BlockTrades will soon be offering full exchange services (in addition to “instant exchange” service)
Until now, BlockTrades has only offered an “instant exchange” service, similar to a currency exchange at a bank or at an airport. This form of exchange service is generally easier to use and less risky than a traditional exchange service that matches up price orders between it’s customers, because customer funds aren’t held at an instant exchange.
BlockTrades’ new trade-matching exchange service will support Hive trading
But with the announcement of Hive, we wanted to ensure that there would be at least one traditional trade-matching exchange service available at launch to support the coin. So for the past week or so we’ve had a team working to set up a new BlockTrades-branded exchange to allow trading Steem for Hive and other coins (BTC, LTC, etc).
I think the new exchange will be ready for launch by the time Hive itself launches, or very shortly thereafter. The trade-matching exchange service will be hosted on Bitshares, a decentralized, transparent, blockchain-based trading platform. More details on how to trade on the new exchange will be available soon.
Identity information required to use our trade-matching exchanged
Note that to trade on this new exchange, we will require customers to be provide identification info on our trading portal via their BlockTrades account there (we are required to do this by US regulations).
So if you want to be able able to trade Hive soon after it's listed, I recommend you send us your authorization request now, so that you'll be ready to go when trading commences. You can do this by going to the profile page of your BlockTrades account, then selecting "Authorization" from the Profile menu. However, if you've already previously provided identity info and been authorized, you do not need to do this step again.
After Hive launches, only our trade-matching exchange will support Steem tokens
We will of course maintain our existing "instant exchange" service, which will continue to function as normal, but going forward our "instant service" will only support Hive, not Steem.
So we will only be providing Steem trading services via the new trade-matching exchange.
damn, wish I sold my steem at over 7000 satoshis
Sounds great!
So are you saying I won’t be able to use the instant exchange to swap my liquid Steem for more Hive? I can only do that by verifying my identity and using the new trade-matching process?
If so, why?
I wanted to clarify this as well @blocktrades.
Are you saying we can swap between Hive & the other coins (but not STEEM) on the instant exchange (which requires only an email for up to $1750 in trades per day), but that we can only swap STEEM for all of those other coins on the new exchange, which requires some sort of proof of strawman in order to access?
edited for clarity & mis-spelling
Proof of strawman. Lol 😂 . Funny you.
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Taking into account that @blocktrades is removing STEEM from the "instant exchange" platform and only making it available on the trade-matching exchange, which requires identity verification, the answer to your question is yes. STEEM -> Anything seems to require identity verification.
As government mandate every exchange user must have KYC, perhaps if that's the case. I already submitted my identity to blocktrades couple of months ago... Today I have no idea.
I am downvoting merely because I am anti kyc. I want to know what features require kyc vs don't. I am open to remove downvote afterwards
I can't wait to use the new exchange service hosted on Bitshares!
Can you already tell us the fee percentages, @blocktrades?
Ready to trade STEEM > HIVE
Keep up the good work see you on the other side 👍🏾 🍻 !BEER
Is the exchange available only for US people or non US people as well ?
assuming everyone needs to KYC ?
It's available to everyone and if your trades are below $1725 you don't need kyc as far as I can see?
Just hit this toggle saying you are not a US citizen.
I was asking for the new exchange service they are about to launch..
Available for everyone that KYC's.
The US question is for trading certain coins (currently only OMG).
I was asking for
The new exchange service they
Are about to launch..
- itstime
I'm a bot. I detect haiku.
Wow, this is Legendary....... Congratulations Time to get our Hive on.... "In Hive We Trust"
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do you have to pass on the identity information to authorities or is it remaining on servers for some time until they are needed by authorities?
It's only passed along if requested or if transactions exceed $10K USD in a day. Or if transactions are somehow deemed suspicious.
I'm assuming that the authorities will be asking Justin Sun for an explanation of his recent trading activities 😂👍🏃
It just requires an email address to sign up for trades below $1725. I'm assuming that if you trade more than that then the IRS will need you to keep records of your trades for tax purposes?
We're required to keep all records of trades, even if no identity info other than email associated. Also, for the new exchange, the trades will be on a public blockchain anyways.
Cool that answers @maxsieg 53 question perfectly. 👍
Awesome. I always use BlockTrades for trading BTC to STEEM on the instant exchange. The newly-announced full exchange services and trading pairs for HIVE will be huge! Exciting times ahead. I'm so hyped right now :)
Bye, bye morons