KYC is bad for the sake of exposure but that is what price we have to pay if we must achieve regulation for this industry. There are instances where I submitted my KYC documents only for those projects to scam. I believe such scam projects are likely to sell customers' data in their possession on the darknet and thereby endangering the identities of their customers. If we can achieve regulation without exchanges demanding KYC documents, that would be fine and great.
I don't understand why KYC is used for bounty and airdrop, they don't need to collect our personal information if they're a legit project. Over the past 2 years I have seen thousands of airdrops and bounty asking KYC participants, and thankfully I have never participated in such campaigns. And just as you said, our material can be sold and used for malicious purposes
Topic: Is KYC bad for crypto? - page 7. (Read 1162 times)
The original idea of crypto is the decentralized therefore KYC might break its original idea.
However, people has been shouting about how risky the market is, and that's because of lack of regulation.
When we ask for regulation, KYC is already embedded as that is the basic requirement for financial industry accepting clients to facilitate their business.
Therefore we have to follow and do the KYC as we have no choice, now let's weigh the two, and for me I would pick that we should follow the KYC and let the crypto space get regulated as it's the only way that it will grow in the long run.
However, people has been shouting about how risky the market is, and that's because of lack of regulation.
When we ask for regulation, KYC is already embedded as that is the basic requirement for financial industry accepting clients to facilitate their business.
Therefore we have to follow and do the KYC as we have no choice, now let's weigh the two, and for me I would pick that we should follow the KYC and let the crypto space get regulated as it's the only way that it will grow in the long run.
Sad to say that it defeats the purpose, but agree with you that, for this space to grow, we have to play by the rules of the financial industry.
Perhaps we can remove the KYC part, and just use some sort of identity like BTC address in future, when financial regulations get eliminated, hopefully in our lifetime
KYC is bad for the sake of exposure but that is what price we have to pay if we must achieve regulation for this industry. There are instances where I submitted my KYC documents only for those projects to scam. I believe such scam projects are likely to sell customers' data in their possession on the darknet and thereby endangering the identities of their customers. If we can achieve regulation without exchanges demanding KYC documents, that would be fine and great.
I don't understand why KYC is used for bounty and airdrop, they don't need to collect our personal information if they're a legit project. Over the past 2 years I have seen thousands of airdrops and bounty asking KYC participants, and thankfully I have never participated in such campaigns. And just as you said, our material can be sold and used for malicious purposes
KYC is bad for the sake of exposure but that is what price we have to pay if we must achieve regulation for this industry. There are instances where I submitted my KYC documents only for those projects to scam. I believe such scam projects are likely to sell customers' data in their possession on the darknet and thereby endangering the identities of their customers. If we can achieve regulation without exchanges demanding KYC documents, that would be fine and great.
I don't understand why KYC is used for bounty and airdrop, they don't need to collect our personal information if they're a legit project. Over the past 2 years I have seen thousands of airdrops and bounty asking KYC participants, and thankfully I have never participated in such campaigns. And just as you said, our material can be sold and used for malicious purposes 
KYC is bad for the sake of exposure but that is what price we have to pay if we must achieve regulation for this industry. There are instances where I submitted my KYC documents only for those projects to scam. I believe such scam projects are likely to sell customers' data in their possession on the darknet and thereby endangering the identities of their customers. If we can achieve regulation without exchanges demanding KYC documents, that would be fine and great.
The original idea of crypto is the decentralized therefore KYC might break its original idea.
However, people has been shouting about how risky the market is, and that's because of lack of regulation.
When we ask for regulation, KYC is already embedded as that is the basic requirement for financial industry accepting clients to facilitate their business.
Therefore we have to follow and do the KYC as we have no choice, now let's weigh the two, and for me I would pick that we should follow the KYC and let the crypto space get regulated as it's the only way that it will grow in the long run.
However, people has been shouting about how risky the market is, and that's because of lack of regulation.
When we ask for regulation, KYC is already embedded as that is the basic requirement for financial industry accepting clients to facilitate their business.
Therefore we have to follow and do the KYC as we have no choice, now let's weigh the two, and for me I would pick that we should follow the KYC and let the crypto space get regulated as it's the only way that it will grow in the long run.
Actually, this KYC has pros and cons and sometimes it is very helpful when in crypto. Yes, every one of us wanted privacy for our security but usually, it will abuse by some people participating and abuse bounty projects. Not only by that, but most cases also use in money laundering that it is very common. You can read this online article that says PROS AND CONS OF KYC WHEN IT COMES TO ICO TOKEN SALES.
I don't know what will if most exchange platforms now didn't implement KYC, probably hacking incidence on the exchange will continue spreading.
I don't know what will if most exchange platforms now didn't implement KYC, probably hacking incidence on the exchange will continue spreading.
The security issues are my biggest concern if the exchange asks about the personal documents. I hate to see the news about the hacked exchanges and this is the reason behind my stubborn anti-KYC idea. It is obviously killing the requirement for freedom in net and bad for decentralization.
even those Big and respectable exchanges Don't require KYC so why others will?and besides whats the essence of Cryptocurrency if we will require the personal details then where is the anonymous feature?yeah i know that the transaction are not that totally anonymous but at least we as users are undetected .It doesnt mean that you dont want KYC is youa re hiding anything bad its just we wanted our privacy to remain and preserved .
