KYC is bullshit

[deerlion]

Why the fuck is everything requiring a fucking KYC now, Gambling sites don't even let you fucking withdraw without a fucking CIA style background check but they obviously let you deposit with nothing.

Bpunties used to be fun but now everything requires a fucking KYC.  NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

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[Don Pedro Dinero]

I’d say this post doesn’t belong to meta section but I don’t know where it exactly fits.

KYC comes with cryptos becoming popular, widely used and regulations. I find it naive to think that bitcoin, or any other crypto, is going to be the currency of the future and it will remain 100% anonymous.

[Sova_tmb]

I don't have a problem with KYC  and  his nothing to fear.

[Trofo]

Why the fuck is everything requiring a fucking KYC now, Gambling sites don't even let you fucking withdraw without a fucking CIA style background check but they obviously let you deposit with nothing.

Bpunties used to be fun but now everything requires a fucking KYC.  NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

KYC is logical progression as more and more regulations come into crypto space. New ICO projects require them in order to be as compliant as possible to laws. That way they will have less problems in the future when some government agency takes them under closer look.

That being said, there should be no KYC for bounties. I thought that main point of KYC is to stop money laundering. If you are doing bounty you are not investing anything therefore no KYC should be needed.

There is still a lot of gambling sites that don't require KYC. For instance Nitrogen Sports which is one of the best crypto gambling sites for sure, and wbet7 which accepts several altcoins for betting deposits/withdrawals.

[WhyBit]

Why the fuck is everything requiring a fucking KYC now, Gambling sites don't even let you fucking withdraw without a fucking CIA style background check but they obviously let you deposit with nothing.

Bpunties used to be fun but now everything requires a fucking KYC.  NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

KYC is logical progression as more and more regulations come into crypto space. New ICO projects require them in order to be as compliant as possible to laws. That way they will have less problems in the future when some government agency takes them under closer look.

That being said, there should be no KYC for bounties. I thought that main point of KYC is to stop money laundering. If you are doing bounty you are not investing anything therefore no KYC should be needed.

There is still a lot of gambling sites that don't require KYC. For instance Nitrogen Sports which is one of the best crypto gambling sites for sure, and wbet7 which accepts several altcoins for betting deposits/withdrawals.

But in recent time more crypto related sites implementing this as must because they are facing problems without this I personally have some problems with this as I try to pass in last 20 days but they are doing some tricks which are not acceptable but we have to follow this even many bounties also posting must pass otherwise you are not eligible for bounty

[bitmover]

I don't have a problem with KYC  and  his nothing to fear.

You are thinking the wrong way.

This is your privacy. Even if you have nothing to hide, if you give your Identification documents, Driver's license, etc, they can be used for criminal activities.

Even if the "owners" of the website do not use your documentation for illegal activities they can sell your data to third party.

KYC is an issue, however it's a regulation downside.

[Oceat]

Since we are now in the world of modernization including the crypto currency, i think it is by far legal to accept KYC everywhere unless of course they were under the government e.g. CIA or any other secret society that belongs to the government. Since Bitcoin is a vast majority of all crypto currency there are also tokens that really needed some identifying of the personal information of the user. I think their movement is something like collecting data to everyone of us unless you are really willing to give your identity but the total anonymity of a person will be compromised.

[squatter]

Why the fuck is everything requiring a fucking KYC now, Gambling sites don't even let you fucking withdraw without a fucking CIA style background check but they obviously let you deposit with nothing.

Bpunties used to be fun but now everything requires a fucking KYC.  NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

There's two things happening:

More legitimate entities (like licensed exchanges) are enforcing KYC because regulators are closing in. Regulators might shut them down (or even level criminal charges) if they don't do KYC per money laundering regulations.

But I believe less scrupulous entities (including ICO issuers and casinos) are capitalizing on this trend in order to deny people their rightful payouts. When people rightfully refuse to give up their documents to anonymous strangers who might sell them on the dark market, they don't get paid. That's free advertisement for ICOs, free money for casino's coffers, etc.

[Sova_tmb]

I don't have a problem with KYC  and  his nothing to fear.

You are thinking the wrong way.

This is your privacy. Even if you have nothing to hide, if you give your Identification documents, Driver's license, etc, they can be used for criminal activities.

Even if the "owners" of the website do not use your documentation for illegal activities they can sell your data to third party.

KYC is an issue, however it's a regulation downside.

This gotta to think whom to send documents.

[Tigorss]

Why the fuck is everything requiring a fucking KYC now, Gambling sites don't even let you fucking withdraw without a fucking CIA style background check but they obviously let you deposit with nothing.

Bpunties used to be fun but now everything requires a fucking KYC.  NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

back again to each of us when a new regulation implements a KYC on the dompeet of the users of digital currency they may have thought first until the policy is made we think positive whether it is for the safety of our own wallets.

[kaisa]

Why the fuck is everything requiring a fucking KYC now, Gambling sites don't even let you fucking withdraw without a fucking CIA style background check but they obviously let you deposit with nothing.

Bpunties used to be fun but now everything requires a fucking KYC.  NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

KYC is not a problem for you actually, because kyc is only used in exchange, and personal wallet is still an anonymous thing. you do not have to hesitate and afraid to provide data information, because at this time began to see the protection of our data information.
look at the EU already make GDPR regulations and this will continue to other countries.

[labhsikh123]

KYC is legally progress towards the bitcoin.

