Why exactly is it that people don't like identifying themselves (KYC)? - page 2.

tvplus006

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Quote from: PhucS on December 17, 2021, 12:27:55 PM

...Information used for KYC such as passports and driver's licenses may be exposed if the exchanges are not well secured.

By itself, the disclosure of information contained in a passport or driver's license is not particularly secret. The problem arises when the disclosed data is linked to your wallet and it becomes known to attackers. Although if the tax authorities know about your cryptocurrency income, then this will also cause you additional problems.

jaberwock

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Quote from: Turbolantern on December 06, 2021, 02:22:21 AM

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

One most probable reason would be unpredictable questions from government authorities in future. Basically I do hate clearing KYC for no concrete reasons. While I am into this crypto space, I prefer straying anonymous hence I do not want to to submit any of my documents just for the reason of continuing trading in reputed exchanges (this way I have stopped trading on few long running exchanges).

We cannot predict what kind of stand government will take in future against cryptocurrency and when they are having the list of people who are already into cryptocurrency then they might start watching them at first hand when they will be taking any negative stand against cryptocurrencies. So, for the reason of avoiding future problems, I personally prefer to clear KYCs in exchanges.

palle11

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Quote from: PhucS on December 17, 2021, 12:27:55 PM

However, many people do not like KYC because they are concerned about the issue of personal information being exposed. Information used for KYC such as passports and driver's licenses may be exposed if the exchanges are not well secured.

Yes there is possibility that information disclosed can be sold out to someone else or used for illegal transactions. Not only in exchanges, bounty companies sometimes require KYC after you have participated to help them but after you submit your documents and passport they may not fulfill the release of reward and you end up regretting it. KYC is not suppose to be introduced in an online transaction because privacy should be protected.

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Quote from: boyptc on December 17, 2021, 12:31:19 PM

Quote from: OrangeII on December 16, 2021, 12:08:24 PM

well, this is a privacy issue. many exchanges are often hacked. because of that, people are afraid to use their data to do their KYC verification. however, I only do KYC on some local exchanges. however, if want to KYC register on a new exchange, I might just do KYC Level 1. anyway, this is all just a matter of privacy. In addition, many people are afraid to use their personal data for other things.

Yeah.

It's all about privacy and that's why many don't like to comply with KYC. But if there is no option for which you have to comply and that's all you need to do.

You will have to comply even if it's against to your will. You'll be fine doing that with the exchanges that you trust.

All matters with trust and acceptance because there are instances that you wouldnt really be having no choice but to comply on whats been asked if you are really that badly needing their service which means you wont have any options left but to deal on whats into your front.

Privacy thing is always been our primary concern which means that we would really be hesitated whenever we do meet up some verification
and that would be on possible reasons on which we dont like to expose our personal identity and we dont like for those informations
to leak online.

boyptc

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Quote from: OrangeII on December 16, 2021, 12:08:24 PM

well, this is a privacy issue. many exchanges are often hacked. because of that, people are afraid to use their data to do their KYC verification. however, I only do KYC on some local exchanges. however, if want to KYC register on a new exchange, I might just do KYC Level 1. anyway, this is all just a matter of privacy. In addition, many people are afraid to use their personal data for other things.

Yeah.

It's all about privacy and that's why many don't like to comply with KYC. But if there is no option for which you have to comply and that's all you need to do.

You will have to comply even if it's against to your will. You'll be fine doing that with the exchanges that you trust.

PhucS

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KYC is the process to identify and verify the identity of customers when participating in opening accounts on exchanges, this ensures against illegal activities such as money laundering. Currently, on major exchanges, KYC is a mandatory condition to be able to trade, withdraw and deposit. However, many people do not like KYC because they are concerned about the issue of personal information being exposed. Information used for KYC such as passports and driver's licenses may be exposed if the exchanges are not well secured.

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Quote from: Luzin on December 16, 2021, 07:05:14 AM

Quote from: Wind_FURY on December 15, 2021, 02:22:47 AM

KYC for me would be OK, if security of the data is perfect, and anon-set of Bitcoin could be set and reset, which is possible.

But, there is no guarantee of the confidentiality of the data we use as a condition that it is safe. Actually, I am very afraid if later my data is misused. All of a sudden came people collecting debts, it made me dislike KYC. See when some of the hacks regarding KYC bayak occur. One of them is in my country in one of the online buying and selling service providers Tokopedia, that the data has been hacked then in Binance in 2019.

My post wasn’t clear. It is possible to set, and reset Bitcoin’s anon-set, but no, it would not be possible to ensure perfect security of data in some other entity’s server. Not your server, not your data.

