Author

Topic: Too strong KYC (Read 1135 times)

sr. member
Activity: 2366
Merit: 264
Undeads.com - P2E Runner Game
October 11, 2021, 10:41:13 AM
#53
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

To trade Crypto to Crypto you can use DEX and if forced to do KYC, choose CEX that has a good reputation like Binance.
This can reduce the risk of losing personal data. IMO
jr. member
Activity: 319
Merit: 1
October 10, 2021, 09:41:02 AM
#52
each trade has different rules, if you invest with an amount of $ 30-50 then your website requires kyc, I think that's reasonable, because the actual provisions are like that. maybe you are the only one who invests small, what about others? they can invest more than $ 30-50.

what about the amount of $ 1000 and above if without kyc? will you believe it?

I really believe if there are companies that need kyc, because until now I always look for trading websites that require kyc, and it's safe. and if there is a website that disseminates our data, how can they provide data without that person? The important thing is that you register on the official website, don't fake it
sr. member
Activity: 485
Merit: 274
September 27, 2021, 05:46:50 AM
#51
KYC is actually killing the nature of Crypto currency. After KYC we are in same situation like using Fiat.

I don't know what is the use of crypto currencies if everything will get track by Government agencies. Better we cashout and invest in stocks.

No, it is just going to split crypto into he the legal part and the illegal part.  If joe bolggs wants to buy it with his CC then he KYCs with an exchange and gets it that way.  There will always be ways to do it without KYC (dark web etc).

The fun will come when companies/shops start accepting BTC but only from tracked wallets.  If you aint on the list then you can't spend it.
sr. member
Activity: 494
Merit: 251
September 23, 2021, 07:15:15 AM
#50
KYC is actually killing the nature of Crypto currency. After KYC we are in same situation like using Fiat.

I don't know what is the use of crypto currencies if everything will get track by Government agencies. Better we cashout and invest in stocks.
full member
Activity: 854
Merit: 102
September 22, 2021, 02:21:55 PM
#49
If we think that the exchange party will misuse our personal data? The data without us giving it can also be owned by them. Making such a difficult but capable exchange, let alone manipulating data so simple. So I thought, they couldn't have done such a stupid thing.


I avoid disclosing personal information unless it is absolutely necessary. No one is ever certain how their data will be used. It seems the Internet knows more about us than we'd actually like to admit.
We saw in the Ledger leak example how easy it is to hack these so called "secure" databases and steal users' sensitive information. And who knows, if it gets worse in the future, what kind of information hackers might find on "private" databases and extract it as a shellhack.

If they need someone's data for certain purposes, I think they don't need to ask the relevant person for that data, it's enough for them to cooperate with certain institutions that require someone to have the data. This is the age of technology, only ideology is not changed, because it relates to one's mind and heart. Anything else can be processed. So I think that KYC has no effect on me if I provide complete personal data to certain parties.
You can avoid not providing personal data to anyone, including the government in your own country. If you want that data is not known to anyone. Automatically you do not have valid data. Anonymous.
hero member
Activity: 2814
Merit: 638
https://duelbits.com/
August 26, 2021, 02:06:11 PM
#48
Now every crypto exchange is demanding the KYC (Know your customer) from every user. Now it is very necessary to submit the KYC details and then start depositing. Because some times exchanges blocks user withdrawal option if he/she is not a verified user. Sometimes we have to submit our personal details to exchange because we wants to use the exchange.
It has now become a legal regulation in every exchange that implements it, even large exchanges always apply KYC to better recognize its security. I think in the future almost every exchange will apply regulations like this because it has become an existing regulation.
If you want to keep exchanging while you don't want KYC, one of them is a DEX exchange which is currently still a solution, even now some casino sites have implemented KYC for their users.
sr. member
Activity: 475
Merit: 253
ARCS - A New World Token
August 26, 2021, 01:20:10 PM
#47
Who will gather your information? localbitcoins or the buyer? I think we can trust localbitcoins to get our KYC. Because this is also for our own safety. Just try to imagine you are transacting with a bogus person.


Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.
member
Activity: 812
Merit: 53
August 26, 2021, 03:27:13 AM
#46
Now every crypto exchange is demanding the KYC (Know your customer) from every user. Now it is very necessary to submit the KYC details and then start depositing. Because some times exchanges blocks user withdrawal option if he/she is not a verified user. Sometimes we have to submit our personal details to exchange because we wants to use the exchange.
member
Activity: 89
Merit: 10
The Standard Protocol - Solving Inflation
August 17, 2021, 12:45:18 AM
#45

In this regard, some sites are more advance and secured than others and the credibility of its team not questionable hence, running a KYC on a trusted exchange isn't a bad idea. You've just got to enroll for a smooth running of business. Binance is okay and I can recommend them to anyone but, its always up to you.

