Topic: Why do you want NON KYC coin - page 2. (Read 428 times)

And people wanted to keep themselves anonymous to anyone. Though KYC is still an option, it has come to the point that most exchanges are asking for it when creating an account. They are the reason why it loses the anonymity feature of crypto, we are urged to do this which is very unlikely especially when we don't want to do it.  Maybe we have to start accepting the reality that we are almost losing the anonymity feature we have and it is probably lost it totally in the future.

You're not gonna successfully tax evade millions in Bitcoin, though. I guess yes, for small amounts, but nothing larger.
I get it for privacy and anonymity, but you must declare holdings or profits, depending on jurisdiction, with larger amounts to prevent landing in jail.

KYC as a procedure of identity verification was invented by the banks so that they were able to control who could enter the system and who didn't. The traditional system relies on identity verification to prevent terrorists, opposition, criminals, and other unwanted persons from accessing the financial system. Whether or not it has been successful in doing so is the question of another topic. Bitcoin was created to stay permissionless forever. At a protocol level, it doesn't require nor contain any personal details and allowing everyone to join and participate. So, why do we want non-KYC coins? Because, otherwise, if there would only be KYC coins, we would merely be replicating a traditional system of permission access, which would result in the same mistakes being made once again. Bitcoin, however, is supposed to fix what the traditional system has done wrong.
  

Bitcoin was created for financial freedom, for privacy purposes, and this interpretation will keep addressing not to use KYC procedures while accepting cryptocurrency and bitcoin is the best example for that. The reason is you can hide your profit and such thing there are bad guys hiding behind on bitcoin and since our government was against fraud since the start and bitcoin a tool for them that is why there is need a KYC in most country. Tax evasion was the most common case that I found why they are hiding their asset on bitcoin.

If you do try to look back on what kind of market we've been dealing off then this is something that you cant really say that this is where KYC shouldn't really be a thing.

Everyone do love anonymity and this is why we do love no-kyc kind of investment specially dealing with sales or prelaunch thing but depending on your risk management take because

there are instances on where there are exemptions specially if the project is truly exceptional and really does have a potential

When holding Bitcoin without KYC, you have to keep in mind 2 VERY important things:

1) Never trash private keys to any of your wallets. It might be needed to prove by signature when exactly you bought the coin. It has to be plausible that you were able to afford the Bitcoin you have, otherwise they'll assume you got it illegally. I'm getting back to that later.

2) You cannot evade taxes, no matter how much you hate them. It's a big crime in most countries and you don't wanna get caught doing it.

2.1) If you live in a country where only capital gains tax is collected, you can easily buy non-KYC coin, never tell anyone and have your privacy. Also in case e.g. government turns super evil and wants to seize BTC (like they did with gold), they won't know you have any. However, when you'll want to sell it or buy something, you'll be 'de-anonymised' and asked where the funds come from. By still having the private key to the address the funds arrived in, e.g. a transaction for 100BTC in 2012, you can prove you were able to afford 100 Bitcoin in a certain point in time (like 2012 in this example) since you owned ~1000 bucks and spent them on BTC. If not, esp. if the funds moved through a mixer recently, they must assume you acquired them recently and if you're not a top-earner it's unrealistic you acquired them legally.

2.2) If your country collects wealth tax, which means you have to declare at the end of each year how much 'stuff' you possess, you HAVE to declare how much / many Bitcoin you have yearly. Otherwise, when you'll want to spend a large portion of your holdings in the future, even proving you own the coins for a long time won't help you since that way you'll prove you evaded taxes every year. If you try to show you acquired it recently, at a value of millions of dollars / euros, etc., you'll be questioned how you made that much money within a year. In any way, you won't be questioned for a public key / address, so you can still hold your non-KYC coin anonymously, your identity won't be tied to an address, since they just want to know the fiat valuation of your holdings.

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For the tax-evasion interested here in this topic: do consider moving to Germany in the future when you'll want to 'cash out', maybe a few years prior. At least under current German and Austrian law, if you held for at least 1 year (e.g. by showing the coins didn't move for a year), all gains are tax-free. There is also no wealth tax on the holdings, so no need to declare anything until you spend.

How is having KYC increase security though? Though I never recommend unnecessarily leaving funds on exchanges, Binance has fared really well in the past few years with them not requiring KYC(for sub 2 BTC withdrawals). Having KYC means even your personal security is actually harmed if it's the case that the exchange's KYC database gets breached. (e.g. Ledger database breach)

That's also the good thing about having KYC to have more security rather than anonymity. But its not only the bases so we can be more secured with our coins. We should also be responsible and careful when choosing exchanges and as much as possible, DYOR first so we can have those legit and reliable ones wherein  our real identities will also be safe and secured.

