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)
Bounties campaign are available for KYC keep from participants joined with multi account, but for ICOs investing in not available for KYC because they buy or invest ICOs coin and never use free way to get ICOs coin, if investor have use KYC for each investing on ICOs maybe they will back to trading and make ICOs world lonely from investor, why have KYC for every ICOs investor participants right now? 
Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 5. (Read 1690 times)
I also don't like that KYC is now almost everywhere. This is against the purposes of crypto and it should not be introduced. But, unfortunately, it is impossible to cancel it completely and in the future it may be even more.
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?
Cryptocurrency is for decentralization, KYC is must need for centralize. KYC isn't cryptocurrency condition, you can mining, trading, staking and whatever you like to do. More critical to join IEO or ICO. KYC is going more critical when some exchange wants to see same signature and name in your all KYC papers. 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?
This is why you be careful when you ask for something, I don't know why some people feel the space will be left alone to run gaga, a million Dollar market is bound to attract regulations and that is what we are seeing now, if don't want to KYC make use of DEX and don't participate in ICO
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?
Well I think you are right doing KYC most especially to scam projects puts your ID at risk but on the other hand I think its a way of reducing scam in the crypto industry IEO project team also go through KYC process before any exchange can accept any project for IEO which has drastically reduce scam and almost put an end to ICO at least investor funds are now safe with this process that's why I don't think about the negativity much.
On the surface, yes it seems like it defines the essence of crypto.
In reality none is asking you for KYC when you are transferring crypto from one wallet to another, you can do it as much as you want.
The KYC come sin to play when you want to do FIAT to crypto exchnage, where FIAT is regualted by goverments and instutions.
In reality none is asking you for KYC when you are transferring crypto from one wallet to another, you can do it as much as you want.
The KYC come sin to play when you want to do FIAT to crypto exchnage, where FIAT is regualted by goverments and instutions.
Just when I thought I was alone on this. I'm also of the opinion that KYC in Crypto is inappropriate. I mean, one of the main reasons why myself and other users got involved with cryptocurrencies in the first place was because we had the financial freedom we've been yearning. One time I got my bank account on hold simply because I didn't have the specific ID they requested. Bitcoin paved the way for me to be financially free from the threshold of banks. Today the story has changed. KYC is now the order of the day. I understand the plighof centralized exchanges with regulators being on their necks. But I don't understand why decentralized Exchanges like idex and Bancor would require KYC too. It's absurd.
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?
Although cryptocurrency is decentralized (not regulated by anyone) but this does not apply to central exchange. Because they operate according to local government regulations and laws that apply. The government stresses the exchange owner to require KYC verification for it's customers for security purposes. Considering cryptocurrency transactions are anonymous, they need KYC to avoid money laundry. So I think KYC is not a big problem. 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 will never drop my identity just because you want to Claim some good or bad coins. KYC isn't meant to take place in cryptocurrency because, cryptocurrency is a true meaning of anonymity. Although for one transaction not to be trace, there are other stuff to add to ones self transaction. I won't participate if there is KYC.
The fundamentals of Cryptocurrencies are decentralisation and transparency and most importantly, anonymity and this is evidenced by the fact that the creator or the premier Cryptocurrency in existence (Bitcoin) still chose to remain anonymous, while some exchanges still allow users to trade without KYC, they have made it increasingly difficult for non-kyc users to use their services and this is quite annoying.
This exact thread and all it's replies is the EXACT reason why you should look into DEX projects like Blocknet, who was the first project to develop a working DEX.
It's by far the best DEX out there, and I believe it will outperform a LOT of alts next bull run for this very reason.
It's by far the best DEX out there, and I believe it will outperform a LOT of alts next bull run for this very reason.
More and more exchanges and ICO require KYC and it annoys me so much. How can I be sure that later my documents will not come up in some muddy affairs. To whom I then have to make a complaint.
I do not understand why every single project needs KYC. Furthermore, I do not like the idea of KYC, because if we are in crypto industry thats core aim is anonymity and security, why should we provide our identity to every single ICO/IEO/Exchange?
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)
Its annoying to see every project requesting for KYC for investors and likewise bounty. Cryptocurrency to my understanding is basically all about privacy and the need for KYC defeats it
KYC procedure in crypto to avoid fraud and scams. But I don't think KYC can remove the fraud people from the crypto industry, rather it is harming the crypto's decentralized nature. Most of the potential ICO, IEO projects are asking for KYC, we have no other options to avoid this centralized system. Because besides trading, IEO is a better investment, and to participate in IEO, everyone needs to perform the KYC!
KYC is a deal-breaker for me. No way I gonna give up my identify just to trade or cash out, not in crypto anyway.
Lucky my country has indifferent about crypto so no KYC force on everywhere, yet.
Lucky my country has indifferent about crypto so no KYC force on everywhere, yet.
Yes kyc totally deviate from what crypto stands for - anonymous, decentralized, to become semi-centralized (to some extent), i guess as long as you have the intention of trading in a centralized exchange you are bound to follow the kyc procedures, the more reason why the crypto space needs more decentralized user friendly exchange around to limited this kyc thirst 
Things and perception has changed a lot. KYC may defeat the purpose of Satoshi or any privacy focused coin but with too much of fraud and scam, crimes and money laundering using the anonymous nature of crypto, most people now accepts the fact that crypto too should be regulated. Cryptocurrency word actually refers the underlying technology not the ethics. So, cryptocurrency is not a synonym of anonymity.
Centralized exchangers do require KYC as a condition of withdrawal to remain compliant with government regulations. Even now the DEX exchanger does KYC for American citizens because of coercion from the authorities in America. Maybe this is the way so that the crypto market is legalized and recognized by the government as well as the stock market
However requiring KYC doesn't means being legalized, they just want to put some pressure towards the crypto for the sake of preventing money laundering and some things.
I do not see anything bad or horrific in passing the KYC process. A lot of members of this forum are so scared about their data, but big companies like google already know not only your identity but how often are you going to the toilet as well. So what is the purpose of being afraid of a KYC?
They're afraid of the IRS.
I do not see anything bad or horrific in passing the KYC process. A lot of members of this forum are so scared about their data, but big companies like google already know not only your identity but how often are you going to the toilet as well. So what is the purpose of being afraid of a KYC?
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