I like COSS but I think that new KYC is very bad and that it will damage a project. You have to do KYC for Crypto to Crypto trades. Not many people will want to do that...
Thanks for the comment! I can’t speak authoritatively about any of this (again, not a spokesperson) but I do know that COSS spent a very long time tailoring their new KYC policies to be in compliance with very strict securities laws globally so that they wouldn’t run into problems once Fiat was up. Keep in mind that COSS is largely a platform for running ICOs, which have VERY high KYC standards or else face the wrath of the SEC. There is going to be a lot of legal change in the upcoming year or two globally and COSS has every intention of surviving it. Many of the exchanges that are currently up aren’t in compliance with the law in some of the territories they’re running in and you can’t be holding that much money and playing fast and loose with your taxes and securities policies without anyone noticing. Anyway, all of the exchanges have hoops you have to jump through with KYC and approval times. But they’re still just launching these features and I’m sure policies will change over time to respond to the market.
No business minors for me, just a healthy interest in just about everything. I don’t care much about being rich but those student loans would be nice to take care of.
Read it this morning and am glad you just got yourself a job! What do they add in comparison to other exchanges? I'm a bit lost in the world of exchanges :D Congrats and enjoy your crypto career! I'm learning slowly but surely myself too :-)
Thanks! I don’t think I’m at career status yet but fingers crossed! COSS is definitely pushing the boundaries of what exchanges are capable of. A big part of the appeal is that they run ICOs on the platform, which is way more secure and trustworthy than sending some ETH over to a random wallet based on a white paper. I won’t contribute to random ICOs otherwise because of the lack of security and the dubious legality, but COSS does the vetting for you. Of course that’s not a substitute for doing your own due diligence and the COSS ToC is pretty clear about that.
They’re also aiming to build a merchant portal, which could be a game changer not just for them but for crypto in general. Their whole thing is making crypto more user friendly for a non technical audience. It’s hugely ambitious but I really believe in them.
Sometimes I think Rune and the team have never used other exchanges as they want to do things their own way. But stealing ideas from successful exchanges is easier than reinventing the wheel. I think that the current KYC needs a tweak. There shoul dbe 3 levels of KYC in my opinion. Level 1 simple - name address sms 2FA for crypto to crypto with 5k daily limit for witdrawl. level 2 enhanced kyc passport and utility bill with 25k withdrawl . Level 3 full KYC (all on COSS not on third party site) FIAT trading and unlimited withdrawl.
The ultimate idea with COSS is that it is going to be a “one stop shop” and not just an exchange, and it’s never tried to be the next Coinbase or Binance. It doesn’t really need to be the best exchange if it accomplishes its goals as a merchant portal, ICO platform, user friendly wallet, and fiat gateway anyway. Personally I use about 5 different exchanges for different purposes because there isn’t a single exchange that really has it all in terms of coin selection and usability.
I agree the current KYC process is cumbersome but (again not speaking as a spokesperson) I suspect that had to do with appeasing regulators and showing that they’re operating on good faith. They’re still dealing with the final boss—regulators in the US—which is the bane of every crypto exchange’s existence right now. I think your idea about 3 level KYC is good. I know that was the original plan on COSS but I’m not sure whether that has been scrapped entirely for the new system. I hope that as things have settled in and they’ve fully figured out their FACTA compliance in the US they’ll be able to tweak the process.
That's my approach to cryptocurrency as well - treating it not merely as an investment/commodity but as a career path. Nothing better than being able to have the confidence to invest your time and effort in a company because you know about how they operate!
I like COSS but I think that new KYC is very bad and that it will damage a project. You have to do KYC for Crypto to Crypto trades. Not many people will want to do that...
Thanks for the comment! I can’t speak authoritatively about any of this (again, not a spokesperson) but I do know that COSS spent a very long time tailoring their new KYC policies to be in compliance with very strict securities laws globally so that they wouldn’t run into problems once Fiat was up. Keep in mind that COSS is largely a platform for running ICOs, which have VERY high KYC standards or else face the wrath of the SEC. There is going to be a lot of legal change in the upcoming year or two globally and COSS has every intention of surviving it. Many of the exchanges that are currently up aren’t in compliance with the law in some of the territories they’re running in and you can’t be holding that much money and playing fast and loose with your taxes and securities policies without anyone noticing. Anyway, all of the exchanges have hoops you have to jump through with KYC and approval times. But they’re still just launching these features and I’m sure policies will change over time to respond to the market.
I thought you were a history major? A business minor then perhaps?
Goobledy gook to me but I hope this job means you'll get rich soon.
No business minors for me, just a healthy interest in just about everything. I don’t care much about being rich but those student loans would be nice to take care of.
Read it this morning and am glad you just got yourself a job! What do they add in comparison to other exchanges? I'm a bit lost in the world of exchanges :D Congrats and enjoy your crypto career! I'm learning slowly but surely myself too :-)
Thanks! I don’t think I’m at career status yet but fingers crossed! COSS is definitely pushing the boundaries of what exchanges are capable of. A big part of the appeal is that they run ICOs on the platform, which is way more secure and trustworthy than sending some ETH over to a random wallet based on a white paper. I won’t contribute to random ICOs otherwise because of the lack of security and the dubious legality, but COSS does the vetting for you. Of course that’s not a substitute for doing your own due diligence and the COSS ToC is pretty clear about that.
They’re also aiming to build a merchant portal, which could be a game changer not just for them but for crypto in general. Their whole thing is making crypto more user friendly for a non technical audience. It’s hugely ambitious but I really believe in them.
Sometimes I think Rune and the team have never used other exchanges as they want to do things their own way. But stealing ideas from successful exchanges is easier than reinventing the wheel. I think that the current KYC needs a tweak. There shoul dbe 3 levels of KYC in my opinion. Level 1 simple - name address sms 2FA for crypto to crypto with 5k daily limit for witdrawl. level 2 enhanced kyc passport and utility bill with 25k withdrawl . Level 3 full KYC (all on COSS not on third party site) FIAT trading and unlimited withdrawl.
Thanks for stopping by!
The ultimate idea with COSS is that it is going to be a “one stop shop” and not just an exchange, and it’s never tried to be the next Coinbase or Binance. It doesn’t really need to be the best exchange if it accomplishes its goals as a merchant portal, ICO platform, user friendly wallet, and fiat gateway anyway. Personally I use about 5 different exchanges for different purposes because there isn’t a single exchange that really has it all in terms of coin selection and usability.
I agree the current KYC process is cumbersome but (again not speaking as a spokesperson) I suspect that had to do with appeasing regulators and showing that they’re operating on good faith. They’re still dealing with the final boss—regulators in the US—which is the bane of every crypto exchange’s existence right now. I think your idea about 3 level KYC is good. I know that was the original plan on COSS but I’m not sure whether that has been scrapped entirely for the new system. I hope that as things have settled in and they’ve fully figured out their FACTA compliance in the US they’ll be able to tweak the process.
Congratulations @malloryblythe! You have completed some achievement on Steemit and have been rewarded with new badge(s) :
Click on any badge to view your own Board of Honor on SteemitBoard.
To support your work, I also upvoted your post!
For more information about SteemitBoard, click here
If you no longer want to receive notifications, reply to this comment with the word
STOPThat's my approach to cryptocurrency as well - treating it not merely as an investment/commodity but as a career path. Nothing better than being able to have the confidence to invest your time and effort in a company because you know about how they operate!
Hi LOVE YOUR POST MAN!!! LIKE MY POST TOO!!!!! HERE IS THE LINK: https://steemit.com/bots/@abusereports/last-minute-upvote-list-2018-05-02