ask for verifications?
 
I was told that you must pay fee to support those who are inbreaded in good jobs they need your crypto. not sure if this true i just hear
 
Yeah. it looks like the regulators keep a close eye on their exchange. No more easy peer to peer transactions. Paxful is useful.
 
sylvyo said:
exist already, google bisq it's Decentralized exchange no ID needed
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A very poor application, it's almost useless. I find it funny when people recommend things and it's obvious they haven't used what they recommended.
 
SilentDreamer said:
It would seem that the new verification system that they are trying to implement will be complete and utter dogshit just like with any other bitcoin trading platform. Once it's fully implemented people will no longer have a reason to go to Localbitcoins as they might as well register and verify with a corporate company that does the trading themselves rather than peer to peer yet still having to verify with Localbitcoins and then the seller asking for ID verification too. If Bitcoin ever becomes mainstream it will probably have so many laws slapped onto it that it will be just as useless as the current fiat system.
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Most of the crypto trading platforms are doing this because of laws regarding crypto coming into effect, or pending legislation. You could try other crypto currencies which aren't widely known about, that might give you something to work with.
 
SilentDreamer said:
A very poor application, it's almost useless. I find it funny when people recommend things and it's obvious they haven't used what they recommended.
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it exist=recomending?? somebody need to go to school
 
sylvyo said:
it exist=recomending?? somebody need to go to school
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Nevermind but to grab you by the words like you did, it's not a competitor, if it was more people would be using it but it's actually a very poor application. Why is it not a competitor? Well you might learn that in school if you're lucky.
 
Bitcoin is such an awesome way to learn a new way to make money and do transactions other than cash ones. It must be a reason why they implemented the new system. Hopefully it will work out good for everyone involved.
 
Paxful is going down, too. You need to be ID verified to make buy bitcoin listings, even if buying with Amazon Giftcards.
paxful verify.png
 
People can move to other peer2peer exchanges like Fatpurchase instead of waiting on localbitcoins to realize their mistake
 
SilentDreamer said:
All they're trying to do is to completely regulate cryptocurrency so that people won't avoid paying the likes of tax. Not to mention they don't want people trading cash for crypto because a lot of people have cash that the goverment doesn't know about to begin with.
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This is unavoidable.

The government is not going away because of cryptocurrencies. People who believe that are too idealistic.

What will happen is some level of integration and regulation. Cryptos are awesome payment tools, work worldwide, are cheap, etc. This by itself is revolutionary enough.

Taxes and paperwork will not be avoidable just because crypto is a cool technology.

Cewgg said:
it will be still widely used as it's very popular and most people don't know any better
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I for one don't know any better. What's a good LB competitor?

SilentDreamer said:
What if we made a competitor site that isn't located in America or in Europe and we didn't ask for verifications?
Click to expand...

There are plenty.

They usually run off with your Bitcoin and there is nothing you can do because they're outside America and Europe.
 
I know Fatpurchase.com which is Coinpayments official partner. An exchange like that is reputable enough, only that people restrict themselves to the only exchanges they know.
 
SilentDreamer said:
It would seem that the new verification system that they are trying to implement will be complete and utter dogshit just like with any other bitcoin trading platform. Once it's fully implemented people will no longer have a reason to go to Localbitcoins as they might as well register and verify with a corporate company that does the trading themselves rather than peer to peer yet still having to verify with Localbitcoins and then the seller asking for ID verification too. If Bitcoin ever becomes mainstream it will probably have so many laws slapped onto it that it will be just as useless as the current fiat system.
Click to expand...


Monero seems to be pretty stable, maybe look at the options for monero.
 
I have received a message that my account from LOCAL BITCOINS must to be verified until October 01 2019.
Does anyone know if after October 01 can I use just my LOCAL BITCOINS wallet without verification?
Thanks in advanced!
 
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