Thats right and besides kyc is really mandatory to some exchange to abide the law of their country. What im just worried is what if the security got hack? do they have the enough security to hide those information? Privacy is really an issue nowadays.
full member
Activity: 1470
Merit: 132
BK8 - Most Trusted Gambling Platform
July 31, 2021, 07:34:00 PM
#44
You know, in my country, I must complete and approve KYC to be able to trade, deposit, and also of course withdraw even it is only the minimum amount of withdrawal. Without KYC, I cannot withdraw my funds at all.
But fortunately, it is only by ID card or even driving license.
It will be very difficult to do KYC if only able to use a Passport because I have no passport. Grin

But, actually, every exchange has its requirements and also T&C regarding the law and security systems.
Many global exchanges don't need to do KYC in a certain amount of maximum withdrawal daily.
full member
Activity: 966
Merit: 136
★Bitvest.io★ Play Plinko or Invest!
July 29, 2021, 06:02:58 PM
#43
If we think that the exchange party will misuse our personal data? The data without us giving it can also be owned by them. Making such a difficult but capable exchange, let alone manipulating data so simple. So I thought, they couldn't have done such a stupid thing.


I avoid disclosing personal information unless it is absolutely necessary. No one is ever certain how their data will be used. It seems the Internet knows more about us than we'd actually like to admit.
We saw in the Ledger leak example how easy it is to hack these so called "secure" databases and steal users' sensitive information. And who knows, if it gets worse in the future, what kind of information hackers might find on "private" databases and extract it as a shellhack.
full member
Activity: 854
Merit: 102
July 29, 2021, 04:02:44 PM
#42
Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

Trading on local exchanges, indeed most of them ask for KYC with the basic purpose being for account security. The logic is when we have trouble making a withdrawal to a local bank, and there are problems, then we can prove that it really belongs to us. Trading crypto doesn't just think it's $10 to $50. But there are times when we trade thousands of dollars and withdraw funds to local banks in large amounts. So for me, there is no problem with KYC. Even if the exchange commits fraud, we still have solid evidence to take it to court. So KYC is not a problem for us.

If we think that the exchange party will misuse our personal data? The data without us giving it can also be owned by them. Making such a difficult but capable exchange, let alone manipulating data so simple. So I thought, they couldn't have done such a stupid thing.
member
Activity: 555
Merit: 10
May 22, 2021, 12:35:06 AM
#41
Now there is something important we have to note
About kyc
1. Based on exchange rules and regulations, we have to pass kyc this depending on the levels of funds we are to withdraw, though some trading platform have limitation of withdrawal, i.e you can withdraw 50$ to 500$ daily for personal account which requires normal phone number and email verifications including setting up 2FA to enable make withdrawal. But with fully verified KYC you could make at least 1BTC to 50 BTC withdrawal per day, in otherwords it defers based on their regulations of most exchanges.

2. Corporate account, this means account owns by two or more bodies. In this aspect you have to submit all necessary documents and information to be approved to make withdrawal showing and prooven that it's for both parties and such account will only permit 50BTC to 100BTC per day

3. Institutional or company account: In this type of accounts the company have to render all information documentation legal approval or any recognition of the company from based country all Information about the founder etc before they could make withdrawal from most trading platform. This could likely be from 100BTC to 1000BTC per day


hero member
Activity: 1792
Merit: 536
Leading Crypto Sports Betting & Casino Platform
May 20, 2021, 09:54:16 AM
#40

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.

Furthermore, there are scammers that open 100 accounts and trade among themselves and give each other good feedback. After 6 months, those accounts have good reputations and the scammer would burn them all with exit scams - usually buying BTC for PayPal and then doing charge backs claiming that the charges were not authorized.

This won't be possible if each account is tied to a unique person which is not possible without KYC.

