KYC defeats the purpose of Crypto. Thoughts anyone?

[sapnu]

very strange to me the KYC procedure performed by the exchange, at least the exchange requires the KYC procedure on certain asset limits, for example under $100 there is no need to perform the KYC procedure or there are transaction limits. I am increasingly confused lately, crypto with a decentralized nature but there is interference from the current government into anonymity is no longer there. 

i dont think that KYC is a disadvantage. Because I can say that it is only the way to prevent farm accounts to warn money just to be fair. KYC is important in many terms because you can safely trade and you deserve it. It actually depends if you are doing wrong but if not why not to obey the rules. It is good also for the exchange it is easy to identify who is farming earning a money with different accounts. It is actually unfair. For us to be fair earning equal money. The one who are complaining maybe they are not honest. In a different project it is important. Why to be confused of that maybe because the KYC is a long process but it is worth it.

[ProteinBar]

I also enjoyed the free trading time of coins without having an identity. ensure a lot of personal information of investors. Why do you need so much identity information?

[Marckolind]

Funny reading this, as I'm currently loading up heavily on BLOCK, which is the market leader on DEX solutions.
No accounts, personal details, KYC, or any of that BS needed. Just trade peer 2 peer.

I'm sure people will wake up eventually, and use these DEX's instead of using those bad exchanges, that puts everyone at risk to exchange hacks and what not.

[confreslamp]

Crypto currencies were created for anonymity and any kind of KYC process is just destroying all crypto principles. But on the other hand, in my opinion it is necessary to pass KYC for investments above the average.

[HabiebRiziq]

The KYC process annoys the hell out of me. I remember a time when you could trade coins freely and without owning up to your identity at all. Not that I'm hiding anything, I just don't like every man and his dog having a copy of my government ID - I feel that's very intrusive. I mean the whole idea of cryptocurrency was anonymous peer-to-peer trading without government intervention. Now it seems you can't fart in the wrong direction without someone breathing down your neck.

I mean I get it, exchanges, ICO's, etc, want to be on the safe side -- although what I really object to is these places accepting my crypto first and then telling me that I need to give them a mugshot if I want to use it, or withdraw it again. It's a nightmare.

Anyone else a bit miffed with all this identity craziness we're in right now?

Or am I just being a grumpy old man?

I agree with you that giving our personal identity to certain conditions in cryptocurrency is not a natural thing because we have privacy that we cannot easily give to others, and I further agree that trading and anything that is in cryptocurrency can be done without giving a personal identity we tell some people who of course we don't know whether they will abuse it or not.

[Convery]

Crypto currencies were created for anonymity and any kind of KYC process is just destroying all crypto principles. But on the other hand, in my opinion it is necessary to pass KYC for investments above the average.

Where did you get this information? Look at the Bitcoin blockchain, could you track every transaction? You can. Do you know who owns the address? In most cases, you don´t. But, if someone connects names to the address then we will see everything. We call that Bitcoin is pseudo-anonymous. It is good? Of course it is because goverments wil never allow privacy coins to use because it could easily destroy the system.

[matchi2011]

Crypto currencies were created for anonymity and any kind of KYC process is just destroying all crypto principles. But on the other hand, in my opinion it is necessary to pass KYC for investments above the average.

Where did you get this information? Look at the Bitcoin blockchain, could you track every transaction? You can. Do you know who owns the address? In most cases, you don´t. But, if someone connects names to the address then we will see everything. We call that Bitcoin is pseudo-anonymous. It is good? Of course it is because goverments wil never allow privacy coins to use because it could easily destroy the system.

Government will never allow such things that will potentially harm their financial system. Still same reason the local exchange ask for KYC to make sure that AMLA rules will never be disregarded. There's no way to withdraw huge amount of money from an exchange that will not ask for requirements most once you are converting your crypto to your local currency exchange needs to imposed what government ask them to do.

[mobilestrike]

But there are a lot of other projects which have started their airdrops and bounty without any KYC requirement. Many of my friends are collecting airdrops and they do not participate in those projects which ask KYC for airdrop and do you know they do not have much time even for rest. It need your search you will find a lot of bounties and airdrops with no KYC.

maybe you can ask him what percentage of the airdrop that is followed eventually has a price. This type is mostly coins that have passed the ICO stage, so there is no need for kyc because it is only an incentive for the next promotion phase. I personally think that KYC is only effective for the distribution of coins with a value above $ 500, this is indeed different from the purpose of crypto anonymity, but it is necessary for their transition to global business if possible, because it must be clear in accountability.

They will definitely ask the KYC for only those airdrop which will have more than $500 value but if we want. If we will not join any those airdrops which ask for KYC and pay less than $500 then they will either change their rules of KYC or they will increase their coins amount which value will be more than $500.

[wxa7115]

The cryptocurrency market is different from a few years ago. The cryptocurrency market is valued at more than $ 200 billion dollars and of course this must be regulated so that there is no abuse and it is not a place for criminal activity. With KYC, the potential of the cryptocurrency market as a criminal activity will be reduced and in my opinion this is a good thing so that people's negative perspectives on cryptocurrency disappear

But that is not the intent behind those policies, KYC has been part of this market for years and if you have seeing any decline in the criminal activity on the market I would like to hear it because I do not see it, KYC has benefited criminals since now they can steal your identity and not only your money like in the past, KYC is an attempt to control the market and to know what are you doing your money.

Do not fall in their trap, governments are experts at saying they want something only to be discovered later they wanted the opposite, KYC has made this market even more unsafe and there is no way around it.

[panganib999]

The KYC process annoys the hell out of me. I remember a time when you could trade coins freely and without owning up to your identity at all. Not that I'm hiding anything, I just don't like every man and his dog having a copy of my government ID - I feel that's very intrusive. I mean the whole idea of cryptocurrency was anonymous peer-to-peer trading without government intervention. Now it seems you can't fart in the wrong direction without someone breathing down your neck.

I mean I get it, exchanges, ICO's, etc, want to be on the safe side -- although what I really object to is these places accepting my crypto first and then telling me that I need to give them a mugshot if I want to use it, or withdraw it again. It's a nightmare.

Anyone else a bit miffed with all this identity craziness we're in right now?

Or am I just being a grumpy old man?

Although KYC seems to contrasts the essence of  anonimity feature of crypto, its undeniable that this Know your customer is really very helpful especially for those who are making big transactions and needs to guarantee safety. Your annoyance won't matter to them and won't do anything because everyone is still traceable despite of the anonymous feature that was introduced to us.