Kyc is deceitful if ignorant of the bad side

suzanne5223

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Quote from: IIrik11 on October 25, 2021, 03:20:20 AM

I agree, KYC is evil and should be avoided at all costs!! Shocked

Sooner or later all the information you provide to these exchanges is going to get sold on black market.

Then someone else will use your credentials to perform online operations.

And if so happens that they do anything illegal.

Your data will be attached to it and you'll end up in much trouble.

So, just please stop using exchanges/services with KYC.

Let us face the truth. We pray for Bitcoin to be the mainstream of payment while our government believed in centralization way of governing and we the crypto community rely on decentralization. They said two wrongs cant make a right, if we want Bitcoin to be mainstream of payment then there's no way we can avoid KYC totally though the KYC shouldn't have been like this is the online theft don't abuse the potential of cryptocurrency.

Charles-Tim

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Quote from: Mpamaegbu on October 29, 2021, 10:36:29 AM

In order not to sound remote (while recognizing that this thread isn't about KYC being compulsory or not), let me quickly ask you – would you rather trade at an average exchange not requiring KYC or a more trusted one requiring KYC?

For privacy and anonymity, the best is to use a decentralized exchange like Bisq, Hodlhold or Localcryptos. Making use of centralized exchanges will make privacy not to exist for the user as they (centralized exchanges) are privacy-depriving platforms.

But about your question, this is good to read, with different veteran members sharing their opinions: Privacy vs. anonymity

Mpamaegbu

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Quote from: NeuroticFish on October 20, 2021, 10:43:10 AM

* If one uses his own data for KYC, bad actors may sell it for various uses, some good, some very bad (one worse case can be even getting loans from bank in your name)

Well, I'm thinking hard how that loan part with someone else's KYC can be possible, with documents that aren't credit card. I mean, if one submits government documents and another tenders them to get a loan, there should be a picture there on the document of course. At least, I know passports and national IDs have them. Isn't it? Even cashing out money at a bank doesn't come that easy let alone getting a loan. The screening is always stringent. To me, except a bank is unscrupulous and involved in the racket there's no way someone else can get a loan with another person's documents at a bank. Again, won't the bank match the loan seeker's signature with the signature used in opening the account with them that it has on its computer? If there are properties as collateral, in whose name are they registered?

Quote from: Charles-Tim on October 20, 2021, 11:08:26 AM

Kyc is not mandatory so far you do not use the exchanges that are demanding for kyc, so implying it is mandatory in this regard is not absolutely correct, but only mandatory on the exchanges that are enforcing it, but not still necessary to use such exchanges.

In order not to sound remote (while recognizing that this thread isn't about KYC being compulsory or not), let me quickly ask you – would you rather trade at an average exchange not requiring KYC or a more trusted one requiring KYC?

Stanlo

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I believe crypto space have grown up to the stage where everyone is entitled to choose any part they want, it's why we have Dex and Cex around right now, if you have anything against KYC then use Dex, as for me KYC is pretty good and necessary for half part of crypto future, why? The more crypto grows the more we will have bad actors in the space, we all think KYC is useless but it's really not if the platform is reliable like binance and as for those buying KYC aka identity cards and co. you can easily get yourself penalize

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KYC is one of the most important layers of security for a platform to make sure their users do not have any kind of illegal activities and spam some people want to keep themselves anonymous and prevent the use of any kind of KYC in a platform. Selling your information is the most crucial part than having a small amount of payment it can be used as identity theft. this is the reason why we don't tolerate buying accounts with the use of others name. In some part we cannot remove this kind of buying accounts this is the way of their earning i guess exchange must need to have a monthly verification on it to prevent spam accounts.

Oceat

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KYC sucks to be honest and why would people proceed to follow the KYC when in the first place the exchange itself is having a full control of your account/funds already? It just makes it easier for the hacker to get to your account once the exchange is getting hacked and don't expect that your name would be safe if they sell those personal information on the black market. Scammers/hackers nowadays are getting smarter and smarter just to gain access to others people account/funds. I hope exchange would do something to protect also their customers not just only themselves.

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Quote from: Upgrade00 on October 25, 2021, 02:27:57 PM

Quote from: qwertyup23 on October 25, 2021, 01:42:04 PM

On the other hand, KYC also protects the establishment in providing security to their database. Though many have argued against the usage of such, there must be a line drawn on how KYC could be balanced that will be advantageous to both parties.

