I disagree. The financial system is rigged, the people running it are evil, and giving them any say over how we run Bitcoin seems shortsighted. What we should do is distribute freedom technology and NEVER comply with anything that even smells like their ridiculous orwellian control again.
Everyone keeps complaining about how nostr:npub1sqzr42dj8vx32yd5jcvvl3ytux45kl0etgf6y2ymjvmd7lqmuwmqk9vk7v has to implement some form of KYC to be able to keep operating under the Swiss law.
While I’m not a huge fan of KYC either, I believe it’s a necessity to keep a business running (of course) and to get #bitcoin to the masses.
In my opinion Bitcoin should be regulated in some way at least. Otherwise we’ll never have mass adoption.
Ofcourse there are still other ways to stack sats, but I don’t have any experience with them. I might check them out some day…
I like ease of use, good customer service and a respectable team. In my opinion, as a European Bitcoiner there’s no better service out there (yet?)
I’ll keep using Relai for now.
But you do you.
✌🏻
#bitcoin #btc #kyc #relai #relaiapp #buybitcoin #stacksats
Discussion
So the solution would be for us to shut down, lay off 30 people and abandon our 100+K users?
It doesn't sound reasonable
It's understandable that you won't let go everything you've built up to now. It's just sad for the users who are here especially for the no-kyc option.
Unfortunately, this is the fate of many bitcoin apps, except maybe for the services focused on privacy, but they have fewer users, each service has its downside.
Yep. I totally get their decision tbh. But Relai remains a good service.
You had years of looking at how other exchanges did it.
You chose stakes in fiat, instead of a Bitcoin P2P foundation when your whole business revolves around Bitcoin which allows for P2P, global transactions regardless of the who or where. You could offer a permissionless, open service with amazing UX. Be sovereign. Instead, you'll likely always be at the whims of your fiat masters.
This KYC push was just an initial step for them, and it set a precedent. As we've seen in the past they will pressure you until you're snuffed out.
I am Bitcoin-only, I don't shitcoin and don't even have an avid history with it, but there's a reason the shapeshift exchange is still around today. Years ago they faced the same issue, and realized they had to build into their backend a P2P option. Their exchange went offline for a good few months IIRC, but that downtime allowed them to rebuild, and nowadays they offer both No-KYC and KYC options - This to say, it always stuck with me how this allowed them to take control of their own longevity. No matter how much they have to swap around KYC providers (by being blocked off, or regulatory pressure, or otherwise) their users always have an option, and they will remain in business. Is it infallible? No no, they're not open enough for that. But they're in a much better position to be if the time came.