Why KYC is extremely dangerous – and useless - page 3.

xz0708

newbie

Activity: 27

Merit: 7

Quote from: DdmrDdmr on January 29, 2020, 03:41:34 AM

Along side freezing the assets, Bitfinex is being asked to dox the account owner, and that is where the uncertainty is as to what KYC data the ransomware perpetrators used: their own personal data, or yours (generic third party)? The outcome may be considered good or bad in this case, depending on the wit of the perpetrators.

good point - was the hacker using stolen personal data to kyc ? or did they catch the hacker because he used kyc ? wonder how many "chainanalysis" traced accounts were opened with stolen personal info....that is where the kyc will start to spring back against exchanges....

1miau

legendary

Activity: 2142

Merit: 6769

Currently not much available - see my websitelink

We have now also a Croatian translation why KYC is useless and dangerous, done by TheNineClub: Zašto je KYC iznimno opasan - i beskoristan

Many thanks!

Greatdev

member

Activity: 266

Merit: 16

Sovryn - Brings DeFi to Bitcoin

How about a biometric kinda verifications? Maybe we see this in the future? Also I want to clear some fact about KYC strategies, some are better than those that only need you to submit identity card or passports, binance KYC is more strict because it allows live KYC verifications, once you click on KYC tab it will direct you to your mobile camera straight, you can't cheat this verification process

JeotQ

member

Activity: 406

Merit: 14

KYC is bad here and there, I can see how many people hate the system but what are you guys going to do now that it looks like all centralized exchanges will abandon non verified traders on their exchanges soon? I'm sure many are trading on centralized exchanges that accepts non verified users e.g binance

erikoy

full member

Activity: 686

Merit: 125

Quote from: bct_ail on December 25, 2020, 12:17:10 PM

Is is not only full KYC at exchanges or Bountys which is dangerous. Even if you purchase something what is relating to Crypto and your adress got leaked you can get in really danger. Just look at the Ledger hack.

Yeah this is what I am afraid of because it happen that I am actually doing KYC in an exchange that I was trading. And now that I quit trading I must have to delete the account but it could not be possible because you need to contact the support and request for account deletion. If it is only there is an option to everything to have some delete account option then that would be nice in my part to delete account.

Oshosondy

legendary

Activity: 1414

Merit: 1118

...gambling responsibly. Do not be addicted.

Quote from: bct_ail on December 25, 2020, 12:17:10 PM

Is is not only full KYC at exchanges or Bountys which is dangerous. Even if you purchase something what is relating to Crypto and your adress got leaked you can get in really danger. Just look at the Ledger hack.

You are just very right, but I believe those people do not know they were getting verified for just buying ledger wallet directly from the company, now many of the buyers are now facing even threats that are physical and also phishing that have cost many ledger wallet owners to lose their funds. In anything we are doing, no kyc is the best, we should be completely having no link of our address, email or any related things to our wallet.

bct_ail

legendary

Activity: 2534

Merit: 2144

https://t1p.de/6ghrf

Is is not only full KYC at exchanges or Bountys which is dangerous. Even if you purchase something what is relating to Crypto and your adress got leaked you can get in really danger. Just look at the Ledger hack.

Bitemetwice @ Stake

newbie

Activity: 14

Merit: 0

Jeez...
There's probably no way of finding out where & who has my personal details either..

... Pfff

erep

hero member

Activity: 2282

Merit: 589

Quote from: lucky80 on August 02, 2020, 07:49:34 AM

My advice is to stop providing your identity to any bounty campaign. The bounty manager should also refuse the project asking for KYC. There are many ways to filter out users who have multiple accounts without having to ask for their identity.

