KYC defeats the purpose of Crypto. Thoughts anyone?

[Badman-Crypto]

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.

I deeply understand if exchanges or wallets that we are using requires KYC, but when it comes to ICO — a new coin in the market? That's a big NO because I can't see the sense at all. We know and they know to themselves that they're coin is still insignificant and not yet influential so why would they require our personal infos? This kind of scenario can be compared to a man buying a bottled water in the convenience store but need to tell his name first before paying, seems pointless right?

If that will be the new system in every ICOs which will be released then probably I'm sticking to bitcoin forever.

I think the reason ICOs want KYC is so that they are future compliant against SEC action. We've already seen the SEC look into Ethereum and other altcoins as into whether they are securities or not and I think ICOs just want to cover their own backs.

[Coltpython]

You are not being grumpy. Your opinion on KYC is solid. Trading has become a problem because exchanges now demand mandatory KYC which I dislike a lot. I can't blame exchanges that ask it because it is the government in their region that enforce it on them

[colenax]

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 don't mind doing KYC in every campaign or investing as long as my data is safe.
I don't think you need to worry if you don't want to do it.
and almost at this time, both investors and bounty hunters are always included in KYC in each ico

[maydna]

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 don't mind doing KYC in every campaign or investing as long as my data is safe.
I don't think you need to worry if you don't want to do it.
and almost at this time, both investors and bounty hunters are always included in KYC in each ico

No one can guarantee that because when the data was shared on the internet, the possibility to get hacked is wide open and it depends on the exchanges, project, or even the other institutions to make sure the data is safe. At least, they can say that all of their customer data information will be saved in a safe place, but they cannot guarantee 100%.

So if you want to do KYC, make sure you know their reason to ask KYC for the members, and I think it is normal if the KYC is applied into the exchanges because the exchanges don't want to get trouble for money laundering or illegal activity from their members. But it still feels not good if give our personal information to other person and that's why if we don't want to apply KYC, we could use decentralize exchanges than to use centralized exchanges.

[Golstrim]

It is just a procedure, you know SEC is very strict organisation, so if you don't follow rules, then exchange can be closed or punished .
Check out etherdelta, they have payed like 300k usd for not following process

[wedosgibas]

Yes, that is annoying if there is no notification at the beginning, what project do you follow? Don't give your identity only to token that have no value, just leave it and keep monitoring it until it's valuable.

But if it is exchanged, the rules are indeed, that is for mutual security. But look at their reputation first.

[sumangs]

Yes, anonymity was fucked up due to the KYCs being implemented on some ICOs but what if the money used by an unknown investor was originally on theft. The example mentioned was used to detect criminals that laundered the money stolen. All things have good and bad sides like the cryptocurrency itself so does the KYC.

[gabmen]

It is just a procedure, you know SEC is very strict organisation, so if you don't follow rules, then exchange can be closed or punished .
Check out etherdelta, they have payed like 300k usd for not following process

And it's not just about the government getting access to our information in exchanges, which is probably why a lot of people are against it. It can be used to track down suspicious transactions. Why be bothered if you're not doing anything wrong.

[semobo]

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?

When you use crypto to crypto for transaction then there is no restrictions to use it but for other purpose like investing on ICOs and for trading large amount of coins on exchanges need KYC,I am not completely against it if you are not involving on any shady activities but still I am not comfortable while giving details while investing on ICOs.

[samcrypto]

It is just a procedure, you know SEC is very strict organisation, so if you don't follow rules, then exchange can be closed or punished .
Check out etherdelta, they have payed like 300k usd for not following process

Indeed, so they need to implement it but in terms of KYC on new ICO, i think that’s a risky one. The purpose of cryptocurrency is not just for anonymous, but for a faster transactions which can be done if there’s a good regulations. I will support KYC from the exchanges but not on the ICO or for the bounty hunters.

[icalical]

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 got your point and I do agree on most of the part of your argument. I believe one of the main purpose of cryptocurrency is to protect user data from unnecessary evil third party and KYC is obstructing that purpose. However, in our current economic system when we still mainly use fiat money for transaction, we still need the KYC,
I believe on most exchange you can trade any crypto without submitting your identity, only when you want to trade fiat money that you need to submit your identity.
Other than that Decentralize exchange could be a possible solution for non kyc exchange.

[Mrsparks]

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 truly sympathize with you.. It's actually what the cryptocurrencies space has resulted to but without this in place crypto would be a favourable ground for all form of nefarious activity and this will continue to tarnish the image of the crypto-community. I have my issues with KYC too but for some products and services I think KYC is a neccessary evil that everyone needs to accommodate in order for us to one day witness mass adoption of blockchain technology.

[Puremagic]

I don't like it either, thr KYC but to avoid all sort of evil 😈 it is a must.

[jademaxsuy]

Nope, anonymity is one hindrance of why cryptocurrency has been slow in adaption because the government were slowly but surely study the system on how they can accept where many users now beginning to love the system. Thus, KYC is really necessary for the government to implement so as to avoid abusive form of its use. Now, doea it really will defeat its purpose? Well the answer is no, for even with KYC still cryptocurrency will work. The P2P will not be stopped with KYC.

Thus, the need to implement are the exchanges for further resources if there is somebody from the government would like to track.

[raymondspeaks]

You guys raise an interesting point about dodgy activity! But then again it's a learning curve - for instance if there's one thing crypto has taught me and that's is how to be super careful with my money. Also, I've lost my fair share in scams but then again it's taught me how to be super aware. Not that I'm invulnerable but I can generally spot one when it comes along now.

It's been a good lesson for me in essence. It's taught me to not rely on the government to solve all of my problems for me. If I've shoved a thousand dollars in and lost it, well, I've had to come to terms with that it's my fault. Not that I'm saying you should let off scammers completely free - only that it's been easier to be culpable for my own shitty decisions.

[OptimusPrime_3]

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?

if you keep having phobia for kyc you will keep having problems with many projects. This is the only process to end scam. Tell me since the existence of so many scam projects, how many solution have you rendered to end it? And also to talk about other scammy hunters and users

[hiburak]

I agree and that's one of reasons preventing mass adoption.  People won't use crypto if they have to do KYC every time they need to use a service.

On the other hand, a lot of ICOs or crypto services shouldn't need KYCs. For example, EOS hasn't done any KYC in their coin sale and it got listed in almost all exchanges including Coinbase.

Try to stay away or at least be very cautious about anything that asks you to do KYC.

[Fredomago]

It is just a procedure, you know SEC is very strict organisation, so if you don't follow rules, then exchange can be closed or punished .
Check out etherdelta, they have payed like 300k usd for not following process

Indeed, so they need to implement it but in terms of KYC on new ICO, i think that’s a risky one. The purpose of cryptocurrency is not just for anonymous, but for a faster transactions which can be done if there’s a good regulations. I will support KYC from the exchanges but not on the ICO or for the bounty hunters.

I do also support that, exchange requirements might be okay processing KYC but for the bounty it's a question that needed think twice before proceeding, as a lots of possibilities that it can harmed you out if the project will turned out to be a scam project and the team behind can ruined your personal information.

[erikalui]

KYC was introduced because anonymity has become too dangerous today where terrorists and fraudsters trade in crypto but I agree that only banks should ask us for KYC and not these regular exchanges, ICOs and so on. They are not regulated by the Government to ask us for such personal information.

[lionheart78]

Industry wants adoption and adoption demands KYC, for legal and institution approval.  I agree it is not the cryptocurrency that demands KYC but the centralized system that wanted to control money laundering.  We cannot avoid it if we want mainstream adoption, but nevertheless anonymity is not gone with crypto you can still be anon, just avoid centralized exchanges and institution.