Bitcoin and crypto currencies are getting dangerous - page 2.

AicecreaME

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Quote from: famo457 on August 14, 2020, 10:02:24 PM

I noticed how every exchange now enforces KYC on every individual that registers on their site, also the global governments/exchanges tracking bitcoin users and monitoring how they spend their bitcoins with the advanced visuals tools that’s out there, I believe if this stays like this and more and more companies start to enforce kyc on it customers, we will lose our freedom, people think bitcoin is the freedom but no it’s aint I believe it’s the most invasive surveillance mechanism ever, we can’t even use mixers anymore it’s basically doesn’t work because at the end of the day it’ll leave a trace no matter what you do, this is heading towards a solitary environmental and it’s not a good idea at all. Lets think twice and focus on our freedom, privacy and future.

Bitcoin has been always transparent in its terms, regulations, privacy, and freedom it offers to the community. We all know that bitcoin has a decentralize nature.

It's really up to you if you'll transact with centralized organization and abide with the rules it has set. There are cryptocurrency exhange rates that requires KYC (Know Your Customer), which needs to get some of your information and put an eye on you if you trade.

These exchangers that requires KYC provides better protection for its users if ever there are issues that are needed to be addressed. Although you're not really obligated to use a KYC exchange. That's up for your personal preference. There are still exchangers that do not use KYC and you can opt to use those if you dont want your identity to be disclosed if ever hacking happens.

At the end, it's a personal decision whether to use KYC exhangers or non-KYC exchangers and be responsible of the pros and cons as a trader.

Shimmiry

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Quote from: famo457 on August 14, 2020, 10:02:24 PM

I noticed how every exchange now enforces KYC on every individual that registers on their site, also the global governments/exchanges tracking bitcoin users and monitoring how they spend their bitcoins with the advanced visuals tools that’s out there, I believe if this stays like this and more and more companies start to enforce kyc on it customers, we will lose our freedom, people think bitcoin is the freedom but no it’s aint I believe it’s the most invasive surveillance mechanism ever, we can’t even use mixers anymore it’s basically doesn’t work because at the end of the day it’ll leave a trace no matter what you do, this is heading towards a solitary environmental and it’s not a good idea at all. Lets think twice and focus on our freedom, privacy and future.

Quote from: FlightyPouch on August 22, 2020, 06:48:49 PM

Quote from: ?? on ??

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by the centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

And that is why people are actually scared of putting their personal information on the internet or in the hand of these centralized exchanges. There are a lot of options out there that don't require KYCs, why do it in a centralized exchange when you can do it in a decentralized exchange? It is not the lacking of KYC, it is the downside of using one.

Digital world is not that safe for us to provide our own information.
I know that we all seek for anonymity when we chose to join the cryptoworld but not all exchange requires KYC. Though putting your data may have a small risk in your private life. If you worry about that , remember that you are still free to choose exchange that has no kyc requirement. Your identity is your life.

carlisle1

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Quote from: jpnl0006 on August 22, 2020, 05:00:50 PM

The need for KYC is to better filter the inorganic members in projects and also be accountable for the investors investing or using a particular channel that concerns finance and other financial driven transactions,this goes to reduce the danger in the space.

But what about the anonymity that we are all seeking thats why we vested in this market?providing KYC will let you being vulnerable as target of many bad elements here in Internet and that is what we wanted to prevent.
Investors are willing invest their money but the problem is this KYC thing that we wanted to protect our personal details.
same thing why asking for personal details when you are only seeking for some people to invest in your project>
this is not that good thing for us cryptonians.

Ozero

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First, bitcoin has never been an anonymous currency. Secondly, let's imagine that in the future, in order to exchange bitcoin, everyone will need to go through the identification procedure, and what next? What does it change?
If you are not involved in illegal activities, then you will not care whether the third forces know about your personality or not. But this will not happen, because you can always refuse to use exchanges and send bitcoin directly.

Yes, we are going to a society where the government can track your every step: where you are, what you are doing, what are your thoughts and so on. Having a smartphone and a laptop allows the government to know a lot about us. Through social networks, we ourselves also additionally talk about ourselves. Through payment cards and cryptocurrency with KYC, we will present all data about our financial activities. There is practically no room in us for our personal space, wherever the government pokes its nose.
We are all so happy here that cryptocurrency is crowding out the cash of states. However, cash gave us just about the last freedom, since it did not allow us to track our actions financially.
Still, the problem of total surveillance of us exists. Let the government know everything about us? What if it uses this knowledge against ourselves?

415jeremy

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You want to avoid kyc, use decentralized exchanges which don't require users verification. Buying Bitcoin anonymously is hard nowadays, but it's possible.

