It's worth noting that this offloads the KYC/AML component to someone else down the road, but doesn't protect you from possible money laundering risk (e.g., you send USDC to a sanctioned individual who launders it into monero or something else). I'm no lawyer but I did work on Stripe Connect's compliance pieces for five years and I would NOT take the risk of (as a business) sending money to USDC addresses without actually verifying identities.
It also doesn't offer you protection against fraud (which is a huge problem that marketplaces face).
Frankly the missing piece to this is a real, actual identity verification component. If you're not checking identities against sanctions lists at the absolute minimum, you're not doing your due diligence. I wouldn't take that risk. The last thing you need is to be on the receiving end of a US Treasury inquiry.
show comments
ind-igo
The website design and art are beautiful, well done.
show comments
satvikpendem
There are others that use stablecoins but also handle the legal side like KYC and AML, I was looking at Coinflow for one, so you're probably better off using them.
show comments
renierbotha
How do you handle refunds & chargebacks? And do you have a maximum amount that can be charged?
For context - I'm building a marketplace for artists and struggling to find a global payouts rail. The ones that exist have really high turnover requirements or reject new marketplaces that deal with higher value physical items due to chargeback risk.
show comments
peter_d_sherman
I think it's absolutely brilliant!
Also, what I find, well, let's just say "entertaining" here in the HN comments is that some posters (who don't do very well at identifying themselves!) complain about the as-of-yet-somewhat-"imperfect" (let's just say) at this point in time KYC and identity verification of customers aspects of this thing... (you have to love the double standard there!)
Forgive me for saying this, but aren't all Bitcoin and all other cryptocurrency transactions (at least in all cryptocurrencies that don't track identity) subject to the KYC and identity verification complaint?
In other words, you've got the tiniest of fishes in this pond, Ben, and he's trying to do the right thing, and he at least is a little bit accountable to "the spirit and letter" of doing the right thing -- whereas all of the other black-box cryptocurrencies DO NOT do anything KYC or identity verification wise.
Yet you other posters, you other critics -- are willing to see the "mote in Ben's eye" whereas you are not willing to see the "beam" in your own -- all of the other black-box cryptocurrency, foreign currency, and other systems for trade/transactions that you do not control.
Ye hypocrites!
I have nothing to say to you... half of you are people with agendas paid off by dark money funds, and half of you are bots, also paid off by dark money funds.
Ben, you are on the right track, you are doing the right thing!
Ignore what all of these crackpots, cranks, and agenda-driven paid-for-by-dark-money naysayers have to say!
You always see them, en masse, on any HN article that is halfway political or halfway financial.
They are always hypocritical, always willing to railroad discussions to their political and/or financial ends.
They never observe the bigger issues, and if you debate them they will railroad the debate into corner cases and use those corner cases to make you look bad!
So, getting back to the software, I like it, I think it's absolutely brilliant!
And I'm a human being with a real name, real flesh and blood, and I can own every single damn thing I say on HN, every single damn comment I make, without ever hiding behind an alias!
(Maybe HN should implement a "KYP" policy. That is, a Know Your Poster. policy... That is, know the person making the comments...)
Anyway, way to go, Ben!
aleqs
Cool project, what is your marketplace you are referring to if not a secret?
Also the pricing is not very clear - you mention your costs went down to $6, but the first paid tier is $99/month ?
show comments
haaz
Should also be noted that you have a fantastic handwritten blog that everybody should subscribe to. Keep up the good work!
show comments
php_survivor
Who's your target customer, marketplace owners?
show comments
zuzululu
read it again, ah this is USDC but not sure if that is still safe, i know tether has a lot of issues and fragility and some very dodgy stuff
so take normal cards then pay out in USDC....is that safe?
It's worth noting that this offloads the KYC/AML component to someone else down the road, but doesn't protect you from possible money laundering risk (e.g., you send USDC to a sanctioned individual who launders it into monero or something else). I'm no lawyer but I did work on Stripe Connect's compliance pieces for five years and I would NOT take the risk of (as a business) sending money to USDC addresses without actually verifying identities.
It also doesn't offer you protection against fraud (which is a huge problem that marketplaces face).
Frankly the missing piece to this is a real, actual identity verification component. If you're not checking identities against sanctions lists at the absolute minimum, you're not doing your due diligence. I wouldn't take that risk. The last thing you need is to be on the receiving end of a US Treasury inquiry.
The website design and art are beautiful, well done.
There are others that use stablecoins but also handle the legal side like KYC and AML, I was looking at Coinflow for one, so you're probably better off using them.
How do you handle refunds & chargebacks? And do you have a maximum amount that can be charged?
For context - I'm building a marketplace for artists and struggling to find a global payouts rail. The ones that exist have really high turnover requirements or reject new marketplaces that deal with higher value physical items due to chargeback risk.
I think it's absolutely brilliant!
Also, what I find, well, let's just say "entertaining" here in the HN comments is that some posters (who don't do very well at identifying themselves!) complain about the as-of-yet-somewhat-"imperfect" (let's just say) at this point in time KYC and identity verification of customers aspects of this thing... (you have to love the double standard there!)
Forgive me for saying this, but aren't all Bitcoin and all other cryptocurrency transactions (at least in all cryptocurrencies that don't track identity) subject to the KYC and identity verification complaint?
In other words, you've got the tiniest of fishes in this pond, Ben, and he's trying to do the right thing, and he at least is a little bit accountable to "the spirit and letter" of doing the right thing -- whereas all of the other black-box cryptocurrencies DO NOT do anything KYC or identity verification wise.
Yet you other posters, you other critics -- are willing to see the "mote in Ben's eye" whereas you are not willing to see the "beam" in your own -- all of the other black-box cryptocurrency, foreign currency, and other systems for trade/transactions that you do not control.
Ye hypocrites!
I have nothing to say to you... half of you are people with agendas paid off by dark money funds, and half of you are bots, also paid off by dark money funds.
Ben, you are on the right track, you are doing the right thing!
Ignore what all of these crackpots, cranks, and agenda-driven paid-for-by-dark-money naysayers have to say!
You always see them, en masse, on any HN article that is halfway political or halfway financial.
They are always hypocritical, always willing to railroad discussions to their political and/or financial ends.
They never observe the bigger issues, and if you debate them they will railroad the debate into corner cases and use those corner cases to make you look bad!
So, getting back to the software, I like it, I think it's absolutely brilliant!
And I'm a human being with a real name, real flesh and blood, and I can own every single damn thing I say on HN, every single damn comment I make, without ever hiding behind an alias!
(Maybe HN should implement a "KYP" policy. That is, a Know Your Poster. policy... That is, know the person making the comments...)
Anyway, way to go, Ben!
Cool project, what is your marketplace you are referring to if not a secret?
Also the pricing is not very clear - you mention your costs went down to $6, but the first paid tier is $99/month ?
Should also be noted that you have a fantastic handwritten blog that everybody should subscribe to. Keep up the good work!
Who's your target customer, marketplace owners?
read it again, ah this is USDC but not sure if that is still safe, i know tether has a lot of issues and fragility and some very dodgy stuff
so take normal cards then pay out in USDC....is that safe?