I believe this applies if it was given the right context. A decentralized exchange, running on a centralized server. Hahaha.

https://mobile.twitter.com/dydxprotocol/status/1468293558360805381

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Quote from: Silberman on December 16, 2021, 06:24:11 PM

Quote from: yhiaali3 on December 13, 2021, 10:00:48 PM

Most of those who work in trading like to maintain their privacy for several reasons, first: because KYC goes against the concept of decentralization and financial freedom, most people want to work freely without the watch of governments trying to spy on everything and control your financial freedom by knowing everything about Your financial assets and monitoring of all your activities.
Second: KYC exposes you to danger by obtaining your personal documents from exchanges, which can be subject to theft by hacking the exchange or even selling information for money, and then your personal documents may become in the hands of thieves and be used in illegal things and then you can find yourself inside Prison.

And yet another reason is that if you are a trader that has a lot of bitcoin if you go through KYC then anyone can link your identity to the amount of coins you are holding, and this is a huge danger, this is not as bad when it comes to banks because even if someone were to discover how much money you have and it got stolen you can always get it back as banks can freeze your account and get those funds back regardless of where the money ended up being sent, but in the market of cryptocurrencies once your coins are outside of an address you control getting them back is way harder, so a high level of privacy is needed in order to completely secure your coins.

Once you do comply off KYC then your identity would be known but doesnt mean that if you do own lots of bitcoin then you are already putting yourself in danger in physical aspects but for online matter then you should really mind off on how to protect yourself on getting scammed or hack and i cant really blame out people on being too paranoid when complying out those verifications and if someone does have that many coins
then i dont find that they arent aware about those things.

Silberman

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Quote from: yhiaali3 on December 13, 2021, 10:00:48 PM

Most of those who work in trading like to maintain their privacy for several reasons, first: because KYC goes against the concept of decentralization and financial freedom, most people want to work freely without the watch of governments trying to spy on everything and control your financial freedom by knowing everything about Your financial assets and monitoring of all your activities.
Second: KYC exposes you to danger by obtaining your personal documents from exchanges, which can be subject to theft by hacking the exchange or even selling information for money, and then your personal documents may become in the hands of thieves and be used in illegal things and then you can find yourself inside Prison.

And yet another reason is that if you are a trader that has a lot of bitcoin if you go through KYC then anyone can link your identity to the amount of coins you are holding, and this is a huge danger, this is not as bad when it comes to banks because even if someone were to discover how much money you have and it got stolen you can always get it back as banks can freeze your account and get those funds back regardless of where the money ended up being sent, but in the market of cryptocurrencies once your coins are outside of an address you control getting them back is way harder, so a high level of privacy is needed in order to completely secure your coins.

OrangeII

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well, this is a privacy issue. many exchanges are often hacked. because of that, people are afraid to use their data to do their KYC verification. however, I only do KYC on some local exchanges. however, if want to KYC register on a new exchange, I might just do KYC Level 1. anyway, this is all just a matter of privacy. In addition, many people are afraid to use their personal data for other things.

tbct_mt2

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Quote from: kaya11 on December 16, 2021, 10:30:03 AM

Well for personal privacy and for security also. You may never know when an exchange could be compromised and aside from your crypto currencies your identity is at risk at the black market. It is going against fundamentals of BTC which is to be anonymous. Also if you are not that a so called whale which has so many BTC and could reach the daily limit of withdrawals then you are probably fine, I know Binance is giving us a 100 BTC limit you know.

Non KYC exchanges will not stick with non KYC policy forever. They can change policy when more regulations implemented by governments. You just don't know when they do it.

On exchanges with KYC but have free KYC with limitation, if you reach it, you will have to complete your KYC to be able to use it again. If you fail, it's terrible. So if you use centralized exchanges, the best approach is complete KYC first. Then you won't have nightmare later.

If you seriously against KYC, let's use DEX.

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Well for personal privacy and for security also. You may never know when an exchange could be compromised and aside from your crypto currencies your identity is at risk at the black market. It is going against fundamentals of BTC which is to be anonymous. Also if you are not that a so called whale which has so many BTC and could reach the daily limit of withdrawals then you are probably fine, I know Binance is giving us a 100 BTC limit you know.

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Quote from: smartaction on December 16, 2021, 08:15:29 AM

Everyone wants to hide their personal identity in this decentralized crypto world. Because crypto has many real projects as well as scam projects. And many projects take kyc and sell KYC documents on the black market. So everyone is reluctant to submit kyc.

