Finally, there's no company info in their T&Cs (just a vague mention that they are incorporated in Zug, Switzerland).
So... all dandy when it works. Pretty scary if shit goes wrong and you were doing a largish trade at the time.
Edit: I have no affiliation with Evercoin or Shapeshift (learnt about both in this thread)
Shapeshift: 1 BTC -> 14.20477011 ETH
Evercoin: 1 BTC -> 14.25967407 ETH
Changelly: 1 BTC -> 14.35434362 ETH
While Changelly appears to have the best rate they don't guarantee the rate. In my experience the actual rate is often much worse than the estimated rate (and unfortunately it's too late to cancel once you see the rate).
Shapeshift: 1 BCC -> 0.06773499 BTC
Evercoin: 1 BCC -> 0.06682701 BTC
1) pick the cheapest exchange 2) sell at expensive exchange price 3) add commission 4) add network fees
Picking a reasonable bid-ask spread is hard, and probably involves more input factors than the 4 you listed above.
abiding by those seems to be the only recipe for long term. Otherwise you're talking about living in interesting times. Never know when or how they come for you
In the very long run, I think state funded consumer protection organizations will become obsolete. I only hope we can educate consumers as quickly as we've created the networks. Otherwise, a lot of people will get hurt.
Either way we live in interesting times.
How does crypto make the SEC go away? If you want to live in the US, sure you could have a computer in your closet on a VPN running an exchange, but all of that needs to be on the books when you need to write a check to your kids private school.
I think it's more likely there will continue to be a black market and a white market. The black market will be bigger, and easier to use undetected. But you still will need to launder that money if you want to pay for your daughters ski trip. And not everybody has an appetite for felonies. The market of people who would prefer not to commit a felony is quite large actually.
What am I missing? How do you picture a world without an SEC?
The only way I can imagine is is if other muncipalities without as much regulation can show cryptocontracts can provide insurance that is so good and cheap the regulatory bodies are proved unnecessary, then that puts competitive pressure on more regulated economies. But... Fraud is a Hegelian arms race for the hearts and minds of naive investors. I just don't see how crypto contracts solve that, not in the next 100 years anyway. Maybe when teenagers are doing ICOs to pay for their lattes.
All jokes aside, I'm not knocking Evercoin. It looks beautiful and I welcome anyone and everyone who wants to bring liquidity to crypto markets. I'm just concerned about the sustainability of any platform based in the US. Maybe Evercoin knows something I don't though.
I feel like the smartest thing we can do is exactly what Bitfinex has done. Shut out US customers and put pressure on regulators to be sensible.