KYC is to verify that you are not part of the country where the ICO and crypto is not legal. If you have more love on crypto you may need to come out of the country or fight with your country's finance ministry to make it legal.
Without that trolling they are required KYC and blabla in the sense. No use at all.
Please check the ICO details before invest on it. May be they also a scammers.
Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 8. (Read 1690 times)
Or am I just being a grumpy old man?
Not at all. People joined crypto revolution because kyc wasn't required for anything and because of anonymity. I think lots of politics are involved in crypto lately and every single country wants piece of our money. They want to control crypto, I think they are very successful in that and crypto is slowly moving into different direction. Sooner or later every service will ask KYC, and we can't do anything about it. Accept it or leave this.I think you hold a good point there. I remember the days when you could trade on Bittrex and they were glad to take your crypto without any ID. Now they hold all my ID. I use Bittrex a lot so I had to do this. It's either suck it or leave it.
BTW Yobit still doesn't ask for ID for anything. I've used that place for at least 4 years now. That being said the experiences that have came out of that place so far have been mixed. I've never had any bad experience though!
Or am I just being a grumpy old man?
Not at all. People joined crypto revolution because kyc wasn't required for anything and because of anonymity. I think lots of politics are involved in crypto lately and every single country wants piece of our money. They want to control crypto, I think they are very successful in that and crypto is slowly moving into different direction. Sooner or later every service will ask KYC, and we can't do anything about it. Accept it or leave this. Just think positive, maybe they need KYC for identity data from their community, maybe even that was asked by the government from the country where ICO came from.
because actually, the ICO project does not require KYC if it adheres to a decentralized system.
some governments have indeed requested supporting documents such as KYC from the ICO project community. we still have to think positively, where we also enjoy the results of the bounty we get. as long as there is no abuse for our KYC documents so far it will be fine. because actually, the ICO project does not require KYC if it adheres to a decentralized system.
Just think positive, maybe they need KYC for identity data from their community, maybe even that was asked by the government from the country where ICO came from.
because actually, the ICO project does not require KYC if it adheres to a decentralized system.
because actually, the ICO project does not require KYC if it adheres to a decentralized system.
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?
If I am going to be follow, same like others I don't like KYC its not because I don't have any personal valid, of course not! We all know here that most of the crypto are decentralize and this KYC I think breaking the good image of crypto anonymity, but sometimes We can't do nothing for it its part of the rules in campaign for us to get our rewards.
Crypto is for the anonymity, but there is an investment about crypto so we should KYC all the investors to know if they are real not a person who wanted to launder the money.
I agree with you, cryptocurrencies were invented to provide anonymous, fast and chap transactions between people, and now at any exchange or ICO you have to pass KYC, which is not a garantee of the real identity.
Hmm. Great in theory, but in practice, no.
Scammers are everywhere and move with the progression of technology. With that idea then scammers should have given up the first time firewalls and virus checkers were invented. But no, as the awareness grows, so does their attempts to part you from your identity / crypto / money.
It is not only about scamming and taking money from strange people. The technology behind the blockchain doesn't let the scam organizations do their job properly and this is also the case for the single scammers. They look for gaps on the system and these gaps are used against the users for scamming purpose.Scammers are everywhere and move with the progression of technology. With that idea then scammers should have given up the first time firewalls and virus checkers were invented. But no, as the awareness grows, so does their attempts to part you from your identity / crypto / money.
Yup, hence my point. We don't need KYC.
Crypto itself is scam inhibiting technology. Even if the media tells us differently lol.
Hmm. Great in theory, but in practice, no.
Scammers are everywhere and move with the progression of technology. With that idea then scammers should have given up the first time firewalls and virus checkers were invented. But no, as the awareness grows, so does their attempts to part you from your identity / crypto / money.