How does KYC provide security to a database or protect an establishment? It just benefits the government who impose the regulations on centralized agencies.

That post you quoted is absolutely a spam in my opinion, how can KYC protect database which is not possible and will never be possible. So far KYC can be a means governments can identify people, also hackers and other bad actors can use it usefully to sight people to become their victims, while the governments will more make use of it for tax purposes. But what we are more careful about is to avoid scammers.

Anguwa

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This is very great advice, many people are out there just willing to scam innocent individuals, such advices need to be taken into consideration. As technology is advancing on a daily basis, plenty ways to scam individuals is also increasing. Buying accounts of a centralized exchange is very risk, because you can not defend the account, at the same time, if problems are encountered and you are asked to provide some of your identity, what you have will not match what was used, so you have loosing everything entirely, so let's be cautious.

witcher_sense

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Quote from: qwertyup23 on October 25, 2021, 01:42:04 PM

On the other hand, KYC also protects the establishment in providing security to their database. Though many have argued against the usage of such, there must be a line drawn on how KYC could be balanced that will be advantageous to both parties.

Has there ever been a case where the collecting of the personal information of customers would have a positive impact on the security of the system? To my view, you are going to be better off if there is less information to share with an attacker. An attacker himself is not going to go through KYC procedures at least with his real identity, so it doesn't make sense to assert that KYC is helping to catch criminals. No, it is not. What it does is that it helps to control honest users who have never thought of doing money laundering. KYC protects neither the system nor the users of the system. It rather protects the owners of the system from being accused of poor prevention of money laundering or, more accurately, poor control of who can interact with money.

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Quote from: qwertyup23 on October 25, 2021, 01:42:04 PM

The problem of KYC stems from providing your personal information to a third-party website that has full control over your records. In the event that such website takes advantage of your personal data, you are at the constant risk of having identity theft or information fraud in the black market.

Identity theft is just one of the problems. The government agencies having full access to your transactions takes away pseudo anonymity, which is one of the qualities of Bitcoin.

Quote from: qwertyup23 on October 25, 2021, 01:42:04 PM

On the other hand, KYC also protects the establishment in providing security to their database. Though many have argued against the usage of such, there must be a line drawn on how KYC could be balanced that will be advantageous to both parties.

How does KYC provide security to a database or protect an establishment? It just benefits the government who impose the regulations on centralized agencies. There are Dexes which function without the need for personal information of its users without security issues.
A perfect balance would be to use KYC for regulated currencies and none for cryptocurrencies.

qwertyup23

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Quote from: IIrik11 on October 25, 2021, 03:20:20 AM

I agree, KYC is evil and should be avoided at all costs!! Shocked

Sooner or later all the information you provide to these exchanges is going to get sold on black market.

Then someone else will use your credentials to perform online operations.

And if so happens that they do anything illegal.

Your data will be attached to it and you'll end up in much trouble.

So, just please stop using exchanges/services with KYC.

The problem of KYC stems from providing your personal information to a third-party website that has full control over your records. In the event that such website takes advantage of your personal data, you are at the constant risk of having identity theft or information fraud in the black market.

On the other hand, KYC also protects the establishment in providing security to their database. Though many have argued against the usage of such, there must be a line drawn on how KYC could be balanced that will be advantageous to both parties.

Pmalek

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Quote from: lovesmayfamilis on October 21, 2021, 04:06:41 AM

But I also very often come across statements from those who claim that they have nothing to hide, and therefore they are not afraid to go through KYC and share their documents everywhere.

That is like standing in a crowded area screaming I am a millionaire. I made my money in a legit way and I have nothing to hide. Come visit me anytime you want! You never know who might hear you and what intentions that someone might have. It's the same with KYC data. You submit it with good intentions, but you can't know what the person on the other side will do with it. Even if it won't be used for something bad by them, there is always the possibility of hacks and data leaks.

IIrik11

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I agree, KYC is evil and should be avoided at all costs!! Shocked

Sooner or later all the information you provide to these exchanges is going to get sold on black market.

Then someone else will use your credentials to perform online operations.

And if so happens that they do anything illegal.

Your data will be attached to it and you'll end up in much trouble.

So, just please stop using exchanges/services with KYC.

willhuber

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The development of technology is good, but being ignorant about the risks and implications of the technology could be bad. People should think before sharing any personal information.

witcher_sense

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Quote from: lovesmayfamilis on October 21, 2021, 04:06:41 AM

But I also very often come across statements from those who claim that they have nothing to hide, and therefore they are not afraid to go through KYC and share their documents everywhere.