Not only by that, once your identity were disclosed and you have millions of dollars in crypto, but you and your family will also be put in danger. Possible outcome could be a subject of kidnap and ransom that the hacker will ask a big amount on your crypto once they know that you have a huge asset in crypto. There are certainly worse scenarios that we must be avoided and we should reluctant upon submitting KYC where we entrust our privacy.

Most of those people don't afraid of KYC are those small-time investors.

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Everyone wants to hide their personal identity in this decentralized crypto world. Because crypto has many real projects as well as scam projects. And many projects take kyc and sell KYC documents on the black market. So everyone is reluctant to submit kyc.

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Quote from: Wind_FURY on December 15, 2021, 02:22:47 AM

KYC for me would be OK, if security of the data is perfect, and anon-set of Bitcoin could be set and reset, which is possible.

But, there is no guarantee of the confidentiality of the data we use as a condition that it is safe. Actually, I am very afraid if later my data is misused. All of a sudden came people collecting debts, it made me dislike KYC. See when some of the hacks regarding KYC bayak occur. One of them is in my country in one of the online buying and selling service providers Tokopedia, that the data has been hacked then in Binance in 2019.

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Quote from: Turbolantern on December 06, 2021, 02:22:21 AM

I get that it goes against the fundamentals of crypto currency, but exactly for what reasons though? Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern? I'm asking specifically when trading.

I personally really want freedom in the crypto world, but indeed some exchanges including the largest exchanges require KYC even though crypto is not yet legal. Actually there is no significant problem if we are KYC, but sometimes we think that if our identity is misused it will become a problem, especially without clear legal protection.

Wind_FURY

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Quote from: Alert31 on December 15, 2021, 04:20:29 AM

In my country, it is necessary to undergo kyc before you can start trading and even in remittance center where you will cash out your money from crypto also implement kyc. I think this is the way of the government to be able to trace your accounts even in crypto. But I'm not afraid of kyc because it is the only way I can trade and earn money. Our privacy may be violated but we can do nothing but follow their rules and regulations.

Then if you have your savings that are HODLed in Bitcoin, I believe it would be better for you to separate that from the Bitcoin that you remit for fiat. But if you convert everything in fiat, maybe it’s OK not to do extra steps for privacy. You have nothing in the blockchain.

Vaculin

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Quote from: Alert31 on December 15, 2021, 04:20:29 AM

In my country, it is necessary to undergo kyc before you can start trading and even in remittance center where you will cash out your money from crypto also implement kyc. I think this is the way of the government to be able to trace your accounts even in crypto. But I'm not afraid of kyc because it is the only way I can trade and earn money. Our privacy may be violated but we can do nothing but follow their rules and regulations.

I must agree on you. Even if it violated the privacy of a trader, most of the exchanges today are already requiring KYC so if we really want to trade and aim profits, we will just abide with the rules. Although there are still some exchanges who are not asking for KYC, but majority are really into it. But in my honest opinion, if we want to make it more legal and to prevent from fraudulence and scamming, i guess this is a better way than to stop trading at all just because of KYC.

Alert31

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In my country, it is necessary to undergo kyc before you can start trading and even in remittance center where you will cash out your money from crypto also implement kyc. I think this is the way of the government to be able to trace your accounts even in crypto. But I'm not afraid of kyc because it is the only way I can trade and earn money. Our privacy may be violated but we can do nothing but follow their rules and regulations.

Wind_FURY

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Quote from: Fatunad on December 14, 2021, 02:57:29 PM

Quote from: Wind_FURY on December 14, 2021, 03:59:01 AM

OP, I hate KYC simply because I’m lazy. I’m lazy to take pictures of my ID, other requirements, and uploading them. I hate taking a selfie of my ugly face with my ID and a piece of paper showing the date, and I hate that exchanges don’t secure them very well.

Hahaha I had actually laughed on that ugly face part which i do really have those same feelings whenever i do asked out with that selfie with ID plus having that paper telling the current date.

Hahaha yeah. Anyone would find it laughable if you could access a database of faces of people holding their I.D. and a piece of paper showing the date. They’re like wanted posters.

Quote

As for requirements then it would really be depending or vary whether you could accept or take the risk on where those information would be stored. Some peoples mindset that what should they would be afraid about? As long it could bring out convenience then it doesnt matter at all.

KYC for me would be OK, if security of the data is perfect, and anon-set of Bitcoin could be set and reset, which is possible.

Topic: Why exactly is it that people don't like identifying themselves (KYC)? - page 2. (Read 681 times)