Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 11. (Read 1690 times)
From my observations made in the crypto space, KYC is just one of the ways people are trying to make crypto transactions centralized. KYC was the first step introduced to obtain information about people on a particular platform to monitor their activities and also know the amount of crypto coins they have. KYC is currently the flaw in the crypto space.
Absolutely right. But greed has blindfolded all of us. Whatever they command for money, we do it all. That is why the old days were better. It is like, as the community grew, the surroundings changed a lot.
It absolutely did. Myself included. Sometimes I have to hold back and remember the vision Bitcoin was built upon. The best thing about crypto is that you have to hand over ownership of your coins. It can't just be taken away from you. Banks do that all the time. Limit your accounts, steal your money, run up shitty baseless charges. Can't do that with crypto - unless you left it on an exchange of course!
We still have our choices to make as crypto enthusiasts.
If you want to totally avoid giving out your personal details I'm the name of kyc, then you should not go close to anything that has to do with kyc.
Yes, there are projects and exchanges that ask for kyc, yet there are those who do not also ask.
If you want to totally avoid giving out your personal details I'm the name of kyc, then you should not go close to anything that has to do with kyc.
Yes, there are projects and exchanges that ask for kyc, yet there are those who do not also ask.
The whole idea of cryptocurrency and blockchain was built on the concept of decentralisation. Decentralisation in the sense that you can be able to complete financial transactions anonymously without releasing your identity. The introduction of kyc defeats the whole purpose of cryptocurrency and blockchain because it is no longer decentralized and anonymous when you give up your government identity to the team of a project. You are no longer anonymous and this defeats the purpose of a decentralized cryptocurrency system.
Fuck that KYC shit. I dont like that or deserve that from crypto. Anonymity is everything for me to here. I dont like this new icos whom are wanting KYC
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?
You aren't alone on this. I don't like the idea of KYC too but that's the price we got to pay if the global/mass adoption we crave must happen. You win some, you lose some. I remember my first transaction on Changelly in 2017. It was expressly done. No KYC. All that was needed was an email registration. The same thing happened with Binance when it was newly established. I could withdraw my coins without a KYC validation. That isn't the case now. Sadly, we can't remain anonymous anymore. 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?
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?
We will not be completely anonymous in cryptocurrency. States will not allow anonymous financial flows around the world. However, due to the fact that the circulation of cryptocurrencies is still poorly regulated, and the activities of the ICO are practically not regulated at all, many are still being abused with the KYC audit. This is especially true for ICO teams. I am absolutely sure that bounty hunters should not undergo such a KYC check, because carrying out this check on bounty hunters is contrary to the purpose of the KYC check. I think that in the future, the KYC audit will also be more streamlined and this present absurdity, when they are asked to pass the KYC audit at every step, will end. 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 a necessity in this Current space but it will not last forever
It might not last forever but it will for a very long time because right now it's looking like the opposite of what you're saying. Those exchanges and other platforms who don't have KYC before like shapeshift for example are changing and decided to implement KYC. Rather than forcing the participants to do KYC and it much better to create a tier for any users. this will be much fair compared with forced the whole of users to do KYC verification. Binance was doing it and so far there was no serious problem with it.
The tier system you're pointing out would only be temporary they could easily remove or increase the limit on these tiers. Also it happened to one of the exchanges that i've used years ago after they get regulated. you can just avoid doing KYC you still have the option but the reason why there is the need for it is because we pursue the adoption. if you feel like you don't have to join a project because you were asked to submit documents you can just ignore the project and buy from the DEX if its there. CEX doesn't ask for documents if you do buy less and withdraw less under their limits.
There is some sense in your write up. But some exchanges are centralized for instance, KYC is a requisite for operation if you know what I mean. The part I detest about KYC is for ICOs, I think it's needless. KYC should be for STOs. All said, our opinion doesn't change anything, so it's optional, normally I do KYC only when I deem it extremely necessary.
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 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 still do well without KYC identification. I participate in bounty campaigns and ICO where I do not need to do KYC. I trade on centralized exchanges where KYC is not required. If all people did this, the KYC would stop asking. However, people are greedy and ready for the sake of profit to give up anonymity and go through KYC identification.
KYC was introduced because anonymity has become too dangerous today where terrorists and fraudsters trade in crypto but I agree that only banks should ask us for KYC and not these regular exchanges, ICOs and so on. They are not regulated by the Government to ask us for such personal information.
