Bitcoin Thread

[Swa]

VALR fees look way better than Luno. They will need to do some marketing though to grow their base. I only know about it because you guys mentioned it.

They need to do something about their KYC. The whole point of crypto is anonymity so asking for so much personal info isn't going to go down well with most traders.

 

[John Tempus]

They need to do something about their KYC. The whole point of crypto is anonymity so asking for so much personal info isn't going to go down well with most traders.

That wont change since they are dealing with ZAR transfered from local banks.

If they only handled COIN/COIN pairs then any KYC is excessive for sure. This is part of why Binance to date could allow a non KYC accounts since they trade only against USDT/TUSD/etc. all stablecoins which is not direct foreign currency linked to any country.

The KYC when handling national fiat is a minimum requirement otherwise these exchanges would have zero access to banking partners.

PS. VALR KYC is no different than what Luno required so if anything its just as personal as what luno traders had to go through and people are trading on Luno.

 

[saor]

They need to do something about their KYC. The whole point of crypto is anonymity so asking for so much personal info isn't going to go down well with most traders.

Sure but ZAR isn't crypto. Any exchange offering local ZAR deposits and withdrawals will probably continue to have stringent KYC requirements.

 

[Swa]

Luno's KYC is quite different. I only had to do the full procedure for level 3 (which in hindsight was unnecessary) and even that didn't come to the same cumbersome procedure as Valr. If you're just starting out or just dabbling or don't plan on doing immediate ZAR withdrawals you don't even need to verify your identify.

 

[John Tempus]

Luno's KYC is quite different. I only had to do the full procedure for level 3 (which in hindsight was unnecessary) and even that didn't come to the same cumbersome procedure as Valr. If you're just starting out or just dabbling or don't plan on doing immediate ZAR withdrawals you don't even need to verify your identify.

Ok I agree the fact that luno have level1 that just require cellphone but that level is next to useless due to its low maximum withdrawal cap which any semi trader would reach quickly and then would have to verify if they wish to withdraw their funds.

So if thats what you are referring to then yes VALR would get better signup penetration if they offered a similar level structure with capped limits as Luno but I kind of prefer the fact they have one registration process of full verification meaning anyone who adds liquidity would not be some Captain crunch with his R1 portfolio which is basically what you see happening on places like Altcointrader and somewhat to a degree on Luno.

 

[Swa]

Ok I agree the fact that luno have level1 that just require cellphone but that level is next to useless due to its low maximum withdrawal cap which any semi trader would reach quickly and then would have to verify if they wish to withdraw their funds.

So if thats what you are referring to then yes VALR would get better signup penetration if they offered a similar level structure with capped limits as Luno but I kind of prefer the fact they have one registration process of full verification meaning anyone who adds liquidity would not be some Captain crunch with his R1 portfolio which is basically what you see happening on places like Altcointrader and somewhat to a degree on Luno.

Ok true but there's no limit on withdrawing or depositing BTC or ETH. It's not that there's some KYC that irks me but the way it's done. I see no reason to jump through more hoops than what any financial institution that's actually subject to Fica requires. It seems that they're asking for way more info than what's really needed to be compliant and I'm wondering why that is.

 

[John Tempus]

Ok true but there's no limit on withdrawing or depositing BTC or ETH. It's not that there's some KYC that irks me but the way it's done. I see no reason to jump through more hoops than what any financial institution that's actually subject to Fica requires. It seems that they're asking for way more info than what's really needed to be compliant and I'm wondering why that is.

On Luno if you are not verified and you only ever deposit then trade between BTC/ZAR or BTC/ETH and withdraw back to BTC/ETH you will at a random point be asked to verify your account.

It is just not a set in stone rule but I can tell you with certainty even if you never withdraw to ZAR bank account just the fact you keep trading between coin/ZAR and withdraw via coin you will at some random point get asked to verify your account.

I am not sure what you mean with VALR asking for way more than what is required for FICA/KYC ? What did they ask you ? All I had to do to be 100% verified-PLUS is link my phone and provide scan of my passport or ID. They did not even ask for address verification and I am fully verified. That is one step less than what Luno required for full verification ?

 

[Swa]

On Luno if you are not verified and you only ever deposit then trade between BTC/ZAR or BTC/ETH and withdraw back to BTC/ETH you will at a random point be asked to verify your account.

It is just not a set in stone rule but I can tell you with certainty even if you never withdraw to ZAR bank account just the fact you keep trading between coin/ZAR and withdraw via coin you will at some random point get asked to verify your account.

I am not sure what you mean with VALR asking for way more than what is required for FICA/KYC ? What did they ask you ? All I had to do to be 100% verified-PLUS is link my phone and provide scan of my passport or ID. They did not even ask for address verification and I am fully verified. That is one step less than what Luno required for full verification ?

I don't know what you're saying here. So you didn't have to provide a photo or voice sample? When did you register?

I can't see the purpose of such info and it's more than what's needed for Fica. Every formal institution so far has been happy with ID and address alone. Tyme didn't even ask for either.

 

[backstreetboy]

I don't know what you're saying here. So you didn't have to provide a photo or voice sample? When did you register?

I can't see the purpose of such info and it's more than what's needed for Fica. Every formal institution so far has been happy with ID and address alone. Tyme didn't even ask for either.

Strange. Luno asks for a selfie and overseas exchanges I use asked for a selfie while holding my CC.

 

[John Tempus]

I don't know what you're saying here. So you didn't have to provide a photo or voice sample? When did you register?

