KYC defeats the purpose of Crypto. Thoughts anyone? - page 14.

eagle10

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Quote from: fuer44 on April 17, 2019, 09:14:17 PM

yes, this has deviated from the original crypto goal which created an anonymous and free payment method without having to involve personal identities and documents. just positive thinking, maybe this is a first step in getting legalization from the government related to the existence of personal identity.

I just hope you are right that this may signal the start of just legalization of crypyocurrency in other parts of the world. However, as I see and observed about it, it is just being use to scam people of their identity and later on abandoned the project which in their white paper it is too good to be true and tempting to invest.

fallensky7

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For me, KYC is evil. The rules of KYC and AML encroach on the main cryptocurrency concept - the anonymity of conducting transactions. We came here to become financially independent and withdraw from control. If each user is registered and monitored, the blockchain industry will become a centralized fiat industry, not to mention who will use our data in the future!

baigreen

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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?

Now, not only every man has. And all your transactions are visible to the state. Or official cryptocurrency exchanges that hide something. Get you such a coin. They grow you make a profit. And then come tax. And in general, because of the constant fraud, I don’t really want to copy copies of my documents. But unfortunately it is necessary.

jaywizzy

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Most of the project this days that require kyc have been defeating the purpose of kyc by requesting for full details of people which should not be done in that way. Is better to change the process how kyc is been conducted.

kingpin4321

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Kyc is in full know your customer.
Yes you might say one major features of cryptocurrency is decentralization that is it is not under any regulations but also note that the blockchain technology is transparent .
I think the openness of cryptocurrency has made it vulnerable to scam and know your customer are one of those security measures to check mate them. Also there are some countries some projects do not want citizens from there to partake in kyc can help detect and differentiate them

Herbert2020

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it is not just about wanting to keep your privacy either. the bigger problem is with the fact that you can not trust any of them (exchanges, ICOs,...) with your identification since in the past a lot of them (even big famous exchanges) have sold their users' identifications on the internet for money, although they tried to keep it silent and deny it.

it doesn't defeat the purpose of cryptocurrencies though. it is centralized services and they are free to do whatever they want. it is our mistake for using them. we should start moving towards more decentralization. for example start using decentralized exchanges instead of Binance, Bittrex, Coinbase,...

raymondspeaks

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Seems a lot of you (if not all of you) think like me. I entered crypto for the vision, not for the money, you know? The silent revolution we've all been waiting for. I'd love to be able to completely live off my crypto completely but sadly where I live is so out on the backwaters of society there are some shops that still only take cold hard cash as payment. If I'm going to be able to live then places like localbitcoins.com is my friend!!

It would be great if I could earn bitcoin and only bitcoin but with my diverse portfolio I'm earning a variety of different coins each month, which means using an exchange, which means giving away my ID to a faceless entity over the screen - I worry about ID theft too. There's been a few exchanges I've had over the years where some dude has asked me for my passport so that I can trade with him. Like, to me, that's a no no - giving some random my ID.. just.. no.

I guess in a weird fucked up way if we want mass adoption then maybe it's the way it has to go. I guess there has to be a little bit of give and take in any relationship.

michellee

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I think you don't have to use the exchange which using KYC and doesn't need to invest in the ICO which using KYC too, that is simple. But I don't think to feel that I am a grumpy old man because of KYC because I think it's normal to see the exchanges want to apply KYC for their members and they let their members decide. For me, KYC is not a big deal now, and it is our decision to use KYC or not.

Viper_Unleashed

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KYC should be made mandatory while transferring crypto-fiat.This will prevent money laundering but doing doing every now and then is just awful and the total meaning of cryptocurrency the anonymity becomes obsolete.Crypto came into existence to provide financial freedom and maintaining anonymous status and of course for safe transactions but KYC makes people to think otherwise.We have already seen people details are being sold on dark web etc etc so still a long way to go.

