KYC defeats the purpose of Crypto. Thoughts anyone? - page 6.

setialovers

member

Activity: 812

Merit: 11

Quote from: raymondspeaks on April 17, 2019, 07:33:31 PM

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?

The purpose of cryptocurrency is for privacy and I think if we save in our own wallet, our privacy is maintained and there is no need to do KYC. KYC only applies on exchangers and I think the fair exchanger requires KYC for its customers to avoid money laundering in accordance with government regulations

tsaroz

legendary

Activity: 2982

Merit: 1069

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.

novy

full member

Activity: 728

Merit: 110

Where KYC usually is integrated? Exchanges and ico market. If you don't want to keep your coins on the exchange, just keep it on hardware wallet and sell on the OTC. This way no problems with kyc.

flemmings02

jr. member

Activity: 182

Merit: 2

Quote from: ?? on ??

Agreed. I've only done a few KYC's which were required such as Coinbase and Binance to increase my limits.

I prefer to use a portion of my limits daily till I'm done with the total amount I want to withdraw or deposit, I don't want to have my details being on the wrong hands.

joinfree

sr. member

Activity: 1246

Merit: 260

1A6nybMUHYKS6E6Z3eJFm4KpVDdev8BAJL

This is so true, the performance of Know Your Customer by people really affects the feature of anonymity in the blockchain industry but i guess we can't say much as this is also one of the security measures taken to prevent scammers from ruining the accounts of original users.

UniversityCoin

full member

Activity: 714

Merit: 101

Cryptocurrencies were originally an independent tool for investing and trading, and nobody needed your personal data. Now I ignore the exchanges, where they demand to go through KYC and advise everyone to do so.

graffix

member

Activity: 195

Merit: 10

That's true. KYC is a problem to the meaning of cryptocurrency. But another problem is we gave our identity to an unknown party. So how we sure about the security of our data. That is the biggest problem I seeing in this KYC system.

EXtremeAEX

hero member

Activity: 798

Merit: 503

Quote from: raymondspeaks on April 17, 2019, 07:33:31 PM

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 I drop all my soothing thoughts, then yes, it is pretty damn annoying. Once again, influential people are trying to take control of the financial situation of all those who are trying to somehow materially improve their lives. And the governments, taking advantage of this, are trying to tax my honestly earned money. Oh, this reality, I understand you perfectly.
But all these annoying thoughts are very destructive for me (as well as for any other person). Therefore, we must try not to succumb to this negative.

Wolfwar

member

Activity: 630

Merit: 14

Quote from: Successmaniac4 on July 29, 2019, 03:46:52 PM

Crypto upholds anonymity, so I wonder where this KYac thing came from. Well, I think during bounties, people are known to cheat with multiple accounts so the KYC has helped to curb that.

I think that we need to look at this problem more broadly, and this is not only a solution to the problem of using multi-accounts on bitcointalk. The fact is that only through the provision of passport data is full legalization of cryptocurrency possible, when any state can allow all users to use cryptocurrency in their daily lives or work in a cryptocurrency market, earning good income. Practical is one of the basic conditions for the further development of cryptocurrency in the world.

Successmaniac4

member

Activity: 196

Merit: 10

Crypto upholds anonymity, so I wonder where this KYac thing came from. Well, I think during bounties, people are known to cheat with multiple accounts so the KYC has helped to curb that.

Flux0z

member

Activity: 406

Merit: 10

If you're sick of KYC, simply start taking advantage of the DEX solution out there. Most of them are trash, and got bad liquidity, but your privacy is intact at least.

Keep an eye on the Stakenet Lightning DEX, which is the first masternode based lightning based DEX. The cool thing about it is, that the masternodes running the DEX will get the fees collected by it's users transactions.
All the blockchains will be hosted by the nodes, so you wont need to SYNC with the network to start trading.

Perks:

Lightning fast
Very low fees
100% privacy
Peer 2 Peer, no central part

The Stakenet DEX is just ONE of many DApps provided by Stakenet, the project itself offers way more than that actually.

Do your own research Wink

Miy Monk

copper member

Activity: 53

Merit: 0

Sometimes I also feel the same way. KYC could be a threat to some investors whose country don't allow him or her to go crypto world. But, maybe it's good for other safety issues. Something like "Greater Good".

Zionatin

sr. member

Activity: 906

Merit: 263

There is no "being on the safe side" each country has different rules and decent exchange will have a daily limit of say 1 or 2 btc. Anything less then that is ridiculous. If you want to unlock the daily limit then you need KYC.
Then you get people who want your KYC just to use their exchange or put such a small limit. Get it in their heads that money laundry is done in mass not in small amounts. Just making things irritating for your regular users.

cassavachips

sr. member

Activity: 994

Merit: 261

It is indeed incomprehensible with new projects that require KYC, they are like destroying the cryptocurrency ecosystem. Though cryptocurrency is anonymous and maintains user privacy, transactions. Cryptocurrency fades and is used to seek profits only by irresponsible people who have dirtied it

farraddy

member

Activity: 476

Merit: 10

At the very beginning, the cryptocurrency assumed the anonymity of the user. Neither KYC could not be required. Now there is a lot of money in the crypto and we must understand the desire of investors and exchanges to protect them.

jazmuzika217

member

Activity: 476

Merit: 12

I think this okay. You will now accept the reality that we are have ni choice but the accept this kind of regulation. And I think they can only think our security and safety that can apply more if we foow in the KYC requirements. Take time to think it in positive way I think this is more acceptable specially for the investors who are in adjustment period stage.

dearbesz1219

hero member

Activity: 924

Merit: 500

Today I saw on Reddit that US people received a letter from the IRS that they know about owning cryptocurrencies and pushing people to pay taxes. Shocked

Coinbase KYC cause this situation.

lolgato1

sr. member

Activity: 793

Merit: 250

Not every cryptocurrency was created to be anonymous. Bitcoin is fully transparent and as soon as someone finds out who is the owner, everyone will know about all your transactions. And people are afraid about this, that is why they avoid KYC process if they can.

anjho.ace

full member

Activity: 371

Merit: 100

Cryptocurrency specially BITCOIN is made to have a freedom to earn and have money or store it.
This KYC just implemented due to many restriction of some country. there are some people who wants regulation to make CRYPTO acceptable in many ways in every country.
But this KYC ruin the essence of cryptocurrency.

lornadane

full member

Activity: 529

Merit: 101

I feel the same. The KYC things are very annoying and the sad part is, it is bringing by all of the crypto related websites! I don't know how we become used to with it! Personally, I don't have a problem with KYC, because it can protect you from the scammers and hackers! But when I think that KYC is spoiling the crypto's nature anonymity, I feel bad!

Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 6. (Read 1666 times)