KYC defeats the purpose of Crypto. Thoughts anyone?

[raymondspeaks]

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?

[sandra_x]

One of the beauties of crypto-currencies is that it creates an avenue for users to maintain some level of anonymity, but with the constant pestering about KYC (many of which are scams) that seem to be waning. kYC presents a single point of failure for crypto unique feature of anonymity (or pseudo anonymity)

[raymondspeaks]

One of the beauties of crypto-currencies is that it creates an avenue for users to maintain some level of anonymity, but with the constant pestering about KYC (many of which are scams) that seem to be waning. kYC presents a single point of failure for crypto unique feature of anonymity (or pseudo anonymity)

I agree there. It does my head in!

[fuer44]

yes, this has deviated from the original crypto goal which created an anonymous and free payment method without having to involve personal identities and documents. just positive thinking, maybe this is a first step in getting legalization from the government related to the existence of personal identity.

[NightMar_1St]

right. It makes me very upset. kyc for STO projects. We trade under control and are not anonymous.

[jakelyson]

Everyone hates KYC but that is the price we have to pay for the adoption. To be able to freely trade, exchanges needed to abide by the current regulation. And the current regulation requires KYC.

The original purpose of crypto is to remove the third party during transactions. It was never really anonymous because your address is on a public ledger and anyone who wants to track it can do it.

[kawetsriyanto]

To be honest, I feel the same as you. All of us should know that crypto upholds anonymity and decentralization. With KYC, it breaks anonymity, and it deflects the purpose of crypto itself. But we mustn't deny that KYC is needed to eliminate fraudsters. So, what is the solution? For now, I don't really know a perfect solution for this case. I think we must find out another way that smashes fraudsters but it also doesn't break anonymity.

[Vod]

KYC is not related to crypto at all!

KYC is for taxes on a centralized system.
Crytocurrency is decentralization of currency.

KYC is only required if you want to deal with the centralized system.

People who stay in crypto don't need KYC.

[vit05]

The purpose of cryptocurrency is not to offer a totally anonymous financial system. It might work for this, but it's something much bigger. It is to offer a reliable system that is decentralized.

And KYC is a system for companies. Bitcoin does not require KYC, and you can mine it or use a p2p if you want greater privacy.

[labilaab]

We cant blame the other crypto companies implementing it maybe because of frequent spam and abusive users.In case of exchanges i guess its just acceptable since they are just verifying the ownership of the account by conduct KYC.

[antsam]

At the ICO stage and the like I think reasonable investors are required to fulfill KYC, because they are aware of their investors and to fulfill the fund collection regulations. But what I do not agree with this KYC is the exchange position, because there is an exchange that requires KYC. That is what I think eliminates anonymous crypto spirits

[ccsang]

Maybe  , that time everything without KYC - is gone. I think most of us don't like kyc and let third party holding our government ID, but most of the time I just give them my driver license card because they can't do anything with that

Or am I just being a grumpy old man?

did you means P2P crypto exchange? as I know that some of them also required proof of identity.

The purpose of cryptocurrency is not to offer a totally anonymous financial system. It might work for this, but it's something much bigger. It is to offer a reliable system that is decentralized.

And KYC is a system for companies. Bitcoin does not require KYC, and you can mine it or use a p2p if you want greater privacy.

[stegos4privacy]

The purpose of cryptocurrency is not to offer a totally anonymous financial system. It might work for this, but it's something much bigger. It is to offer a reliable system that is decentralized.

And KYC is a system for companies. Bitcoin does not require KYC, and you can mine it or use a p2p if you want greater privacy.

True. The whole point of Bitcoin is to have a p2p transfer of currency without the need to know the guy on the other end.

[coin-investor]

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'm just like you a grumpy old man too, I don't like KYC too, not because I want to hide something I'm not doing illegal nor a hacker, I just don't want my information on the internet where everyone can access, even in your real life offline, you don't want any people asking you vital information unless he is working in an institution that guarantees safety of your information.

[adekogbe]

Kyc procedures really does defeat the purpose of anonymity and decentralisation in the cryptocurrency universe this is because even multinational companies like facebook have been charged for leaking personal data of its users at some point or another.

so smaller companies like the blockchain companies which I have very little to no oversight on all their operations there is a very big chance that this leaking or misuse of data will happen.

Especially the scam project who will leak out a kyc documents of its users.
 I believe kyc is really not necessary for investing in cryptocurrencies because the same coins that a lot of people are buying during the token sale and fulfilling kyc procedure for, this are the same coins that some other people will get on exchange without any Harper of entry at all, so I don't see the point.

[Muzika]

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?

Most of us against in KYC process, we dont know what would be the next thing may come and we dont know what will be the purpose of doing a KYC by the team, the KYC process cant give us an assurance of getting what people's deserve.

The good thing with it is the government intervention, but how can we assure that the KYC process will be backed up by the government right? The KYC process will really take place soon because of the law, wherein the different team resides and they should follow the law.

[dncdog]

KYC is not related to crypto at all!

KYC is for taxes on a centralized system.
Crytocurrency is decentralization of currency.

KYC is only required if you want to deal with the centralized system.

People who stay in crypto don't need KYC.

I agree with you, Vod. KYCs mostly relate and come from governments, not from crypto projects. In reality, crypto community don't need KYCs. Why crypto enthusiasts need to have KYCs whilst they can sign message or PGP to prove their ownerships or store them as proof of their works.
KYCs only considered and requested by governments who simply want to do some basic things with KYCs, such as following flow of money in order to get more taxes for gonverments' budgets, and to prevent 'legally' shady money transactions

[florac9]

It's really a shame that where crypto is heading is not anonymous  but at the same time it will be easier to track cheaters, hackers, stolen coins now that every participants must prove they  are real with KYC procedure

[shinratensei_]

right. It makes me very upset. kyc for STO projects. We trade under control and are not anonymous.

Rather than forcing the participants to do KYC and it much better to create a tier for any users. this will be much fair compared with forced the whole of users to do KYC verification. Binance was doing it and so far there was no serious problem with it.

[dutechman]

Of a truth this is not making sense, KYC should not in anyway be compulsory in crypto, it should be optional. Crypto transactions are done among individuals without physical contact, the goal is decentralization. Come to think of it, I don't know the identity of the company or whatever it may be I'm dealing with, why do they need to know mine. KYC should be optional in crypto it is not compulsory.