[audaciousbeing]

I’d say this post doesn’t belong to meta section but I don’t know where it exactly fits.

KYC comes with cryptos becoming popular, widely used and regulations. I find it naive to think that bitcoin, or any other crypto, is going to be the currency of the future and it will remain 100% anonymous.

It has some elements of legality here which makes it something worth discussing on this board of the forum as well.

Why the fuck is everything requiring a fucking KYC now, Gambling sites don't even let you fucking withdraw without a fucking CIA style background check but they obviously let you deposit with nothing.

Bpunties used to be fun but now everything requires a fucking KYC.  NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

The simple truth is that times are changing and the anonymity that crypto currency promises is being abused by people which then gives no other option for bodies whose objectives is to ensure that there is no anonymity the opportunity to make their case. Just last week we read about how some individuals kidnap someone and ask for bitcoin as ransom. We have read about how people move funds because it cannot be traced, hide bulk of their funds in crypto so as to avoid government reach in case they are being tried for impropriety etc.

This is the new reality and there is not much that can be done. For gambling sites, I think its mischievous for them to start asking for KYCs after receiving deposits while for the bounties, I would want to be more careful before dropping my details for those people as most of them dont have enough infrastructure to ensure the data are safe.

[Slipknot79]

KYC is a legal process and it ensures the owner that you are not a scammer or illegal buyer

[jseverson]

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

To be fair, Bitcoin was the first crypto, and it wasn't really built with complete anonymity in mind. A case could even be made against that, considering how the ledger is completely public. But yeah, I'm nitpicking here lol.

This is an unfortunate side effect of regulations starting to creep in. You also need KYC for pretty much anything that relates to money, and if crypto is money, then it follows that it should be held to similar standards. I'm not saying it's fair, but you sadly can't have it both ways.

[1Referee]

KYC is a legal process and it ensures the owner that you are not a scammer or illegal buyer

Who ensures the 'owner' isn't a scammer?

To be fair, Bitcoin was the first crypto, and it wasn't really built with complete anonymity in mind. A case could even be made against that, considering how the ledger is completely public. But yeah, I'm nitpicking here lol.

You're not nitpicking. You are saying that what needs to be said. It's pretty annoying to see people say this or that is against crypto, and that we are moving in the wrong direction, etc. Bitcoin's purpose was just to avoid having to ask permission from whatever entity to move value from one place to the other, and nothing has changed in that regard.

It's as always the people coming up with this nonsense. How difficult is it to have somewhat of an open mind? Centralized services have their policies and terms, which if it isn't something you can deal with, then avoid that specific service. No one forces people to use them. It's an optional service that you can use or ignore, whatever you feel comfortable with.

You know what's against crypto? People saying that what others do is against crypto. In other words, deciding for others what's good or bad. We have our government do that already, we don't need more of this.

[BartS]

I don't have a problem with KYC  and  his nothing to fear.

You should be afraid, the point of cryptocurrencies was to create a different system than fiat with different rules, I understand that if you wanted to convert your coins to fiat you will need to go through KYC but  now even if you do a crypto to crypto exchange now businesses want your information which means that cryptocurrencies are no longer something different, also the information and documents that you are giving away can be used in the wrong way, that is something that happens a lot and you should try to avoid to give that information, after all if you do not give your information then it is a lot more difficult to get access to it.

[Theb]

I know where you are getting at but like what others have said we somehow need to sacrifice anonymity in order for cryptocurrencies to move forward and be embraced by a lot of people, this ICO developers and lately Gambling site are only requiring KYC because the government demands them to do, after all they are all businesses and transactions involving money especially large sums of it need to have proper documentation, mostly they are requiring this to avoid possible criminal activities like money laundering, tax evasion as well as terrorism. And what is the logic behind not trusting your information to strangers? When you are brave enough to start betting on them?

[veleten]

Why the fuck is everything requiring a fucking KYC now, Gambling sites don't even let you fucking withdraw without a fucking CIA style background check but they obviously let you deposit with nothing.

Bpunties used to be fun but now everything requires a fucking KYC.  NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

life is unfair anyways of course they will allow you to deposit without anything
see it as the banks when you come to get a mortgage or a loan-some of the banks will give you such a contract with fineprints,hidden clauses and such
the things that could discourage you are hidden,the "hooks" are printed in big letters and promoted
KYC is a way to control you,they don't want some assets they have no control of to be moved in and out,without getting taxed or at least taken records of
crypto is pseudoanonymous,to be fair and complete anonymity is a myth,read about Chainalysis,Ciphertrace and similar
for example:  https://www.coindesk.com/irs-using-bitcoin-tracking-software-since-2015/

[ahmad21]

Why the fuck is everything requiring a fucking KYC now, Gambling sites don't even let you fucking withdraw without a fucking CIA style background check but they obviously let you deposit with nothing.

Bpunties used to be fun but now everything requires a fucking KYC.  NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

I think the point which you are saying is absolutely correct. Cryptos were made to be anonymous and giving KYC for everything you do is really against the basic ethics of cryptos. But with inclusions of govt. into exchange working has forced them to add the KYC feature otherwise govt. will have to scrutinize such exchanges. So we all are forced to do this or just go in dormancy.

I don't have a problem with KYC  and  his nothing to fear.

I think you have never visited the dark web. The ids that you give to such ICO or bounties are usually found for sale at very affordable prices of 5-10$ and such ids are used for illegal activities which can land you in problem some day.