KYC is bullshit

[bering]

KYC required or probably mandatory because this is main term from the particular countries if some people want to create ICO project so we can't avoid it if we want to be parts of them but ICO with KYC will not guarantee those projects will be successfully even if they are scam i fear they will abusing investors data but for me it's simple that if you does not liked KYC system then avoid them because out there still there are plenty of ICO project which is KYC not required

[BTCeminjas]

-snip

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

Whether we like it or not and time to time crypto will become legalized and KYC is the requirements in order to lessen possible scam or shady behavior. Bitcoin only can still anonymous, avoiding this KYC from many ICO project is right is another option but for me, there's nothing wrong with this KYC. We have a different perception of KYC implementation.

[TianaStam]

I'm not a newbie, but I have no idea what KYC is, could somebody explain me what the point about? Thanks.

KYC (Know Your Client), one way of verifying their clients, so its either trading exchanges or gambling sites implementing it. One reason why we hate KYC is that crypto is supposedly (psuedo)anonymous and enforcing KYC defeats the whole purpose of decentralization. In the case of trading platforms, to be able to withdraw funds, you need to submit personal information, so they are acting like a banks now. As much as we don't like it, looks like its slowly happening and governments are really putting a lot of pressure on most exchanges now. Maybe one day we will everyone really requiring us to submit documents which is quite scary.

Thank you very much for explaining! I think su h politic will come to in the end of every year we will get a bill of tax for digital profit and we won't be able to run away from that.

[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

It is not their fault. It is the law.

Since when are bitcoin gambling sites considered money transmitters for the purposes of AML/KYC? I'm not aware of any new enforcement actions or precedents that specify that.

I have noticed over the past 9-12 months that some casinos and sportsbooks have reportedly begun enforcing KYC, and in some cases the changes have coincided with allegations of insolvency or scamming.

I'm not saying it's not the law -- but I'm not sure that it is. And it's quite convenient that these sites can lock up people's funds over it.

Stop trying to switch back and forth between fiat and crypto. That will cost you a lot of money and REQUIRE YOU BY LAW to do KYC/AML. I spend my bitcoin and almost never have to bother with rules. Rules are for fiat, avoid fiat and avoid rules.

If you deposit and withdraw only bitcoins from a casino, there is no switching between fiat and crypto. Yet, here we are....

There's even a US bill in circulation that wants to make bitcoin mixers AML/KYC compliant by defining them as banks.

[1Referee]

There's even a US bill in circulation that wants to make bitcoin mixers AML/KYC compliant by defining them as banks.

Governments have definitely lost all sense. It's almost hilarious. If they actually try to make them AML/KYC compliant, they can just go ahead and prohibit them entirely, because that would make mixers lose their purpose of existence. In both cases mixers will decentralize their process entirely, so there is nothing lost in the end for people (I'm part of them) actually looking to obtain an extra layer of privacy.

It is however to be expected though. They already started with focusing on how they can get rid of coins that are focused on providing anonymity, and it is pretty foolish to think that they won't be going after mixers. It might have actually forced Bitmixer to shut down, because there is no way they would ever stop a more than successful and appreciated business in this community, especially in times where these shitty AML/KYC procedures start to become a normal thing.

[vendorLazy]

They're just fighting the multi-account users and other adventurers that way, too much people are trying making easy-money on cryptocurrency turning the whole idea into a useless trash. I don't like KYC either but it's logical thing

[treatWy]

For me it much better to announce the kyc system at the beginning of campaign to avoid what ever unnecessarily thoughts such as the manager is corrupt, the group who manage the campaign are corrupt because if they not want to corrupt the token they should warn the bounty participants at the beginning in order to decide to to participate or not.

[ranman09]

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.

You can even apply for a loan on some of our countries government agencies with just a single valid ID. You will only know this when you needed the money.

I suggest/want for there will be a decentralized way also of verifying your identity that the government will rely on.

[Leyss]

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.

Now this test of KYC is already being applied where necessary, and where it is not necessary. Do you think that it should be used? Imagine, you go to a cafe to have a cup of coffee, and they say: you need to pass before this KYC check, fill in the appropriate form and attach a copy of your passport. Do not you think this is absurd?

KYC should be used in individual cases, where very large amounts of money are invested and only specially by authorized bodies. Obtain an audit of KYC teams ICO, which themselves in 30-50 cases are fraudsters, this is a great stupidity. Either this process needs to be regulated and granted such rights, but for investors who invest heavily, not $ 100-500, or the ICO team should not have that right.

