KYC defeats the purpose of Crypto. Thoughts anyone?

panganib999

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Quote from: raymondspeaks on April 17, 2019, 06:33:31 PM

The KYC process annoys the hell out of me. I remember a time when you could trade coins freely and without owning up to your identity at all. Not that I'm hiding anything, I just don't like every man and his dog having a copy of my government ID - I feel that's very intrusive. I mean the whole idea of cryptocurrency was anonymous peer-to-peer trading without government intervention. Now it seems you can't fart in the wrong direction without someone breathing down your neck.

I mean I get it, exchanges, ICO's, etc, want to be on the safe side -- although what I really object to is these places accepting my crypto first and then telling me that I need to give them a mugshot if I want to use it, or withdraw it again. It's a nightmare.

Anyone else a bit miffed with all this identity craziness we're in right now?

Or am I just being a grumpy old man?

Although KYC seems to contrasts the essence of anonimity feature of crypto, its undeniable that this Know your customer is really very helpful especially for those who are making big transactions and needs to guarantee safety. Your annoyance won't matter to them and won't do anything because everyone is still traceable despite of the anonymous feature that was introduced to us.

wxa7115

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Quote from: cahbagus555 on November 03, 2019, 08:06:14 PM

The cryptocurrency market is different from a few years ago. The cryptocurrency market is valued at more than $ 200 billion dollars and of course this must be regulated so that there is no abuse and it is not a place for criminal activity. With KYC, the potential of the cryptocurrency market as a criminal activity will be reduced and in my opinion this is a good thing so that people's negative perspectives on cryptocurrency disappear

But that is not the intent behind those policies, KYC has been part of this market for years and if you have seeing any decline in the criminal activity on the market I would like to hear it because I do not see it, KYC has benefited criminals since now they can steal your identity and not only your money like in the past, KYC is an attempt to control the market and to know what are you doing your money.

Do not fall in their trap, governments are experts at saying they want something only to be discovered later they wanted the opposite, KYC has made this market even more unsafe and there is no way around it.

mobilestrike

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Quote from: youdacapt on November 03, 2019, 02:22:20 PM

Quote from: mobilestrike on November 03, 2019, 12:48:52 PM

But there are a lot of other projects which have started their airdrops and bounty without any KYC requirement. Many of my friends are collecting airdrops and they do not participate in those projects which ask KYC for airdrop and do you know they do not have much time even for rest. It need your search you will find a lot of bounties and airdrops with no KYC.

maybe you can ask him what percentage of the airdrop that is followed eventually has a price. This type is mostly coins that have passed the ICO stage, so there is no need for kyc because it is only an incentive for the next promotion phase. I personally think that KYC is only effective for the distribution of coins with a value above $ 500, this is indeed different from the purpose of crypto anonymity, but it is necessary for their transition to global business if possible, because it must be clear in accountability.

They will definitely ask the KYC for only those airdrop which will have more than $500 value but if we want. If we will not join any those airdrops which ask for KYC and pay less than $500 then they will either change their rules of KYC or they will increase their coins amount which value will be more than $500.

matchi2011

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Quote from: Convery on November 06, 2019, 03:09:37 AM

Quote from: confreslamp on November 05, 2019, 02:38:20 PM

Crypto currencies were created for anonymity and any kind of KYC process is just destroying all crypto principles. But on the other hand, in my opinion it is necessary to pass KYC for investments above the average.

Where did you get this information? Look at the Bitcoin blockchain, could you track every transaction? You can. Do you know who owns the address? In most cases, you don´t. But, if someone connects names to the address then we will see everything. We call that Bitcoin is pseudo-anonymous. It is good? Of course it is because goverments wil never allow privacy coins to use because it could easily destroy the system.

Government will never allow such things that will potentially harm their financial system. Still same reason the local exchange ask for KYC to make sure that AMLA rules will never be disregarded. There's no way to withdraw huge amount of money from an exchange that will not ask for requirements most once you are converting your crypto to your local currency exchange needs to imposed what government ask them to do.

Convery

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Quote from: confreslamp on November 05, 2019, 02:38:20 PM

Crypto currencies were created for anonymity and any kind of KYC process is just destroying all crypto principles. But on the other hand, in my opinion it is necessary to pass KYC for investments above the average.