However, in order to deal with those who do the bad things, then KYC is needed in every ICO and in the exchange. Even though we know it is not safe for us, we are forced to do so to get our own will. 
I see you all are complaining about KYC but then I see the empty order books on bisq. Something doesn't fit the picture here. Cryptobridge is another dex and it works pretty decent yet I don't see good volume there neither.
Only If you used those exchanges more than you talked, we would have had more liquidity on those exchanges. :/
Only If you used those exchanges more than you talked, we would have had more liquidity on those exchanges. :/
It's really a shame that where crypto is heading is not anonymous but at the same time it will be easier to track cheaters, hackers, stolen coins now that every participants must prove they are real with KYC procedure
You are right about this, this is where these idiots you mentioned has pushed us to, they want to defeat the objective of cryptocurrency, but we don’t have any choice, we have to just work by the rule for safety purpose, at least we are still getting benefits through the system which already outruns the lapses.I think we still have the freedom and choice to pick from, if we are not comfortable to play by this rule, we can as well not participate in any of these projects or exchanges making this request, I believe we still have some projects that would not request for KYC and I think it is also high time we impose the KYC requirement to these project teams too, I don’t know how it will work but I am sure we will all come up with something.
You kept mentioning how cryptocurrency is affected by KYC, but you forgot to mention how you can actually own your own cryptocurrency through decentralised exchanges that keeps you anonymous and out of the public eyes. KYC is a necessity in this Current space but it will not last forever
This KYC thing has become a dilemma for the cryptocommunity but I guess it will always be a part of this ongoing crypto evolution which will paved the way for a greater mass adoption. Although people are somewhat reluctant to do a KYC process because its a bit annoying at times, they still have the power to choose whether to go with it or not or find other alternatives. But if we don't have something to hide, I guess it would be okay for most of us especially when our own money is on the line. 
It's between traders and investors judgement whether to comply or not with this KYC procedure, it's an optional thing that can be done freely, and as what you have mentioned, it's your money to take care of so better to be more careful doing something that involves your financial assets.
This KYC thing has become a dilemma for the cryptocommunity but I guess it will always be a part of this ongoing crypto evolution which will paved the way for a greater mass adoption. Although people are somewhat reluctant to do a KYC process because its a bit annoying at times, they still have the power to choose whether to go with it or not or find other alternatives. But if we don't have something to hide, I guess it would be okay for most of us especially when our own money is on the line.
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 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 think the problem is that crypto started out very small and niche, with low coin prices, anonymity and everything operating under the radar... but many (most?) people who have been buying coins in the last few years (myself included) want prices to rise. However the way prices rise is by bringing in new money, and crypto becoming ever bigger, and ever closer to widespread mainstream adoption... but an inevitable consequence of this process is that governments and regulatory authorities start to take notice, and they have a duty to protect consumers/citizens, and a part of that is all the AML and KYC requirements. It's just an inevitability really as crypto expands, you can't have the higher prices without sacrificing some of the ideal.
I agree, however, if you want to trade, you have to do it, indeed not all countries legalize crypto so that there are countries that really allow them to trade but must continue to do Kyc, in my country KYC is required to withdraw crypto money and exchange it to fiat, maybe this the purpose of avoiding money laundering, or other bad intentions.
I agree and that's one of reasons preventing mass adoption. People won't use crypto if they have to do KYC every time they need to use a service.
On the other hand, a lot of ICOs or crypto services shouldn't need KYCs. For example, EOS hasn't done any KYC in their coin sale and it got listed in almost all exchanges including Coinbase.
Try to stay away or at least be very cautious about anything that asks you to do KYC.
On the other hand, a lot of ICOs or crypto services shouldn't need KYCs. For example, EOS hasn't done any KYC in their coin sale and it got listed in almost all exchanges including Coinbase.
Try to stay away or at least be very cautious about anything that asks you to do KYC.
That's good advice right there.
I thought Staramba was a great idea. Not for the money, but I liked the idea of having my own virtual real estate. I bought about 0.3 btc worth at current prices. Now they are asking me for KYC to even access it. Crazy right?
Yes, this is true. Cryptocurrency just conceived, as something safe, independent and anonymous. And KYC, undoubtedly, violates these principles. This procedure must be modified to suit both parties - the ICO project and the investors.
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