Reatim

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Quote from: famo457 on August 14, 2020, 10:02:24 PM

I noticed how every exchange now enforces KYC on every individual that registers on their site, also the global governments/exchanges tracking bitcoin users and monitoring how they spend their bitcoins with the advanced visuals tools that’s out there, I believe if this stays like this and more and more companies start to enforce kyc on it customers, we will lose our freedom, people think bitcoin is the freedom but no it’s aint I believe it’s the most invasive surveillance mechanism ever, we can’t even use mixers anymore it’s basically doesn’t work because at the end of the day it’ll leave a trace no matter what you do, this is heading towards a solitary environmental and it’s not a good idea at all. Lets think twice and focus on our freedom, privacy and future.

How come that this become dangerous because of KYC thing?you are over reacting and expressing your thoughts so bold.

Crypto will never be a danger for every individual specially if we know how to manage handling this,because there are mixer than can keep you anonymous for the sake of arguments.

Quote from: ?? on ??

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

Correct and i believe that OP has no big knowledge about crypto thats why he can say this word that easily,without even knowing that Bitcoin and crypto is a big help for everyone specially in this pandemic time.

hatshepsut93

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Centralized exchanges aren't the only exchanges, and mixers aren't the only way to hide your transactions. Bitcoin ecosystem and Bitcoin network are not the same, and as long the network is decentralized and secure, there will always be a way to use it freely. The fact that we have exchanges with KYC and chainanalysis and regulations applied to Bitcoin is the consequence of freedom - people are free to use coins however they like, including storing them on exchanges and abiding to the laws. But they are also free to not do this.

Assface16678

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Some of the platforms right now is having a KYC verification before you can use their platform and it becomes now centralized because they want to monitor who is their customer has a large amount of wallet stored and transferring funds they don't want to be included in any legal actions that's why they need to monitor bitcoin is just only the method of payment. Still, this js the bitcoin which is decentralized.

Quote from: FlightyPouch on August 22, 2020, 06:48:49 PM

Quote from: ?? on ??

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by the centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

And that is why people are actually scared of putting their personal information on the internet or in the hand of these centralized exchanges. There are a lot of options out there that don't require KYCs, why do it in a centralized exchange when you can do it in a decentralized exchange? It is not the lacking of KYC, it is the downside of using one.

Right now there are a lot of exchanges does not require their customer to push to have KYC and this is a good thing also some of the exchange right now is allowing dummies email for verification still thus is a good thing for bring anonymous.

Quote from: ?? on ??

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

One of the cons of the KYC is their can possibly use the personal information of their users this can be use as the data breach this is the common issues like this from a platform having a KYC also like the social media, the common questions is how can you secure the personal information of your users.

FlightyPouch

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Quote from: ?? on ??

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by the centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

And that is why people are actually scared of putting their personal information on the internet or in the hand of these centralized exchanges. There are a lot of options out there that don't require KYCs, why do it in a centralized exchange when you can do it in a decentralized exchange? It is not the lacking of KYC, it is the downside of using one.

Kelvinid

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We might not want to do KYC but it comes to the moment that it soon to implement across all CEX and DEX. I know how it feels bad to our side since we might lose our privacy but I'd never think it is big issues here. The most important is to minimize scamming, fraud, and any form of illegalities by imposing KYC. I understand that we never been anonymous during that time and that makes us take an option what we see is good or bad or just leave crypto at all.

Quote from: ?? on ??

If you trade on a centralized exchange, then you must confirm your KYC data. KYC data is needed by centralized exchange to find out and verify user data. And we know that KYC can be misused by irresponsible individuals. That's what KYC lacks.

This might happen to you when you make KYC at any exchanges https://thecryptosight.com/hacked-kyc-data-selling-on-darkweb/. Any possibility that might happen to all exchanges and it makes people to worried about it.

arditiyan

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many people are worried and feel threatened because of the KYC regulations. but I think that with KYC rules it makes it easier for all matters including sending the right rewards, and also ensures that there is no misuse of assets against the wrong people. So they say if bitcoin or crypto is a danger it's not a danger but a security status

jpnl0006

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The need for KYC is to better filter the inorganic members in projects and also be accountable for the investors investing or using a particular channel that concerns finance and other financial driven transactions,this goes to reduce the danger in the space.

Yatsan

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What do you mean that Bitcoin and other cryptocurrencies are getting dangerous? It is because of the exchanges asking or enforcing you to fill up KYC for your identity verification? Then it is on the exchange itself not on the cryptocurrencies that you have an issue. Basically you have get along into a centralized exchange so you must not be surprised that there is a KYC process for it is a needed process based on the regulations stated by the government for allowing adaption of cryptocurrency services to be running in a certain country on which it is done to prevent malicious activities to be tolerated and to keep people safe on doing transactions since centralized exchanges ask for concern and permission to operate from the government.

