KYC defeats the purpose of Crypto. Thoughts anyone?

[Successmaniac4]

Crypto upholds anonymity, so I wonder where this KYac thing came from. Well, I think during bounties, people are known to cheat with multiple accounts so the KYC has helped to curb that.

[Wolfwar]

Crypto upholds anonymity, so I wonder where this KYac thing came from. Well, I think during bounties, people are known to cheat with multiple accounts so the KYC has helped to curb that.

I think that we need to look at this problem more broadly, and this is not only a solution to the problem of using multi-accounts on bitcointalk.  The fact is that only through the provision of passport data is full legalization of cryptocurrency possible, when any state can allow all users to use cryptocurrency in their daily lives or work in a cryptocurrency market, earning good income.  Practical is one of the basic conditions for the further development of cryptocurrency in the world.

[EXtremeAEX]

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 drop all my soothing thoughts, then yes, it is pretty damn annoying. Once again, influential people are trying to take control of the financial situation of all those who are trying to somehow materially improve their lives. And the governments, taking advantage of this, are trying to tax my honestly earned money. Oh, this reality, I understand you perfectly.
But all these annoying thoughts are very destructive for me (as well as for any other person). Therefore, we must try not to succumb to this negative.

[graffix]

That's true. KYC is a problem to the meaning of cryptocurrency. But another problem is we gave our identity to an unknown party. So how we sure about the security of our data. That is the biggest problem I seeing in this KYC system.

[UniversityCoin]

Cryptocurrencies were originally an independent tool for investing and trading, and nobody needed your personal data. Now I ignore the exchanges, where they demand to go through KYC and advise everyone to do so.

[joinfree]

This is so true, the performance of Know Your Customer by people really affects the feature of anonymity in the blockchain industry but i guess we can't say much as this is also one of the security measures taken to prevent scammers from ruining the accounts of original users.

[flemmings02]

Agreed.  I've only done a few KYC's which were required such as Coinbase and Binance to increase my limits.  

I prefer to use a portion of my limits daily till I'm done with the total amount I want to withdraw or deposit, I don't want to have my details being on the wrong hands.

[novy]

Where KYC usually is integrated? Exchanges and ico market. If you don't want to keep your coins on the exchange, just keep it on hardware wallet and sell on the OTC. This way no problems with kyc.

[tsaroz]

Things and perception has changed a lot. KYC may defeat the purpose of Satoshi or any privacy focused coin but with too much of fraud and scam, crimes and money laundering using the anonymous nature of crypto, most people now accepts the fact that crypto too should be regulated. Cryptocurrency word actually refers the underlying technology not the ethics. So, cryptocurrency is not a synonym of anonymity.

[setialovers]

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?

The purpose of cryptocurrency is for privacy and I think if we save in our own wallet, our privacy is maintained and there is no need to do KYC. KYC only applies on exchangers and I think the fair exchanger requires KYC for its customers to avoid money laundering in accordance with government regulations

[confreslamp]

I do not see anything bad or horrific in passing the KYC process. A lot of members of this forum are so scared about their data, but big companies like google already know not only your identity but how often are you going to the toilet as well. So what is the purpose of being afraid of a KYC?

[xantocker]

I do not see anything bad or horrific in passing the KYC process. A lot of members of this forum are so scared about their data, but big companies like google already know not only your identity but how often are you going to the toilet as well. So what is the purpose of being afraid of a KYC?

They're afraid of the IRS.

[bitkanu]

Things and perception has changed a lot. KYC may defeat the purpose of Satoshi or any privacy focused coin but with too much of fraud and scam, crimes and money laundering using the anonymous nature of crypto, most people now accepts the fact that crypto too should be regulated. Cryptocurrency word actually refers the underlying technology not the ethics. So, cryptocurrency is not a synonym of anonymity.

Centralized exchangers do require KYC as a condition of withdrawal to remain compliant with government regulations. Even now the DEX exchanger does KYC for American citizens because of coercion from the authorities in America. Maybe this is the way so that the crypto market is legalized and recognized by the government as well as the stock market

It is not legalized but obliged to require KYC to stop money laundering since the government always puts suspicion when it comes to cryptocurrency even though their own fiat is the one that used frequently for money laundering people will still need to obey that law anyway.
However requiring KYC doesn't means being legalized, they just want to put some pressure towards the crypto for the sake of preventing money laundering and some things.

[Anonylz]

Yes kyc totally deviate from what crypto stands for - anonymous, decentralized, to become semi-centralized (to some extent), i guess as long as you have the intention of trading in a centralized exchange you are bound to follow the kyc procedures, the more reason why the crypto space needs more decentralized user friendly exchange around to limited this kyc thirst

[kensaii]

KYC is a deal-breaker for me. No way I gonna give up my identify just to trade or cash out, not in crypto anyway.
Lucky my country has indifferent about crypto so no KYC force on everywhere, yet.

[Ferris419]

KYC procedure in crypto to avoid fraud and scams. But I don't think KYC can remove the fraud people from the crypto industry, rather it is harming the crypto's decentralized nature. Most of the potential ICO, IEO projects are asking for KYC, we have no other options to avoid this centralized system. Because besides trading, IEO is a better investment, and to participate in IEO, everyone needs to perform the KYC!

[ub27]

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)

Its annoying to see every project requesting for KYC for investors and likewise bounty. Cryptocurrency to my understanding is basically all about privacy and the need for KYC defeats it

[confreslamp]

I do not understand why every single project needs KYC. Furthermore, I do not like the idea of KYC, because if we are in crypto industry thats core aim is anonymity and security, why should we provide our identity to every single ICO/IEO/Exchange?

[zikzag]

More and more exchanges and ICO require KYC and it annoys me so much. How can I be sure that later my documents will not come up in some muddy affairs. To whom I then have to make a complaint.

[GucciBoy]

This exact thread and all it's replies is the EXACT reason why you should look into DEX projects like Blocknet, who was the first project to develop a working DEX.
It's by far the best DEX out there, and I believe it will outperform a LOT of alts next bull run for this very reason.