Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 3. (Read 1690 times)
The cryptocurrency market is different from a few years ago. The cryptocurrency market is valued at more than $ 200 billion dollars and of course this must be regulated so that there is no abuse and it is not a place for criminal activity. With KYC, the potential of the cryptocurrency market as a criminal activity will be reduced and in my opinion this is a good thing so that people's negative perspectives on cryptocurrency disappear
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.
We can actually say that the KYC platform is very intrusive if you're trying ones is in the process of convert crypto to fiat because the reason why the KYC scheme was implemented was because of the high rate of crypto scam and tax abuser but if we are talking about bounty hunters KYC is very intrusive in such state.Yeah exactly mate. People here are afraid of KYC process in most project but when their tokens has sent to them and they wanted to dump it, there's a barrier called exchange that also asked for KYC and openly commit in submitting kyc just to sell tokens. See the difference? What if the exchange itself is scam so much threat foe everyone right?
A lot of scams in ICO. So, i think KYC needed only for creators of specific token. Because investors need to know whose project they are investing in.
I will support this process because when CEO or devs needs KYC then scam projects could decrease more. I don't like KYC process from first although it's getting harder each day by submit location information. I think you didn't mean KYC for specific token. 
A lot of scams in ICO. So, i think KYC needed only for creators of specific token. Because investors need to know whose project they are investing in.
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.
We can actually say that the KYC platform is very intrusive if you're trying ones is in the process of convert crypto to fiat because the reason why the KYC scheme was implemented was because of the high rate of crypto scam and tax abuser but if we are talking about bounty hunters KYC is very intrusive in such state.
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.
We can actually say that the KYC platform is very intrusive if you're trying ones is in the process of convert crypto to fiat because the reason why the KYC scheme was implemented was because of the high rate of crypto scam and tax abuser but if we are talking about bounty hunters KYC is very intrusive in such state. 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 sorry, I think missed it. After I started to participate almost all bounty has required KYC process. But how could you know about the time before you started to participate in bounty campaign or ICO rules. I want to be free but this rules I have to follow. 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 there are a lot of other projects which have started their airdrops and bounty without any KYC requirement. Many of my friends are collecting airdrops and they do not participate in those projects which ask KYC for airdrop and do you know they do not have much time even for rest. It need your search you will find a lot of bounties and airdrops with no KYC.
maybe you can ask him what percentage of the airdrop that is followed eventually has a price. This type is mostly coins that have passed the ICO stage, so there is no need for kyc because it is only an incentive for the next promotion phase. I personally think that KYC is only effective for the distribution of coins with a value above $ 500, this is indeed different from the purpose of crypto anonymity, but it is necessary for their transition to global business if possible, because it must be clear in accountability. 
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)
Every one seem to hate KYC because many turned scam but i think its not that bad, for example if you want to participate in any IEO presale on good exchanges you can't escape KYC, the most annoying part about KYC is airdrops that pays 2$ for joining 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)
Every one seem to hate KYC because many turned scam but i think its not that bad, for example if you want to participate in any IEO presale on good exchanges you can't escape KYC, the most annoying part about KYC is airdrops that pays 2$ for joining It is really bad the way we are going about KYC in the crypto sphere these days. Every little thing, kyc is been require which is not supposed to be so. It can be very annoying seeing an airdrop of $1 asking for kyc, i actually don't blame them but i blammed those taking part in it.
1$ only for KYC data, are you kidding me?
it's not comparable, KYC data is very important even they could use it for something illegal. and people easily provide that data only for tokens worth 1$.
I don't think this is a wrong rule, but those who easily provide KYC data that have to be questioned. KYC is good for accelerating adoption because KYC is one part of the prevention of anti-money laundering. if everyone agrees with this maybe the government can more soften and legalize crypto completely.
I understand the need of KYC but only in the case of people moving huge amounts of money but now governments want to apply KYC policies to everyone making even a transaction of a few cents and that is something I do not agree with.
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?
KYC can help lessen the scams in the industry but it removes our anonymity. Many do not agree with KYC because they do not even withdraw money to cash. KYC should be only implemented for those who will withdraw money but then many trading platforms has that feature so I guess that is why they have adopted it. KYC is also required to other countries in their law for cryptocurrency. There's nothing we can do but to follow first because making them understand the issue is a difficult and long process.
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?
Some say that KYC makes everything more secure but I think there could be a way to prevent scams without sacrificing our identity in the public. I understand that many banks or financial institutions will require KYC for you to cash out your money in fiat form but I don't understand why there are KYC in many trade transactions right now. Some platforms require it and it does not really make sense. KYC has become the way to regulate us, I know that it can be good but what is being decentralized for if other peole knows who we are behind our wallets.
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.
Honestly, the idea behind the KYC is good because it enables bounty managers to actually know if the participants in the bounty project are the real persons who ought to receive their token after the completion of a project. I think KYC was introduced to mitigate cyber theft within the cryptosphere but with the way Bounty managers are now operating is very obnoxious in the sense that they now make unnecessary and stringent policies to deprive participants from receiving their tokens due them.
My bitter experience was when i participated in a particular project and had issues with my laptop for a month, afterword i went back to claim my token for the job i did, all efforts to claim my token was proven abortive at the end of the day and i went home with nothing but with pains and sadness.
Therefore, in as much as some persons will support the idea behind the KYC, they should also consider the contingencies involved in the use or adoption of KYC.
My bitter experience was when i participated in a particular project and had issues with my laptop for a month, afterword i went back to claim my token for the job i did, all efforts to claim my token was proven abortive at the end of the day and i went home with nothing but with pains and sadness.
Therefore, in as much as some persons will support the idea behind the KYC, they should also consider the contingencies involved in the use or adoption of KYC.
It is really bad the way we are going about KYC in the crypto sphere these days. Every little thing, kyc is been require which is not supposed to be so. It can be very annoying seeing an airdrop of $1 asking for kyc, i actually don't blame them but i blammed those taking part in it.
1$ only for KYC data, are you kidding me?
it's not comparable, KYC data is very important even they could use it for something illegal. and people easily provide that data only for tokens worth 1$.
I don't think this is a wrong rule, but those who easily provide KYC data that have to be questioned. KYC is good for accelerating adoption because KYC is one part of the prevention of anti-money laundering. if everyone agrees with this maybe the government can more soften and legalize crypto completely.
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.
as you have said that ... the whole idea of cryptocurrency is anonymous peer-to-peer trading without government intervention, so the intent of the idea is contrary to personal identity (KYC), but the reality is (KYC) can help reduce fraud (multi -account). and the most annoying when I have completed (KYC) to claim the project token but not paid.
I'm one of those people who hates doing KYC. Sometimes even if the project is really trustworthy, doing KYC stops me from continuing. I guess I am just lazy enough to provide and submit any identification online. 
If you hate to do KYC, how do you use exchange? because every exchange has already applied KYC to every user, if I prefer to make KYC if the project is really good and promises great benefits, the KYC problem is indeed a matter of personal data, but if it can benefit us, then no it also hurts us to give. 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 the project is a legit one and has a licence from the government itself, will for me KYC is just alright, Its a matter for protection for the investors that's why its a badly needed. and it was not against of the crypto-currency principles KYC was made because of changing landscape of money laundering modus! terrorism financing and because crypto-currency is vulnerable due to its anonymity in nature, that's my opinion about that topic. 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?
Jump to: