not only you who don't like KYC, but almost everyone who is in the crypto scope doesn't like it.
but this only applies to centralized exchange rules and you can choose which exchange you want.
Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 7. (Read 1666 times)
You are right, but nobody asks you to do KYC for using crypto...Investing in ICO is do not the same thing, so project making their own rules, because you are investing in their business and raised funds must be clear.
In the beginning, I was also very opposed to the existence of KYC for Bounty participants. However, I see that this has a good purpose, namely to reduce fraud. So this is not a problem for me now. But I also tried to find projects that did not use KYC.
They want to have a decentralized transaction but need to KYC? I don't know why some exchanges need also your KYC and some wallet companies including blockchain, maybe later coinbase will requires your identity before your withdraw.
This is exactly my thought about KYC, it contradicts the essence of Crypto which is anonymity irrespective of the facts that most projects now see it as a way of their assurance of transacting with the right people
I understand the need to provide a package of documents for trading on a large stock exchange, which, in turn, regulates its activities in accordance with the laws of the country of registration.
But when documents require small one-day crypto-exchanges - this should be alarming.
But when documents require small one-day crypto-exchanges - this should be alarming.
KYC is required for several projects in some countries because governments in these countries need companies to publish the identity of the owner of tokens through investment. In the long run, KYC has become a mandatory factor in determining that it is a good project and should invest in that project.
Disagree. I've seen in the past some terrible projects that require KYC. I put 3 eth into one when in the days when eth was at its peak and it lost more than 80% of its initial value.
KYC is required for several projects in some countries because governments in these countries need companies to publish the identity of the owner of tokens through investment. In the long run, KYC has become a mandatory factor in determining that it is a good project and should invest in that project.
I have the same opinion just like you Op.. I don't like the KYC stuff.. I don't love the way that companies grab and force us to send our own documents to persons we don't trust and we don't know.. Don't forget the fear of a data breach that could let the hackers grab our documents and sell them in black markets..
I fear this. Even small trade on localbitcoins.com - I've had in the past people asking for my passport. Um, no! I'm not giving away my most valuable information to a single end-user. That's like daylight data robbery. Even if their intentions are good how do I know that their way of keeping my data is secure?
Quote
You were quite grumpy about this. The KYC will be used to identify the identity of each bounty hunters and to prevent participants from using different accounts.
That's the main reason they ask for your KYC.
That's the main reason they ask for your KYC.
It's not just for bounty the KYC process. They ask for ID on exchanges, ICOs, small trade, you name it. Mostly when it's not needed either.
Quote
most of us hate doing or submitting kyc.. Grin Grin.. for exchanges its understandable that we need to do KYC, but for some other activities like airdrop and bounty no that's not a good idea..
Right. How did they manage before KYC? Quite easily if I remember.
Quote
Of course for any investors and traders, KYC is annoy and complicated because we all afraid our informations can be loss into some bad people hands, thanks to cryptos itself, we can still keep our information private,but if we want to sell or trade, we surely need a exchange, that is when we have to KYC, if the exchange is good enough they will oblige us to do KYC to trade high value, this help the exchange safe from scammers but hard for bounty hunters who just want to sell their token for money, we maybe dont like KYC but we have to accept the risks in this market.
I think the lesson to be learned here is seek out smaller decentralised exchanges
Quote
I guess satoshi lying low for now is just to show us example of how reliable the system can be when it comes to its advantage of anonymity, but like you mentioned, the good intention has been hijacked by scammers with their crazy activities.
What needs to be done now is not to condemn the KYC completely, but we just see how we can have a separation from the things that KYC is very necessary for and the things it is not necessary for, not the way everyone is just asking for KYC for both the necessary ones and the ones not necessary, take for example, investors and hunters, KYC is very necessary for investors while it is absolutely unnecessary for hunters.
What needs to be done now is not to condemn the KYC completely, but we just see how we can have a separation from the things that KYC is very necessary for and the things it is not necessary for, not the way everyone is just asking for KYC for both the necessary ones and the ones not necessary, take for example, investors and hunters, KYC is very necessary for investors while it is absolutely unnecessary for hunters.
I think this holds water in my eyes. KYC for the necessary things like big centralised projects and exchanges. No KYC for smaller projects and exchanges. AND no KYC for anything decentralised. In my opinion
Bitcoin did born with privacy we don't even know who satoshi still is.
But on the other hand, there is crazy amount of scammers in crypto world. So i can't decide about kyc.
