KYC defeats the purpose of bitcoin or say the dreams of satoshi. Crypto is a word given to a wide range of digital currencies that are recorded and transferred through blockchain.
It's a technology and anyone can use it for any purpose. You can't force someone to name only the anonymous coins as crypto. But you can always select what you want.
Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 4. (Read 1690 times)
KYC actually does not allow anonymous and untraceable transactions as blockchain technology is concerned. Although, the KYC becomes necessary to avoid money laundering and sponsorship of terrorism through cryptocurrency payment that is untraceable.
Is it true that transactions cannot be traced? In my opinion, cryptocurrency can be tracked. because a few times the case of hacking bitcoin will also be revealed. The bitcoin returns to its owner. it is not difficult to track transactions as long as each exchange cooperates in this case to detect bitcoin sales
KYC actually does not allow anonymous and untraceable transactions as blockchain technology is concerned. Although, the KYC becomes necessary to avoid money laundering and sponsorship of terrorism through cryptocurrency payment that is untraceable.
Is it true that transactions cannot be traced? In my opinion, cryptocurrency can be tracked. because a few times the case of hacking bitcoin will also be revealed. The bitcoin returns to its owner. it is not difficult to track transactions as long as each exchange cooperates in this case to detect bitcoin sales Its not a must to drop your ID, just stay away from any project asking for KYC details and mind you this means you won't be able to participate in any IEO projects, you can still join bounties that says "No KYC" on their Bounty ANN page and you can still trade on exchanges that only ask for KYC when you reach threshold
Yes, but if You are not limited to participation in the bounty, then KYC is currently requested by almost everyone-exchanges, ICO and so on.All less promising projects are afraid for their reputation and they just have to ask For your documents.It's good and bad.I can not give a definite answer! And his essentially not can be!Yeah i think KYC is not recommended to do since we don't know what they will doing with our identity and also if something bad happen we have no power to sue them because we do the KYC because of our own will.
I will only do KYC when i really have to do it, such as for withdrawing assets in big amount from an exchange or something that makes me really have to do it, if KYC for airdrops or bounty i would definitely won't do it
Its not a must to drop your ID, just stay away from any project asking for KYC details and mind you this means you won't be able to participate in any IEO projects, you can still join bounties that says "No KYC" on their Bounty ANN page and you can still trade on exchanges that only ask for KYC when you reach threshold
Yes, but if You are not limited to participation in the bounty, then KYC is currently requested by almost everyone-exchanges, ICO and so on.All less promising projects are afraid for their reputation and they just have to ask For your documents.It's good and bad.I can not give a definite answer! And his essentially not can be! 
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. 
I am also reluctant to send personal identities to a project because personal identity is a very sensitive matter to be known by the others who are not known, we do not know where the data we provide will be used by them and of course it can just get us involved in a big problem if later the data we send will be used by them to commit fraud or negative things. 
Actually I also don't really like to do KYC, whether it's in exchange, airdrop, bounty or anything related to crypto.
The goal is indeed to find out who their customers are. In the case of exchange, if you do something strange or harmful, your identity is held by the exchange. So you can think thousands of times to do this weird thing.
But the strangest thing is that airdrop requires KYC, what the hell! Airdrop is free and only does simple tasks. But why do you have to use KYC ?! If the problem is to reduce cheaters, isn't it better to improve the airdrop system itself instead of asking for personal data? This is the same as exchanging your data with uncertain coins, this not an airdrop.
The goal is indeed to find out who their customers are. In the case of exchange, if you do something strange or harmful, your identity is held by the exchange. So you can think thousands of times to do this weird thing.
But the strangest thing is that airdrop requires KYC, what the hell! Airdrop is free and only does simple tasks. But why do you have to use KYC ?! If the problem is to reduce cheaters, isn't it better to improve the airdrop system itself instead of asking for personal data? This is the same as exchanging your data with uncertain coins, this not an airdrop.
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.
KYC actually does not allow anonymous and untraceable transactions as blockchain technology is concerned. Although, the KYC becomes necessary to avoid money laundering and sponsorship of terrorism through cryptocurrency payment that is untraceable.
Some cryptocurrencies exchange right now need KYC to verify their users.