I can't see the purpose of such info and it's more than what's needed for Fica. Every formal institution so far has been happy with ID and address alone. Tyme didn't even ask for either.

Yes the voice recording I actually like and that has nothing to do with actual verification process but a security measure that they simply roll into the steamlined once off verification process. This prevents anyone from actually doing social engineering to try and get access to your VALR account down the line. They now have a sample of your voice and if someone phones in claiming they need access to their account for whatever reason they can reference a voice sample.

Not sure why this was such a turn off for you considering the security implication it prevents entirely, I thought this was a good thing.

I would prefer by all accounts to not do any sort of KYC verification but if I am to do such verification I actually prefer the VALR approach over any other exchange I have had to do verification for before so kudus to VALR for this.

 

[SaiyanZ]

I wonder why Bitmex is so lenient on signup. You just need an email address and can create an account in a minute and start trading as soon as you deposit. I have 8 accounts now with them.

Only 8 because it seems gmail doesn't allow you to link the same phone number on a different email more than 8 times. Wanted to have 10 to round it off.

 

[saor]

I wonder why Bitmex is so lenient on signup. You just need an email address and can create an account in a minute and start trading as soon as you deposit. I have 8 accounts now with them.

Only 8 because it seems gmail doesn't allow you to link the same phone number on a different email more than 8 times. Wanted to have 10 to round it off.

Possibly have the company in a country with very relaxed trading laws and KYC requirements.

 

[phly]

I wonder why Bitmex is so lenient on signup. You just need an email address and can create an account in a minute and start trading as soon as you deposit. I have 8 accounts now with them.

Only 8 because it seems gmail doesn't allow you to link the same phone number on a different email more than 8 times. Wanted to have 10 to round it off.

The bar has to be super low even for the inexperienced but curious to join in. All they want is for you to trade. They know they will get their share one way or the other. Aim is to just to lure you in and get you to play.

 

[backstreetboy]

I wonder why Bitmex is so lenient on signup. You just need an email address and can create an account in a minute and start trading as soon as you deposit. I have 8 accounts now with them.

Only 8 because it seems gmail doesn't allow you to link the same phone number on a different email more than 8 times. Wanted to have 10 to round it off.

You can just add a dot somewhere in your Gmail address or add +[whatever you want] at the end to have a new address.

 

[John Tempus]

I wonder why Bitmex is so lenient on signup. You just need an email address and can create an account in a minute and start trading as soon as you deposit. I have 8 accounts now with them.

Only 8 because it seems gmail doesn't allow you to link the same phone number on a different email more than 8 times. Wanted to have 10 to round it off.

Bitmex only allows in/out via crypto.

The inverse swaps BTC/USD etc is all on the books and not a physical product.

Remember that swap contracts is not actually buying/selling a product, its is just speculating on up/down of a product so this is why they get away with it and of course jurisdiction they fall under is more lenient.

 

[Swa]

Strange. Luno asks for a selfie and overseas exchanges I use asked for a selfie while holding my CC.

Strange indeed since I've never come across that. Also never did it with Luno or any formal institution.

Yes the voice recording I actually like and that has nothing to do with actual verification process but a security measure that they simply roll into the steamlined once off verification process. This prevents anyone from actually doing social engineering to try and get access to your VALR account down the line. They now have a sample of your voice and if someone phones in claiming they need access to their account for whatever reason they can reference a voice sample.

Not sure why this was such a turn off for you considering the security implication it prevents entirely, I thought this was a good thing.

I would prefer by all accounts to not do any sort of KYC verification but if I am to do such verification I actually prefer the VALR approach over any other exchange I have had to do verification for before so kudus to VALR for this.

In that way it makes sense but they could explain it better. At first glance it seems unnecessary. I haven't decided if I'm going to use them yet and just wanted to see the exchange but it wouldn't even allow me and just redirected straight to the signup and verification.

I wonder why Bitmex is so lenient on signup. You just need an email address and can create an account in a minute and start trading as soon as you deposit. I have 8 accounts now with them.

Only 8 because it seems gmail doesn't allow you to link the same phone number on a different email more than 8 times. Wanted to have 10 to round it off.

Bitmex is registered in the Seychelles. Actually in certain jurisdictions like the U.S. you can't use it due to the KYC issue.

I was wondering how you registered your accounts and why you didn't just use the gmail hack.

 

[SaiyanZ]

Dump time again. Maybe this time it will keep going. Weekly candle is closing in less than 2 hours too so bearish trend has been confirmed.

Expecting another week or two at least of red with those last two weekly candles:

 

[L10Yn]

So this transaction has been processed through the blockchain now for anyone interested, not sure what time exactly

So Payfast replied to an old query of mine and said "Depending on Bitcoin traffic at the time of the transaction the payment should be confirmed within that 10 minutes once the timer starts. Should you have any other queries with regards to Bitcoin processes and time frames please contact Bitcoin directly."

Anyone here know how to contact Bitcoin directly haha?

 

[phly]

So Payfast replied to an old query of mine and said "Depending on Bitcoin traffic at the time of the transaction the payment should be confirmed within that 10 minutes once the timer starts. Should you have any other queries with regards to Bitcoin processes and time frames please contact Bitcoin directly."

Anyone here know how to contact Bitcoin directly haha?

There must be a toll free blockchain number somewhere haha

 

[Superman-7]

Do they maybe mean..Satoshi? I thought he was anonymous!