Nostr Web Client

Any crypto company that operates within the United States and does transactions from cash to crypto(like the Primal iPhone app does) is required to have some minimum information. However, it’s not fully KYC because they aren’t verifying that information with a government ID because you can’t cash that out from Primal to USD or some other currency. Only exchanges are fully KYC. The Primal app is a one way purchase. For now at least. And like I said you can put in whatever information into those fields you want and there’s no verification of that info. So.. lie.

vincenzzo 1y ago

Sorry for late reply. Busy busy. I appreciate your views.

The requirement for KYC just means the surveillance is at a lower level than Primal and Stripe govt. Question is are they companies deliberately inserted to surveil a new tech space? I think possibly. It is how govt likes to work.

Fully KYC or not these things tend to change incrementally. The boiling lobster thinks it's having a relaxing spa til it ain't anymore.

Also newbs will enter real data and eventually it could deny access unless you verify email and perhaps more. One user I spoke with here on Nostr said he was unable to withdraw funds also without registration. Havent corroborated that fully so it's dubious but something to keep an eye on.

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Discussion

cl0ak 1y ago

Usually for any type of withdrawal to fiat, you're going to run into KYC. In the U.S. especially you're unable to sell crypto and withdrawal fiat unless KYC is implemented because of capital gains tax. Government gotta get their piece of the pie. There's just no sure fire way of using an app to pull out fiat from crypto without it. Those types of exchanges get shut down almost immediately. That's why so many on here advocate for the use of BTC as a currency instead of swapping back and forth to fiat. Swapping back and forth to fiat eliminates the point of BTC as a whole.

vincenzzo 1y ago

Good point. BTC only avoids the issue. I'm not there yet 🫣