wry Posted February 17, 2019 #1 Posted February 17, 2019 One of the main competitors to CoinSwitch, the service that Stake uses to facilitate alt coin deposits, is ShapeShift, one of the first no registration crypto swap sites. As most people know last September ShapeShift gave up that principled stand and started to require Know Your Customer for its users. This was in stark contrast to ShapeShift's own CEO's Erik Voorhees personal principles for privacy in crypto. Anyway, today I saw this news story about ShapeShift rebranding to integrate more of it's services. It didn't really say what it was rebanding to, so we'll see. There were some good quotes from Voorhees and some notes about the current "crypto winter" we seem to be in. Link: https://www.coindesk.com/rethink-renew-shapeshift-ceo-erik-voorhees-to-rebrand-crypto-exchange
nuuuitsjdragon Posted February 17, 2019 #2 Posted February 17, 2019 21 minutes ago, wry said: One of the main competitors to CoinSwitch, the service that Stake uses to facilitate alt coin deposits, is ShapeShift, one of the first no registration crypto swap sites. As most people know last September ShapeShift gave up that principled stand and started to require Know Your Customer for its users. This was in stark contrast to ShapeShift's own CEO's Erik Voorhees personal principles for privacy in crypto. Anyway, today I saw this news story about ShapeShift rebranding to integrate more of it's services. It didn't really say what it was rebanding to, so we'll see. There were some good quotes from Voorhees and some notes about the current "crypto winter" we seem to be in. Link: https://www.coindesk.com/rethink-renew-shapeshift-ceo-erik-voorhees-to-rebrand-crypto-exchange This reminds me of the (borderline-unethical) argument where a previously defined value or morals are compromised in the face of progress (or money). Anybody put into this situation would face a massive decision: To possibly risk hypocrisy and reputation OR to value progress and expansion. The troubles of being human...
Kate Posted February 17, 2019 #3 Posted February 17, 2019 Well the main reason why I think they introduced KYC or Know your Customer in the first place was because they came to know or were alerted that the system was helped for money laundering and hence they implemented this amd drastically reduced the number of customers they got. Coinswitch is now the top no. 1 competitor for this now in my opinion.
wry Posted February 17, 2019 Author #4 Posted February 17, 2019 1 hour ago, nuuuitsjdragon said: Anybody put into this situation would face a massive decision: To possibly risk hypocrisy and reputation OR to value progress and expansion. I think that is EXACTLY what it was. Initially it sounded like the company basically revolted against Voorhees because they wanted to not risk getting in trouble. So happy to get rid of that aspect of the service. It looks like he's come to terms with it however!
nuuuitsjdragon Posted February 17, 2019 #5 Posted February 17, 2019 1 hour ago, wry said: I think that is EXACTLY what it was. Initially it sounded like the company basically revolted against Voorhees because they wanted to not risk getting in trouble. So happy to get rid of that aspect of the service. It looks like he's come to terms with it however! Sad to see such an iconic company amongst the Crypto community be susceptible to such changes too. There is no hope for humanity!
xtinepink Posted February 18, 2019 #6 Posted February 18, 2019 I think most of the exchanges today already requires KYC to its customers, especially if you withdraw or deposit big amounts of btc. Also if you win something with exchange giveaways, you are also required to fill up the kyc in order for you to be given or claim such giveaways.
KiXxnTRiXx Posted February 18, 2019 #7 Posted February 18, 2019 Coinswitch is actually not to bad.. i did create an account with shapeshift after they have decided to implement the KYC policy, which wasnt too much a big deal and was easy to do.. i just dont really use it much as they dont really offer much other options or services.. hopefully this rebranding would add different or new features and services that would make them more attractive for the community to use..
williamshennie9 Posted February 18, 2019 #8 Posted February 18, 2019 I've never heard of Shapeshift, but it seems like it could be healthy competition for coinswitch, especially since no registration is required. That really makes things much easier, especially of people who want to do once off transactions. Let's see what their rebranding does
Featured Comment
Archived
This topic is now archived and is closed to further replies.