KYC defeats the purpose of Crypto. Thoughts anyone?

[letyouearn]

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 is another sign that lets us understand that crypto anonymity idea is an utopia. Big guys don't like it and won't let it go, people should understand it and calm down finally.

[daarul50]

Not everyone thinks that a KYC is harmful and contrary to the principle of the anonymity of cryptocurrency. Over time, it turns out that there are many parties who exploit crypto's existence for fraud so that KYC is really needed to narrow down the crime. However, the KYC is stored safely so it does not violate the principle of anonymity of crypto.

[Backupnime]

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)

you're right, this is one from many reason why KYC is needed, even blockchain and cryptocurrency are used for make user identity are anonym.
but because many fraud that's why kyc is needed for reduce fraudulent

[macshad]

I know everyone is trying to do whats best for their project but everyone is all about kyc this days, even for small bounty or airdrop token holder, if the project is not requiring KYC then the exchange site is requiring kyc and the annoying part is even scam bounties are requiring KYC and reveling someone's personal information in this world that we are is not safe anymore and there is no way to hold anyone responsible

[Lexurdania]

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?

Its true crypto purpose should be decentralized, but we should not forget that right now crypto market is like stock market. Many project come up and raising money. Government just want to protect their citizen investment and i dont think thats a mistake

[Fredomago]

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)

you're right, this is one from many reason why KYC is needed, even blockchain and cryptocurrency are used for make user identity are anonym.
but because many fraud that's why kyc is needed for reduce fraudulent

There's reasons behind but the real concept already been ruined since kyc was been introduced for those reasons you have to balanced and sets your position, in the end of the day it's you alone will decide if you proceed and process this requirement or still supporting the concept of being anonymous.

[Pearls Before Swine]

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.

That's just wrong if they're pulling that BS with you.  Any kyc requirement ought to be made clear right up front when you register on an exchange, ICO, or a bounty.

Of course most bitcoiners value their anonymity and most are used to the wild west days of crypto, but that's changing as I knew it would.  Do you think any gov'ts are going to allow its citizens to use an anonymous form of money however they want?  Of course not.  The gov't knows there are taxes that aren't being paid, money that is being laundered, and all sorts of other things.  They are doubtless putting pressure on crypto based companies to confirm their customers' identities in case the gov't needs to find out who is doing what.  And yes I admit it drives me to rip out my hair at times.

KYC is another sign that lets us understand that crypto anonymity idea is an utopia. Big guys don't like it and won't let it go, people should understand it and calm down finally.

I think we should not go quietly into that good night, but otoh I don't know what we can do.  If gov'ts and large corporations eventually put their grubby hands on crypto, they will morph it into something that none of us would recognize anymore.

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.

True.  There are exchanges where you can register with fake info, but you can't deposit any fiat and can only trade crypto pairs. I'm happy with that, however.  That is mostly what I do anyway.

[sergiokkl]

When i first to know crypto currency or most known as bitcoin, a lot of saying crypto is an anonynous society, you can have money without knowing by anyone and even transferring money from one county to another country without having any taxes from government. But kyc kills the good thing, were not anonymous at all, we are giving everything just to get that token and thats bad for my own sight

[mistanama]

KYC doesn't defeat the purpose of cryptocurrency. The purpose of cryptocurrency is to help the people in our world to get out from the centralization and have the control on their own hand. KYC is a good thing for cryptocurrency because with the help of KYC, we can prevent fraud and it will give a huge benefit for our overall crypto space.

[Lion BItcoin Shop]

bitcoin is anonym, so govermont banned it.
then gov give authorization to trade bitcoin but you must report who buy and sell it.

i think KYC is normal for legal transaction and not make bitcoin bad.

[Freescan]

I know what you feel even I also don't like the existence of the Kyc system at the exchange place not because I don't believe it but the crypto world is anonymous so we want to trade or investment don't need to send personal data, besides we don't know whether the data is guaranteed either misused by them. that's the way it is.

[Snaic]

In general, when using cryptocurrency, we will not be able to get rid of KYC checks. However, such verification should be applied only for the purpose for which it was intended. The activity of companies in raising funds and issuing new tokens must be regulated by the states and the participants in bounty campaigns and investors who buy tokens for small sums should be freed from such verification. Now, with KYC testing, it is simply abused to the point of absurdity.

[MonsterV]

in my opinion there is no problem with Kyc and it is legitimate when an institution or company applies Kyc to its customers, but what is wrong is when our privacy data is misused by the company.  And not a few companies that complicate the process of Kyc, even I once only verified Kyc to wait 5 more months.  But I hope that the complaints of Kyc can be improved for the better

[aervin11]

Or am I just being a grumpy old man?

You are not a grumpy old man (or maybe yes LOL), you just understand what cryptocurrencies are made for, it's users anonimity, our privacy, KYC is done because of this laws blabla but the fact that this ain't regulated. KYC is such a waste of time and what we need to avoid.

[rjp55]

Bitcoin did born with privacy we don't even know who satoshi still is.

But on the other hand, there is crazy amount of scammers in crypto world. So i can't decide about kyc.

[joinfree]

Well if not for the greed and bad thoughts of men there are would have not been any need of KYC but because there are so many cheaters and scams floating around we can help it but to let go of a very nice feature of blockchain technology and that is anonymity

[michellee]

Bitcoin did born with privacy we don't even know who satoshi still is.

But on the other hand, there is crazy amount of scammers in crypto world. So i can't decide about kyc.

Many people on the cryptocurrency will not prefer to do KYC because we have the awareness that our identity will get hacked or will get publish in out there. Besides that, no one guarantee that the identity will be saved in their hands. That's why we are still afraid to do KYC, but in some point, KYC can prevent from the scammers. Maybe both side will need to do KYC so we will feel more secure.

[raymondspeaks]

This is a big thread - I'm struggling to keep up with it haha.

It's interesting that a few of you have described the idea of financial anonymity as us KYC haters see it as a Utopia. I disagree. I only see it as intrusive. That's all. I know too much about the human tendency to be idealistic enough to believe that a Utopia can be realistically achieved. The foundation of Bitcoin (and crypto) in general was government and big banking destabilization. The friendly revolution. Those that control the wealth pull the strings. If they can no longer freeze our bank accounts because crypto has personal ownership then they can no longer be our puppet-masters.

KYC is inverse to that vision.

[florac9]

Don't take it to the heart, I think KYC will make crypto more trusted because scammers won't go scotfree after dropping there ID but KYC is not handled the right way because  we still have projects implementing KYC and they are scam projects so those who dropped there ID to such projects should be worried because  the ID is not safe. 

[raymondspeaks]

Hmm. Great in theory, but in practice, no.

Scammers are everywhere and move with the progression of technology. With that idea then scammers should have given up the first time firewalls and virus checkers were invented. But no, as the awareness grows, so does their attempts to part you from your identity / crypto / money.