If you do not want to be monitored or shared any of your identities because you want to feel secured and keep your identity in private, then get into a decentralized exchanges to end up such problem but do not blame the cryptocurrency itself for asking you information because exchanges specifically centralized are just doing what is stated on the regulations to keep its users safe and why do you fear KYC if you have nothing to hide from the authorities for doing crypto transactions?

shield132

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Quote from: famo457 on August 14, 2020, 10:02:24 PM

I noticed how every exchange now enforces KYC on every individual that registers on their site, also the global governments/exchanges tracking bitcoin users and monitoring how they spend their bitcoins with the advanced visuals tools that’s out there, I believe if this stays like this and more and more companies start to enforce kyc on it customers, we will lose our freedom, people think bitcoin is the freedom but no it’s aint I believe it’s the most invasive surveillance mechanism ever, we can’t even use mixers anymore it’s basically doesn’t work because at the end of the day it’ll leave a trace no matter what you do, this is heading towards a solitary environmental and it’s not a good idea at all. Lets think twice and focus on our freedom, privacy and future.

Bitcoin was leaving the trace from the very begining, blockchain alone is an opened book of transactions but this doesn't mean that bitcoin and cryptocurrencies are getting dangerous. What gives you a reason to say that? If everything you do is 100% fine and legal, then believe me, no one will seek for your transactions and do deep investigation around it, so finally you are still secured and aren't traced. But if you do illegal things, then yeah, bitcoin isn't secure cause as you see lately, a lot of people who used bitcoin for bad purposes were caught and it's not so easy to hide your bitcoins because people already learnt how to trace it.

And KYC, yeah, I don't like it too and still there are some business that offer crypto services without KYC but very limited in number. Governments request them to ask users for their KYC documents but at the same time they can't protect these sensitive information carefully and lose it multiple times (we got hacked and other blablabla).

ChrisPop

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If completing KYC is a problem for you, then you will be surprised how many people actually have possession of your personal data. Starting from banks to utility and service companies to online service providers of any kind.

Now.. of course that you should only provide your data to registered companies which actually have regulation like GDPR. But again, you have NO GUARANTEE whatsoever that the company is not selling or leaking info about yourself to third parties & you're also exposed to hackers.

As an alternative to centralized exchanges you can do P2P/OTC transactions. Wink

Actually I know a crypto project that is working on offering cross-chain P2P transactions.

suvo05

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There still P2P option available.
An exchange that associates with fiat conversation from crypto must need gov permission, and you must understand while using those exchanges that you are trying to make a profit in terms of fiat, being associated with centralized system the exchanges will certainly ask you for the KYC.

seramania

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KYC is useful for avoiding criminal acts due to the use of crypto, there are two things between the pros and cons. but with the KYC, many people feel safe with their assets and people will feel safe because they can avoid criminal acts

akram143

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Quote from: famo457 on August 14, 2020, 10:02:24 PM

I noticed how every exchange now enforces KYC on every individual that registers on their site, also the global governments/exchanges tracking bitcoin users and monitoring how they spend their bitcoins with the advanced visuals tools that’s out there, I believe if this stays like this and more and more companies start to enforce kyc on it customers, we will lose our freedom, people think bitcoin is the freedom but no it’s aint I believe it’s the most invasive surveillance mechanism ever, we can’t even use mixers anymore it’s basically doesn’t work because at the end of the day it’ll leave a trace no matter what you do, this is heading towards a solitary environmental and it’s not a good idea at all. Lets think twice and focus on our freedom, privacy and future.

Still there are ways to buy bitcoins without completing KYC services like localcryptos which is a p2p trading platform with KYC procedure.But why we have to get afraid that much they can trace the bitcoin usage but as long as we are not doing anything which goes against the laws of your government you no need to worry, and also people who uses bitcoin for illicit purposes may not use it completely.

Asuspawer09

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Quote from: famo457 on August 14, 2020, 10:02:24 PM

I noticed how every exchange now enforces KYC on every individual that registers on their site, also the global governments/exchanges tracking bitcoin users and monitoring how they spend their bitcoins with the advanced visuals tools that’s out there, I believe if this stays like this and more and more companies start to enforce kyc on it customers, we will lose our freedom, people think bitcoin is the freedom but no it’s aint I believe it’s the most invasive surveillance mechanism ever, we can’t even use mixers anymore it’s basically doesn’t work because at the end of the day it’ll leave a trace no matter what you do, this is heading towards a solitary environmental and it’s not a good idea at all. Lets think twice and focus on our freedom, privacy and future.

I guess exchanges just needed this extra requirement, to avoid a lot of issues in their exchanges. Having a lot of funds in the exchange I guess we can't blame them taking so much security and getting KYC from their users.

This day KYC is already a thing in a lot of exchanges, in the past year's exchanges don't Require KYC and you could pretty much trade in their exchanges and withdraw without any problem.

Lizzie_Girl

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I was reading something about how to avoid scams online. One thing to avoid is KYC entirely. There are very few reasons to ever give out your KYC info. Scammers use KYC as a means to "appear" legitimate. ALl that happens is you give a criminal your info.

BTW anyone can open an exchange. You can buy a script for a few hundred $$$ then fund it with your own crypto. Or even not fund it at all and scam people. You can claim just about anything you like and demand KYC for "legal" reasons. It is just a way to prevent you from doing something.

Funny how you don't need KYC to deposit yet you need it to withdraw. The sign of a clear scam.

Topic: Bitcoin and crypto currencies are getting dangerous - page 2. (Read 863 times)