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Author Topic: KYCs (Know your Client) is killing crypto  (Read 638 times)
ksiazek7
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March 01, 2018, 08:13:28 PM
 #21

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.


I fall on the side of shouldn't there be room for both?  As long as both are offered I mean, no killing off all anonymous/private trading.

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March 01, 2018, 08:43:16 PM
 #22

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

KYC is only required when buying crypto from fiat. There are a handful of crypto currencies that focus on greater anonymity.

Without KYC, crypto currency would be opposed by every government agency and make it significantly more difficult to work with.

Here's another question for you - is enduring KYC for the purchase of crypto currency worse than the alternative?

That's a good and important point. I will not argue if it comes with taxes or whatever legal. But how can we be sure that the information we gave them (exchanges etc) are being kept confidentially? We're putting our names our pictures, not just pictures but legit IDs.
I just hope there will be a better alternative. Something to keep us safe and private.  Thank you for your input

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March 02, 2018, 06:49:05 PM
 #23

First of all you don't need to use exchanges at all. If you don't like their policies buy crypto directly from other users, for cash. You can also mine or obtain other coins by working for them and then exchange them on decentralized exchanges (those that aren't offering fiat money and thus don't need you to verify). Verification is a requirement of fiat money and it becomes a burden when you want to combine these two: the decentralized world of cryptocurrencies and the centralized world of fiat money.
We have to combine crypto and Fiat. It is not our fault that bitcoin does not provide an opportunity to use it directly. We all shop for Fiat every day. I think that after the segwit2x system is applied we will get a qualitatively new level of currency. Maybe then we won't need Fiat. But I think the decision on this issue has been very long.

There's no such requirement. You don't have to do anything if you don't like it. For instance, you can always use services available for BTC , even though they are still limited. Nobody is trying to say that it's our fault, but it's also not BTC's fault that it's still in the early stage of adoption. I'm going to wait a bit until I'm able to spend my coins directly, I don't mind that. If I wanted to turn it all to cash now I'd not only have to cover the exchange fees, but also pay taxes, and even then I  would be scared that they'll raid my house to check if I'm not some deep web drug dealer.
2x is out of the picture for now and I don't think it would suddenly turn BTC into a widely accepted payment system.
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March 02, 2018, 06:51:22 PM
 #24

I don't know I should agree or disagree with the OP.
I agree that KYC is against why cryptocurrencies has been created.
But we cannot ignore the money laundering and many illegal activities that can be done using bitcoin.

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March 02, 2018, 09:15:31 PM
Merited by 1993jochico (1)
 #25

The only people who should be asking for or getting your KYC are local authorities and that is truelly to protect you and them. For example opening a bank account you must do a KYC and this is fine to be because I can go into the bank at anytime it's open and sit and talk face to face with someone and know legally my info is safe and secure. A bank has access to financial records as well as the record of people's ID which is given to them by the government. A KYC mean nothing without a database to verify it with. Infact unless you have the authority you shouldn't be asking for it since you need access to people's records to ceridy it and only government officials have that.

KYC takes the power away from the crypto world and it is going backwards. If you want to do KYC then just use fiat. Give up on crypto beits clearly bot for you.

Identity theft is a real danger in today's world and your identity is worth something. Criminals know this and with your KYC documents they can I'm open all manner of accounts under your name and possibly commit fraud or extortion. So be careful who you give your info to. Do not give your KYC to s faceless organization. Only government your KYC if you can meet face to face with the person or they an actregistered and sanctioned company.

I don't know I should agree or disagree with the OP.
I agree that KYC is against why cryptocurrencies has been created.
But we cannot ignore the money laundering and many illegal activities that can be done using bitcoin.

Please don't be naive. Crime doesn't need bitcoin. Crime will be done using whatever is available be if Bitcoin or something else. KYC can't stop this since criminals use fake info to commit crimes anyway. When criminals open up bank accounts they use random people or some homeless guy. Please think before posting.

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March 03, 2018, 03:54:08 PM
 #26

I agree that KYC( know your customer) and AML(.anti-money laundering) is slowing down the rate of growth of the cryptocurrency market since many prefer crypto to be anonymous.
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March 03, 2018, 04:05:22 PM
Merited by AGD (1)
 #27

KYC/AML has nothing to do with crypto.  It only applies to exchanges where you convert to USD or other fiat.
It's only fair that governments want to protect their fiat currencies and their banking systems.

Now, if you wanted to perform a service or sell goods to someone and get paid in BTC directly then it doesn't matter.  Ultimately that's the vision for cryptocurrencies: person-to-person exchanges, not conversion to fiat.

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March 03, 2018, 04:31:41 PM
 #28

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

The reason exchanges adopted KYC is to avoid illicit activities, without KYC or AML, cryptocurrencies will most likely lose the legitimacy needed to begin a widespread adoption since the goverments, and even the general public, will disagree with the idea of adopting cryptocurrencies in our modern society...do you really want that?

