Create guide on how to turn $KSM into USD without KYC

[petersopko]

@thea-exe following the last thing here

I'm thinking, guide on how to turn $KSM into cash without KYC? 🚀

Originally posted by @petersopko in https://github.com/kodadot/nft-gallery/issues/1269#issuecomment-1120752120

[thea-exe]

Ahh I was reading about this and it's a risky thing to do because I've heard that some non-KYC exchanges have the ability to seize your funds if you do too much, I didn't really want to suggest our devs to go into first time territory D:

[petersopko]

Ahh I was reading about this and it's a risky thing to do because I've heard that some non-KYC exchanges have the ability to seize your funds if you do too much, I didn't really want to suggest our devs to go into first time territory D:

I'd personally roll the dice on this one, and I think people should be at least given an option to do it as safely as possible (with some sufficient warning around the whole thing ⚠️). What do you think about that ?

[thea-exe]

Sorry for the late response! To be, I still think we shouldn't roll the dice and completely exclude it. I don't feel comfortable teaching someone about something where you have to be cautiouned against

[petersopko]

I don't mean to be offensive, but I think there's a basic flaw in your logic, so let me get this straight. You've just written a step-by-step guide on how to lock your extremely volatile crypto assets into a stash for at least days to have staking working. Kusama did this in the past 30 days:

I was personally staking it, and it lost around 50% of its value. Yet, when it comes to advising people how to turn Kusama into USD as safely as possible, without showing their face, that's the point where you draw the line. There's the same risk with KYC exchanges; they can lock your funds. It's centralized; there's no way around that right now. I mean, some of those non-KYC exchanges are legit businesses. Now and then, some of them might go out of business / act funky, but everything in this space is volatile, unpredictable, and possibly gone tomorrow.

Lastly, I meant rolling the dice with the non-KYC option myself. I didn't mean doing it with our users. I'm arguing that instead of nudging people into the decisions you consider suitable, we should be giving people as much information as possible to make their own informed decisions.

Some people will opt into the non-KYC option regardless of what we think is right; they'll have to get the information about those options elsewhere + it can be low quality / or straight up skewed by those non-KYC exchanges.

Now, if you still feel that this kind of guide would be very different from the one you've already written, feel free to pass; we'll have somebody else to do it. Again, no offense, I just can't see how what you're saying makes sense under scrutiny.

[thea-exe]

Under scrutiny, I think my point makes sense. There's a difference between me being worried about people losing their funds and people putting their money through a process where there's not much support or resources to help support users trying to go through that process. Your whole paragraph is talking about how you're losing money because the market is volatile— that wasn't my point at all. Just because you put as safely as possible doesn't mean it'll be safe.

Send me some (2+) articles on how I'd be able to do it without KYC so that I can write a guide. All I see are Reddit posts saying to checkout Kraken and I'm not willing to risk my own funds going through that process.

[petersopko]

Ahh I was reading about this and it's a risky thing to do because I've heard that some non-KYC exchanges have the ability to seize your funds if you do too much, I didn't really want to suggest our devs to go into first time territory D:

Sorry for the late response! To be, I still think we shouldn't roll the dice and completely exclude it. I don't feel comfortable teaching someone about something where you have to be cautiouned against

I was reacting to the two arguments above. My paragraph wasn't supposed to highlight that I've lost money but that people should be free to make their own choices. KYC exchanges can also seize your funds. Holding/Staking Kusama is by nature already risky. Those were the two arguments you've laid out as reasons why you don't feel like doing it.

Send me some (2+) articles on how I'd be able to do it without KYC so that I can write a guide. All I see are Reddit posts saying to checkout Kraken and I'm not willing to risk my own funds going through that process.

This is an entirely different argument, but we got to it at last: you can't find resources to do this properly. Cool, let's leave it as is; maybe somebody else will feel like doing the research here :)

[petersopko]

@thea-exe I'll try to get together some list of resources on this subject, I'd love to see having some working guide so people are not completely lost, if they need non-Kyc.

[thea-exe]

Cool, I can get started once I receive those resources :)

On Mon, May 30, 2022 at 4:22 PM Peter Sopko @.***> wrote:

@thea-exe https://github.com/thea-exe I'll try to get together some list of resources on this subject, I'd love to see having some working guide so people are not completely lost, if they need non-Kyc.

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[damskyftw]

I think https://simpleswap.io/ works fine, will do due testing and let you know.

The thing you are worried about @thea-exe is understandable, but you do NOT have responsibility for the people if you warn them about possible risks. You just provide a way, which if done correctly, works. And that’s it.

If people for some reason decide to all-in KSM just because we are on ksm chain, their potential drawdown in portfolio isn’t your responsibility just as it is not when they decide to swap their KSM based on some tutorial we tried out and recommended it as a possibility how to use decentralized finances.

[damskyftw]

Re simpleswap

https://www.trustpilot.com/review/simpleswap.io

[petersopko]

I think https://simpleswap.io/ works fine, will do due testing and let you know.

haven't got time to get around to this yet, but it would awesome to have one of these exchanges verified by somebody from here :)