For me KYC is protection, plain and simple. I don't know about the OP but I don't have any issues with regards to KYC. If you're a law abiding citizen and you deal with a company that requires KYC but at the same time is a respectable company that is approved by the government to do business with cryptocurrency, then I know my information will not be used for some scams. I think the purpose perhaps of this thread is maybe to put information to fragile minds the disadvantages of KYC. Well, 'sup to you to decide.
hero member
Activity: 1274
Merit: 504
Leading Crypto Sports Betting & Casino Platform
April 04, 2021, 04:10:17 PM
#39
The only reason behind people not wanting to go through KYC is when the security of the system is questionable. Most sites or platforms have got loopholes in the security of there system and as such, a hack is very much possible hence, in  ages as this, not just the coins but also, the privacy details is theres for the taking.
In this regard, some sites are more advance and secured than others and the credibility of its team not questionable hence, running a KYC on a trusted exchange isn't a bad idea. You've just got to enroll for a smooth running of business. Binance is okay and I can recommend them to anyone but, its always up to you.
hero member
Activity: 1792
Merit: 536
Leading Crypto Sports Betting & Casino Platform
March 27, 2021, 08:51:20 AM
#38
In my experience, Binance already has some top notch KYC requirements and many so far has not complained about it. I mean if the people who do business on Binance are willing to do KYC then it is ok for me as well. If you value your anonymity and don't want to participate in KYC then go to other exchanges and services that doesn't require on that. It is just that KYC is a non issue for me as I am a law abiding citizen.
member
Activity: 450
Merit: 59
February 24, 2021, 04:20:07 AM
#37
Epayments who got in trouble with the FCA may have used collected personal documents for money laundering purpose. Read this: https://www.offshorecorptalk.com/threads/epayments-may-have-a-hidden-agenda-be-warned.27167/
Thread was started just a few months ago before Epayments froze everyone's account due to license being removed. Be careful.
legendary
Activity: 1386
Merit: 1107
November 21, 2020, 04:14:55 PM
#36
Know your customer popularly known as KYC has never been a bad thing in business besides, who wouldn't love to know his or her customers in order to serve them better. KYC is put in place to ensure only authorised persons performs certain transactions on a platform which is very much of a good thing but then, it's of no doubt that that which is meant to serve for the greater good can be used to commit the most evil too as, you know not whom is handling this details, for which purpose it might be harnessed and used and by whom as it might not necessarily be on the same platform.

Why we are busy being known individually by our service providers through KYC,
Do we know our service providers, the guy at the order end? Or should I say, we should have a Know Your Handler (KYH)! This is just me and I didn't get that from anywhere if I may.
copper member
Activity: 630
Merit: 2610
If you don’t do PGP, you don’t do crypto!
November 20, 2020, 03:43:09 PM
#35
It's simple.

If you move around Huge Money you want every partner (exchange) to hold your ID details so you won't have problems proving that transactions did occur on your part.

It’s simple.

If you move around Huge Money (or any money!), you want to use private keys in your own wallet—“Not your keys, not your coins!”—so you won’t have problems proving that transactions did occurr with your digital signatures on the blockchain.

Most websites that use KYC feature have a third-party KYC processor who holds the data secure. Still, use your own research on each KYC demanding project as these policies differ a lot.

I advise that you read through a thread with much more serious discussion of the “KYC” issue than this “Serious Discussion” idiot-thread, and heed the advice thereby from people who understand this subject as you assuredly do not.

When someone is doing KYC, they are forced to hand out parts of their personal identity to a third party (such as an exchange, ICO, etc). After that point, they aren’t in control of the process anymore and are totally exposed on the third party to handle their sensitive data safely. If something should be hacked, the affected people can't do anything.
I suggest not to try KYC with websites that do not have a third party KYC Service, having a third party service will make your mind at ease but of course, a reputable service just like Binance is using "Refinitiv" is decent one.
Why is a company using a third party service safer? I'd argue the exact opposite. Companies often tender this out to the lowest bidder, who invariably have very poor security. It also means your KYC documents are being shared around with more people and with third party companies, so there are more opportunities for a malicious employee to access them or a hacker to steal them. Your Binance example is a poor one considering they were hacked for thousands of users' documents and information just a few months ago.


I’ve never submitted to any “KYC” identity-rape doxing for anything whatsoever even remotely related to Bitcoin.  On principle, I never will.

Edit, P.S.:

you = 🐑
full member
Activity: 859
Merit: 104
https://paradice.in/?c=bitcointalk
November 20, 2020, 03:06:25 PM
#34
It's simple.

If you move around Huge Money you want every partner (exchange) to hold your ID details so you won't have problems proving that transactions did occur on your part.

