Topic: Too strong KYC - page 2. (Read 1232 times)

All of us are afraid of losing money due to hacks, scams, our own mistakes or even bad decisions (buying useless shitcoins, selling coins too late or too early, etc). Most topics cover issues such as these. But when it comes to losses, you should be aware that there’s more than money which can be lost. By this, I’m talking about identity theft of personal data of any kind. Protecting this data and paying attention to privacy should have at least the same priority of protecting your money. After all, money is replaceable; it’s "only" a financial loss. Once identity is stolen, however, there is no chance of its undoing.

This is where the issue begins. One of the best ways to protect yourself from identity theft is to understand the false assumptions of KYC. Some crypto services require its users to undergo a so-called “KYC” nowadays. KYC means “know your customer” and forces users to send personal documents to a company or organization. This is already becoming a problematic issue that some companies are very strict and will not allow you to use their services, even if you just want to purchase crypto worth only a few hundred dollars.

The official purpose of KYC should be to prevent money laundering (known as AML, anti-money laundering) and terrorist financing. Strict KYC and AML were mainly introduced by the US after 9/11 and many countries are guided by the SEC in setting KYC as a requirement. AML existed before but only for institutions and big amounts of money. Average customers were affected only after restrictions introduced by the SEC.
At first glance, KYC sounds good for shutting down criminal activities. Unfortunately, this looks very different in reality. KYC in crypto doesn’t necessarily help to stop money laundering or reduce criminal activity; nor does it help to prevent terrorist financing. On the contrary - KYC endangers our privacy and encourages criminal activities (via KYC scams, identity theft and other means).

[—long, thoughtful post—]

KYC is useless. You can buy id on black market. So there is no problem for scammers. Problems with KYC will be created only for honest people, since not everyone wants to send their data to the Internet

KYC is required by law in most jurisdictions in order to stop people from doing money laundering. If you're using an app that doesn't use assets or things that have value which
can be transferred, you are most likely not required to verify with KYC. Instead, KYC helps solving certain problems such as hiding income taxes, stealing money from other people,
etc.

Now the problem is that some COMPANIES can use KYC for malicious purposes. For example, an attacker could run a "trusted exchange" and collect your KYC details to create an account elsewhere.

If you want to trade without KYC, I may be totally wrong however I think you need to go back in the past: 2013 - 2015 is calling you baby! I doubt there are places exchanges without KYC. You can bypass
KYC if you trade in person and find buyers/sellers in real life.

actually I don't like KYC, providing personal information in my opinion is too risky but I cant do anything cause most exchangers require KYC to be able to WD

Its just how things are this time, there is no other way than to comply the law.

This is the real question to discuss because there seem no law proscribing any of the site from using the information provided from using it against the investor. I try to avoid it if it is not necessary for me, I mustn't invest in every project.

stop people from doing money laundering.
KYC helps solving certain problems such as hiding income taxes, stealing money from other people,

Stop being paranoid mate
The reason why they establish KYC is because they want be protected against scammers. I hope you understamd it .

I don't blame them for KYCs
I've complied
With cases of stolen funds and hack attempts, they're dealing with large amounts of BTC.

Kyc is a way of proofing an identity or ownership of something against possible frauding

Yes no kyc means you can do 100 accounts and trade 100 💯 dollars worth of coin 100 💯 times.  That would be 10000 dollars. That is a common money laundering number 10000 level.

The owners of localbitcoins do not want to collect KYC. No one really does. In order for them to expand exponentially in the regulated market, they need to conform to the existing banking regulations. Isn't it a shame that bitcoin and the underlining ideology are being forced into the world banking regulations? Sad.

We have seen this before.

Shapeshift: used to be great. They stick to the ethos as long as they could. At one point they "sold" out and started to capitulate to the work banking regs. I can't blame them. They have lives, families to support. If I was in their shoes I would prefer to have a comfortable life than to run from the governing bodies. Edward Snowden and Julian Assange are perfect examples of going against the "man".

Coinpayments.net : Out of the blue, they require KYC. They have also grown to the point of capitulating to regs.

What others have you seen?

Yes no kyc means you can do 100 accounts and trade 100  dollars worth of coin 100  times.  That would be 10000 dollars. That is a common money laundering number 10000 level.

If i trade like a 100$   what Kind of taxes i try to invade?  Or money Loundering?   


Is that Making any sense at all?

Or im missing here something?