I totally agree with you. I see it as a temporary necessary evil until there is greater adoption.
But what happens then, will they one day outlaw ATMs.
I mean, there are no KYC rules for buying/selling gold as far as I know. Maybe one day when it becomes easier to buy and sell coins, they will have to abandon KYC for everyone except the people who are already doing it for fiat (big banks) or say anything over 10,000 USD (amount of currency you can normally cross a border with without declaring it).
Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 2. (Read 1690 times)
Well, not exactly.
Using cryptocurrencies does not provide 100% anonymity. If you want extra anonymity, you should use privacy coins.
Besides, KYCs are often used to ensure customer safety. These KYCs are much safer when used on decentralized exchanges. Using this feature is entirely in your hands.
Nobody forced to provide KYC to buy and sell cryptocurrencies. Maybe there are some withdraw limits; that's it. But it's not for all exchanges.
Using cryptocurrencies does not provide 100% anonymity. If you want extra anonymity, you should use privacy coins.
Besides, KYCs are often used to ensure customer safety. These KYCs are much safer when used on decentralized exchanges. Using this feature is entirely in your hands.
Nobody forced to provide KYC to buy and sell cryptocurrencies. Maybe there are some withdraw limits; that's it. But it's not for all exchanges.
Agree, KYC is needed by the exchanger or the developer team in the sales period because they are bound by the regulations set. One of the things that you want to prevent from using KYC is money laundering and I think this is reasonable because the government wants to get tax and transparency from every transaction made
Well not all cryptocurrencies have the same purpose as bitcoin anyway, i agree that KYC defeats the purpose of some cryptocurrencies especially in bounties why do we need kyc if your token/coin purose is decentralization? Although in exchanges, it kinda sucks that we have to do kyc in order to make a withdrawal or bank transaction from them but we don't have a choice since some countries are required to do kyc to comply
Well, not exactly.
Using cryptocurrencies does not provide 100% anonymity. If you want extra anonymity, you should use privacy coins.
Besides, KYCs are often used to ensure customer safety. These KYCs are much safer when used on decentralized exchanges. Using this feature is entirely in your hands.
Nobody forced to provide KYC to buy and sell cryptocurrencies. Maybe there are some withdraw limits; that's it. But it's not for all exchanges.
Using cryptocurrencies does not provide 100% anonymity. If you want extra anonymity, you should use privacy coins.
Besides, KYCs are often used to ensure customer safety. These KYCs are much safer when used on decentralized exchanges. Using this feature is entirely in your hands.
Nobody forced to provide KYC to buy and sell cryptocurrencies. Maybe there are some withdraw limits; that's it. But it's not for all exchanges.
The Kyc stuff does not depict the true identity of blockchain but in situations where you have to do it, the only option is to do it as long as it is coming from a genuine company. Just like when you want to invest in an initial exchange offering, you just have to go through kyc or you ignore.
To the OP yes, but the question is can we still use that any exchange wherein every exchange was required users to submit kyc either to entry or to withdraw. Generally KYC is bypassing our identity on any exchange if we want to submit.
Crypto is obviously not been used as is for its purpose. In the end its either we follow this KYC's or to be left behind.
Crypto is obviously not been used as is for its purpose. In the end its either we follow this KYC's or to be left behind.
Scammers took advantage of the non-kyc approach in the first instance. Kyc is brought to reduce such scams to certain extent. Any financial theme needs its own way of regulating things. kyc could be easiest one.
the use of kyc is to reduce fraud, but the data can be misused by people who are not responsible, for example, their bounty hunters are targeted by scammers by people who want to use the kyc
I do not think that it is the problem, if you think that you are anonymous by using cryptocurrencies like Bitcoin or Ethereum you are naive.
By browsing on the internet you left a lot of information about you, so if you are not super paranoid and you do not use VPN + TOR + Linux + anonymous cryptocurrencies, there is always chance that you will be revealed.
By browsing on the internet you left a lot of information about you, so if you are not super paranoid and you do not use VPN + TOR + Linux + anonymous cryptocurrencies, there is always chance that you will be revealed.
But not that much as doing KYC, you giving your personal identity to random person that you don't know their faces is a bad thing to do. And also almost every people has dynamic IP addresses right now and they don't even need VPN to disguise their identity and even our IP is trackable, it's still has a long way research to investigate the real identity
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?
same as you I also don't like charging KYC because it's like selling our personal data to people. and I sometimes also fear that my KYC is used for bad things. so from now on I am more selective in choosing projects I will not join projects that use KYC requirements. and actually cryptocurrency does not require KYC because it is decentralized and anonymous. but now some IEO projects must also include KYC.
In fact, there are many popular projects using KYC because it is important for them to avoid fraud, KYC is indeed important for us where our assets will be safe if something happens to your account, and it is true that you are selective in choosing it must be because not all projects are honest .
It is just silly to think that the government demanding the project to obey the regulation regarding money laundering but they are also risking the safety of many people here.
I do not think that it is the problem, if you think that you are anonymous by using cryptocurrencies like Bitcoin or Ethereum you are naive.
