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Source: erikvoorhees.medium.com ·
Today, ShapeShift is announcing that it has integrated decentralized exchange protocols and is sunsetting its 6+ year business of trading with customers. Because of this fundamental change to our…
Justin Ðrake - @drakefjustin
1 week ago
RT @ErikVoorhees: Tomorrow is here
https://t.co/4y1ril0ftc
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zooko - @zooko
1 week ago
Well this is interesting! https://t.co/n9rovCxkTY
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Neeraj K. Agrawal - @NeerajKA
1 week ago
Power move https://t.co/jJx5NgdCt9
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YT - @coin_artist
1 week ago
You're the MVP @ErikVoorhees
Goodbye KYC @ShapeShift_io
https://t.co/MLE5kdLgS1
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Andreas M. Antonopoulos - @aantonop
1 week ago
No More KYC with ShapeShift by @ErikVoorhees https://t.co/4K9Xm95BHr
🎉
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Chris Burniske - @cburniske
1 week ago
RT @ErikVoorhees: My blog post on the @ShapeShift_io announcement today...
"By embracing the very principles that #Bitcoin brought to the world: decentralization, openness, and immutability, we believe a superior legal and ethical course can be charted with this model."
https://t.co/IfxNYI74V6
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Muneeb Ali - @muneeb
1 week ago
RT @ErikVoorhees: My blog post on the @ShapeShift_io announcement today...
"By embracing the very principles that #Bitcoin brought to the world: decentralization, openness, and immutability, we believe a superior legal and ethical course can be charted with this model."
https://t.co/IfxNYI74V6
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Balaji S. Srinivasan - @balajis
1 week ago
Absolutely phenomenal. A pathway to progressive decentralization.
Many companies may need to do something like this over the next decade. Decentralize, dematerialize. Swing at a ghost. https://t.co/IcaXJxhOH9
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Crypto Bobby - @crypto_bobby
1 week ago
Shapeshift definitegly going to integrate native BTC swaps enabled by Thorchain + liquidity from UniSwap, Sushi, Balancer, etc etc
And if they do, Shapeshift basically becomes a non-custodial, distributed version of what it used to be https://t.co/t7T9MERXEX
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Dan McArdle - @robustus
1 week ago
RT @ErikVoorhees: Tomorrow is here
https://t.co/4y1ril0ftc
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Erik Voorhees - @ErikVoorhees
1 week ago
Tomorrow is here
https://t.co/4y1ril0ftc
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Luchibeluchi
5 days ago
I’ve downloaded the app and there is still KYC request when you try to exchange anything.
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MoneroWTF
1 week ago
Hey this is the same guy that pissed us off before, right? Yeah I still remember 😂
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MrOattee
1 week ago
With wrapped ZEC introduced this could be good news in the face of recent regulatory crackdowns.
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aminok
Platinum | BTC 1321, ETH 1101, CC 422 | TraderSubs 1 week ago
Everyone converging on Ethereum as the decentralized financial system.
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NoShitsGivenAtAll
1 week ago
Imagine how much money they lost to have decided to change their business model. A good example on how more regulations only hurt businesses.
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265
1 week ago
Customers who wish to trade non-ETH assets today can still do so under our old model. This still requires KYC, as we remain the counterparty on these trades. Relatively soon, this service will be retired completely.
Misleading headline. They are quitting exchange business and moving forward with DEX interface? business. Obviously the latter doesn't require KYC.
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BeijingBitcoins
Moderator 1 week ago
Meh. Sideshift.ai has been providing a much better user experience for at least a year.
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Driver4Munny
1 week ago
Im sure erik has enough crypto holdings to comfortably retire on. especially true if he has been holding bitcoin for a while.
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willedandagreed
1 week ago
So shapeshift will cease to exist? If not, I'm interested to learn about their business model.
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heiko272
1 week ago
Nice surprise 😃. I completely quit using shape shift when they implemented the KYC requirement in favor of other exchangers who do not. Maybe a lot of people did that. KYC adds zero value to the crypto space. Only there for overreaching governments that want to watch everything their slaves do.
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TheyThinkImAddicted
1 week ago
So as of RIGHT now I can go to shapeshifter create an account buy LTC for example with my credit card then send them to cake wallet exchange and have 100% anonymite??? Besides that my credit cars will be used?
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markkat -
@markkat
1 week ago
>When an individual is accused of a criminal offense, it may be reasonable to dissolve their privacy to some degree in the search for truth about that offense.
>However, KYC dissolves the privacy not of certain specific individuals accused of wrongdoing, but the privacy of all individuals, none of whom have been accused of anything.
>We can do better than that as a society. Warrantless surveillance of all people cannot be our standard.
So glad to see this view rising up. When so many private and public parties are required to collect my private data, how can it remain private? I've had unemployment claims made in my name this year due to a breach, and it was on me to fight the fraud that would harm me. The collection of private data does not protect us, it results in a honeypot and puts us at risk.
tigereyeTO -
@tigereyeTO
1 week ago
CISO of ShapeShift here.
If our values speak to you, and you're a security researcher - WE ARE HIRING
https://shapeshift.com/careers
In liberty,
--Michael
A4ET8a8uTh0 -
@A4ET8a8uTh0
1 week ago
I assume that Treasury will have their own view of this, but I generally applaud attempts to shake status quo. I will be checking on you guys from time to time now.
brokensegue -
@brokensegue
1 week ago
how will they make money if they aren't involved in the transaction and won't transact with the customers?
jeffreyrogers -
@jeffreyrogers
1 week ago
Seems unlikely that they are actually going to be able to get around KYC.
vlmutolo -
@vlmutolo
1 week ago
Decentralized trading seems like it would be a problem from the perspective of paying your taxes. Or maybe not. Maybe it’s just the honor system.
Keep track of all your assets, what you bought and sold them for, and tell your accountant if you have one. Or learn the tax laws surrounding capital gains.
RcouF1uZ4gsC -
@RcouF1uZ4gsC
1 week ago
Did this get checked by a lawyer before posting?
Reading this, I get the hacker vibe: "The law says this, but I came up with this clever hack so it does not apply to me."
Unfortunately for this view, the law and judges who apply the law care a lot about intent, and are not very impressed by "hacks" of the law. Advertising that you are doing an end-around KYC, is something that a judge will find very interesting if this comes to court.
In addition, KYC is a big priority of the US Treasury department and there is pretty bipartisan support for it.
Basically, the US Treasury Department does not want any company to facilitate large money transfers anonymously. If you are doing that, they will likely come after you, despite whatever clever legal "hacks" you may think you have.
I don't see this ending well.
mbesto -
@mbesto
1 week ago
> Bad guys: we are not your friends. There are various ways of surveilling blockchain transactions that are far more effective than KYC. Not only will we continue to cooperate with authorities where required by law, but we actively collaborate with industry groups to monitor and root out sinister activity. We are here to protect good people, and as such, stand resolutely against evil.
"Against evil"...now where have I heard that before...
Translation: "We, a private corporation, get to determine what good and evil is. YMMV how/why you qualify for either or."
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