Ailmand

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Quote from: sandra_x on April 17, 2019, 07:46:47 PM

One of the beauties of crypto-currencies is that it creates an avenue for users to maintain some level of anonymity, but with the constant pestering about KYC (many of which are scams) that seem to be waning. kYC presents a single point of failure for crypto unique feature of anonymity (or pseudo anonymity)

On point, aside from that the risk that KYC brings to user is really alarming. Ever heard of KYC credentials being sold in the dark web for money? What if your credentials are used for doing fraudelent acts or illegal activities. Along with the risk of your credentials being exploited is the inconvenience of making crypto inaccesible to the mass. With the KYC procedure, it will be inconvenient for new-comers to gain access to platforms to get their first ever crypto.

dutechman

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Of a truth this is not making sense, KYC should not in anyway be compulsory in crypto, it should be optional. Crypto transactions are done among individuals without physical contact, the goal is decentralization. Come to think of it, I don't know the identity of the company or whatever it may be I'm dealing with, why do they need to know mine. KYC should be optional in crypto it is not compulsory.

shinratensei_

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Quote from: NightMar_1St on April 17, 2019, 09:28:44 PM

right. It makes me very upset. kyc for STO projects. We trade under control and are not anonymous.

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.

florac9

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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

dncdog

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Quote from: Vod on April 17, 2019, 09:59:37 PM

KYC is not related to crypto at all!

KYC is for taxes on a centralized system.
Crytocurrency is decentralization of currency.

KYC is only required if you want to deal with the centralized system.

People who stay in crypto don't need KYC.

I agree with you, Vod. KYCs mostly relate and come from governments, not from crypto projects. In reality, crypto community don't need KYCs. Why crypto enthusiasts need to have KYCs whilst they can sign message or PGP to prove their ownerships or store them as proof of their works.
KYCs only considered and requested by governments who simply want to do some basic things with KYCs, such as following flow of money in order to get more taxes for gonverments' budgets, and to prevent 'legally' shady money transactions

Muzika

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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?

Most of us against in KYC process, we dont know what would be the next thing may come and we dont know what will be the purpose of doing a KYC by the team, the KYC process cant give us an assurance of getting what people's deserve.

The good thing with it is the government intervention, but how can we assure that the KYC process will be backed up by the government right? The KYC process will really take place soon because of the law, wherein the different team resides and they should follow the law.

adekogbe

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Kyc procedures really does defeat the purpose of anonymity and decentralisation in the cryptocurrency universe this is because even multinational companies like facebook have been charged for leaking personal data of its users at some point or another.

so smaller companies like the blockchain companies which I have very little to no oversight on all their operations there is a very big chance that this leaking or misuse of data will happen.

Especially the scam project who will leak out a kyc documents of its users.
I believe kyc is really not necessary for investing in cryptocurrencies because the same coins that a lot of people are buying during the token sale and fulfilling kyc procedure for, this are the same coins that some other people will get on exchange without any Harper of entry at all, so I don't see the point.

coin-investor

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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'm just like you a grumpy old man too, I don't like KYC too, not because I want to hide something I'm not doing illegal nor a hacker, I just don't want my information on the internet where everyone can access, even in your real life offline, you don't want any people asking you vital information unless he is working in an institution that guarantees safety of your information.

stegos4privacy

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Quote from: vit05 on April 17, 2019, 10:01:52 PM

The purpose of cryptocurrency is not to offer a totally anonymous financial system. It might work for this, but it's something much bigger. It is to offer a reliable system that is decentralized.

And KYC is a system for companies. Bitcoin does not require KYC, and you can mine it or use a p2p if you want greater privacy.

True. The whole point of Bitcoin is to have a p2p transfer of currency without the need to know the guy on the other end.

ccsang

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Maybe

, that time everything without KYC - is gone. I think most of us don't like kyc and let third party holding our government ID, but most of the time I just give them my driver license card because they can't do anything with that

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

Or am I just being a grumpy old man?

did you means P2P crypto exchange? as I know that some of them also required proof of identity.

Quote from: vit05 on April 17, 2019, 10:01:52 PM

The purpose of cryptocurrency is not to offer a totally anonymous financial system. It might work for this, but it's something much bigger. It is to offer a reliable system that is decentralized.

And KYC is a system for companies. Bitcoin does not require KYC, and you can mine it or use a p2p if you want greater privacy.

antsam

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At the ICO stage and the like I think reasonable investors are required to fulfill KYC, because they are aware of their investors and to fulfill the fund collection regulations. But what I do not agree with this KYC is the exchange position, because there is an exchange that requires KYC. That is what I think eliminates anonymous crypto spirits

Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 14. (Read 1666 times)