Most websites that use KYC feature have a third-party KYC processor who holds the data secure. Still, use your own research on each KYC demanding project as these policies differ a lot.
copper member
Activity: 630
Merit: 2610
If you don’t do PGP, you don’t do crypto!
November 17, 2020, 11:29:29 AM
#33
:weeping_satoshi:

A thread in Beginners & Help has much more serious discussion than this thread in “Serious Discussion”:

Why KYC is extremely dangerous – and useless

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—]

Read the whole thing!  (If you are serious, that is.)
legendary
Activity: 4032
Merit: 7391
'The right to privacy matters'
May 12, 2020, 09:59:31 PM
#32
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

Its not useless if you want to fully report and pay tax it is fine.

If you want to be 100% off the books 📚 then it is a struggle to use the coins as

basically most if not all  online kyc gets hacked sooner or later.



the incentive to hack is too great.  major companies that maintain security are hacked every year.
copper member
Activity: 493
Merit: 170
BountyMarketCap
May 12, 2020, 12:51:10 PM
#31
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
jr. member
Activity: 166
Merit: 1
March 12, 2020, 01:35:28 PM
#30
The basic idea of KYC is to gather necessary information about you, enough to stop you from performing financial crimes. Most companies both traditional or cryptocurrency based follow jurisdictional policies implemented by the government. These companies are required to implement these policies so far they are conducting business in line of finance.

However, the case that we see in the crypto space is that almost every project requires you to submit your personal information before you can mostly purchase their token or perform any thing on their platforms. It is more particular about cryptocurrency exchanges. All exchanges excel DEX, no matter how small will ask you to upload your details.

Threat & Risk
It is no longer safe to just leave your details and personal info flying around on the internet. Most of these companies and random exchange ls that ask for personal info are not substantial enough to be trusted. The risk is that your info could be used in very malicious manner or even traded to data companies while making massive gains on your personal info.

Personal practice
Many times I have come in need to register on very small and unpopular exchanges cos I need to buy or sell some tokens. If it is so dare and I don't trust the exchange enough, I ball. However, bigger exchanges like Binance, OkEx, Huobi and Gate.io could give you much better relieve and trust — this also is no guarantee that it data won't be used. But there is this feeling of calmness that comes w/ using big and established exchanges.
member
Activity: 490
Merit: 13
March 08, 2020, 09:29:15 AM
#29
I dont like giving private information about myself,But many sites like some exchanges requires atrong KYC and i have nothing to do but to comply.I am forcefully submitting it because its needed.But how sure are we that the document we sumbit won't be use into some illegal activities?I should be careful then.
member
Activity: 239
Merit: 27
February 25, 2020, 07:11:52 AM
#28
Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

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.


@CristianOff, did you notice that the guy who started this thread said "....even for a tiny amount..."?

Yes, even for a small amount you are required to verify your ass in & out.
Well, i bet there are already losing ton's of their customer's. let's who is going to pay their hosting  & mainteinance fee's within the next couple of year's.

Thanks
Soldierwitlittlefaith
sr. member
Activity: 2296
Merit: 332
February 12, 2020, 05:43:15 PM
#27
Lately, some project team have started including KYC in the reward. But it is nice to make it clear from beginning so that you have a choice. KYC is good in project, at least it could make a statement that the project can turn out to be good. I can join KYC project.
sr. member
Activity: 1638
Merit: 260
Trphy.io
February 09, 2020, 01:50:15 AM
#26
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
yeah me too, but nevertheless we must follow that's rules if we want to be able to withrawal and KYC has become a rule that has been set at every exchange. indeed many people do not like on KYC including me but it is inevitable because it has become a fixed rule for at this time.
sr. member
Activity: 560
Merit: 290
www.thegeomadao.com
February 06, 2020, 05:00:14 PM
#25
to be honest airdropper from my country indonesia doesnt reallly mind about the estimation of how much they give to do kyc , for example the new exchange just launch then they promised people 5 buck of their token for those who doing or pass the kyc on their exchange, people on my country still do it because of what? because 5 buck is big in indonesia that they could get 75k idr which you need to working 12 hours to get this money in indonesia. Embarrassed
member
Activity: 476
Merit: 88
Online Cryptocurrency Exchange
February 03, 2020, 12:48:27 PM
#24

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


In accordance with the legislation - $1000 and above requires verification each time anyway, but you need as well to check all transactions with "unusual patterns" and "without clear economic purpose". And this is one of the reasons why the verification process is extended even for very small amounts.
sr. member
Activity: 994
Merit: 237
★Bitvest.io★ Play Plinko or Invest!
January 07, 2020, 09:32:49 AM
#23
The other Question is how we can trust someone who collection our Information?