So, as a user, I considering a little bit of discomfort with that. For example, Bittrex exchange.
So, as a user, I considering a little bit of discomfort with that. For example, Bittrex exchange.
Kyc isn't ideal for cryptocurrency, it defeats the purpose of decentralisation which it's suppose to be but since it's like this we have no option, especially when trading in some exchanges, kyc has to be carried out. Also if you want to invest in an IEO , you have to submit kyc details else you ignore investing.
guys, KYS has absolutely nothing to do with "decentralization". whatever anyone knows about any participating individual doesn't make any influence on how the blockchain consensus of any particular chain is established or how decentralized it is.
Kyc isn't ideal for cryptocurrency, it defeats the purpose of decentralisation which it's suppose to be but since it's like this we have no option, especially when trading in some exchanges, kyc has to be carried out. Also if you want to invest in an IEO , you have to submit kyc details else you ignore investing.
Its not a must to drop your ID, just stay away from any project asking for KYC details and mind you this means you won't be able to participate in any IEO projects, you can still join bounties that says "No KYC" on their Bounty ANN page and you can still trade on exchanges that only ask for KYC when you reach threshold
This is the candid truth, nobody is forced to participate in projects requesting KYC, investment in any tokensale or bounty where KYC is mandatory is optional. The subject of the topic saying KYC defeats the purpose of crypto has some sense anyway, but there are still centralized systems in crypto. I was astonished when some exchanges made it mandatory to do KYC before you can withdraw funds, at least putting a limit to say 1BTC daily like some other exchanges is not bad. 
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.
I also never understood people who are ready to send their documents for some airdrop. people don’t understand how much their data costs and how scammers can use it
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.
Its not a must to drop your ID, just stay away from any project asking for KYC details and mind you this means you won't be able to participate in any IEO projects, you can still join bounties that says "No KYC" on their Bounty ANN page and you can still trade on exchanges that only ask for KYC when you reach threshold
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 would have side you if scammers and money laundering criminals are not here yet but think about it, what other ways to get criminals nailed? KYC is a start, it won't eradicate scammers but they can be caught once they drop their ID, when freedom is way too much people will start doing bad things, thank God there is law 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?
imo the post is a bit misleading.
KYC/AML/WTF has nothing to do with crypto. you still can participate with zero requirements and any desired level of anonymity.
all this compliance fuckery is relevant if you want to work with fiat.
as some people here correctly pointing out - this is the price for adoption... and we should be glad its there. few years ago it was unclear if the suckers would ban crypto outright, but they seem to realize that the bans won't be productive, but will demonstrate the total inability to control it externally:)
generally it became much easier for people to get into crypto, and surely enough the establishment and money printers want to know all about your money there so you can find KYC requirements popping up in places they do not really belong.
BTW for better anonymity you may want to have visible profile(s) with KYC and the rest, which would clearly and transparently make sense:)
KYC/AML/WTF has nothing to do with crypto. you still can participate with zero requirements and any desired level of anonymity.
all this compliance fuckery is relevant if you want to work with fiat.
as some people here correctly pointing out - this is the price for adoption... and we should be glad its there. few years ago it was unclear if the suckers would ban crypto outright, but they seem to realize that the bans won't be productive, but will demonstrate the total inability to control it externally:)
generally it became much easier for people to get into crypto, and surely enough the establishment and money printers want to know all about your money there so you can find KYC requirements popping up in places they do not really belong.
BTW for better anonymity you may want to have visible profile(s) with KYC and the rest, which would clearly and transparently make sense:)
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?
The cryptocurrency market is now different from the crypto market conditions a few years ago. With a market cap value that is above $ 200 billion, the government will definitely want to regulate it so there is no misuse and one way to prevent it is by KYC. I think this is reasonable because crypto transactions are getting bigger and might be predicted to break through trillions of dollars in the next few years
I dont actually hate the idea of KYC just like what everbody says here. Its for investors, and stipulated on the provision itself but some projects were done by IEO so its inevitable to do KYC cause some of them sent in the wallet of the exchange so if there's campaign users have no choice but to do the KYC. Its okay, but different case on the ICO since they could scam particpants.
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