By browsing on the internet you left a lot of information about you, so if you are not super paranoid and you do not use VPN + TOR + Linux + anonymous cryptocurrencies, there is always chance that you will be revealed.
By browsing on the internet you left a lot of information about you, so if you are not super paranoid and you do not use VPN + TOR + Linux + anonymous cryptocurrencies, there is always chance that you will be revealed.
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?
same as you I also don't like charging KYC because it's like selling our personal data to people. and I sometimes also fear that my KYC is used for bad things. so from now on I am more selective in choosing projects I will not join projects that use KYC requirements. and actually cryptocurrency does not require KYC because it is decentralized and anonymous. but now some IEO projects must also include KYC.
In fact, there are many popular projects using KYC because it is important for them to avoid fraud, KYC is indeed important for us where our assets will be safe if something happens to your account, and it is true that you are selective in choosing it must be because not all projects are honest .
It is just silly to think that the government demanding the project to obey the regulation regarding money laundering but they are also risking the safety of many people here.
Scammers took advantage of the non-kyc approach in the first instance. Kyc is brought to reduce such scams to certain extent. Any financial theme needs its own way of regulating things. kyc could be easiest one.
I don't understand, if you are pertaining to investors and bounty hunters, it is impossible to call them scammers, they are the one who is waiting to the bounty, and they are the ones who invested first, it is more relevant if the ICO or IEO is the one who will be called scammer, cause they are (some of them).
Kyc is brought to reduce such scams to certain extent. Any financial theme needs its own way of regulating things. kyc could be easiest one.
KYC doesn't reduce scams, it doesn't do anything about it, to be honest, those campaign who didn't require KYC at the start but suddenly requires at the end are most likely the scams.
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?
You are not a grumpy old man because you are actually making a reasonable sense, KYC was not the original idea of the cryptocurrency blockchain technology, it was still government way of exerting control over its citizenry. KYC totally disabuse the concept of decentralization and anonymity by which the crypto world is all about. I personally don't support KYC in any form. We want to do it in our own way- freedom
For me, KYC procedure is not a good thing, and I do not want to send my KYC details to the person or organization I do not know really. The bad incident I have encountered is that most of the bounty campaigns or airdrops for which I have sent my KYC details did not provide me with my rewards. But there are many bounty campaigns which did not require KYC documents gave me good amount of rewards. KYC system is bad.
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?
same as you I also don't like charging KYC because it's like selling our personal data to people. and I sometimes also fear that my KYC is used for bad things. so from now on I am more selective in choosing projects I will not join projects that use KYC requirements. and actually cryptocurrency does not require KYC because it is decentralized and anonymous. but now some IEO projects must also include KYC.
In fact, there are many popular projects using KYC because it is important for them to avoid fraud, KYC is indeed important for us where our assets will be safe if something happens to your account, and it is true that you are selective in choosing it must be because not all projects are honest .
KYC doesn't defeats the purpose of the cryptocurrency. KYC is a good form of regulation instead. It is helpful because when you undergo KYC in a certain website then it will be harder for other people to steal your cryptocurrency because you have the proof of ownership since you submitted documents supporting your identification. One of the best example of the advantages of KYC is being KYC verified in an exchange, it will make your account more secure and your limits higher.
That is a positive side for KYC system. and a lot of us crypto hodlers are agree to it. this what they do is to avoid any problems and demand a high secured platform. but still be careful of what others intention, there is still other projects want to use this kind of regulation to know people identity and sell it anywhere. trust the kyc process and observe whoever uses it. we are reminded to those who have experience, better to note it.
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?
same as you I also don't like charging KYC because it's like selling our personal data to people. and I sometimes also fear that my KYC is used for bad things. so from now on I am more selective in choosing projects I will not join projects that use KYC requirements. and actually cryptocurrency does not require KYC because it is decentralized and anonymous. but now some IEO projects must also include KYC.
KYC doesn't defeats the purpose of the cryptocurrency. KYC is a good form of regulation instead. It is helpful because when you undergo KYC in a certain website then it will be harder for other people to steal your cryptocurrency because you have the proof of ownership since you submitted documents supporting your identification. One of the best example of the advantages of KYC is being KYC verified in an exchange, it will make your account more secure and your limits higher.
In fact, I also do not really agree with the KYC concept, how else do most of those who apply KYC because there are regulations in the government business system they come from. Crypto's business is widely known by the government, so the government has a stake in implementing regulations as a form of supervision. KYC is also believed to reduce the level of hacking on the user's system.
I agree. The purpose of crypto and it's decentralized nature is to stay away from data breach. Scam projects that required KYC could have an easy access to your accounts and credit cards if they have all your information. That is one thing that I hate about KYC. No privacy and very intrusive.
It's part of reality that once you have been breached out your information is no longer secured. That's the negative sides of providing KYC most happened with scam projects that the real intentions is to try hacking accounts or selling it from the darkweb. Still the best way is being wise not to fall right away but with due diligence try to seek for more information regarding to the project before submitting your personal information.
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