Heavy crypto kyc not good | Bitcointalksearch.org

teosanru

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Quote from: 325btc on May 13, 2022, 08:38:03 AM

If heavy kyc start to coming and too many regulations then im out of crypto so as many others.
If we want to crypto survive then we have all ready too many regulations and kyc is all ready too much.

Off course who will lose ? The wall street off course so im sure they dont let their buddies in goverment place too many rules over crypto if it too regulated.

Anyways regulations and kyc is insane its not goverment business nobody business how when and why and where is my wealth and money.

I think KYC has it's own pros and cons as well, pros as in, whenever a fraud would take place it is obviously much easier to get hold of the people responsible behind it, therefore even recovery is easier in such a case too, also in minds of the general public this would increase trust a lot and eventually lead to wider adoption of cryptos, on the other hand KYC is bad as it very much defeats the whole purpose of cryptos, also if the government would bring insensible laws for controlling or regulating cryptocurrencies then obviously it will make it difficult for a free market to prevail, not to forget how easily these KYC data gets leaked and is available for cheap bucks in any blackmarket.

livingfree

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Quote from: AmoreJaz on May 13, 2022, 12:02:29 PM

Quote from: livingfree on May 13, 2022, 11:44:42 AM

Well, it's unstoppable.

The regulations from the government and the application of kyc is inevitable. So, if you don't like those you're free to use those exchanges that don't require it.

AFAIK, kucoin still has that account tier that you're allowed to trade without any kyc but we don't know until when they'll retain that status for free kyc accounts.

i believe, sooner or later, kucoin will also ask compulsory kyc to all levels of their customers. if they want to cater a wider coverage, some countries are now very strict with the operations of crypto-exchanges offering services to their people. but up until now, take advantage of this opportunity because if you are not a heavy trader, kucoin is one of the reputable exchanges that i know of that don't require kyc with very good liquidity in a lot of trading pairs.
kyc reqmt is now common in a lot of top exchanges, but most local crypto exchanges are already requiring kyc already anyway. so if you are converting your crypto to your fiat, most likely, you already subjected yourself to kyc one way or another, that is if you are not using p2p services

Yeah, that's seen to come.

They're not going to stay with that free tier(no KYC) forever as the government might push them to require kyc to all of their customers, old and new.

That's the same as Binance, they've got that free tier for a long time and when they've taken the attention of the regulators, they have to implement kyc to all of their customers.

Baofeng

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Quote from: 325btc on May 13, 2022, 08:38:03 AM

If heavy kyc start to coming and too many regulations then im out of crypto so as many others.
If we want to crypto survive then we have all ready too many regulations and kyc is all ready too much.

Well that has been the argument since 2018, when heavy regulations like KYC was introduce. At first everyone was on the resistant, and others says the same too, crypto will die. But it is already 2022 and we are still standing. So that argument is flawed already.

Definitely you have total control of your wealth, regardless if you hedge it to crypto or not. It's totally up to you, if you want to exit because of heavy crypto regulation then so be it.

fiulpro

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When you are talking about you are out of it where would you prefer investing in ?
Most of the investments certainly require KYC and at the same time one must understand that if a coin becomes popular they would ofcourse implement the same rules that have been implemented on bitcoins as a whole and you would be on a new forum discussing the same thing. The fact is in some cases it's inevitable but it's not hard to not provide your identity! Until and unless you are doing something super illegal which you are afraid might come in the lime light you shouldn't think much about it. Other than that using hardware wallets, paper wallet, using things like : samourai are still your best bets. No investment is going to show that much growth potential and that's a fact.

Fortify

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Quote from: 325btc on May 13, 2022, 08:38:03 AM

If heavy kyc start to coming and too many regulations then im out of crypto so as many others.
If we want to crypto survive then we have all ready too many regulations and kyc is all ready too much.

Off course who will lose ? The wall street off course so im sure they dont let their buddies in goverment place too many rules over crypto if it too regulated.

Anyways regulations and kyc is insane its not goverment business nobody business how when and why and where is my wealth and money.

That's nice, however you are an insignificant part in the whole scheme of things. The people who actually hold the power in this situation are governments and central bank staff, who are meant to be looking out for the best interests of all their citizens - not just a few who might follow crypto. If a government is being proactive then they need to know all the money moving into and out of a country, if for no other reason than to identify threats, so KYC will only get more common in future.

taufik123

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Quote from: Ale88 on May 13, 2022, 11:18:05 AM

-snip-

The government certainly wants to get its share, a share of everyone's income from crypto. Currently, crypto users in several countries are required to pay their taxes. Regulations regarding income tax from work in crypto are very intense. Special regulations came into effect. Like it or not, we also have to comply with government regulations, KYC is only a small part of the regulations made. Major exchanges enforce KYC to know their users and this is also a target for the central government.

AmoreJaz

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Quote from: livingfree on May 13, 2022, 11:44:42 AM

Well, it's unstoppable.

The regulations from the government and the application of kyc is inevitable. So, if you don't like those you're free to use those exchanges that don't require it.

AFAIK, kucoin still has that account tier that you're allowed to trade without any kyc but we don't know until when they'll retain that status for free kyc accounts.

i believe, sooner or later, kucoin will also ask compulsory kyc to all levels of their customers. if they want to cater a wider coverage, some countries are now very strict with the operations of crypto-exchanges offering services to their people. but up until now, take advantage of this opportunity because if you are not a heavy trader, kucoin is one of the reputable exchanges that i know of that don't require kyc with very good liquidity in a lot of trading pairs.
kyc reqmt is now common in a lot of top exchanges, but most local crypto exchanges are already requiring kyc already anyway. so if you are converting your crypto to your fiat, most likely, you already subjected yourself to kyc one way or another, that is if you are not using p2p services

mk4

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Quote from: 325btc on May 13, 2022, 11:44:11 AM

Dont they have allready ways to get tgeir taxes from different many other places ?
Lets keep one place holy the "crypto"

They take taxes from almost anything where income is present. What makes you think they would stop with crypto just because they already have lots of ways to siphon taxes from? If it's income, it's taxable.

livingfree

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Well, it's unstoppable.

