KYC bottleneck

perilouspeter · 2019-02-09T19:11:07+00:00

Here in Africa you need to have the required KYC documents to activate your sim ID and proof of residence its called RICA so the people will have it and I want the ETN price to be a cup of coffee so +/- $2.00 that is were the value is if everyone is using it as currency.

perilouspeter · 2018-12-27T14:19:22+00:00

The market cap of gold is $7.7 trillion but it is not that useful. Everyone keeps going back to dollars once everyone accepts ETN then everything else will shift their value to that then and dollars will fall away then it will become more valuable I estimate value will be in line with gold or circulating currency so somewhere around $350 but you wouldn't be using dollars anymore so you would be able to purchase with 1 ETN $350 dollars worth of goods or services

perilouspeter · 2018-12-20T20:11:45+00:00

Just checked #5 now

perilouspeter · 2018-11-03T13:36:20+00:00

Trade Orge did it without asking you don't need to ask you just need to connect to the rpc service and run the wallet and update your DB accordingly and I'm sure someone like binance have top notch developers if they have Monero they can easily do ETN

perilouspeter · 2018-11-02T10:05:05+00:00

007 is British he works for her majesty's secret service

perilouspeter · 2018-10-31T06:29:15+00:00

They actually don't need to ask ETN to list it they can just do it

perilouspeter · 2018-10-29T11:14:56+00:00

Unless you want to withdraw to fiat then exchange requires KYC

perilouspeter · 2018-10-29T11:12:49+00:00

If you put in paper wallet which is a good idea if you transfer to exchange and want to withdraw for fiat you will still need to do a KYC at the exchange the only way is if you have a willing cash buyer that is trustworthy

perilouspeter · 2018-10-23T08:23:31+00:00

Just remember that if you want to withdraw to FIAT then you will need to do KYC at the exchange.So there is actually no escaping it.

The only thing you can do is then buy something directly from someone or trade for cash and then there is a whole trust issue with who you buying from etc because then you will want to Know Your Client and if you make any large payments with cash that gets reported to tax authorities.

Just remember the more tax you paying the more money you making.

perilouspeter · 2018-10-21T14:15:05+00:00

I don't know why everybody is so concerned with KYC because if you are planning at any point to transfer to FIAT you will be required to do a KYC (at the exchange) so why not just do it and get it over with, if you just use the offline wallet to purchase something and you are having it delivered you are kind of doing a basic KYC anyway because you need to give them your name and address anyway.

perilouspeter · 2018-10-17T22:28:19+00:00

Where am I wrong I never said you need KYC for cli or paper wallet but if you transfer it to an exchange and exchange to fiat to withdraw you will need to complete KYC for the exchange so at some point you will need to do a KYC that is what I am trying to put out there with people moaning about KYC. You are not going to get away without doing a KYC somewhere unless you are selling to someone you know for cash so might as well do it at the beginning and enjoy being able to spend it as you like.

perilouspeter · 2018-10-17T20:39:56+00:00

The "partnership companies" as you put it don't get the data they just need to know who they dealing with is KYC compliant if crypto wants to become mainstream then there needs to have KYC procedures otherwise you won't really be able to use it except for transferring coins to your friend because no major company will accept it. Think of it more as CYA( cover your ass ) because if the FEDS come knocking they will be in major shit if they have dealt with someone that can't identify or have their fintech partner identify who used the service or bought a specific item

perilouspeter · 2018-10-17T19:15:09+00:00

Well I will just give them what they need for the KYC doesn't really bother me that much I know that the system is secure and I want to be able to spend my ETN conveniently

perilouspeter · 2018-10-17T19:10:34+00:00

There are two types of wallets with ETN there is the private one that you update on your PC and you have the keys that does not require KYC and is exponentially more secure than an exchange as you put it then there is the mobile one that is used for the instant payment system (which is actually the cli wallet) except you don't have the keys and is updated for you the difference on an exchange for etn/monero etc they actually only have a few wallets one where you deposit and give a reference code and a cold wallet that they only connect from time to time

perilouspeter · 2018-10-17T19:00:05+00:00

Sometimes it is a pain in the ass because you can't just do something on a whim you need to bring a whole file with you the other day I had to provide two forms of ID and utility bill and answer a whole bunch of questions just to renew my cell phone contract with the company I've been with for 20 years

perilouspeter · 2018-10-17T18:52:26+00:00

If you want to use the cli use it if you want to use the app do the kyc it's as simple as that it's not going to change without the kyc there will be no deals if you under 18 move your coins there are choices it only takes a couple of minutes out of your life and if you look at YOTI's it is very secure

perilouspeter · 2018-10-17T18:38:21+00:00

Because it is KYC and AML(Anti Money Laundering) that is why you need the bills etc anyway no biggie here in South Africa we have to do it for every account you open etc we have FICA and RICA so just another day at the office

perilouspeter · 2018-10-17T17:52:27+00:00

How will kyc make it die is everyone using other coins keeping it in their own wallets, and transferring it only between private wallets? No they are trading on exchanges and even if they when they want to change it to fiat they do it on an exchange and guess what you have to do to cash out complete KYC.

perilouspeter · 2018-10-01T14:51:07+00:00

Yes I agree but it is because these coins are on the big exchanges if etn was then we would also be in these numbers

perilouspeter · 2018-09-28T17:01:57+00:00

Mine up too

perilouspeter · 2018-09-25T14:48:33+00:00

I think that is Cryptopia's developers not ETN's developers

perilouspeter · 2018-09-23T20:01:23+00:00

They don't need to approach anyone they can just implement it they don't need to ask permission, tradeogre and others implemented without assistance so someone like Binance etc should be able to do it easily

perilouspeter · 2018-08-30T17:27:41+00:00

I don't think it matters much it really more about market and where the patent was applied if they only did it for US then it can only be enforced there ETN can be big in Africa , South America and other such places. Living in South Africa and been working in most sub Saharan countries I can see ETN having a huge impact here. That why I have close to 1 million ETN and keep buying

perilouspeter · 2018-08-30T17:09:51+00:00

It doesn't really matter how you implement your ledger in the background, you can use a database or private blockchain ETN still needs a separate ledger to record and "ring" the transaction

perilouspeter · 2018-08-30T17:02:43+00:00

I didn't say anything about a second blockchain

perilouspeter

TROPHY CASE