bitcoin is anonym, so govermont banned it.
then gov give authorization to trade bitcoin but you must report who buy and sell it.
i think KYC is normal for legal transaction and not make bitcoin bad.
Topic: KYC defeats the purpose of Crypto. Thoughts anyone? - page 9. (Read 1690 times)
KYC doesn't defeat the purpose of cryptocurrency. The purpose of cryptocurrency is to help the people in our world to get out from the centralization and have the control on their own hand. KYC is a good thing for cryptocurrency because with the help of KYC, we can prevent fraud and it will give a huge benefit for our overall crypto space.
When i first to know crypto currency or most known as bitcoin, a lot of saying crypto is an anonynous society, you can have money without knowing by anyone and even transferring money from one county to another country without having any taxes from government. But kyc kills the good thing, were not anonymous at all, we are giving everything just to get that token and thats bad for my own sight
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.
That's just wrong if they're pulling that BS with you. Any kyc requirement ought to be made clear right up front when you register on an exchange, ICO, or a bounty.Of course most bitcoiners value their anonymity and most are used to the wild west days of crypto, but that's changing as I knew it would. Do you think any gov'ts are going to allow its citizens to use an anonymous form of money however they want? Of course not. The gov't knows there are taxes that aren't being paid, money that is being laundered, and all sorts of other things. They are doubtless putting pressure on crypto based companies to confirm their customers' identities in case the gov't needs to find out who is doing what. And yes I admit it drives me to rip out my hair at times.
KYC is another sign that lets us understand that crypto anonymity idea is an utopia. Big guys don't like it and won't let it go, people should understand it and calm down finally.
I think we should not go quietly into that good night, but otoh I don't know what we can do. If gov'ts and large corporations eventually put their grubby hands on crypto, they will morph it into something that none of us would recognize anymore.It's good to still see that some exchanges still allow trading and withdrawal without kyc to an extent and that can also be of assistance to those who cannot afford to give out their personal data to any external body. Those who want to avoid it totally, switch over to DEX.
True. There are exchanges where you can register with fake info, but you can't deposit any fiat and can only trade crypto pairs. I'm happy with that, however. That is mostly what I do anyway. 
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)
you're right, this is one from many reason why KYC is needed, even blockchain and cryptocurrency are used for make user identity are anonym.but because many fraud that's why kyc is needed for reduce fraudulent
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?
Its true crypto purpose should be decentralized, but we should not forget that right now crypto market is like stock market. Many project come up and raising money. Government just want to protect their citizen investment and i dont think thats a mistake
I know everyone is trying to do whats best for their project but everyone is all about kyc this days, even for small bounty or airdrop token holder, if the project is not requiring KYC then the exchange site is requiring kyc and the annoying part is even scam bounties are requiring KYC and reveling someone's personal information in this world that we are is not safe anymore and there is no way to hold anyone responsible
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)
you're right, this is one from many reason why KYC is needed, even blockchain and cryptocurrency are used for make user identity are anonym.but because many fraud that's why kyc is needed for reduce fraudulent
Not everyone thinks that a KYC is harmful and contrary to the principle of the anonymity of cryptocurrency. Over time, it turns out that there are many parties who exploit crypto's existence for fraud so that KYC is really needed to narrow down the crime. However, the KYC is stored safely so it does not violate the principle of anonymity of crypto.
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?
KYC is another sign that lets us understand that crypto anonymity idea is an utopia. Big guys don't like it and won't let it go, people should understand it and calm down finally.
Previously, crypto was underdeveloped and there were no scams so it was completely anonymous. Now it is almost a forced measure. But I agree with you that for bounty hunters this surplus. These are ordinary participants who do not affect the development of the project in any way and therefore I do not see the point in having them undergo the KYC procedure.
Scam prevention is just small role of KYC, in my opinion. KYC has its bigger role to prevent money laundering via crypto, that is the main reasons why governments require KYC as they believe they can better control such activity via KYC procedures. But I doubt that they can fully achieve this purpose because bad guys always figure out the way to do what they want. Personally, I don't like KYC requirements, especially when I have to do KYCs on small exchanges.
Previously, crypto was underdeveloped and there were no scams so it was completely anonymous. Now it is almost a forced measure. But I agree with you that for bounty hunters this surplus. These are ordinary participants who do not affect the development of the project in any way and therefore I do not see the point in having them undergo the KYC procedure.
It's good to still see that some exchanges still allow trading and withdrawal without kyc to an extent and that can also be of assistance to those who cannot afford to give out their personal data to any external body. Those who want to avoid it totally, switch over to DEX.
At the moment KYC might be just check.. But, if you are paranoiac, like many of us.
You just see in nightmares what wrong persons could do with all your KYC data.
I suggest to avoid KYC if possible, especially for scammy bounty campaigns, airdrops and not reliable ICO
You just see in nightmares what wrong persons could do with all your KYC data.
I suggest to avoid KYC if possible, especially for scammy bounty campaigns, airdrops and not reliable 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?
Well it does. Crypto currencies were made to bring financial privacy in peoples like. Unfortunately, if you fill the KYC form, you are no longer hidden and all your information will be connected to your specific wallet/service (that you are using). Your financial matters will no longer remain private. Sadly, most of the ICOs that takes your information turns out to be a scam. They scam people and then earn more by selling out your information. Remember, there are always alternatives. If one of the service you are trying to take asks for a KYC form, then move on to another. 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 KYC requirement is necessary in my opinion and this tool can be used for the safety of the project. The big projects always ask the documents of investors for sending the customer data to required organizations in order to check the GDPR compliance.
Yes big projects definitely need investors' data to stay awake and in the data so that they are not misused, KYC is very important for your funds as a large investor.
There is always a reason for everything, those time you could trade freely, there was also no issue of scams and people taken advantage of system to do dubious means, people purely was after the use of the cryptocurrency for payment and investment, until so many bad things started getting introduced, we now even have people that launders money through the system.
Especially for exchanges, I think they have the right thing by asking for KYC, because both money launderers and ICO scammers must definitely go through them to change their money and I think if they are strict about this, things can also be controlled. This is the situation we found ourselves, bad guys have also hijacked the system, so there is need for regulation and I don’t go against it.
Especially for exchanges, I think they have the right thing by asking for KYC, because both money launderers and ICO scammers must definitely go through them to change their money and I think if they are strict about this, things can also be controlled. This is the situation we found ourselves, bad guys have also hijacked the system, so there is need for regulation and I don’t go against it.
The KYC requirement is necessary in my opinion and this tool can be used for the safety of the project. The big projects always ask the documents of investors for sending the customer data to required organizations in order to check the GDPR compliance.
Once we agreed to KYC we betrayed the whole concept of crypto. Unfortunately, it looks that we are greedy and care more about money than our privacy.
And who agreed to this. Just stretched and everything. Lured money. Then they lowered rates and everyone is sitting on passports. There are still anonymous projects. I think with the pros on them big.
Once we agreed to KYC we betrayed the whole concept of crypto. Unfortunately, it looks that we are greedy and care more about money than our privacy.
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