we can all understand the morals of KYC as it can prevent a business getting into trouble by accidentally servicing an illicit act of a customer it doesnt know.
but i feel that consumer protections should have a KYB whereby businesses have to be open and transparent to.
that way its a two way street.
mostly so customers know what the business is doing with the customers data and the customer can act accordingly if the business is not playing by the rules
however there should still be an option where people are not forced into one choice. EG the poor forced to have bank accounts due to laws making 'paper cash' obsolete. people should have choices and an exit of one service and able to choose other options that offer other benefits
Topic: Know Your Customer (KYC) A Good thing or Bad Thing? - page 2. (Read 265 times)
How will KYC work when dealing with persons using decentralized exchanges?
We all seemingly have some sort of mixed emotions when it comes to the dreaded KYC. Picture the painting "The Scream" or some ghastly Emoji and none the less this maybe a somewhat accurate account of to how some people may feel about KYC. Some people might think it's a complete invasion of privacy and completely ruins the whole thought of what crypto is all about, when some others may think it's a step in the right direction to hopefully bring transparency to the crypto world and thus making it a more viable option for mass adoption. What are some of your thoughts and opinions on the matter? As usual any thought or comments are more than welcome. Thanks.
Its bad, because this information will make its way into the dark web, and everyone will suffer the consequences. Before a "hack" would get your nickname and password, but now they'll get your documents.
In the name of "control" the State, as usual, makes things worse for everyone.
The only answer is: Bad Thing.
Knowing your customer is a good thing. After all, your potential customer might be a government spy, trying to entrap you.
Personally I don't like KYC I see it as a stress but to be sure of less spams and cheats the KYC is necessary
Everything has its pros and cons, as is the case with KYC Through KYC we can be sure that it will be good and on the other hand through KYC they take our personal information to scam. That's why it's best not to use our KYC There are many sides to KYC except it is better to use ligula.
We all seemingly have some sort of mixed emotions when it comes to the dreaded KYC. Picture the painting "The Scream" or some ghastly Emoji and none the less this maybe a somewhat accurate account of to how some people may feel about KYC. Some people might think it's a complete invasion of privacy and completely ruins the whole thought of what crypto is all about, when some others may think it's a step in the right direction to hopefully bring transparency to the crypto world and thus making it a more viable option for mass adoption. What are some of your thoughts and opinions on the matter? As usual any thought or comments are more than welcome. Thanks.
KYC is fine for traditional financial institutions that have a track-record, are beholden to laws, and can be trusted somewhat. Where it gets murky is with the fly-by-night operations asking for very private details of members in order to issue bounty rewards. In my view, that's unacceptable. There is always a trade-off with KYC. There is always a risk of private information being misused.
If you accept that today, what is the guarantee that you will reject being chipped in your body or brain?
In The Future: "allow us to monitor you brain or get chipped else you won't be allowed to be part of our society"... Would you accept that?
There are safer ways to go about knowing your costumers without exposing billions of people to risk. Decentralized approach is probably the safest.
In The Future: "allow us to monitor you brain or get chipped else you won't be allowed to be part of our society"... Would you accept that?
There are safer ways to go about knowing your costumers without exposing billions of people to risk. Decentralized approach is probably the safest.
We all seemingly have some sort of mixed emotions when it comes to the dreaded KYC. Picture the painting "The Scream" or some ghastly Emoji and none the less this maybe a somewhat accurate account of to how some people may feel about KYC. Some people might think it's a complete invasion of privacy and completely ruins the whole thought of what crypto is all about, when some others may think it's a step in the right direction to hopefully bring transparency to the crypto world and thus making it a more viable option for mass adoption. What are some of your thoughts and opinions on the matter? As usual any thought or comments are more than welcome. Thanks.
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