KYC defeats the purpose of Crypto. Thoughts anyone?

[mr_random]

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.

It is not only about scamming and taking money from strange people. The technology behind the blockchain doesn't let the scam organizations do their job properly and this is also the case for the single scammers. They look for gaps on the system and these gaps are used against the users for scamming purpose.

[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.

It is not only about scamming and taking money from strange people. The technology behind the blockchain doesn't let the scam organizations do their job properly and this is also the case for the single scammers. They look for gaps on the system and these gaps are used against the users for scamming purpose.

Yup, hence my point. We don't need KYC.

Crypto itself is scam inhibiting technology. Even if the media tells us differently lol.

[miklesm]

I agree with you, cryptocurrencies were invented to provide anonymous, fast and chap transactions between people, and now at any exchange or ICO you have to pass KYC, which is not a garantee of the real identity.

[JuggSlash]

Crypto is for the anonymity, but there is an investment about crypto so we should KYC all the investors to know if they are real not a person who wanted to launder the money.

[lovesybitz]

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 I am going to be follow, same like others I don't like KYC its not because I don't have any personal valid, of course not! We all know here that most of the crypto are decentralize and this KYC I think breaking the good image of crypto anonymity, but sometimes We can't do nothing for it its part of the rules in campaign for us to get our rewards.

[babarian]

Just think positive, maybe they need KYC for identity data from their community, maybe even that was asked by the government from the country where ICO came from.
because actually, the ICO project does not require KYC if it adheres to a decentralized system.

[criket]

Just think positive, maybe they need KYC for identity data from their community, maybe even that was asked by the government from the country where ICO came from.
because actually, the ICO project does not require KYC if it adheres to a decentralized system.

some governments have indeed requested supporting documents such as KYC from the ICO project community. we still have to think positively, where we also enjoy the results of the bounty we get. as long as there is no abuse for our KYC documents so far it will be fine.

[spngebob]

Or am I just being a grumpy old man?

Not at all. People joined crypto revolution because kyc wasn't required for anything and because of anonymity. I think lots of politics are involved in crypto lately and every single country wants piece of our money. They want to control crypto, I think they are very successful in that and crypto is slowly moving into different direction. Sooner or later every service will ask KYC, and we can't do anything about it. Accept it or leave this.

[raymondspeaks]

Or am I just being a grumpy old man?

Not at all. People joined crypto revolution because kyc wasn't required for anything and because of anonymity. I think lots of politics are involved in crypto lately and every single country wants piece of our money. They want to control crypto, I think they are very successful in that and crypto is slowly moving into different direction. Sooner or later every service will ask KYC, and we can't do anything about it. Accept it or leave this.

I think you hold a good point there. I remember the days when you could trade on Bittrex and they were glad to take your crypto without any ID. Now they hold all my ID. I use Bittrex a lot so I had to do this. It's either suck it or leave it.

BTW Yobit still doesn't ask for ID for anything. I've used that place for at least 4 years now. That being said the experiences that have came out of that place so far have been mixed. I've never had any bad experience though!

[reda]

KYC is to verify that you are not part of the country where the ICO and crypto is not legal. If you have more love on crypto you may need to come out of the country or fight with your country's finance ministry to make it legal.
Without that trolling they are required KYC and blabla in the sense. No use at all.

Please check the ICO details before invest on it. May be they also a scammers.

[GregH37]

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.

They just need to regulate it; they need a better advisor that will make them see the reason that not all investor requires KYC, the main reason for KYC generally is to be able to flag down anyone that makes a money laundering move.

When it comes to money laundering, we are not talking of token here, because., for any money to be tagged as being laundered, it must have been a certain amount that is bigger than what the government support and since many of these investors are with little token, they should limit the KYC to a bigger transaction and not these smaller ones.

[trash321]

KYC is a terrible process that was created to destroy our community and, in general, it really did everything to destroy our world. They verify us and do not allow us to invest without a proper image.

[raymondspeaks]

KYC is a terrible process that was created to destroy our community and, in general, it really did everything to destroy our world. They verify us and do not allow us to invest without a proper image.

Yup! Definitely a total hindrance. I loved anon investing. I still do

[voltesbit777]

KYC on cryptocurrency is somehow setting up regulations on a decentralized system of blockchain technology. The anonymity brought by decentralized system is one of the reasons why some countries still do not recognize cryptocurrency. We can't deny the fact that some illegal transactions are taking advatage of this anonymity. Some people are hiding their transactions using cryptocurrency making those money transfers untraceable due to lack of identity. With the growing usage of cryptocurrency and the security involve, KYC seems to be inevitable even though it depicts the nature of cryptocurrency. Unless, we can think of a better way to prevent illegal activities here in cryptocurrecy.

[Keadyar]

KYC on cryptocurrency is somehow setting up regulations on a decentralized system of blockchain technology. The anonymity brought by decentralized system is one of the reasons why some countries still do not recognize cryptocurrency. We can't deny the fact that some illegal transactions are taking advatage of this anonymity. Some people are hiding their transactions using cryptocurrency making those money transfers untraceable due to lack of identity. With the growing usage of cryptocurrency and the security involve, KYC seems to be inevitable even though it depicts the nature of cryptocurrency. Unless, we can think of a better way to prevent illegal activities here in cryptocurrecy.

I think you are right. Although I don’t like the idea of passing a KYC and submitting my documents, but I think that it is inevitable. Sooner or later, all users of cryptocurrency will have to pass verification.

[liuqi]

KYC is a terrible process that was created to destroy our community and, in general, it really did everything to destroy our world. They verify us and do not allow us to invest without a proper image.

Purpose of being use the decentralized cryptocurrency is to stay anonymous but the KYC is not needed here for decentralized market. When you are looking to invest on IEO or ICO and they are asking for KYC, please do not invest your money there.

If we feel easy to invest with the KYC verification even they will take it as easy and gather our passport details too.

[FaucetKING]

I have the same opinion just like you Op.. I don't like the KYC stuff.. I don't love the way that companies grab and force us to send our own documents to persons we don't trust and we don't know.. Don't forget the fear of a data breach that could let the hackers grab our documents and sell them in black markets..

[tadpole_bitfrog]

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 were quite grumpy about this. The KYC will be used to identify the identity of each bounty hunters and to prevent participants from using different accounts.
That's the main reason they ask for your KYC.

[WannaCry]

most of us hate doing or submitting kyc..  .. for exchanges its understandable that we need to do KYC, but for some other activities like airdrop and bounty no that's not a good idea..

[greenclub09]

most of us hate doing or submitting kyc..  .. for exchanges its understandable that we need to do KYC, but for some other activities like airdrop and bounty no that's not a good idea..

Of course for any investors and traders, KYC is annoy and complicated because we all afraid our informations can be loss into some bad people hands, thanks to cryptos itself, we can still keep our information private,but if we want to sell or trade, we surely need a exchange, that is when we have to KYC, if the exchange is good enough they will oblige us to do KYC to trade high value, this help the exchange safe from scammers but hard for bounty hunters who just want to sell their token for money, we maybe dont like KYC but we have to accept the risks in this market.