The level of KYC requirements in bounties has decreased and some bounty managers may have rejected and did not implement KYC requirements. You are right, KYC not only identifies multiple accounts but there are other purposes behind it and your data can be misused. Beware and guard your identity.

arabianhorse

member

Activity: 88

Merit: 11

I did not know the exact information about KYC before. However, I found out a lot after the pig in this thread. I will think 10 times before doing KYC in future. Thanks Friend for sharing such information with us.

lucky80

hero member

Activity: 1652

Merit: 593

Quote from: Lucasgabd on July 28, 2020, 02:22:36 PM

I'm not that sure about bitsquare.
binance may not be the best solution long term, for higher volumes and for anonimity. but it's good overall

If you are worried about Bisq security, you can see their code. Bisq is open-source. I'm not sure because they still use a third party for FIAT transactions, where you still have to obey the KYC process. Binance Dex is good for trading without KYC, but you can't take out FIAT directly. We must use our local exchange, and they oblige our identity.

Quote from: blckhawk on July 29, 2020, 09:39:32 AM

It is the truth that most of the time projects and exchanges are now mandate KYC before you getting your rewards or to be able to withdraw your funds. KYC is more likely inevitable now and I can't blame them.

My advice is to stop providing your identity to any bounty campaign. The bounty manager should also refuse the project asking for KYC. There are many ways to filter out users who have multiple accounts without having to ask for their identity.

Quote from: 2chase on July 30, 2020, 11:16:23 AM

Hackers are capable of hacking anyone, and there are thousands of proofs of this literally every day.

It's not all about the hackers. It also involves an insider. We never know what is falling.

tranthidung

legendary

Activity: 2170

Merit: 3858

Farewell o_e_l_e_o

The Vietnamese local thread was unlocked last week and one local translated your thread into Vietnamese. Please add the translation to OP.

Vì sao KYC cực kỳ nguy hiểm – và vô dụng, translator - Crypto Carabao Group

DevilSlayer

sr. member

Activity: 1400

Merit: 357

Quote from: 2chase on July 30, 2020, 11:16:23 AM

Quote from: blckhawk on July 29, 2020, 09:39:32 AM

Quote from: lucky80 on July 20, 2020, 10:59:34 AM

What is the real purpose of KYC? In my opinion, KYC is the only way to bind your identity with a bitcoin or other coin address now. Then who needs it? Exchanges where you convert cryptocurrency into money, controlled by the government. They must pay taxes on their income. Or to prevent crime explained by op.

I think that's the main reason why KYC is needed. However, it turns out the identity is sources of income that can make data owners tempted to sell it. No offense, it is human nature.

At present, Doing KYC is mandatory, and there is nothing we can do. Therefore be careful when doing KYC because a trusted place is consist of human.

Where is the trust inside an untrust environment?

Well if that the case then I don't mind to submit my personal information however, this will be limited only on reputable sites.
It is the truth that most of the time projects and exchanges are now mandate KYC before you getting your rewards or to be able to withdraw your funds. KYC is more likely inevitable now and I can't blame them. I guess all we need to do is to make sure that you are sending your info to reputable platforms to avoid the use of your identity in any kind of malicious intent.

You can never be sure that your data will not be stolen. Even when it comes to an authoritative platform. Hackers are capable of hacking anyone, and there are thousands of proofs of this literally every day. I have a negative attitude to the need to provide my personal documents somewhere, because I perfectly understand the risks and absurdity of this kind of checks. But, unfortunately, we cannot qualitatively influence this, and we have to do it from time to time, because our government is the initiator of KYC politics.

Actually, you are already vulnerable if you upload your identity or any type of your private information in the internet. The issues about KYC is becoming more hot because a lot of exchanges and projects have been hacked anf the identity of the investors are stolen where it can use in illegal ways. I'm really afraid to participate in any kind of KYC because I know that my identity may be sold or stolen and use it in a bad way.

bct_ail

legendary

Activity: 2534

Merit: 2144

https://t1p.de/6ghrf

Quote from: Smartvirus on July 31, 2020, 06:09:21 PM

Know Your Customer (KYC) has always felt like a good idea to me,

This is the way it is sold to the people. But if we take a closer look behind the curtains and questioning the underlying processes things suddenly look very different.