Kyc is actually not bad for crypto as it helps in curbing fraudulent activities on the space. However it is always necessary for those asking for kyc documents to protect these docs in the best interest of their users to avoid these documents leaking to a third party.
However, exchanges are not doing it in the best interest of the user. They are doing it only to be compliant. Also, your private and personal information are not safe. They are usually sold to 3rd parties for profit as normal practice. They also might give them to a demanding government.
Why do you think that "popular exchanges" (I guess you are referring to the exchanges like Binance) won't sell your personal information to 3rd parties? If you give them you personal information, you trust them. Isn't the main advantage of crypto the fact that a person doesn't have to trust anyone?
Kyc is actually not bad for crypto as it helps in curbing fraudulent activities on the space. However it is always necessary for those asking for kyc documents to protect these docs in the best interest of their users to avoid these documents leaking to a third party.
However, exchanges are not doing it in the best interest of the user. They are doing it only to be compliant. Also, your private and personal information are not safe. They are usually sold to 3rd parties for profit as normal practice. They also might give them to a demanding government.
Why do you think that "popular exchanges" (I guess you are referring to the exchanges like Binance) won't sell your personal information to 3rd parties? If you give them you personal information, you trust them. Isn't the main advantage of crypto the fact that a person doesn't have to trust anyone?
Kyc is actually not bad for crypto as it helps in curbing fraudulent activities on the space. However it is always necessary for those asking for kyc documents to protect these docs in the best interest of their users to avoid these documents leaking to a third party.
However, exchanges are not doing it in the best interest of the user. They are doing it only to be compliant. Also, your private and personal information are not safe. They are usually sold to 3rd parties for profit as normal practice. They also might give them to a demanding government.
I think it's good because by applying Kyc I think it can help an exchange to filter out people who want to do money laundering, it's just that recently I saw a lot of new exchanges that apply KYC but it is very silly because applying a very large minimum withdrawal and not like a famous exchange like binance etc. that do not apply KYC and provide a fairly large minimum withdrawal (above 1 btc), and in my opinion a new exchange should follow them
KYC is only good when we want to participate and use the exchanges. By doing this, the exchange will easily exist and there is no need to be too worried about legal issues. But KYC will become evil if airdrop and bounty projects require KYC of all participants, this action is not necessary and it is being abused a lot. Kyc is actually not bad for crypto as it helps in curbing fraudulent activities on the space. However it is always necessary for those asking for kyc documents to protect these docs in the best interest of their users to avoid these documents leaking to a third party.
However, exchanges are not doing it in the best interest of the user. They are doing it only to be compliant. Also, your private and personal information are not safe. They are usually sold to 3rd parties for profit as normal practice. They also might give them to a demanding government.
Many exchangers allow withdrawals without KYC but are limited to a maximum withdrawal of 2btc. In my opinion, the exchanger must obey the government rules regarding KYC because there is a fear of money laundering and I think this is a good thing to increase public trust
What are your thoughts? 
I think not all. The good thing about KYC is useful to avoid money laundering. The bad thing about KYC is that it can be sold to third parties. Preventive must be selective in choosing a project or airdrop, comparing profit and loss.
The security issues are my biggest concern if the exchange asks about the personal documents. I hate to see the news about the hacked exchanges and this is the reason behind my stubborn anti-KYC idea. It is obviously killing the requirement for freedom in net and bad for decentralization.
I loss a lot of airdrops and coins because of this KYC that these bounty and airdrops implemented at the last minute, they are very cunning they know that many people do not want to undergone KYC, no value of any coins is worth in exchange to your sensitive information, you are putting yourself and your family at risk if your sensitive information is roaming around the net and being use illegally. 
Kyc is actually not bad for crypto as it helps in curbing fraudulent activities on the space. However it is always necessary for those asking for kyc documents to protect these docs in the best interest of their users to avoid these documents leaking to a third party.
However, exchanges are not doing it in the best interest of the user. They are doing it only to be compliant. Also, your private and personal information are not safe. They are usually sold to 3rd parties for profit as normal practice. They also might give them to a demanding government.
Wallet and trading sites most of them are requiring to pass your Identity to them before you can be able to withdraw or make transaction to their website. Yes it is very risky for us because they have exchange and wallet who hacked and for sure the customer identity has been compromised by the hackers. But we don't have choice because we are only the user we are not the owner of the website but I hope they will protect also our information.
in my opinion personal is bad, because it forces us to prove our personal identity. meanwhile, the project team did not do the same thing so it looked unfair. when participants are forced to show personal data, but the project team does not do that either as evidence that they also work honestly for a good project.
In some cases regulations are necessary to put an end to fraud and corruption in the crypto/Blockchain industry. By requiring KYC compliance on centralized exchanges, the crypto world could become a better place.
I don't think KYC has had any negative effect on the cryptocurrency industy, it's what's best for the industry right now since it prevent laundering of money through exchanges since cryptocurrency is somehow anonymous and they can't be trace but with KYC requirements, it becomes impossible to stay anonymous.
Actually i think the purpose of they KYC is to avoid giving cryptocurrency to the person that lives in a country where Cryptos are illegal.
So it affects the investors from that place
So it affects the investors from that place
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