KYC defeats the purpose of Crypto. Thoughts anyone?

[BlueStackz]

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.

I guess satoshi lying low for now is just to show us example of how reliable the system can be when it comes to its advantage of anonymity, but like you mentioned, the good intention has been hijacked by scammers with their crazy activities.

What needs to be done now is not to condemn the KYC completely, but we just see how we can have a separation from the things that KYC is very necessary for and the things it is not necessary for, not the way everyone is just asking for KYC for both the necessary ones and the ones not necessary, take for example, investors and hunters, KYC is very necessary for investors while it is absolutely unnecessary for hunters.

[raymondspeaks]

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..

I fear this. Even small trade on localbitcoins.com - I've had in the past people asking for my passport. Um, no! I'm not giving away my most valuable information to a single end-user. That's like daylight data robbery. Even if their intentions are good how do I know that their way of keeping my data is secure?

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.

It's not just for bounty the KYC process. They ask for ID on exchanges, ICOs, small trade, you name it. Mostly when it's not needed either.

most of us hate doing or submitting kyc..  Grin Grin.. 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..

Right. How did they manage before KYC? Quite easily if I remember.

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.

I think the lesson to be learned here is seek out smaller decentralised exchanges

I guess satoshi lying low for now is just to show us example of how reliable the system can be when it comes to its advantage of anonymity, but like you mentioned, the good intention has been hijacked by scammers with their crazy activities.

What needs to be done now is not to condemn the KYC completely, but we just see how we can have a separation from the things that KYC is very necessary for and the things it is not necessary for, not the way everyone is just asking for KYC for both the necessary ones and the ones not necessary, take for example, investors and hunters, KYC is very necessary for investors while it is absolutely unnecessary for hunters.

I think this holds water in my eyes. KYC for the necessary things like big centralised projects and exchanges. No KYC for smaller projects and exchanges. AND no KYC for anything decentralised. In my opinion

[flash101k]

KYC is required for several projects in some countries because governments in these countries need companies to publish the identity of the owner of tokens through investment. In the long run, KYC has become a mandatory factor in determining that it is a good project and should invest in that project.

[raymondspeaks]

KYC is required for several projects in some countries because governments in these countries need companies to publish the identity of the owner of tokens through investment. In the long run, KYC has become a mandatory factor in determining that it is a good project and should invest in that project.

Disagree. I've seen in the past some terrible projects that require KYC. I put 3 eth into one when in the days when eth was at its peak and it lost more than 80% of its initial value.

[OLDARH]

I understand the need to provide a package of documents for trading on a large stock exchange, which, in turn, regulates its activities in accordance with the laws of the country of registration.
But when documents require small one-day crypto-exchanges - this should be alarming.

[Babbylily1112]

This is exactly my thought about KYC, it contradicts the essence of Crypto which is anonymity irrespective of the facts that most projects now see it as a way of their assurance of transacting with the right people

[HasHe]

They want to have a decentralized transaction but need to KYC? I don't know why some exchanges need also your KYC and some wallet companies including blockchain, maybe later coinbase will requires your identity before your withdraw.

[yeniruieni]

In the beginning, I was also very opposed to the existence of KYC for Bounty participants. However, I see that this has a good purpose, namely to reduce fraud. So this is not a problem for me now. But I also tried to find projects that did not use KYC.

[magicrypto]

You are right, but nobody asks you to do KYC for using crypto...Investing in ICO is do not the same thing, so project making their own rules, because you are investing in their business and raised funds must be clear.

[inanilujimi]

not only you who don't like KYC, but almost everyone who is in the crypto scope doesn't like it.
but this only applies to centralized exchange rules and you can choose which exchange you want.

[lornadane]

I feel the same. The KYC things are very annoying and the sad part is, it is bringing by all of the crypto related websites! I don't know how we become used to with it! Personally, I don't have a problem with KYC, because it can protect you from the scammers and hackers! But when I think that KYC is spoiling the crypto's nature anonymity, I feel bad!

[anjho.ace]

Cryptocurrency specially BITCOIN is made to have a freedom to earn and have money or store it.
This KYC just implemented due to many restriction of some country. there are some people who wants regulation to make CRYPTO acceptable in many ways in every country.
But this KYC ruin the essence of cryptocurrency.

[lolgato1]

Not every cryptocurrency was created to be anonymous. Bitcoin is fully transparent and as soon as someone finds out who is the owner, everyone will know about all your transactions. And people are afraid about this, that is why they avoid KYC process if they can.

[dearbesz1219]

Today I saw on Reddit that US people received a letter from the IRS that they know about owning cryptocurrencies and pushing people to pay taxes. 
Coinbase KYC cause this situation.

[jazmuzika217]

I think this okay. You will now accept the reality that we are have ni choice but the accept this kind of regulation.  And I think they can only think our security and safety that can apply more if we foow in the KYC requirements. Take time to think it in positive way I think this is more acceptable specially for the investors who are in adjustment period stage.

[farraddy]

At the very beginning, the cryptocurrency assumed the anonymity of the user. Neither KYC could not be required. Now there is a lot of money in the crypto and we must understand the desire of investors and exchanges to protect them.

[cassavachips]

It is indeed incomprehensible with new projects that require KYC, they are like destroying the cryptocurrency ecosystem. Though cryptocurrency is anonymous and maintains user privacy, transactions. Cryptocurrency fades and is used to seek profits only by irresponsible people who have dirtied it

[Zionatin]

There is no "being on the safe side" each country has different rules and decent exchange will have a daily limit of say 1 or 2 btc. Anything less then that is ridiculous. If you want to unlock the daily limit then you need KYC.
Then you get people who want your KYC just to use their exchange or put such a small limit. Get it in their heads that money laundry is done in mass not in small amounts. Just making things irritating for your regular users.

[Miy Monk]

Sometimes I also feel the same way. KYC could be a threat to some investors whose country don't allow him or her to go crypto world. But, maybe it's good for other safety issues. Something like "Greater Good".

[Flux0z]

If you're sick of KYC, simply start taking advantage of the DEX solution out there. Most of them are trash, and got bad liquidity, but your privacy is intact at least.

Keep an eye on the Stakenet Lightning DEX, which is the first masternode based lightning based DEX. The cool thing about it is, that the masternodes running the DEX will get the fees collected by it's users transactions.
All the blockchains will be hosted by the nodes, so you wont need to SYNC with the network to start trading.

Perks:

Lightning fast
Very low fees
100% privacy
Peer 2 Peer, no central part

The Stakenet DEX is just ONE of many DApps provided by Stakenet, the project itself offers way more than that actually.

Do your own research