Smartvirus

legendary

Activity: 1414

Merit: 1108

Know Your Customer (KYC) has always felt like a good idea to me, it's funny how we never realized the dangers it posses. For a fact, every idea has a unique code and it's all that is required to register on some of our local platforms.
We never know how much details we expose and how it could be used against us in the wrong hands.
Let's take this more seriously.

2chase

hero member

Activity: 1082

Merit: 502

Quote from: blckhawk on July 29, 2020, 09:39:32 AM

Quote from: lucky80 on July 20, 2020, 10:59:34 AM

What is the real purpose of KYC? In my opinion, KYC is the only way to bind your identity with a bitcoin or other coin address now. Then who needs it? Exchanges where you convert cryptocurrency into money, controlled by the government. They must pay taxes on their income. Or to prevent crime explained by op.

I think that's the main reason why KYC is needed. However, it turns out the identity is sources of income that can make data owners tempted to sell it. No offense, it is human nature.

At present, Doing KYC is mandatory, and there is nothing we can do. Therefore be careful when doing KYC because a trusted place is consist of human.

Where is the trust inside an untrust environment?

Well if that the case then I don't mind to submit my personal information however, this will be limited only on reputable sites.
It is the truth that most of the time projects and exchanges are now mandate KYC before you getting your rewards or to be able to withdraw your funds. KYC is more likely inevitable now and I can't blame them. I guess all we need to do is to make sure that you are sending your info to reputable platforms to avoid the use of your identity in any kind of malicious intent.

You can never be sure that your data will not be stolen. Even when it comes to an authoritative platform. Hackers are capable of hacking anyone, and there are thousands of proofs of this literally every day. I have a negative attitude to the need to provide my personal documents somewhere, because I perfectly understand the risks and absurdity of this kind of checks. But, unfortunately, we cannot qualitatively influence this, and we have to do it from time to time, because our government is the initiator of KYC politics.

blckhawk

sr. member

Activity: 1456

Merit: 325

★Bitvest.io★ Play Plinko or Invest!

Quote from: lucky80 on July 20, 2020, 10:59:34 AM

What is the real purpose of KYC? In my opinion, KYC is the only way to bind your identity with a bitcoin or other coin address now. Then who needs it? Exchanges where you convert cryptocurrency into money, controlled by the government. They must pay taxes on their income. Or to prevent crime explained by op.

I think that's the main reason why KYC is needed. However, it turns out the identity is sources of income that can make data owners tempted to sell it. No offense, it is human nature.

At present, Doing KYC is mandatory, and there is nothing we can do. Therefore be careful when doing KYC because a trusted place is consist of human.

Where is the trust inside an untrust environment?

Well if that the case then I don't mind to submit my personal information however, this will be limited only on reputable sites.
It is the truth that most of the time projects and exchanges are now mandate KYC before you getting your rewards or to be able to withdraw your funds. KYC is more likely inevitable now and I can't blame them. I guess all we need to do is to make sure that you are sending your info to reputable platforms to avoid the use of your identity in any kind of malicious intent.

bct_ail

legendary

Activity: 2534

Merit: 2144

https://t1p.de/6ghrf

Quote from: Lucasgabd on July 29, 2020, 08:00:31 AM

and BisQ name is definitely better than bitsquare, don't you think?

bisq is definitely shorter than bitsquare. So for that at least the change was good. Wink

Now it's just a matter of showing people how good bisq is too.

Lucasgabd

legendary

Activity: 2506

Merit: 1113

There's no need to be upset

Quote from: bct_ail on July 28, 2020, 06:01:42 PM

<...>

hahahaha sometimes we just need to rest.
thaks for the information, it makes sense.

and BisQ name is definitely better than bitsquare, don't you think?

Cratoon

full member

Activity: 865

Merit: 104

https://paradice.in/?c=bitcointalk

I agree with the OP, the KYC is against the idea of blockchain/crypto economy.

However if someone is operating really big money, they KYC may be justified.
It's not the crypto projects that demand it, but the governments that regulate thier business.

There should be some alternatives for KYC I think

Topic: Why KYC is extremely dangerous – and useless - page 3. (Read 5870 times)