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(Aug 25, 2024, 10:50 AM)19689p Wrote: Why are most of these exchanges shutting down? localbitcoin shut down a lot of months ago
My bet is on a lot of pressure from regulatory authorities and police. There has been an absurd crackdown on anything related to crypto that doesn't enforce strict KYC policies. They threaten anyone else with facilitating money laundering and other criminal activity, and few have the legal resources to fight off the long dick of the government when it wants to fuck you.
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(Aug 25, 2024, 03:04 PM)5kidw4rd Wrote: (Aug 25, 2024, 10:50 AM)19689p Wrote: Why are most of these exchanges shutting down? localbitcoin shut down a lot of months ago
My bet is on a lot of pressure from regulatory authorities and police. There has been an absurd crackdown on anything related to crypto that doesn't enforce strict KYC policies. They threaten anyone else with facilitating money laundering and other criminal activity, and few have the legal resources to fight off the long dick of the government when it wants to fuck you.
i think you are absolutely right. Most governments cannot seat down and see a situation where they are not in control of financial exchange and payment settlements
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(Aug 27, 2024, 04:11 AM)19689p Wrote: (Aug 25, 2024, 03:04 PM)5kidw4rd Wrote: (Aug 25, 2024, 10:50 AM)19689p Wrote: Why are most of these exchanges shutting down? localbitcoin shut down a lot of months ago
My bet is on a lot of pressure from regulatory authorities and police. There has been an absurd crackdown on anything related to crypto that doesn't enforce strict KYC policies. They threaten anyone else with facilitating money laundering and other criminal activity, and few have the legal resources to fight off the long dick of the government when it wants to fuck you.
i think you are absolutely right. Most governments cannot seat down and see a situation where they are not in control of financial exchange and payment settlements
It is completely infuriating to watch this play out and they get little to no resistance on it. They have stunted the growth of what could have been an incredible industry for the sake of maintaining power and status quo.
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Just buy a coin with cheap fees and exchange it for XMR. I think changley does it and cake wallet for example
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(Aug 27, 2024, 05:31 AM)Miner21 Wrote: Just buy a coin with cheap fees and exchange it for XMR. I think changley does it and cake wallet for example
The benefit of localmonero was being able to send in cash to someone else and get XMR back. P2P without you having to risk linking your identity to another exchange. Hardest part about crypto is getting into it and offloading it without much of a digital trail. And with just about all fiat to crypto exchanges requiring KYC, places like localmonero and localbitcoins were crucial.
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(Aug 27, 2024, 05:41 AM)5kidw4rd Wrote: (Aug 27, 2024, 05:31 AM)Miner21 Wrote: Just buy a coin with cheap fees and exchange it for XMR. I think changley does it and cake wallet for example
The benefit of localmonero was being able to send in cash to someone else and get XMR back. P2P without you having to risk linking your identity to another exchange. Hardest part about crypto is getting into it and offloading it without much of a digital trail. And with just about all fiat to crypto exchanges requiring KYC, places like localmonero and localbitcoins were crucial.
True, but once a coin is exchanged to XMR it is near impossible to see it after the transaction.
Cashing out from XMR is more tricky. I dont know a great method besides doing it in small chunks, exchanging it to different coins and cashing out at multiple exchanges
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