For me, either you end up having KYC or non-KYC coin the important is you also do your part. Learn to be more cautious in everything you do because if you do even a single mistake, you will never get rid of its consequences and you get to suffer with it.

That's also my point. I would love to keep my personal details privately so as much as possible, i will choose a non-KYC coin so that if i end up gaining huge profits then i won't have to pay the tax that will be associated in it. Its definitely a hard time for us investors to pay the tax that we cannot benefit in the end, yet we are obliged to pay.

But since most of the coins right now are already asking for KYC then we have no choice but to comply with it. After all, at least we can help others through our hard earned investments.

What I like the most is that there are no third-party transactions and it is clear that many people want to remain private and anonymous so Non KYC coins are one of the most preferred.
Just imagine if this could be controlled by the government how much should be paid in taxes while the gains in bitcoin are significant in a few years? Of course it will be bigger and it won't be much in the way.

I don't want identity to be one of the ingredients of abuse and indeed this has been a lot but only in exchange but in transactions we remain decentralized.

Data security guarantees cannot guarantee the safe storage of KYC data. If used by criminals it will harm us. I really don't like KYC but it seems like all administration is forcing us to fill it. Have you received word that currently binance has required all members to fill out KYC. Actually if there is a guarantee of security we will feel calmer. But I understand their business needs data to comply with regulations, so it's like a relationship that we have to fulfill because we need each other.

People especially those who are into cryptocurrency want privacy and anonymity so the government couldn't track them. Also, they want to protect their personal information because some coins that require KYC are risky. Keeping our private identity is too important but others prefer security more than anonymity.

Taxes aren't fair,but we have to pay them.
If you hate capital gains tax,then you should've moved to a country that doesn't have capital gains tax.
I don't see anyone wanting a non-KYC Bitcoin.KYC is the "price" we have to pay,in order to witness mass Bitcoin/crypto adoption.All financial services require KYC verification-opening a bank account or FOREX trading account,applying for a credit card,etc.The crypto industry isn't more privileged than the traditional finance industry.The rules are for everyone.
What do you mean by "deny ownership from the man"?Can you elaborate more on this?

For me, people want non kyc coin because bitcoin did not require kyc at the 1st place. And most kyc coins are liable to expose people's identity which can lead to identity theft.
Ive seen many cases why people's identity are being used for scamming activities.

Let's create a transnational network. Find allies in other countries and you won't be subject to another personal income tax. I know some international students who are still trading cryptocurrencies in the US and they have been looking for ways to not be taxed. They withdraw money in the country where they were born.

When you have crypto, you do not have to KYC or submitted any document to the third party but if you buy crypto in the exchanges, you need to submit your details info to them.

You can buy any coins in a forum so you do not reveal your identity to others. People want to avoid KYC is because they do not want to see the government know their activity in crypto.

The thing is seeing anyone who wants kyc coin is weird, nobody wants that. And if you do then good for you, but I sure don't. Getting it decentralized would be way better like Oktana said. It's just the norm of things. The idea of anyone needing to pass a kyc to hold coins when Bitcon itself is a non kyc coin is absurd.
I mean releasing most of your credentials on crypto platforms is just down right a bad idea, take it from me. The Crypto platform might even be a scam or hackers might get hold of your information. Everyone wants to be anonymous when dealing with crypto.

The biggest reason I've heard for people not supporting KYC.

Is they disagree with the united states spending taxes to wage war in afghanistan. They disagree with big stimulus spending. They do not support closing the keystone oil pipeline to make americans more dependant upon foreign oil, while significantly raising the cost of gas in some US states.

There definitely is a market and a demographic seeking to become more independent and distance themselves from many big government policies, which are unpopular among the majority of people.

That could comprise the largest demographic resisting KYC in tokens, coins and cryptocurrencies.

Why should I want KYC coin? Look at it from this angle; I complete KYC to hodl/transact the coin. When I make a transaction of $300, it'll show that me oktana sent $300 (Knowing that much about someone in this space is crossing the boundaries IMO). Let's just have it decentralized and that's it. If it asks for KYC, you'll see a very less number of people. We love being anonymous!

If that's a government then it won't be a problem if you buy Bitcoins with or without KYC on some exchanges because you can just withdraw them from exchanges and use any mixer so that your Bitcoin is non-traceable. It can't be easily found by someone or even the government that is why there are many mixing services out there to help your BTC untraceable.

Are you afraid of tax?
I'm sure they only ask for some tax if they see a large transaction was being withdrawn from exchanges but here in my country, there is no tax yet except for those who playing Axie. That is why P2P is very common here to avoid some fees and taxes.