Where did you get this information? Look at the Bitcoin blockchain, could you track every transaction? You can. Do you know who owns the address? In most cases, you don´t. But, if someone connects names to the address then we will see everything. We call that Bitcoin is pseudo-anonymous. It is good? Of course it is because goverments wil never allow privacy coins to use because it could easily destroy the system.

HabiebRiziq

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Quote from: raymondspeaks on April 17, 2019, 06:33:31 PM

The KYC process annoys the hell out of me. I remember a time when you could trade coins freely and without owning up to your identity at all. Not that I'm hiding anything, I just don't like every man and his dog having a copy of my government ID - I feel that's very intrusive. I mean the whole idea of cryptocurrency was anonymous peer-to-peer trading without government intervention. Now it seems you can't fart in the wrong direction without someone breathing down your neck.

I mean I get it, exchanges, ICO's, etc, want to be on the safe side -- although what I really object to is these places accepting my crypto first and then telling me that I need to give them a mugshot if I want to use it, or withdraw it again. It's a nightmare.

Anyone else a bit miffed with all this identity craziness we're in right now?

Or am I just being a grumpy old man?

I agree with you that giving our personal identity to certain conditions in cryptocurrency is not a natural thing because we have privacy that we cannot easily give to others, and I further agree that trading and anything that is in cryptocurrency can be done without giving a personal identity we tell some people who of course we don't know whether they will abuse it or not.

confreslamp

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Crypto currencies were created for anonymity and any kind of KYC process is just destroying all crypto principles. But on the other hand, in my opinion it is necessary to pass KYC for investments above the average.

Marckolind

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Funny reading this, as I'm currently loading up heavily on BLOCK, which is the market leader on DEX solutions.
No accounts, personal details, KYC, or any of that BS needed. Just trade peer 2 peer.

I'm sure people will wake up eventually, and use these DEX's instead of using those bad exchanges, that puts everyone at risk to exchange hacks and what not.

ProteinBar

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I also enjoyed the free trading time of coins without having an identity. ensure a lot of personal information of investors. Why do you need so much identity information?

sapnu

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Quote from: btcdie on November 05, 2019, 05:31:41 AM

very strange to me the KYC procedure performed by the exchange, at least the exchange requires the KYC procedure on certain asset limits, for example under $100 there is no need to perform the KYC procedure or there are transaction limits. I am increasingly confused lately, crypto with a decentralized nature but there is interference from the current government into anonymity is no longer there. Huh

i dont think that KYC is a disadvantage. Because I can say that it is only the way to prevent farm accounts to warn money just to be fair. KYC is important in many terms because you can safely trade and you deserve it. It actually depends if you are doing wrong but if not why not to obey the rules. It is good also for the exchange it is easy to identify who is farming earning a money with different accounts. It is actually unfair. For us to be fair earning equal money. The one who are complaining maybe they are not honest. In a different project it is important. Why to be confused of that maybe because the KYC is a long process but it is worth it.

doomistake

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Quote from: Teraboy on November 05, 2019, 04:40:01 AM

Quote from: jcarlo on November 04, 2019, 07:43:48 PM

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

Basically, KYC should be a mandatory for the ICO team and it's not for investors. But remember not so many people are doing big transaction and is that make sense for those people are giving tips to others must complete KYC verification?
Mostly people verified their KYC on exchange site which is used only to verify the user's identity to make sure if that is not coming from the restricted country.
Even exchange site itself is manipulating its market and not all of people have intention to do money laundring.

I'll be honest, this KYC doesn't prove anything at all, even if the ICO team will provide it for us, because we have no assurance that the personal information they are going to submit is legit, that goes the same for the bounty hunter who do this, they are just fooling each other for the sake of shit coins (mostly).

Opekin

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Quote from: raymondspeaks on April 17, 2019, 06:33:31 PM

The KYC process annoys the hell out of me. I remember a time when you could trade coins freely and without owning up to your identity at all. Not that I'm hiding anything, I just don't like every man and his dog having a copy of my government ID - I feel that's very intrusive. I mean the whole idea of cryptocurrency was anonymous peer-to-peer trading without government intervention. Now it seems you can't fart in the wrong direction without someone breathing down your neck.

