Cardano KYC requirement or get locked out of your wallet? How is that possible?

Ozero

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Quote from: 7788bitcoin on August 30, 2021, 06:21:45 PM

Quote from: yat97 on August 30, 2021, 11:04:56 AM

If you have your cardano in say exodus or safepal or whatever wallet. How can Cardano lock you out of your wallet? They dont have the keys? Or do they?

Cardano is a centralized cryptocurrency and i am surprised that users are not aware about that. Yes they can enforce KYC and if you are not complying with it they can freeze your coins unless you comply with their demands. I know it is a shock for many as i have seen many topics here in the forum praising about the future of cryptocurrency and how Cardano will rule the market Tongue

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After this information appears, I will definitely not use Cardano, even if this cryptocurrency continues to grow in value. The situation in the decentralized cryptocurrency market is changing rapidly and, moreover, not for the better. I remember how in 2017 they treated ripple very negatively on this forum due to its centralized nature and there were even calls not to recognize it as a cryptocurrency. However, we never dreamed of the fact that later our wallets could be blocked due to the fact that we did not fulfill the KYC requirements.
Previously, we have always said that our transactions between the government cannot see. It turns out that with this approach, it already becomes a reality. This is an unhealthy trend.

RussianEnglishTranslation

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I just sold my Cardano for FTM and NEAR, goodbye

Vaculin

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Winding down.

Quote from: yat97 on August 30, 2021, 11:04:56 AM

14:11 of this video. https://www.youtube.com/watch?v=ag3vnsdqH0o&ab_channel=CoinBureau

If you have your cardano in say exodus or safepal or whatever wallet. How can Cardano lock you out of your wallet? They dont have the keys? Or do they?

Since you are using third-party services where you are allowed to store your coin Cardano, you are also allowing them to take control of it. That probably they ask KYC verification to give you account security which is mostly happening nowadays, I was been doing that as well to the other site. But if you care so much about your personal detail, the best option with that is to leave and let your Cardano left there.
We understand the situation this time that many illegal activities going to happen and this also a reason to trace someone who does such activities and reported to the authorities.

Twinkledoe

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Quote from: 7788bitcoin on August 30, 2021, 06:21:45 PM

Quote from: yat97 on August 30, 2021, 11:04:56 AM

If you have your cardano in say exodus or safepal or whatever wallet. How can Cardano lock you out of your wallet? They dont have the keys? Or do they?

Cardano is a centralized cryptocurrency and i am surprised that users are not aware about that. Yes they can enforce KYC and if you are not complying with it they can freeze your coins unless you comply with their demands. I know it is a shock for many as i have seen many topics here in the forum praising about the future of cryptocurrency and how Cardano will rule the market Tongue

.

I guess, a lot of users of ADA don't know about this potential problem. ADA is being hyped up as it jumped to #3 position in the coin ranking surpassing BNB and USDT. But if people will be educated by this centralized nature of ADA, will they still go after this network? Or just hoping about quick profit in the market?

7788bitcoin

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Quote from: yat97 on August 30, 2021, 11:04:56 AM

If you have your cardano in say exodus or safepal or whatever wallet. How can Cardano lock you out of your wallet? They dont have the keys? Or do they?

Cardano is a centralized cryptocurrency and i am surprised that users are not aware about that. Yes they can enforce KYC and if you are not complying with it they can freeze your coins unless you comply with their demands. I know it is a shock for many as i have seen many topics here in the forum praising about the future of cryptocurrency and how Cardano will rule the market Tongue

.

zasad@

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Quote from: yat97 on August 30, 2021, 11:04:56 AM

14:11 of this video. https://www.youtube.com/watch?v=ag3vnsdqH0o&ab_channel=CoinBureau

If you have your cardano in say exodus or safepal or whatever wallet. How can Cardano lock you out of your wallet? They dont have the keys? Or do they?

Here I wrote how stablecoins are blocked.
https://bitcointalksearch.org/topic/stablecoins-and-blacklists-5247581
If cardano makes a centralized blockchain, then this is crap.
They want to attract institutional investors and lick the asses of regulators, so you should be careful when investing in this coin.

haidil

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Since Cardona is closer to the government, can they easily use this as a platform to have transparency in their transactions? I hope ADA can refuse that and leave domoet users unlocked permanently for not doing KYC process to redeem locked balance.
Because the ADA side and also the rules they apply, it seems as if someone will be used as a stabilcoin? ADA not planning on doing that open?

Yogee

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I doubt the Cardano Foundation and any other top cryptocurrencies would agree to such FATF regulation. The compliance is only up to the blockchain transparency. It would be a huge let down if they turn out to be another centralized crypto.

Quote from: yat97 on August 30, 2021, 11:44:20 AM

...
USDT has that too??? WTF!???!

Mentioned around 11:40 in the video.

Quote

Is DAI stable coin better?

It appears so. Read this thread on stable coins by mk4 https://bitcointalksearch.org/topic/updated-psa-most-stablecoins-can-be-frozen-even-in-your-own-wallets-5204055

cabron

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It could be scary when you believe it to happen. You must have heard of the news about EU targetting custodial wallets for.compliance, it can be sound scary when you had to submit KYC even when you are logon in your mobile app wallet.

But like the guy said, this coukd be ADA's way to just comply with goverments for institutional.investors to trust the project.

yat97

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Quote from: WalkerIVIV on August 30, 2021, 11:37:26 AM

It will be the same as USDT, it doesn't matter when you're holding your USDT and it can be locked caused by the dev was creating a backdoor to control the coin. If that was true and then ADA was totally centralized coin that was full with hype. They just like a dictator when they were locking all of the coins that already in the circulating just caused by the KYC reason.

That's ridiculous thing that i have ever seen.

They didn't have keys but they have been putting backdoor to be able to frozen your coins. That means if this is not a safe coin as the developers can control your coins.

USDT has that too??? WTF!???!

Maybe I should call it safe and trade out of cardano soon especially since I'm up on gains, I'd hate to miss out tho. I think ADA is gonna go to 3 maybe as high as 5 dollars.

Is DAI stable coin better?

WalkerIVIV

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It will be the same as USDT, it doesn't matter when you're holding your USDT and it can be locked caused by the dev was creating a backdoor to control the coin. If that was true and then ADA was totally centralized coin that was full with hype. They just like a dictator when they were locking all of the coins that already in the circulating just caused by the KYC reason.

That's ridiculous thing that i have ever seen.

They didn't have keys but they have been putting backdoor to be able to frozen your coins. That means if this is not a safe coin as the developers can control your coins.

yat97

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14:11 of this video. https://www.youtube.com/watch?v=ag3vnsdqH0o&ab_channel=CoinBureau

If you have your cardano in say exodus or safepal or whatever wallet. How can Cardano lock you out of your wallet? They dont have the keys? Or do they?

Topic: Cardano KYC requirement or get locked out of your wallet? How is that possible? (Read 66 times)