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.

It seems to me that it is good not to enter the ban on the side that is banned because we have to suffer a lot It is better not to work where there is no guarantee of work The KYC is just as powerful at work as it is.
jr. member
Activity: 65
Merit: 2
January 03, 2020, 01:38:53 PM
#22
It's pretty frustrating. I recently got a new phone so my 2 factor needs to be reseted. The fact that I know my password, trading code, test questions doesn't matter, I have to show them ID. The thing is that if I were a hacker I could just get somebody else's ID and get access. They won't know.
copper member
Activity: 630
Merit: 2610
If you don’t do PGP, you don’t do crypto!
January 01, 2020, 04:53:30 AM
#21
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 Smiley.

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.

YOU ARE THE PROBLEM.



:weeping_satoshi:


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

An Essential Introduction to Bitcoin for Ill-Informed Newbies:

In Bitcoin, ownership of funds is exclusively proved by control of the cryptographic private keys that can be used to satisfy the output script for a UTXO (i.e., a “coin”).  This is why it is called “cryptocurrency”.

The foregoing is no mere semantic quibble:  I have just stated the purpose of Bitcoin.  Absent that purpose, Bitcoin would be only the world’s slowest, most-expensive, least-private, most horrifically inefficient financial database; and it would be idiotic to use it for anything.

If you have the private keys, it is your Bitcoin.  If you do not have the private keys, it is not your Bitcoin.  Not only does KYC fail to augment these rules:  KYC is incapable of contradicting these rules.  Observe that if I have Bitcoin (i.e., if only I have the private keys), then no exchange, no government, and no court can freeze or seize it.  Indeed, centralized exchanges can only impose KYC because when you use their services, you do not own the Bitcoin:  They own the Bitcoin.  If you are a good little doggie and roll over on command, then they may be charitable and let you use it—or maybe not.  If they decide that your KYC just ain’t good enough, then you will rapidly discover that “your” Bitcoin is not yours at all; and I will laugh at you.

HTH, HAND.
legendary
Activity: 3472
Merit: 1721
December 11, 2019, 06:36:39 PM
#20
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.

Why not buy an aged account at this point? These fresh accounts with no reputation aren't going to be making their own ads, so they have to trade using someone else's ad and pay way above market price for BTC / get way below market price when selling BTC.
full member
Activity: 646
Merit: 102
http://Moonbet.io
November 27, 2019, 01:32:20 AM
#19
Kyc is a way of proofing an identity or ownership of something against possible frauding which in most of the cases really helps to. As an individual carrying out the kyc, it is then left for you to ascertain the credibility  of the website demanding for your KYC so as to ensure that your information is with safe hands.
hero member
Activity: 1988
Merit: 527
FREE passive income eBook @ tinyurl.com/PIA10
November 20, 2019, 11:16:31 AM
#18
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?




I don't blame them for KYCs, in fact I've complied with most websites that require them to at least trade or bypass certain limitations. With cases of stolen funds and hack attempts, they're dealing with large amounts of BTC. Being sued is the last thing they wanna face.

If I'm a victim, I would definitely want the regulators to step in if things go South.
member
Activity: 267
Merit: 77
November 19, 2019, 04:30:05 PM
#17
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?


donator
Activity: 1616
Merit: 1003
November 15, 2019, 11:56:26 AM
#16

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.

Furthermore, there are scammers that open 100 accounts and trade among themselves and give each other good feedback. After 6 months, those accounts have good reputations and the scammer would burn them all with exit scams - usually buying BTC for PayPal and then doing charge backs claiming that the charges were not authorized.

This won't be possible if each account is tied to a unique person which is not possible without KYC.
sr. member
Activity: 1246
Merit: 264
November 01, 2019, 07:31:59 AM
#15
I've never tried making a transaction with localbitcoins and i think their KYC is really require for the security of the people who are making a transaction on their website for the anti-money laundering.

Some exchange doesn't require KYC and if its allowed in your country where you lived.
legendary
Activity: 4032
Merit: 7391
'The right to privacy matters'
October 14, 2019, 10:24:02 PM
#14
Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

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.



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?

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.
legendary
Activity: 1512
Merit: 1011
October 14, 2019, 04:51:49 PM
#13
LocalBitcoins allowed for a very long time to do Bitcoin-only transactions without any verification and many people even used LBT as a mixer due their implementation of wallet transfers.

