KYC defeats the purpose of Crypto. Thoughts anyone?

[MUG1WARA]

if investors, in my opinion, are very reasonable if they do KYC because they make an investment and must secure their assets, but for exchanges that require KYC to actually challenge anonymity,but  that is presumption now and we can't avoid it.

[okala]

if investors, in my opinion, are very reasonable if they do KYC because they make an investment and must secure their assets, but for exchanges that require KYC to actually challenge anonymity,but  that is presumption now and we can't avoid it.

What most tokens does during they ICO is all investor's will go through kyc process and when going into the exchange they customers don't need any other kyc again thee will only work with the on they have already done on the site. But most exchange's this days place limit on the amount of trade you can carry out until you have done kyc.

[Rapidgator]

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.

But remember that on the DEX you really don't need a KYC process because of the idea which DEX'es have. Then every transaction is not centralized.

[Vishnu.Reang]

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.

But remember that on the DEX you really don't need a KYC process because of the idea which DEX'es have. Then every transaction is not centralized.

DEX is a good option for those users who don't want to undergo KYC. But from what I have seen, the prices (in terms of ETH) is normally at least 20% lower in DEX when compared to the other exchanges. And not all of the tokens can be traded in DEX sites.

[jvdp]

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.

If you see the recent time projects which is been launched via exchange launchpad, they are mostly receive your KYC to invest and participate on public sale too. So how did you say most of the coins are not required KYC.
If you are referring the coins already listed on the exchanges and large in the use.

Obviously yes we can find it easily without KYC buddy.

[Anonylz]

Yeah crypto is suppose to be anonymous but the minutes kyc started becoming a requiremrnt, crypto has stated deviating from the purpose of anonymity and decentralization to what i would call semi-centralize, where is decentralization and anonymous when personal information about users are now been requested for? i think crypto has really deviate from it's purpose.

[Huntler1993]

Absolutely, everything is changing which is very disturbing but others see it to be good. Gone are the days who cares about your identity. Now every single shit KYC is needed. This sometimes makes me feel one day we will wake up only to find out Crypto world has been centralized.

[bonker]

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?

KYC has some positivity for the cryptos as well,because there is an opinion among the people about cryptos was used by the criminals and also being used for illegal activities so if we can prove that we are also using cryptos as a normal user then it can bring adoption among the common people.

[jjbanks994]

I can see where people are coming from when it comes to KYC but I also think that compliance is important for the safety of populations over individuals. We have seen the war on drugs and major scams happen which directly alter a community. So yes KYC isn't ideal but I think keeping individuals safe reigns supreme

Blockchain forensic companies like ciphertrace are what keep my beliefs in the bigger problems at large rather than a single bad transaction. It's the ones where a ton of people are getting harmed

[Milamol]

Absolutely, everything is changing which is very disturbing but others see it to be good. Gone are the days who cares about your identity. Now every single shit KYC is needed. This sometimes makes me feel one day we will wake up only to find out Crypto world has been centralized.

And this is going. ICO was an element of decentralization. IEO is centralization. Mining is concentrated in large pools. This KYC is a "good" addition to the going on. It seems we need to leave only BTC. It all started with it, and let it continue.

[Bokile]

Once we agreed to KYC we betrayed the whole concept of crypto. Unfortunately, it looks that we are greedy and care more about money than our privacy.

[Sanford]

Once we agreed to KYC we betrayed the whole concept of crypto. Unfortunately, it looks that we are greedy and care more about money than our privacy.

And who agreed to this. Just stretched and everything. Lured money. Then they lowered rates and everyone is sitting on passports. There are still anonymous projects. I think with the pros on them big.

[rarkenin]

The KYC requirement is necessary in my opinion and this tool can be used for the safety of the project. The big projects always ask the documents of investors for sending the customer data to required organizations in order to check the GDPR compliance.

[Whosdaddy]

There is always a reason for everything, those time you could trade freely, there was also no issue of scams and people taken advantage of system to do dubious means, people purely was after the use of the cryptocurrency for payment and investment, until so many bad things started getting introduced, we now even have people that launders money through the system.

Especially for exchanges, I think they have the right thing by asking for KYC, because both money launderers and ICO scammers must definitely go through them to change their money and I think if they are strict about this, things can also be controlled. This is the situation we found ourselves, bad guys have also hijacked the system, so there is need for regulation and I don’t go against it. 

[boazsalosa]

The KYC requirement is necessary in my opinion and this tool can be used for the safety of the project. The big projects always ask the documents of investors for sending the customer data to required organizations in order to check the GDPR compliance.

Yes big projects definitely need investors' data to stay awake and in the data so that they are not misused, KYC is very important for your funds as a large investor.

[adzino]

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?

Well it does. Crypto currencies were made to bring financial privacy in peoples like. Unfortunately, if you fill the KYC form, you are no longer hidden and all your information will be connected to your specific wallet/service (that you are using). Your financial matters will no longer remain private. Sadly, most of the ICOs that takes your information turns out to be a scam. They scam people and then earn more by selling out your information. Remember, there are always alternatives. If one of the service you are trying to take asks for a KYC form, then move on to another.

[kewlc3s]

At the moment KYC might be just check.. But, if you are paranoiac, like many of us.
You just see in nightmares what wrong persons could do with all your KYC data.
I suggest to avoid KYC if possible, especially for scammy bounty campaigns, airdrops and not reliable ICO

[Perfect35]

It's good to still see that some exchanges still allow trading and withdrawal without kyc to an extent and that can also be of assistance to those who cannot afford to give out their personal data to any external body. Those who want to avoid it totally, switch over to DEX.

[Eildosa]

Previously, crypto was underdeveloped and there were no scams so it was completely anonymous. Now it is almost a forced measure. But I agree with you that for bounty hunters this surplus. These are ordinary participants who do not affect the development of the project in any way and therefore I do not see the point in having them undergo the KYC procedure.

[dncdog]

Previously, crypto was underdeveloped and there were no scams so it was completely anonymous. Now it is almost a forced measure. But I agree with you that for bounty hunters this surplus. These are ordinary participants who do not affect the development of the project in any way and therefore I do not see the point in having them undergo the KYC procedure.

Scam prevention is just small role of KYC, in my opinion. KYC has its bigger role to prevent money laundering via crypto, that is the main reasons why governments require KYC as they believe they can better control such activity via KYC procedures. But I doubt that they can fully achieve this purpose because bad guys always figure out the way to do what they want. Personally, I don't like KYC requirements, especially when I have to do KYCs on small exchanges.