[olubams]

There is really nothing that can be done about it and I see it taking more aggressive approach in years to come and the earlier we start adjusting for it, the better when it gets to the point where it cannot be avoided. Government will continue to have legitimacy because they would claim they are protecting us from fraudulent activities that have pervaded the entire industry courtesy participants in the market too.

[maarx]

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 understand your fact but there are reasons behind asking for KYC documents.  A simple example is,  few countries do not accept crypto currencies and thus the ICOs make sure that their tokens are not sold to citizens of the concerned countries. So just follow up the steps you are required to do when asked for. This would enhance your good attitude, but be aware of whom you are handing over your documents. There are chances for wrong involvement. Just spend time in finding out the legit ICOs and hand over if you trust.

[BitHodler]

the earlier we start adjusting for it, the better when it gets to the point where it cannot be avoided.

Instead of adjusting to all these measures, people are far better off decentralizing the way they work within this ecosystem. It's not for nothing that all these measures forced people to local markets.

It might even result in a scenario where developments concerning decentralized applications to experience a massive speed boost with how the demand for them is peaking consistently. People are tired of all this.

If people keep accepting all these measures, they will only simulate the authorities to keep coming up with even stricter regulations. Their mentality has always been to keep working on things not offering any resistance.

[creeps]

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

This is the trend now, and we cannot stop the government from making regulations about cryptocurrency.
Well, KYC is done just mostly in ICO just to make sure you are qualified to invest on their project so they will not encounter any problem in the future same thing with bounty campaign. Being anonymous is not a real thing now, we have to admit it.

[darkangel11]

KYC is logical and required field of progression. It depends on the regulations and saves from the fraud.

THat's what the government wants you to think. They want you to feel safe, give all information on request, let others handle your problems. But this usually ends up biting people in the ass once the government that was supposed to be the protector becomes the oppressor. Just go to youtube and check videos of police officers arresting and beating up people for nothing more but filming them. The less information about you they have the safer you should feel.

[BartS]

I totally agree, crypto supposed to be anonymous, we are sick of being controlled and supervised by everyone, crypto supposwd to be giving us freedom to used and to store, kyc is just some excuse to weaken the crypto and we don't know how secure the data will be, its dangerous to submit our data to something that we are not familiar, so I am against kyc, and not all casino require kyc to withdraw try to play in bustadice, no kyc or whatever document is require to withdraw

It is true that know your customer policies are created as a way to weaken cryptocurrencies in general and while that may have an effect right now that the amount of people that have adopted cryptocurrencies is low this is going to change once that number is high, since how are they going to force that you identify yourself for every single transaction that you make when there are so many businesses and people accepting bitcoin, at that point we will choose the business that do not force us to go through KYC.

[stompix]

Since when are bitcoin gambling sites considered money transmitters for the purposes of AML/KYC? I'm not aware of any new enforcement actions or precedents that specify that.

I have noticed over the past 9-12 months that some casinos and sportsbooks have reportedly begun enforcing KYC, and in some cases the changes have coincided with allegations of insolvency or scamming.

I'm not saying it's not the law -- but I'm not sure that it is. And it's quite convenient that these sites can lock up people's funds over it.

But aren't they?
They take one form of payment/money and send back (if  ) another form of money.

It's all about what law they want to follow and if they want to follow it.

If those websites want to be legal all over the globe, then they will have to follow them, nobody is forcing them to do so. They could start and block all customers from certain countries and be done with that.
All gambling sites in UK, for example, comply with KYC requirements.

And about that wave of "insolvency" those where sites that had a shady background, involved in dirty schemes and when they felt the game is getting too hot for them they decided to get "hacked".  .
The funds getting locked is most of the times an excuse for not paying, not because they are required to do so, just like in the case of that Indian exchange where they've asked for the tax returns.

[guybrushthreepwood]

Move to some place with no government regulations that doesn't give a shit about protecting its citizens against fraud or money laundering if you don't like KYC. Or use dodgy casinos and ICOs that don't require any sort of verification but don't cry when they scam you or go under and you're left out of pocket. Do you really think most govs are just going to sit back and let people evade taxes by using crypto?

[detector]

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

Are you want to tell your identity to all people so people who you do not know can track you down without being expect ?

Giving KYC means that you're giving your privacy to public so you must think twice before do it or you will regret forever

[zeingrind777]

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

not all bounty require KYC for their payment. I only get 2 projects that use KYC for the bounty payment. though it sucks. but their goals are not bad

[Eleven86]

Now in all the fields they require kyc because there are so many illegal activities now happened. To avoid that they requrie kyc. This is applicable for bitcoin also, because while you transfer bitcoin money to your account you need to give your documents. Then only they know the transaction is for legal person or illegal person. So there is nothing to worry about to give your documents.