I guess satoshi lying low for now is just to show us example of how reliable the system can be when it comes to its advantage of anonymity, but like you mentioned, the good intention has been hijacked by scammers with their crazy activities.But on the other hand, there is crazy amount of scammers in crypto world. So i can't decide about kyc.
What needs to be done now is not to condemn the KYC completely, but we just see how we can have a separation from the things that KYC is very necessary for and the things it is not necessary for, not the way everyone is just asking for KYC for both the necessary ones and the ones not necessary, take for example, investors and hunters, KYC is very necessary for investors while it is absolutely unnecessary for hunters.
most of us hate doing or submitting kyc.. 
.. for exchanges its understandable that we need to do KYC, but for some other activities like airdrop and bounty no that's not a good idea..
Of course for any investors and traders, KYC is annoy and complicated because we all afraid our informations can be loss into some bad people hands, thanks to cryptos itself, we can still keep our information private,but if we want to sell or trade, we surely need a exchange, that is when we have to KYC, if the exchange is good enough they will oblige us to do KYC to trade high value, this help the exchange safe from scammers but hard for bounty hunters who just want to sell their token for money, we maybe dont like KYC but we have to accept the risks in this market. .. for exchanges its understandable that we need to do KYC, but for some other activities like airdrop and bounty no that's not a good idea..
most of us hate doing or submitting kyc.. .. for exchanges its understandable that we need to do KYC, but for some other activities like airdrop and bounty no that's not a good idea..
.. for exchanges its understandable that we need to do KYC, but for some other activities like airdrop and bounty no that's not a good idea.. 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?
You were quite grumpy about this. The KYC will be used to identify the identity of each bounty hunters and to prevent participants from using different accounts.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?
That's the main reason they ask for your KYC.
I have the same opinion just like you Op.. I don't like the KYC stuff.. I don't love the way that companies grab and force us to send our own documents to persons we don't trust and we don't know.. Don't forget the fear of a data breach that could let the hackers grab our documents and sell them in black markets..
KYC is a terrible process that was created to destroy our community and, in general, it really did everything to destroy our world. They verify us and do not allow us to invest without a proper image.
Purpose of being use the decentralized cryptocurrency is to stay anonymous but the KYC is not needed here for decentralized market. When you are looking to invest on IEO or ICO and they are asking for KYC, please do not invest your money there.
If we feel easy to invest with the KYC verification even they will take it as easy and gather our passport details too.
KYC on cryptocurrency is somehow setting up regulations on a decentralized system of blockchain technology. The anonymity brought by decentralized system is one of the reasons why some countries still do not recognize cryptocurrency. We can't deny the fact that some illegal transactions are taking advatage of this anonymity. Some people are hiding their transactions using cryptocurrency making those money transfers untraceable due to lack of identity. With the growing usage of cryptocurrency and the security involve, KYC seems to be inevitable even though it depicts the nature of cryptocurrency. Unless, we can think of a better way to prevent illegal activities here in cryptocurrecy.
I think you are right. Although I don’t like the idea of passing a KYC and submitting my documents, but I think that it is inevitable. Sooner or later, all users of cryptocurrency will have to pass verification.
KYC on cryptocurrency is somehow setting up regulations on a decentralized system of blockchain technology. The anonymity brought by decentralized system is one of the reasons why some countries still do not recognize cryptocurrency. We can't deny the fact that some illegal transactions are taking advatage of this anonymity. Some people are hiding their transactions using cryptocurrency making those money transfers untraceable due to lack of identity. With the growing usage of cryptocurrency and the security involve, KYC seems to be inevitable even though it depicts the nature of cryptocurrency. Unless, we can think of a better way to prevent illegal activities here in cryptocurrecy.
KYC is a terrible process that was created to destroy our community and, in general, it really did everything to destroy our world. They verify us and do not allow us to invest without a proper image.
Yup! Definitely a total hindrance. I loved anon investing. I still do
KYC is a terrible process that was created to destroy our community and, in general, it really did everything to destroy our world. They verify us and do not allow us to invest without a proper image.
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)
..yeah that's true..if all of the crypto related exchange and companies would implement KYC,the anonimity of every crypto holders will be violated and that is not a form of a decentralize government..I don't believe on KYC in crypto for the integrity of our personal data are private and you have the right not to disclose all your private information to the public..
When it comes to money laundering, we are not talking of token here, because., for any money to be tagged as being laundered, it must have been a certain amount that is bigger than what the government support and since many of these investors are with little token, they should limit the KYC to a bigger transaction and not these smaller ones.
Jump to: