KYC defeats the purpose of Crypto. Thoughts anyone?

[abake]

There is some sense in your write up. But some exchanges are centralized for instance, KYC is a requisite for operation if you know what I mean. The part I detest about KYC is for ICOs, I think it's needless. KYC should be for STOs. All said, our opinion doesn't change anything, so it's optional, normally I do KYC only when I deem it extremely necessary.

[electronicash]

you can just avoid doing KYC you still  have the option but the reason why there is the need for it is because we pursue the adoption. if you  feel like you don't have to join a project because you were asked to submit documents you can just ignore the project and buy from the DEX if its there. CEX doesn't ask for documents if you do buy less and withdraw less under their limits.

[ralle14]

KYC is a necessity in this Current space but it will not last forever

It might not last forever but it will for a very long time because right now it's looking like the opposite of what you're saying. Those exchanges and other platforms who don't have KYC before like shapeshift for example are changing and decided to implement KYC.

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.

The tier system you're pointing out would only be temporary they could easily remove or increase the limit on these tiers. Also it happened to one of the exchanges that i've used years ago after they get regulated.

[Irvinn]

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?

We will not be completely anonymous in cryptocurrency. States will not allow anonymous financial flows around the world. However, due to the fact that the circulation of cryptocurrencies is still poorly regulated, and the activities of the ICO are practically not regulated at all, many are still being abused with the KYC audit. This is especially true for ICO teams. I am absolutely sure that bounty hunters should not undergo such a KYC check, because carrying out this check on bounty hunters is contrary to the purpose of the KYC check. I think that in the future, the KYC audit will also be more streamlined and this present absurdity, when they are asked to pass the KYC audit at every step, will end.

[Mpamaegbu]

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?

You aren't alone on this. I don't like the idea of KYC too but that's the price we got to pay if the global/mass adoption we crave must happen. You win some, you lose some. I remember my first transaction on Changelly in 2017. It was expressly done. No KYC. All that was needed was an email registration. The same thing happened with Binance when it was newly established. I could withdraw my coins without a KYC validation. That isn't the case now. Sadly, we can't remain anonymous anymore.

[Marksmanio]

Fuck that KYC shit. I dont like that or deserve that from crypto. Anonymity is everything for me to here. I dont like this new icos whom are wanting KYC

[pelumi20]

The whole idea of cryptocurrency and blockchain was built on the concept of decentralisation. Decentralisation in the sense that you can be able to complete financial transactions anonymously without releasing your identity. The introduction of kyc defeats the whole purpose of cryptocurrency and blockchain because it is no longer decentralized and anonymous when you give up your government identity to the team of a project. You are no longer anonymous and this defeats the purpose of a decentralized cryptocurrency system.

[dabenko]

We still have our choices to make as crypto enthusiasts.
If you want to totally avoid giving out your personal details I'm the name of kyc, then you should not go close to anything that has to do with kyc.
Yes, there are projects and exchanges that ask for kyc, yet there are those who do not also ask.

[raymondspeaks]

Absolutely right. But greed has blindfolded all of us. Whatever they command for money, we do it all. That is why the old days were better. It is like, as the community grew, the surroundings changed a lot.

It absolutely did. Myself included. Sometimes I have to hold back and remember the vision Bitcoin was built upon. The best thing about crypto is that you have to hand over ownership of your coins. It can't just be taken away from you. Banks do that all the time. Limit your accounts, steal your money, run up shitty baseless charges. Can't do that with crypto - unless you left it on an exchange of course!

[minersday]

From my observations made in the crypto space, KYC is just one of the ways people are trying to make crypto transactions centralized. KYC was the first step introduced to obtain information about people on a particular platform to monitor their activities and also know the amount of crypto coins they have.  KYC is currently the flaw in the crypto space.

[LUCKMCFLY]

I think now we have to get used to the KYC, because many ICO project, STO, are asking for KYC as a requirement, and in case they do not want to do it they just do not receive any reward, many claim that they demand it to avoid fraud, there are many that They are cheaters.

For the STOs they are demanding many rules, including having everything as legal as possible, this with the purpose that the investors finally achieve trust in projects that do not become SCAM. And seeing it that way I think it's worth it.

[joromz1226]

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 Kyc has a capability to defeat the purpose of crypto for sure decentralization is no longer exist in my opinion.
But why decentralization exist at the present time now? it is simply because this is the uniqueness of crypto base on my
analysis. Although, most of the community here hate it, but can't do anything about it but to apply or submit their personal
info if they want to get their profit.

[giletto]

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?

No, you are not a grumpy old man. Kyc is watering down the efficacious  design of cryptocurrency and if things continue this way, the centralised bodies will have their way and fully regulate cryptocurrency to their benefits

[Zurcermozz]

yes i think it destroywed the anonymously of a user if a project needed KYC. All of your personal info are needrd so you can join or partcipate in a certain event.

[Carrelmae10]

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)

..yeah that's true..if all of the crypto related exchange and companies would implement KYC,the anonimity of every crypto holders will be violated and that is not a form of a decentralize government..I don't believe on KYC in crypto for the integrity of our personal data are private and you have the right not to disclose all your private information to the public..

[reynald70]

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)

..yeah that's true..if all of the crypto related exchange and companies would implement KYC,the anonimity of every crypto holders will be violated and that is not a form of a decentralize government..I don't believe on KYC in crypto for the integrity of our personal data are private and you have the right not to disclose all your private information to the public..

Yes, I myself strongly disagree with the existence of KYC in the Crypto world, especially in the need for KYC to get a low-paid Bounty, but that makes our data in the hands of others.

[upsidedown75]

Same point I keep making, I don't see any reason why we need to carry out any KYC process before we can be able to withdraw our tokens,  it doesn't even make any sense,  the only time any company should conduct KYC is when payment via fiat is available in the platform to make purchase of token, but any other reason is just pure wickedness and I don't see any need,  if there is anyone that need KYC, it should be those who are in charge of the project because we don't really know who they are and we commit our money to them.

[pisston]

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)

..yeah that's true..if all of the crypto related exchange and companies would implement KYC,the anonimity of every crypto holders will be violated and that is not a form of a decentralize government..I don't believe on KYC in crypto for the integrity of our personal data are private and you have the right not to disclose all your private information to the public..

Yes, I myself strongly disagree with the existence of KYC in the Crypto world, especially in the need for KYC to get a low-paid Bounty, but that makes our data in the hands of others.

At least I think that the current situation in the cryptocurrency market completely contradicts the criteria for anonymity that were announced and declared in previous years.  To such an impression that every year the problems are aggravated and it is a pity if in some cases users of cryptocurrency are deceived.

[Defimwh]

Yes i defenitely agree with you. thats why i don't agree with KYC. but of course everybody have their own opinion because they are have difference purpose or difference reason why they use crypto. but for me anonymity is one of the reason why i use cryptocurrency, so..

[Petchant]

Yes, the aim of anonymousity and decentralization has been defeated through kyc but the truth is that we can run away from it if we want the world to embrace cryptocurrency and being adopted by the masses and global institutions.