Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 12. (Read 1666 times)
I also don't like to do KYC for use a crypto coin, sell, buy, indeed you are right KYC defeats the purpose of crypto. Why i should do kyc to buy or sell or send a coin when if i want to get fiat money to my bank i already have kyc and they see the money coming from a provider who accept crypto deposit. But for some exchanges if want to withdraw high amount on 24 hours they ask KYC because of money laundering.
At present there are many ICO projects that use KYC. And even though many mercenaries protest against KYC. KYC continues to run and there are many bounty hunters going through the KYC process. I am personally very selective in choosing projects and choosing those who do not use KYC.
To some extent you are right. I also don't feel good to share all my information to exchanges and projects where I invest, but when it comes to safety of my investment, it feel comfortable with KYC process.
Since it's applicable to all users, there are less chances(no 100% guarantee) to loose my money due to fraud from other user. Even if any then can be traced immediately.
At the other hand, since cryptocurrencies world is not regulated yet, many governments are enforcing kyc process to track money laundering and tax stealing.
Since it's applicable to all users, there are less chances(no 100% guarantee) to loose my money due to fraud from other user. Even if any then can be traced immediately.
At the other hand, since cryptocurrencies world is not regulated yet, many governments are enforcing kyc process to track money laundering and tax stealing.
The purpose of cryptocurrency is to be money. KYC doesn't really have anything to do with that. I think DEX's are the future but they currently have problems with liquidity and user experience.
indeed has nothing to do, but all exchanges except for the decentralized exchange is now almost all asks for KYC. and that is part of the security. who wouldn't want to be more secure with their assets? We have to think positive, where there will be no misuse of documents that we provide. but it remains vigilant on Exchange bad and not trusted.
It's unfortunate but what can we do.
We always have to stay decentralized to avoid such intrusions or violations.
My advice is to remain in the "Circle" if you are inexperienced. . Always expect the worst from crypto world once you step out of the Circle.. . Circle in our case is decentralization.
We always have to stay decentralized to avoid such intrusions or violations.
My advice is to remain in the "Circle" if you are inexperienced. . Always expect the worst from crypto world once you step out of the Circle.. . Circle in our case is decentralization.
The purpose of cryptocurrency is to be money. KYC doesn't really have anything to do with that. I think DEX's are the future but they currently have problems with liquidity and user experience.
Satoshi was and is anonymous and so is his idea. If we go by the principle of Satoshi, our identity is not exposed when we transact. But lately, KYC has almost become necessary for clients to get rewards or trade. Why this sort of identity is necessary? But over time, the market is expanded and widened over time. And maybe so is the principle of cryptocurrency, making it mandatory for KYC information. Lets hope for better of cryptocurrency.
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?
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?
But it's good due to many people have several wallets.
I think the purpose of crypto is not hiding the identity, but the usefulness of the transaction itself
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 are not grumpy. you worry is right and it always has a reason. In some countries, they can use ID to borrow money and trouble will belong to the person who revealed the identity. so we should not publicize and send our IDs to project owners. they will definitely sell our information and use it for bad purposes. 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?
Industry wants adoption and adoption demands KYC, for legal and institution approval. I agree it is not the cryptocurrency that demands KYC but the centralized system that wanted to control money laundering. We cannot avoid it if we want mainstream adoption, but nevertheless anonymity is not gone with crypto you can still be anon, just avoid centralized exchanges and institution.
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.
It is just a procedure, you know SEC is very strict organisation, so if you don't follow rules, then exchange can be closed or punished .
Check out etherdelta, they have payed like 300k usd for not following process
Indeed, so they need to implement it but in terms of KYC on new ICO, i think that’s a risky one. The purpose of cryptocurrency is not just for anonymous, but for a faster transactions which can be done if there’s a good regulations. I will support KYC from the exchanges but not on the ICO or for the bounty hunters. Check out etherdelta, they have payed like 300k usd for not following process
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.
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?
if you keep having phobia for kyc you will keep having problems with many projects. This is the only process to end scam. Tell me since the existence of so many scam projects, how many solution have you rendered to end it? And also to talk about other scammy hunters and users 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 guys raise an interesting point about dodgy activity! But then again it's a learning curve - for instance if there's one thing crypto has taught me and that's is how to be super careful with my money. Also, I've lost my fair share in scams but then again it's taught me how to be super aware. Not that I'm invulnerable but I can generally spot one when it comes along now.
It's been a good lesson for me in essence. It's taught me to not rely on the government to solve all of my problems for me. If I've shoved a thousand dollars in and lost it, well, I've had to come to terms with that it's my fault. Not that I'm saying you should let off scammers completely free - only that it's been easier to be culpable for my own shitty decisions.
It's been a good lesson for me in essence. It's taught me to not rely on the government to solve all of my problems for me. If I've shoved a thousand dollars in and lost it, well, I've had to come to terms with that it's my fault. Not that I'm saying you should let off scammers completely free - only that it's been easier to be culpable for my own shitty decisions.
Nope, anonymity is one hindrance of why cryptocurrency has been slow in adaption because the government were slowly but surely study the system on how they can accept where many users now beginning to love the system. Thus, KYC is really necessary for the government to implement so as to avoid abusive form of its use. Now, doea it really will defeat its purpose? Well the answer is no, for even with KYC still cryptocurrency will work. The P2P will not be stopped with KYC.
Thus, the need to implement are the exchanges for further resources if there is somebody from the government would like to track.
Thus, the need to implement are the exchanges for further resources if there is somebody from the government would like to track.
I don't like it either, thr KYC but to avoid all sort of evil 😈 it is a must.
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 truly sympathize with you.. It's actually what the cryptocurrencies space has resulted to but without this in place crypto would be a favourable ground for all form of nefarious activity and this will continue to tarnish the image of the crypto-community. I have my issues with KYC too but for some products and services I think KYC is a neccessary evil that everyone needs to accommodate in order for us to one day witness mass adoption of blockchain technology. 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?
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 got your point and I do agree on most of the part of your argument. I believe one of the main purpose of cryptocurrency is to protect user data from unnecessary evil third party and KYC is obstructing that purpose. However, in our current economic system when we still mainly use fiat money for transaction, we still need the KYC,
I believe on most exchange you can trade any crypto without submitting your identity, only when you want to trade fiat money that you need to submit your identity.
Other than that Decentralize exchange could be a possible solution for non kyc exchange.
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