Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 15. (Read 1690 times)
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.
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.
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.
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.
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.
To be honest, I feel the same as you. All of us should know that crypto upholds anonymity and decentralization. With KYC, it breaks anonymity, and it deflects the purpose of crypto itself. But we mustn't deny that KYC is needed to eliminate fraudsters. So, what is the solution? For now, I don't really know a perfect solution for this case. I think we must find out another way that smashes fraudsters but it also doesn't break anonymity.
Everyone hates KYC but that is the price we have to pay for the adoption. To be able to freely trade, exchanges needed to abide by the current regulation. And the current regulation requires KYC.
The original purpose of crypto is to remove the third party during transactions. It was never really anonymous because your address is on a public ledger and anyone who wants to track it can do it.
The original purpose of crypto is to remove the third party during transactions. It was never really anonymous because your address is on a public ledger and anyone who wants to track it can do it.
right. It makes me very upset. kyc for STO projects. We trade under control and are not anonymous.
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.
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)
I agree there. It does my head in!
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)
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?
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