KYC defeats the purpose of Crypto. Thoughts anyone? - page 13.

samcrypto

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Quote from: Golstrim on April 18, 2019, 07:42:51 AM

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.

semobo

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Quote from: raymondspeaks on April 17, 2019, 07:33:31 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?

When you use crypto to crypto for transaction then there is no restrictions to use it but for other purpose like investing on ICOs and for trading large amount of coins on exchanges need KYC,I am not completely against it if you are not involving on any shady activities but still I am not comfortable while giving details while investing on ICOs.

gabmen

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Quote from: Golstrim on April 18, 2019, 07:42:51 AM

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

And it's not just about the government getting access to our information in exchanges, which is probably why a lot of people are against it. It can be used to track down suspicious transactions. Why be bothered if you're not doing anything wrong.

sumangs

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Yes, anonymity was fucked up due to the KYCs being implemented on some ICOs but what if the money used by an unknown investor was originally on theft. The example mentioned was used to detect criminals that laundered the money stolen. All things have good and bad sides like the cryptocurrency itself so does the KYC.

wedosgibas

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here we go

Yes, that is annoying if there is no notification at the beginning, what project do you follow? Don't give your identity only to token that have no value, just leave it and keep monitoring it until it's valuable.

But if it is exchanged, the rules are indeed, that is for mutual security. But look at their reputation first.

Golstrim

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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

maydna

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Quote from: colenax on April 18, 2019, 07:15:11 AM

Quote from: raymondspeaks on April 17, 2019, 07:33:31 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 don't mind doing KYC in every campaign or investing as long as my data is safe.
I don't think you need to worry if you don't want to do it.
and almost at this time, both investors and bounty hunters are always included in KYC in each ico

No one can guarantee that because when the data was shared on the internet, the possibility to get hacked is wide open and it depends on the exchanges, project, or even the other institutions to make sure the data is safe. At least, they can say that all of their customer data information will be saved in a safe place, but they cannot guarantee 100%.

So if you want to do KYC, make sure you know their reason to ask KYC for the members, and I think it is normal if the KYC is applied into the exchanges because the exchanges don't want to get trouble for money laundering or illegal activity from their members. But it still feels not good if give our personal information to other person and that's why if we don't want to apply KYC, we could use decentralize exchanges than to use centralized exchanges.

colenax

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Quote from: raymondspeaks on April 17, 2019, 07:33:31 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 don't mind doing KYC in every campaign or investing as long as my data is safe.
I don't think you need to worry if you don't want to do it.
and almost at this time, both investors and bounty hunters are always included in KYC in each ico

Coltpython

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You are not being grumpy. Your opinion on KYC is solid. Trading has become a problem because exchanges now demand mandatory KYC which I dislike a lot. I can't blame exchanges that ask it because it is the government in their region that enforce it on them

Badman-Crypto

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Quote from: finzyoj on April 18, 2019, 06:32:54 AM

Quote from: raymondspeaks on April 17, 2019, 07:33:31 PM

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.

I deeply understand if exchanges or wallets that we are using requires KYC, but when it comes to ICO — a new coin in the market? That's a big NO because I can't see the sense at all. We know and they know to themselves that they're coin is still insignificant and not yet influential so why would they require our personal infos? This kind of scenario can be compared to a man buying a bottled water in the convenience store but need to tell his name first before paying, seems pointless right?

If that will be the new system in every ICOs which will be released then probably I'm sticking to bitcoin forever.

I think the reason ICOs want KYC is so that they are future compliant against SEC action. We've already seen the SEC look into Ethereum and other altcoins as into whether they are securities or not and I think ICOs just want to cover their own backs.

Badman-Crypto

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I agree with you about KYC being annoying but it is all part of regulatory compliance that the space needs to go through to be legitimised. You can still trade on decentralized exchanges without verifying your identity.

The only real hurdle to get through without having to provide KYC is getting your FIAT money into crypto through places like coinbase or kraken. There are still places where you can do that anonymously though like localbitcoins.

finzyoj

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Quote from: raymondspeaks on April 17, 2019, 07:33:31 PM

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.

I deeply understand if exchanges or wallets that we are using requires KYC, but when it comes to ICO — a new coin in the market? That's a big NO because I can't see the sense at all. We know and they know to themselves that they're coin is still insignificant and not yet influential so why would they require our personal infos? This kind of scenario can be compared to a man buying a bottled water in the convenience store but need to tell his name first before paying, seems pointless right?

If that will be the new system in every ICOs which will be released then probably I'm sticking to bitcoin forever.

raymondspeaks

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I mean to me it's all about having control over your identity, wealth, etc.

Right now we don't have much control over that. A user mentioned earlier about the big exchanges selling our data off - data selling is such a lucrative industry. If you've ever given your real name away to somewhere you can guarantee that at some point it's been sold to someone.

Yemolou

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I agree with you and also think that crypto currencies were created for anonymity and the lack of third party. A KYC process is standing not for those aims and I think we should stop risking our personal information almost in every project.

raymondspeaks

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Quote from: De4ted on April 18, 2019, 06:11:06 AM

Quote from: labilaab on April 17, 2019, 10:04:42 PM

We cant blame the other crypto companies implementing it maybe because of frequent spam and abusive users.In case of exchanges i guess its just acceptable since they are just verifying the ownership of the account by conduct KYC.

If they cant take those risk they must leave crypto world, most of the people here or I could tell all of the old users here surely dont want to be know by others in here.

Yeah I mean the whole incentive for me getting into crypto was not having the government knowing what I'm up to all the time. Again, not that I'm doing anything dodgy but I'd rather when someone wants information from me then they have to request it. Rather than just pull up a database and find it.

De4ted

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Quote from: labilaab on April 17, 2019, 10:04:42 PM

We cant blame the other crypto companies implementing it maybe because of frequent spam and abusive users.In case of exchanges i guess its just acceptable since they are just verifying the ownership of the account by conduct KYC.

If they cant take those risk they must leave crypto world, most of the people here or I could tell all of the old users here surely dont want to be know by others in here.

harrypotpot

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I think it would be the benefit of us if we are going to abide whit their rules. In the first place, we can choose not to participate if we don't want to disclose our identity to them. Second, it will be our tool to be come safe if we are the legitimate user logged and signed up for the account that we have. In case that we are going to be hacked, these KYC will going to bolster our security.

alexsandria

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But how about the projects that is being abused on the market? What could be their activity to lessen people that is logging in and creating multiple accounts of their own just to take advantage of the project? I think the best way is to implement KYC knowing the fact that KYC has taken the essence of crypto which is anonymity, there is nothing we can think unless someone can provide the best substitute that projects can use.

RasenShuriken

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Yep, the purpose of the crypto was anonymity, that's it. Even though if it had a kyc procedure, there is no kind of feeling that you would use the crypto except for investing and trading it.

GreatArkansas

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It really depends on us if we do the KYC things. But you can still use cryptocurrencies without the KYC, that's the beauty of cryptocurrencies. There is some entity that uses KYC, such as the different country that has regulation on cryptocurrencies, but there are still many ways on how to do it, use cryptocurrencies without KYC. KYC is really different on purpose of crypto.

Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 13. (Read 1666 times)