Why exactly is it that people don't like identifying themselves (KYC)? - page 6.

Beparanf

hero member

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Quote from: Turbolantern on December 06, 2021, 01:22:21 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.

The problem is most of the company on crypto is not regulated which means you don't have any assurance that your personal information is really protected since there's a lot of crypto companies got hack and leaked database. Most of the people invest on crypto for privacy protection while investing so it means that they are not comfortable providing KYC info that has a high risk for database leak.

You will never if your identity is already being sold on deep web market and being used for illegal activities.

YOSHIE

legendary

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Don't know other countries they identify KYC or not, clearly my country all crypto exchanges have to go through kyc process, If the kyc doesn't pass it means you can't trade on the crypto exchange, so nothing is hidden about data or personally identifiable crypto trading.

worry, of course not, as long as the government approves it your worries apply to countries that threaten the development of crypto, for legal countries it's fine.

Rruchi man

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Use chips.gg

Quote from: Issa56 on December 06, 2021, 01:35:38 AM

I don't think revealing my data is really a nice idea, I don't have to reveal my identity because it can get to wrong hand, after verification I believe anything can happen to the exchange later in the future(hacked), which my data might endup getting to hackers hand and they might endup using it for illegal things that's why I don't really go with kyc idea.

From the short replies i have read, majority of persons are skeptical about KYC verification mainly due to privacy issues, but really, who's to say your details that you are being private about cannot be obtained from another place or source that you have used it in in the past.

With the increasing cases of money laundering and all that, some of these financial institutions are instituting KYC to know their customers. As a user, it doesn't mean you should be quick to do KYC verification with every exchange you come across, exercise caution as well.

Wexnident

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I don't request loans~

It's not so much as doing something illegal, it's literally just because people don't want other third parties to have their own personal info recorded in their storage. Wanting some privacy and anonymity doesn't equate to someone doing something illegal you know? A matter of preference so to speak.

To the question though, it's like giving the keys of your house to someone else to safe keep you know? Might be an extreme example but it's one example of the sort. This era pretty much shows how information that you can obtain could do wonders if used in the hands of someone who knows how to do their stuff. It's also why I've been staying away from social media. It's like a personal beacon saying where and what you are doing tbh.

cabron

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https://www.betcoin.ag

You don't wanna submit your data if you are from Mexico or from Iran and you know what that means when you are from there. You don't wanna send it to them because
the owner of these exchanges like CZ or Brian Armstrong could be a very close friend of the government of the US or the government of China. The rich guys don't want to give out their information to a system that could also fuck with them. Data is the new gold mine today and the rich guys like Elon are easy targets.

mocacinno

legendary

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https://merel.mobi => buy facemasks with BTC/LTC

Personally, i'm afraid of a $5 wrench attack....
It's nobody's business how much BTC i hold, and where i keep it... Eventough, if you're with a community long enough, there'll always be people that know who you are, where you live and whether or not you're a hodler.

Issa56

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I don't think revealing my data is really a nice idea, I don't have to reveal my identity because it can get to wrong hand, after verification I believe anything can happen to the exchange later in the future(hacked), which my data might endup getting to hackers hand and they might endup using it for illegal things that's why I don't really go with kyc idea. I heard of a website actually is not a cryptocurrency exchange after kyc verification they endup selling your data to scammers which is bad that's why I don't really like kyc.

jackg

copper member

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https://bit.ly/387FXHi lightning theory

There's the want for privacy. If an exchange knows who you are and a hacker gets hold of that info as well as a withdrawal address, what if you're deemed as an easy target and they go after you? What if the "attacker" in question was someone working for the exchange or someone who could easily buy the data available. There was at least rumour that coinbase updated their kyc verifier because they suspected the company to be selling on information about people's ID.

Identity theft is also a real thing. Most stock exchanges in the UK just ask for a postcode and a name to do kyc - it's kinda surprising crypto exchanges don't do the same thing.

Turbolantern

newbie

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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.

Topic: Why exactly is it that people don't like identifying themselves (KYC)? - page 6. (Read 703 times)