The regulations from the government and the application of kyc is inevitable. So, if you don't like those you're free to use those exchanges that don't require it.

AFAIK, kucoin still has that account tier that you're allowed to trade without any kyc but we don't know until when they'll retain that status for free kyc accounts.

325btc

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Quote from: Ale88 on May 13, 2022, 11:18:05 AM

Quote from: 325btc on May 13, 2022, 08:38:03 AM

Anyways regulations and kyc is insane its not goverment business nobody business how when and why and where is my wealth and money.

Until when bitcoin was worth a few bucks and people were pretty much playing with it, everything was fine. Then when the governments realize that there are people making a ton of money, guess what? They want their share, that's why they've been pushing so much for the KYC. Am I happy with it? Of course not, but at the same time I knew it was a matter of time.

Dont they have allready ways to get tgeir taxes from different many other places ?
Lets keep one place holy the "crypto"

death69

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Quote from: Ale88 on May 13, 2022, 11:18:05 AM

Quote from: 325btc on May 13, 2022, 08:38:03 AM

Anyways regulations and kyc is insane its not goverment business nobody business how when and why and where is my wealth and money.

Until when bitcoin was worth a few bucks and people were pretty much playing with it, everything was fine. Then when the governments realize that there are people making a ton of money, guess what? They want their share, that's why they've been pushing so much for the KYC. Am I happy with it? Of course not, but at the same time I knew it was a matter of time.

Actually, they just want to put regulations on bitcoin in order to implement its technology in the current monetary system. It is hard to integrate centralization and decentralization without forcing people to follow some rules. That is what the government do, try to govern everything

It is your choice to choose a KYC exchange or not. If you know the risk of losing private information, why do you still choose KYC or CEX?

Ale88

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Quote from: 325btc on May 13, 2022, 08:38:03 AM

Anyways regulations and kyc is insane its not goverment business nobody business how when and why and where is my wealth and money.

Until when bitcoin was worth a few bucks and people were pretty much playing with it, everything was fine. Then when the governments realize that there are people making a ton of money, guess what? They want their share, that's why they've been pushing so much for the KYC. Am I happy with it? Of course not, but at the same time I knew it was a matter of time.

Henrobakkara

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Quote from: 325btc on May 13, 2022, 08:38:03 AM

If heavy kyc start to coming and too many regulations then im out of crypto so as many others.
If we want to crypto survive then we have all ready too many regulations and kyc is all ready too much.

Off course who will lose ? The wall street off course so im sure they dont let their buddies in goverment place too many rules over crypto if it too regulated.

Anyways regulations and kyc is insane its not goverment business nobody business how when and why and where is my wealth and money.

Don't you think that even though most of us here cry no KYC, some people do actually do or have done KYC just to be able to trade in some exchange? and there could be more people out there that are yet to get into crypto because they believe the system isn't regulated and KYC wouldn't be a problem but would just be that underlining mark that makes them have a bit more confidence in the system to invest. I believe his KYC thing is taken differently by investors and you never can tell.

DapanasFruit

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There is no stopping the government and financial institutions to be imposing KYC and this has been accelerated with so many frauds and illicit moves of fiat money everywhere including the funding for terrorism...and whether we accept it or not there is nothing that we can do about it. We don't live in a vacuum just because we are dealing with cryptocurrency...a sad reality that all of us got to deal with in manners we can. We can only hope that restrictive KYC will not be the way into the future and that the government will also be listening to the industry as a partner and a big source of tax revenues they badly need.

Welsh

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I mean, Know Your Customer (KYC) is increasing whether we use cryptocurrencies or not. That's the reality of it all. There's definitely ways of avoiding KYC though, most peer to peer exchanges don't require KYC. The reason the government are pushing for KYC is because they require the company themselves not you as the customer to know who they are dealing with, and whether their funds could have been used for malicious reasons. Cryptocurrencies can depending on their features complicate that detection. Although, I don't believe Bitcoin is one, it's the more privacy oriented cryptocurrencies which aren't traceable are the ones with pretty problematic features for companies, and the government.

Any exchange whatever the currency will require KYC. This is likely to keep increasing in the following years, and while that definitely is a cause of concern, using Bitcoin or not isn't really going to stop it. These companies require it to operate under government laws. Although, like I said peer to peer exchanges seem to be the go to for people looking to buy Bitcoin, and that could be an alternative. Obviously, check your laws on peer to peer to avoid any issues.

mk4

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You do realize that "wall street" can put up short positions to be able to take advantage of price drops, right?

Also, why would bitcoin die with regulations? Sure, it will most probably stifle adoption, but one of the main points of bitcoin is to not give a crap about regulations.

hZti

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Wall Street can win also with declining prices, I would not bet on them.

325btc

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If heavy kyc start to coming and too many regulations then im out of crypto so as many others.
If we want to crypto survive then we have all ready too many regulations and kyc is all ready too much.

Off course who will lose ? The wall street off course so im sure they dont let their buddies in goverment place too many rules over crypto if it too regulated.

Anyways regulations and kyc is insane its not goverment business nobody business how when and why and where is my wealth and money.

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