Those who claim they have nothing to hide because they are not criminals think it is well acceptable to share your real name, your address, your transactions with anyone who asks on the Internet. I have a hunch they will change their minds once KYC data is leaked or sold to third parties and real criminals come and try to rob them. What I think is that such a state of affairs makes KYC regulations and procedures dangerous for non-criminals and beneficial for criminals. Shouldn't it be quite the opposite? If the goal is to protect honest people from hackers and criminals, then it makes no sense for exchanges to collect sensitive information that can be used against non-criminal people.

SquirrelJulietGarden

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Quote from: Darker45 on October 20, 2021, 08:27:10 PM

All those who are using centralized exchanges but hate KYC should realize that what they are getting into is the exact thing they are avoiding. The logic is very simple. If you hate KYC, avoid centralized exchanges.

Centralized exchanges are toxic because of requirement on KYC and custodial wallets.

It is not always true but when you choose and use DEX, you can choose and use non custodial wallets and be your own bank.

Hence, if you hate both KYC and custodial wallets, why do you choose and use centralized exchanges.

TheNineClub

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The criminals are not the only ones to blame. People or organizations that buy data from those criminals have to also take their share of responsibility. Where there is a demand there will be a need to supply that demand. We need to first and foremost discourage such data collecting and verified account purchasing. Then and only then will this cease to be an issue. If we only disregard KYC and stop using it altogether, then criminals and purchasing partys will find other ways to obtain what they need.

lovesmayfamilis

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Already many times on this forum, they wrote that providing complete information about yourself on the Internet can further adversely affect the person himself. But I also very often come across statements from those who claim that they have nothing to hide, and therefore they are not afraid to go through KYC and share their documents everywhere. In addition to the fact that the Internet itself collects information about users from all sides, we also discover the most intimate places in our lives, going through KYC, participating in social networks, and then we begin to bitterly indignant, where after we receive receipts for non-payment of any loans, loans and a lot of interest from fraudsters.
No need to naively think that if someone takes your documents, he will subsequently be unable to do anything with them. Just head over to the darknet forums for fun. You will be unpleasantly surprised how much and how cheaply any documents are sold for passing any KYC.

o_e_l_e_o

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Quote from: Darker45 on October 20, 2021, 08:27:10 PM

Whether or not a CEx is offering a certain deposit and withdrawal limit for unverified accounts is not the issue. It only takes a seemingly insignificant action for the KYC requirement to get triggered.

Agreed. The days of non-KYCed accounts on centralized exchanges are numbered. We've recently seen lots of exchanges slash their withdrawal limits and trading limits for non-verified accounts. They can and frequently do lock accounts and demand KYC, often citing no reason at all other than that the user has triggered some unknown compliance algorithm or something similar. Soon enough, it will be impossible to use centralized exchanges at all without completing KYC. If you want to avoid KYC, then the only reliable option is to use a good DEX instead (and not a fake scam not-really-a-DEX which demands KYC anyway, like Binance "DEX").

Quote from: kelonmusk on October 20, 2021, 09:19:21 PM

generally the original owner will never know if their data was misused or otherwise?

They will know when law enforcement show up at their door because a few hundred bitcoin were laundered using accounts in their name. Or maybe when they get a bill from a bank to repay a few hundred thousand dollars worth of loans and credit cards which someone else took out in their name. Or maybe a bill from an insurance company because someone used their medical insurance. There are a lot of very expensive potential consequences to having your KYC data stolen.

Luffygroove

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The crypto world is a mean world. It is common that people to do anything to gain profits. Crypto is known for the big profits, so it attracts every single people who want to speculate their fate whether it's honest people or criminals. Criminals always thought about how to get an easy way to gain as many as profits with a little effort. Scamming, cheating, hacking are some efforts they do to rob people. Everything could be a chance to get money and honest people will always be the victims. The institutions not always be the injustice doer (exchangers, developers), but they also can be the victim. Even, the institution's deceivers not only do that individually, sometimes they're organized and systemized also belong in one big institution.

KYC was a problem from a long time ago in the world where decentralization should be implemented in cryptocurrency. Many people try to hinder it and some other people look at this as a chance to gain profits. Criminality not only exists just because of the criminal's intention but also cause there's a chance to do it.

Topic: Kyc is deceitful if ignorant of the bad side (Read 440 times)