It is not only about scamming and taking money from strange people. The technology behind the blockchain doesn't let the scam organizations do their job properly and this is also the case for the single scammers. They look for gaps on the system and these gaps are used against the users for scamming purpose. Scammers are everywhere and move with the progression of technology. With that idea then scammers should have given up the first time firewalls and virus checkers were invented. But no, as the awareness grows, so does their attempts to part you from your identity / crypto / money.
Hmm. Great in theory, but in practice, no.
Scammers are everywhere and move with the progression of technology. With that idea then scammers should have given up the first time firewalls and virus checkers were invented. But no, as the awareness grows, so does their attempts to part you from your identity / crypto / money.
Scammers are everywhere and move with the progression of technology. With that idea then scammers should have given up the first time firewalls and virus checkers were invented. But no, as the awareness grows, so does their attempts to part you from your identity / crypto / money.
Don't take it to the heart, I think KYC will make crypto more trusted because scammers won't go scotfree after dropping there ID but KYC is not handled the right way because we still have projects implementing KYC and they are scam projects so those who dropped there ID to such projects should be worried because the ID is not safe.
This is a big thread - I'm struggling to keep up with it haha.
It's interesting that a few of you have described the idea of financial anonymity as us KYC haters see it as a Utopia. I disagree. I only see it as intrusive. That's all. I know too much about the human tendency to be idealistic enough to believe that a Utopia can be realistically achieved. The foundation of Bitcoin (and crypto) in general was government and big banking destabilization. The friendly revolution. Those that control the wealth pull the strings. If they can no longer freeze our bank accounts because crypto has personal ownership then they can no longer be our puppet-masters.
KYC is inverse to that vision.
It's interesting that a few of you have described the idea of financial anonymity as us KYC haters see it as a Utopia. I disagree. I only see it as intrusive. That's all. I know too much about the human tendency to be idealistic enough to believe that a Utopia can be realistically achieved. The foundation of Bitcoin (and crypto) in general was government and big banking destabilization. The friendly revolution. Those that control the wealth pull the strings. If they can no longer freeze our bank accounts because crypto has personal ownership then they can no longer be our puppet-masters.
KYC is inverse to that vision.
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.
But on the other hand, there is crazy amount of scammers in crypto world. So i can't decide about kyc.
Many people on the cryptocurrency will not prefer to do KYC because we have the awareness that our identity will get hacked or will get publish in out there. Besides that, no one guarantee that the identity will be saved in their hands. That's why we are still afraid to do KYC, but in some point, KYC can prevent from the scammers. Maybe both side will need to do KYC so we will feel more secure.
Well if not for the greed and bad thoughts of men there are would have not been any need of KYC but because there are so many cheaters and scams floating around we can help it but to let go of a very nice feature of blockchain technology and that is anonymity 
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.
But on the other hand, there is crazy amount of scammers in crypto world. So i can't decide about kyc.
Or am I just being a grumpy old man?
You are not a grumpy old man (or maybe yes LOL), you just understand what cryptocurrencies are made for, it's users anonimity, our privacy, KYC is done because of this laws blabla but the fact that this ain't regulated. KYC is such a waste of time and what we need to avoid.
in my opinion there is no problem with Kyc and it is legitimate when an institution or company applies Kyc to its customers, but what is wrong is when our privacy data is misused by the company. And not a few companies that complicate the process of Kyc, even I once only verified Kyc to wait 5 more months. But I hope that the complaints of Kyc can be improved for the better
In general, when using cryptocurrency, we will not be able to get rid of KYC checks. However, such verification should be applied only for the purpose for which it was intended. The activity of companies in raising funds and issuing new tokens must be regulated by the states and the participants in bounty campaigns and investors who buy tokens for small sums should be freed from such verification. Now, with KYC testing, it is simply abused to the point of absurdity.
I know what you feel even I also don't like the existence of the Kyc system at the exchange place not because I don't believe it but the crypto world is anonymous so we want to trade or investment don't need to send personal data, besides we don't know whether the data is guaranteed either misused by them. that's the way it is.
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