I mean I get it, exchanges, ICO's, etc, want to be on the safe side -- although what I really object to is these places accepting my crypto first and then telling me that I need to give them a mugshot if I want to use it, or withdraw it again. It's a nightmare.

Anyone else a bit miffed with all this identity craziness we're in right now?

Or am I just being a grumpy old man?

KYC is really killing the decentralization or anonimity of cryptocurrency . I hate it but we have no other choice on investing we need to send and verified first same as the exchanges right now . its not a good idea it is like we are risking our identity if anything happens like in the past months there was an issues and leaked identification id cards in the public. asmuch as possible if they let me enter and not required kyc i will go in that investment or exchanges it is not a problem for me beacuse i don't have that big amounts to release if they want to require me to send kyc .

kaneki007

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I only do KYC on some exchangers only for withdrawal purposes, if it wasn't for the withdrawal limit i wouldn't want to give my identity card to exchangers that could be hacked at any time. And for now i rarely join bounties because most have to KYC

btcdie

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very strange to me the KYC procedure performed by the exchange, at least the exchange requires the KYC procedure on certain asset limits, for example under $100 there is no need to perform the KYC procedure or there are transaction limits. I am increasingly confused lately, crypto with a decentralized nature but there is interference from the current government into anonymity is no longer there. Huh

TheClownSong

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Quote from: Teraboy on November 05, 2019, 04:40:01 AM

Quote from: jcarlo on November 04, 2019, 07:43:48 PM

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

Basically, KYC should be a mandatory for the ICO team and it's not for investors. But remember not so many people are doing big transaction and is that make sense for those people are giving tips to others must complete KYC verification?
Mostly people verified their KYC on exchange site which is used only to verify the user's identity to make sure if that is not coming from the restricted country.
Even exchange site itself is manipulating its market and not all of people have intention to do money laundring.

If the government regulates the ICO, the developer team and the investor should carry out the KYC, this is for the safety of investor funds and also for the developer team to comply with government regulations. KYC should be a common thing in any market and because the cryptocurrency market has begun to be recognized by some governments, it is only natural that investors must carry out KYC in regulated exchangers

Teraboy

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Quote from: jcarlo on November 04, 2019, 07:43:48 PM

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

Basically, KYC should be a mandatory for the ICO team and it's not for investors. But remember not so many people are doing big transaction and is that make sense for those people are giving tips to others must complete KYC verification?
Mostly people verified their KYC on exchange site which is used only to verify the user's identity to make sure if that is not coming from the restricted country.
Even exchange site itself is manipulating its market and not all of people have intention to do money laundring.

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Quote from: jcarlo on November 04, 2019, 07:43:48 PM

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

indeed to be able to protect from cyber crime this can use the KYC facility in the government will find out who owns the assets, but you must know that when the government knows all the identities and the amount of wealth owned by the owner of the wallet, the government will try in various ways to be able to controlling other people's assets, it's better that cryptocurrency remains anonymous so no one knows and no one can control the circulation of cryptocurrency.

Serco

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Quote from: jcarlo on November 04, 2019, 07:43:48 PM

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

it just preventing action from many scammers in cryptocurrency market.regulation or kyc was an action that needed although many people thinking this is different with decentralized concept from crypto.we should not worry and over thinking about negatives affect from kyc.money flow in cryptocurrency market was so huge and if government didnt regulate it there are many threat that will steal investors money.

Shasha80

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That's right KYC defeats the purpose of cryptocurrency, because of the advantages of decentralized cryptocurrency which means
we can be anonymous and our privacy is protected. And free to manage our finances without anyone controlling it. With the KYC
the initial purpose of cryptocurrency was undermined, moreover many exchanges and airdrops enforced KYC with money laundering
and terrorist reasons. So, it is not surprising that many crypto communities are looking for exchanges without KYC procedures. And
frighteningly there are some exchanges who deliberately trade their users' data. But local exchanges in the country where I live apply
KYC because of government requirements so that users can subject to tax. As a good citizen I inevitably follow government rules.

jcarlo

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Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

Topic: KYC defeats the purpose of Crypto. Thoughts anyone? (Read 1690 times)