Topic: Why exactly is it that people don't like identifying themselves (KYC)? - page 5. (Read 681 times)
December 06, 2021, 11:04:31 PM
Some people want to stay anonymous during using the particular sites so they don't liked if KYC system implemented to them besides it i think the main caused why people don't like KYC not for privacy only that most people worried to KYC because some of sites got hacked and people identities leaked by the hackers and abused especially there is no guarantee our datas will always 100% secure on those sites
December 06, 2021, 07:16:50 PM
I don't have a problem with KYC I just wonder how it is possible that an anonymous site where the owner is anonymous and has no corporate headquarters and you don't know where you keep our documents and doesn't have government supervision to make sure our documents are safe, how in this situation can you ask people to do KYC? that's not fair, it's wrong for governments to put this rule in place.
December 06, 2021, 07:06:20 PM
Simply, it is about:
1. Privacy
If we offer our data in KYC, it means that we give our privacy to the person who we don't really know and if we love about privacy, it means that we are forced to open our privacy
2. Security of the data itself
We don't know whether it is secure enough or not, moreover we don't know them and we cannot trust anybody here 100%. And will they guarantee that our data is save?
3. Complicated ways
Some steps are commonly needed to do KYC process until approved
1. Privacy
If we offer our data in KYC, it means that we give our privacy to the person who we don't really know and if we love about privacy, it means that we are forced to open our privacy
2. Security of the data itself
We don't know whether it is secure enough or not, moreover we don't know them and we cannot trust anybody here 100%. And will they guarantee that our data is save?
3. Complicated ways
Some steps are commonly needed to do KYC process until approved
December 06, 2021, 07:04:26 PM
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.
Because we don't want someone keeping our identities. But we're all different, if it doesn't like by someone, you like it and that's totally fine to you. But we tend to pass it still when it's already required and enforced by the exchange where we trade. There is no other option and if we like the exchange, we're really going to pass on KYC no matter what other people will say. In the end of it, it's still a matter of choice whether you want to pass it on or not, you choose it as long as you know what you do and there's nothing to compromise with your identity and you trust where you send it. December 06, 2021, 06:38:17 PM
Personally, in the past I was quite worried about entering my personal data, I was afraid that it would be misused even if it was a small possibility. I know that KYC is important and we have to follow it properly but I also hope that our personal data can be safe in it so that we don't feel worried. but now I feel it must be done and so far it's safe as long as we do it according to the rules. in my country always use KYC and it must be followed so of course we have to follow the existing regulations.
December 06, 2021, 05:54:33 PM
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.
My biggest concern with KYC demands is my privacy. While I don't do anything illegal, I do like the fact that I can just be anon and still get things done and in an event of a data bleach, KYC details easily become gold as they can be sold in the black market or use to do a crime and then the repercussions falls on the victim.
My reason is simple, i just not want to share my personal data to anyone or anything else because personal data is important and it include my address, phone number, etc. And in other side, data selling is happened in all over world no matter who behind it. That is why to be honest i am not really agree with KYC, but some exchanges now force people to do KYC in them.
Aha. I have the same opinion too. It's worrying that you can't really do anything in crypto these days without submitting KYC information.
December 06, 2021, 05:52:54 PM
[snip]
KYC is something that do exposed all of your information and we know that it could leaked out and could be
sold off on darkmarket.Yes, you had done nothing illegal but do you allow on something like this.
Well that is right --everything on the internet could be hackable and possible our personal data that was submitted was in the wrong hand and that is on the scammer's hand and sold it into the dark market and our identity can be used to steal or make fraud that using our identity. I always worried like this every time when I see a site that has KYC, so as long as possible I can find ways to avoid them it should be better. Because you don't know which company you trust your personal information. KYC is something that do exposed all of your information and we know that it could leaked out and could be
sold off on darkmarket.Yes, you had done nothing illegal but do you allow on something like this.
December 06, 2021, 05:29:16 PM
My reason is simple, i just not want to share my personal data to anyone or anything else because personal data is important and it include my address, phone number, etc. And in other side, data selling is happened in all over world no matter who behind it. That is why to be honest i am not really agree with KYC, but some exchanges now force people to do KYC in them.
It's not really a good idea to share your personal information because aside from stealing your privacy, this will also be a threat to you when some exchanges are going to be hack so the fact that you have submitted your KYC form there, then your personal identities will also be triggered. Although there are still exchanges who are not yet requiring for KYC, but most of them even those reputable ones are already asking for it. So the least we can do is to look for exchanges that are transparent and that are trusted by everyone so we will not fall into victims. Although i know KYC will also make the exchange more legal, but i still prefer to look for exchanges that will not ask my personal data. 
December 06, 2021, 05:23:42 PM
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.
This would be a good read up.https://www.thomsonreuters.com/en-us/posts/investigation-fraud-and-risk/kyc-risk-based-approach/
KYC is something that do exposed all of your information and we know that it could leaked out and could be
sold off on darkmarket.Yes, you had done nothing illegal but do you allow on something like this.
December 06, 2021, 05:17:20 PM
My reason is simple, i just not want to share my personal data to anyone or anything else because personal data is important and it include my address, phone number, etc. And in other side, data selling is happened in all over world no matter who behind it. That is why to be honest i am not really agree with KYC, but some exchanges now force people to do KYC in them.
December 06, 2021, 12:51:19 PM
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.
Because most people are investing on crypto because crypto has it's anonymousity that people could hide their wealth and could doing any transaction (legal or illegal) , that's why some people won't do KYC because they won't reveal their identity to anyone on the crypto space.