And you said: "some people are beginning to be hesitant in their activities in crypto.". Honestly, either those people are too paranoid about their privacy or they're up to something. Seriously, what kind of activity would anyone try to do with crypto that makes KYC so "troublesome"?

But tbh, anyone who cares that much about their anonymity would not use exchanges or anything that tries to expose their personal info, there are many ways out there where you can buy crypto for fiat money.

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March 03, 2018, 04:58:14 PM
Merited by AGD (1)
 #29

KYC is not killing the crypto market. its building a bridge between government and people to make sure people pay their taxes that is necessary for development of a country. and moreover crypto is still private in transaction case as government will only know how much have you bought on exchanges,etc but they will never know whom the funds are transferred and can never track the transactions taking place. KYC is good and favors both government and the investors. it also stops the illegal and terrorists funding going in the world. the whole point is to make crypto regulated as is the case with buying shares or gold. Smiley so overall its a step forward for development of cryptos and making them part of investments for people.

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March 04, 2018, 10:17:09 PM
 #30

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.


Will this statement for me is true,mostly people want to become anonymous,to protect there self in harm,or some bad people who take advantage of your asset,but when this KYC  implemented the identity of the person will become seen,and maybe it will endangered  to the life of many bitcoiners or investor,thats why some of us become worried why should the forbidden before in crypto to hide your identity they will change it to KYC,maybe there something fishy.
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March 04, 2018, 10:23:18 PM
 #31

KYC is not killing the crypto market. its building a bridge between government and people to make sure people pay their taxes that is necessary for development of a country. and moreover crypto is still private in transaction case as government will only know how much have you bought on exchanges,etc but they will never know whom the funds are transferred and can never track the transactions taking place. KYC is good and favors both government and the investors. it also stops the illegal and terrorists funding going in the world. the whole point is to make crypto regulated as is the case with buying shares or gold. Smiley so overall its a step forward for development of cryptos and making them part of investments for people.

Yes I agree its not killing the crypto but the one that I hate with this kyc system you need to give your information as easy haha Im not favor with this but we have no choose but we need this to get our reward token.

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March 04, 2018, 10:29:34 PM
 #32

You do not have to worry much about the exchange of getting KYC requirements because a decentralized swap is being done. The bankers continue to attack. They know the most vulnerable places of all cryptococcal users. Many exchanges are forced to follow stricter KYC rules to get permission to work with Fiat.
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March 04, 2018, 10:48:42 PM
 #33

For someone it is possible and bad, but in a greater sense it is even very good, it is an additional recognition, it is the safety of people who invest their money, it is an opportunity to keep track of criminals. And for those who want to remain incognito there are anonymous cryptocurrency.
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March 04, 2018, 10:54:42 PM
 #34

yes, ICO rules today are getting tough, and I think KYC has great benefits, such as minimizing money laundering for whitelist or investors and minimizing cheating ICO participants.

so, in addition to interfere with crypto but the benefits are greater.
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March 04, 2018, 10:58:20 PM
 #35

1. Crypto=Cryptography
2. Cryptocurrencies doesn't need KYC just as they doesn't need centralized exchanges.
3. Centralized exchanges are going to die not only because of KYC.

so may i know why centralized exchange will be dead and its not because KYC, so because what?
i think the centralized exchange like bittrex is still very popular among the exchange and even the decentralized exchange has smaller trading volume.
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March 04, 2018, 11:05:43 PM
 #36

Well, if you have something to hide... I don't think it is killing crypto. What would kill crypto would be no way to convert it to fiat.
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March 04, 2018, 11:10:04 PM
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It is true that nowadays many are put to use KYC requirements, and that is great for security as well as many bounty sigcamps that require KYC requirements, that's good to do.

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March 04, 2018, 11:20:41 PM
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More regulation and KYC and control will turn crypto into an asset like stock or bonds. It would be better in some cases and worse in others.

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March 04, 2018, 11:28:10 PM
 #39

You won't have to worry much about exchanges getting KYC requirements as decentralized exchanges are being made. This year many decentralized exchanges are going to be launched which should open many option for us to exchange our coins without the need to verify ourselves.

Decentralized exchanges with what? With a limited amount to get out?
It wont work. As long as you are using a lot of money in exchange just like bitcoin then you will have to deal with the law.
They want to prevent every large withdrawal as possible to avoid buying illegal weapons and drugs. This also have something to do with money laundering.
It will not be easy now ever since the bitcoin value went up. Tracking it will always matter to the government.

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March 04, 2018, 11:29:26 PM
 #40

If you have nothing to hide, then you will not be afraid of KYC. It is a requirement imposed by the government, so exchanges have to abide and so are we. And there is always options if you do not want to do KYC. Choose a good dex and trade there. Or if you just want to turn you crypto into fiat, deal directly to your peers or people in your community. Some of my facebook friends are doing that to avoid large fees from exchanges.
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