California is capping crypto ATM transactions and fees along with creating new licensing requirements for digital financial asset businesses.

New California law limits cash to crypto at ATM machines at $1000 per day per person and also the fees that can be imposed by the machines.

The industry says this will hurt the business, hinting that they’re profiting from the lack of KYC policies

I don’t see any legitimate use from those machines. Who would have a legit need to exchange $15k from cash to crypto at 33% fees???

    •  megopie   ( @megopie@beehaw.org ) 
      2·
      2 years ago

      All transactions are listed on the chain. All transactions can be linked to a wallet to prove the liquidity of the wallet.

      Therefore all previous transactions made by a wallet are public record.

      Not, anonymous.

      •  t3rmit3   ( @t3rmit3@beehaw.org ) 
        2·
        2 years ago

        You are hinging the claim of non-anonymity on a previous transaction on the wallet having linked a real-world person to the wallet, but that is not a given. Additionally, you could simply use a new wallet for each transaction to avoid (or at least massively minimize) this.

        I don’t like cryptocurrency, but your claim is kinda like saying that TLS between you and your bank is not secure because I shoulder-surfed you. That’s not a failure of TLS (or in this case, their anonymization system), it’s a failure of your own privacy practices.