But most people on exchanges have to do KYC due to withdrawal limitation so they must do KYC if they want to trade confortly and doing KYC on big exchanges is not a threat because they will keep our identity safe.
December 06, 2021, 12:41:18 PM
KYC (Know Your Customer) is to give organizations that you are the person who is associated with the character distinguishing yourself with an organization. You can nearly imagine it like an enrollment card at a store. It is to realize that you are a recognized individual who will be adding to the organization. Not at all like at a standard market or a shopping center everybody should be confirmed through either KYC in light of the fact that for person's advantage and the organization's so neither one of the characters is contributed by illicitly elaborate work force or putting resources into an unlawful association.
December 06, 2021, 10:36:52 AM
Though people keep trying to avoid KYC for privacy purposes, on the other side, the central agencies that under by the government must always hardly implement this to get in touch with their citizens to avoid being a fraud because without having KYC sometimes because abuse in many platforms that could be lead into more worst of a hack. We know since the start, the government has combating many kinds of fraud just to protect people.
In fact, KYC isn't a problem here, why?
The problem is where we can entrust your information to any certain platforms and yes, that's very risky on our part to disclose any information related to use especially when we talked about money which is very hot to the eyes of scammers and hackers. So, if you trust them and don't have a choice, then, we can't avoid KYC verification but make it sure that's trusted enough and has strong security.
In fact, KYC isn't a problem here, why?
The problem is where we can entrust your information to any certain platforms and yes, that's very risky on our part to disclose any information related to use especially when we talked about money which is very hot to the eyes of scammers and hackers. So, if you trust them and don't have a choice, then, we can't avoid KYC verification but make it sure that's trusted enough and has strong security.
December 06, 2021, 09:25:51 AM
The exchanges still can't convince me why I should KYC. Actually they don't care how evil you are and they themselves are sometimes even worse than you think, they just want to get pass from regulation and still be able to operate.
I've played a lot with random kyc on several exchanges (2 of which are what the public call "top"), and most of their kyc systems are shit. They don't really implement KYC according to regulatory standards. From this point on, there is no real effort to fight crime.
I've played a lot with random kyc on several exchanges (2 of which are what the public call "top"), and most of their kyc systems are shit. They don't really implement KYC according to regulatory standards. From this point on, there is no real effort to fight crime.
December 06, 2021, 08:38:35 AM
Assuming you're not using it for anything illegal (if you are then it's understandable), why the concern?
Can you post all your bank statements going back to the date you first opened a bank account on here so we can all take a look at them? I assume you're not doing anything illegal, so you should have no concern doing this.Can you share your email address and password on here so we can all rummage around in your emails and read anything which looks interesting? I assume you're not doing anything illegal, so you should have no concern doing this.
Can you share all your credit card transactions, all your shopping receipts, all your social media passwords, all your WhatsApp conversations, and your browsing history on here so we can examine them? I assume you're not doing anything illegal, so you should have no concern doing this.
No? Didn't think so.
It's the exact same principle. I don't want a bunch of random strangers sticking their noses in to my affairs, using that data to build a profile on me, and then sharing and selling that profile with governments, political companies, ad agencies, and anyone else who wants it.
December 06, 2021, 08:34:33 AM
This is only about the identity of taste and whether it is so important or is it necessary to provide personal data to other parties. Although there is currently no identity of which one. But at least it is things that are out of control, if at any time your data is used for crime. Leaks can no longer be contained, no one is completely anonymous 100%. Regarding trade in the exchange and your data is submitted, in addition to maintaining security, of course this is to identify to whom and where large assets enter.
Therefore, most do not like layered KYC just to trade cryptos under 1 Btc per day.
Therefore, most do not like layered KYC just to trade cryptos under 1 Btc per day.
December 06, 2021, 08:24:24 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.
For me the big risk is identify theft. We are sharing so much personal information via Facebook and Instagram that it becomes very dangerous in today's world. If someone has a copy of our passport he could do a lot of harm. There is the risk that our personal information is being misused for some illegal activity which could harm us in the end. Our credit score could be negatively affected like that. And the even bigger risk is that people want to steal from us. From social media criminals easily know when we are on vacation and with all our personal information they know where we live and can break in. Maybe I am too paranoid.
December 06, 2021, 07:03:39 AM
1. submit KYC to exchange
2. exchange's database gets leaked, including your sensitive personal information
3. criminals now know that you're into crypto, and know where you live
4. congratulations, you and your family are now at risk
2. exchange's database gets leaked, including your sensitive personal information
3. criminals now know that you're into crypto, and know where you live
4. congratulations, you and your family are now at risk
December 06, 2021, 05:11:01 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.
It's not just people don't want to provide these confidential information to any exchange, people just distinguish and only select few (trusted exchange/service) of them that requires kyc. Since p2p transaction using dex is way more harder I mean need lot of time to deal as its low in volume, few options, riskier and etc.Deals with crypto to fiat mostly exchanges need KYC for more secured environment, fast deals and etc. but there are still p2p with non-kyc exchange for those who doesn't want to risk their information.
December 06, 2021, 04:12:59 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.
Crypto is for anonymity while fiat is for KYC, simple is that. Bitcoin was created for p2p cash transfer with full privacy, we can say privacy or anonymity was fundamental part of crypto. Centralized exchanges are not part of crypto ecoytem and they are controlled by single entity. If you are on exchange then you dont need to get offended for KYC, that's wt they are created for.
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