But then the Finland government forced LocalBitcoins to implement this strong KYC and to fully comply with the Finish's AML policy.
Since then, I'm avoiding it. An alternative with a little loose KYC is https://www.coinmama.com/

full member
Activity: 357
Merit: 100
Casino & Slot Reviews
October 07, 2019, 10:49:58 AM
#12
Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

KYC is sadly necessary as of the Money Laundering law but I totally agree with you. The lack of Security with KYC even on Major Exchanges like Binance showed me not to Trust more so easy when it comes to Sharing my Personal ID etc. I hope we will have completely Decentralized Exchanges in the future where you can Trade large amounts completly anonymous. Binance DEX is a Right Step but iam still not a lover of Binance & CZ.
full member
Activity: 1232
Merit: 186
October 07, 2019, 05:37:52 AM
#11
For me KYC is not good because they can easily sell your identity to anyone they like
Yeah, they definitely can but I'm sure they wouldn't. Stop being paranoid mate besides why they would do that? If you are only a small investor then don't worry too much, always remember that criminals are only intersted to high-profiled people.
also crypto currency is deisgn to be anonymous to everyone why do we need KYC for that. But sometime we dont have a choice but to do it because we need it to upgrade our status.
The crypto itself offers anonymity, however, there is a team behind it. The reason why they establish KYC is because they want be protected against scammers. I hope you understamd it Smiley.
sr. member
Activity: 574
Merit: 251
October 05, 2019, 08:09:04 PM
#10
i needed to verify my phone number that was it, i would not say thats very strong kyc not like i needed to send in my passport or anything.
member
Activity: 140
Merit: 62
September 14, 2019, 06:57:39 PM
#9
The money is just too big too ASK any documents... Lol.
The law makers do one thing but say other thing.
HolDers and whales: let's pretend KYC were so effective so they can shut down centralized exchanges.

Remember bitcoin were designed to be peer to peer and get rid of 3rd party.  KYC are gumbent backed mandatory 3rd party disclosure that can not be reasonably trusted when conflict of interest exists (who got control, power, etc).

Bitcoin is anti-fragile by design.  Less centralized exchange like LBC/Coinbase and more true decentralized exchange (implemented similar to bisq but more n00bs friendly) will emerge if they got drunk from all the power trip of having banking deep state pressing KYC/AML harder and harder against mom and pop establishments.  Exchange are huge waste of blockchain storage space.  Eventually decentralized barter for gold, gift card, and other instrument will become more main stream.  The block space got removed from centralized KYC are going to be great and make way for abudant capacity for BTC main street transactions.
jr. member
Activity: 392
Merit: 7
September 14, 2019, 12:37:58 PM
#8
The money is just too big too ASK any documents... Lol.


The law makers do one thing but say other thing.


jr. member
Activity: 392
Merit: 7
September 14, 2019, 12:18:33 PM
#7

The id Document is not something to give out to everyone!

To proceed the Document or personal Information it should be done by Encrypted ways and not like everyone can check ur info...



That's Why the KYC is not serious neither professional!

That's not a way to handle ur personal information.




Meanwhile otc investers in London, New york,Moscow Don't show any id at all!



Its very hypocratic
member
Activity: 1302
Merit: 25
September 14, 2019, 09:30:01 AM
#6
The other Question is how we can trust someone who collection our Information?


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.
member
Activity: 98
Merit: 33
September 13, 2019, 11:01:13 AM
#5
@Polo7 I agree with you, they can do what ever they want with ours documents.
Also add the issue of hack risk: for example, recently hackers have published many documents related to users KYC, demanding a ransom at Binance.

https://www.coindesk.com/binance-kyc-issue

Anyway, you can do trading on Decentralized Exchanges (like bisq for example) without doing KYC!
hero member
Activity: 2870
Merit: 612
September 11, 2019, 04:47:56 PM
#4

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

But why would you be trading there on localbitcoins for less than $50, that is just not worth. Make it at least a thousand there is no difference, you'd still have to comply with the laws.

For less than $50, I'd be just trading with my paypal and pick the reputable users here.
jr. member
Activity: 392
Merit: 7
September 11, 2019, 04:23:03 PM
#3
Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

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.



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?
member
Activity: 421
Merit: 97
September 11, 2019, 04:19:33 PM
#2
Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

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.
jr. member
Activity: 392
Merit: 7
September 11, 2019, 04:12:30 PM
#1
Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.
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