Creating Crypt0/Monero Business - complicated - how does this work :C

[ThatDevAaron]

ok so I recently created xmrhut.com

focused on XMR, a highly privacy focused cryptocurrency.

now our platform isnt intended to hold funds etc, just be a middleman between the users wallet and themselves, providing a nice web UI for accessibility purposes.

now, as we arent holding any funds, its all in their Crypt0 wallet, how do we deal with this tax-wise/finance-wise/business-wise as we arent making a subsidiary for this just pushing it under our primary company.

we arent making any money in the sense of taking fees from peoples payments or a subscription, completely free to use, its just kinda the initial gateway/entry service.

do I need FCA for this?

ANOTHER NOTE:

Do i need to collect personal data? we literally arent offering anything like BUYING/SELLING Crypt0 , just the ability to generate a new wallet (12 word phrase, which is a mathematical task, we don't store this data in our database), and import a wallet by entering a version of their 12 word phrase, once again, this is not stored in the database either.

we want it to be very plug and play, and also, kind of keeping the security/privacy layer that monero offers.

 

[ThatDevAaron]

i had to use Crypt0 cause for some reason the actual word is blocked -_-

 

[Paul Kelly ICHYB]

I am not into this scene, but, as a middleman, why do they need you?

 

[ThatDevAaron]

I am not into this scene, but, as a middleman, why do they need you?

1. monero takes a long time to sync with the blockchain, with us, you can create wallets, send from wallets, etc, instantly, and easily/quickly.

2. monero is getting less and less supported, due to regulations, and the fact its so high in privacy/cant be tracked like usual ******.

3. it will certainly make adoption easier long-term in the rapidly growing market, and as more and more companies suspend Monero on their platforms, we want to actively encourage it and promote it as it is truly the only cryptocurrency that really enforces good ******

 

[Kerwin]

I have a couple of domain names you might be interested in.

 

[DontAsk]

do I need FCA for this?

Why not ask the FCA if you need them.

 

[ThatDevAaron]

I have a couple of domain names you might be interested in.

send me them in PMs, although I'm pretty set on this name, I don't mind hearing what you've got.

 

[ThatDevAaron]

Why not ask the FCA if you need them.

fine :C

 

[ThatDevAaron]

Why not ask the FCA if you need them.

where do i contact themmmmm

 

[fisicx]

where do i contact themmmmm

Contact us

If you have a query, comment or complaint about the FCA you can get in touch by contact form or phone.

www.fca.org.uk

Google delivers.

 

[ThatDevAaron]

Contact us

If you have a query, comment or complaint about the FCA you can get in touch by contact form or phone.

www.fca.org.uk

Google delivers.

should I just call them? I can't find the exact subject for my contact on their contact form and their number doesnt provide me with correct option

 

[fisicx]

Just call them.

 

[NickGrogan]

Do i need to collect personal data? we literally arent offering anything like BUYING/SELLING Crypt0 , just the ability to generate a new wallet (12 word phrase, which is a mathematical task, we don't store this data in our database), and import a wallet by entering a version of their 12 word phrase, once again, this is not stored in the database either.

we want it to be very plug and play, and also, kind of keeping the security/privacy layer that monero offers.

If you're collecting personal data, then doesnt that dent the whole privacy selling point?

If you have the 12 word phrase, does this mean that you could access thier wallet?

If you're not offering the ability to buy or sell, what do they need the wallet for?

 

[ThatDevAaron]

If you're collecting personal data, then doesnt that dent the whole privacy selling point?

If you have the 12 word phrase, does this mean that you could access thier wallet?

If you're not offering the ability to buy or sell, what do they need the wallet for?

Although nothing you've stated here helps me, I'll entertain it.

1. thats why im asking if I legally need to collect, or I wont.

2. we dont have it, nor do we store it, what-so-ever, but if we did store it, yes we could.

3. ease of usage, use it when your not home, etc etc. Other benefits too but its more in-depth.

 

[NickGrogan]

If you need to collect data, then there is no point in using your platform if the main selling point is privacy; therefore, this needs to be designed in from the start.

You say you don't store it, and I believe you, but if I were someone using Monero for privacy/security, how do you convince me?

Presumably, if I wanted to steal a lot of wallet information, creating a site like yours and saving all the word phrases in a database would be a great way to do it?

 

[ThatDevAaron]

If you need to collect data, then there is no point in using your platform if the main selling point is privacy; therefore, this needs to be designed in from the start.

You say you don't store it, and I believe you, but if I were someone using Monero for privacy/security, how do you convince me?

Presumably, if I wanted to steal a lot of wallet information, creating a site like yours and saving all the word phrases in a database would be a great way to do it?

trust will build over time, people will likely deposit small amounts from their own secure wallet for easy usage when out and about if needed.

its just a literal easy to use middleman.

if you go on holiday and lose your phones etc, this will let you access your wallet swiftly, most of the time, you need to reinstall the entire blockchain, im doing it now, it takes a long time:

 

[WaveJumper]

Sorry to sound rather negative but here we are again (in another thread) asking questions about how to seek advice from the FCA I wonder at your competence in the financial markets be it equities or ****** world. I think I did ask this question before ie what your experience have you in this field, you never did reply ?

Why anyone dealing in the Privacy Token Market would go through a "third" party is quite beyond me

 

[Ozzy]

Why anyone dealing in the Privacy Token Market would go through a "third" party is quite beyond me

I feel the same. I do not believe in the value of the cryp market, so much fake and meme, and you cannot use it to buy milk and bread at your local store, so its my opinion that it is all just 'fake news'.

However, if I were to indulge, which I wouldn't, I wouldn't use a third-party service to store my secure credentials.

 

[fisicx]

if you go on holiday and lose your phones etc, this will let you access your wallet swiftly, most of the time, you need to reinstall the entire blockchain, im doing it now, it takes a long time:

If I'm on holiday and lose my phone I can get another and download everything to the new phone from the cloud. Or just wait until I get home. I can't use my monero to buy a beer so there is no rush.

 

[DontAsk]

I wouldn't even be using a phone for anything like this.

 

[AlanJ1]

I wouldn't even be using a phone for anything like this.

I have an offline ledger for my ******, would encourage anyone with a balance worthwhile to have one.

 

[ThatDevAaron]

So I'm not going to dignify any of you with a response, as you've all kind of avoided my initial question. As someone who is actively in the market, I know what should and shouldn't be made. I don't need you to tell me, with all due respect.

Sorry to sound rather negative but here we are again (in another thread) asking questions about how to seek advice from the FCA I wonder at your competence in the financial markets be it equities or ****** world. I think I did ask this question before ie what your experience have you in this field, you never did reply ?

Why anyone dealing in the Privacy Token Market would go through a "third" party is quite beyond me

essentially; every government hates XMR cause it empowers criminals, essentially. So access to it is quite hard to obtain, its mostly about making it more accessible without a pile of resources.

 

[NickGrogan]

its mostly about making it more accessible

Why?

Presumably, if I wanted to steal a lot of wallet information, creating a site like yours and saving all the word phrases in a database would be a great way to do it?

Also, as others have noted, no one who is really worried about privacy is going to use it.


As an aside, what happens when a criminal uses it, they get hacked (not by you), and then they blame you?