Author: Erik Aronesty 2023-01-17 17:07:54
Published on: 2023-01-17T17:07:54+00:00
On Mon, Jan 16, 2023 at 1:50 PM Daniel Lipshitz via bitcoin-dev clarified that GAP600 is not a transaction processor or liquidity provider, but rather services merchants, payment processors and non-custodial liquidity providers by enabling them to accept 0-conf transactions. While they do collect some standard commercial information about their clients, they do not have any KYC/AML information or telephone numbers on who is sending their clients Bitcoin for deposit. The only information their clients share with them regarding a specific Bitcoin transaction is public Bitcoin information like transaction hash and output address.Lipshitz also mentioned that the risk profile of 0-conf on Bitcoin remains the same with full RBF and that observation of the fee paid, history of doing business with the customer, and transaction size are all needed. He provided figures on the queried unique Bitcoin addresses and USD value for November and December 2022. There are other merchants and service providers who enable 0-conf on Bitcoin who are not working via GAP600's platform, but Lipshitz believes they are significant. He also noted that although there is ongoing debate on the need for full RBF, 0-conf on Bitcoin with its understood risks is a long-standing and significant use case which should not be ignored. Its demise should be viewed as a major and unnecessary cost to FullRBF as currently implemented.Additionally, Peter Todd argued that GAP600's collection of data on real-world entities that pay for their service is a significant privacy concern and that full RBF should be implemented to stop the collection of that data. However, Lipshitz maintained that their service is purely an analysis of the Bitcoin network and does not involve AML/KYC. Finally, Lipshitz mentioned that Max CEO from Coinspaid is available to discuss further and may choose to share further information on the merchants they support who use GAP600 to accept unconfirmed transactions.
Updated on: 2023-06-16T03:26:30.669387+00:00