KYC defeats the purpose of Crypto. Thoughts anyone?

[pgbit]

The fundamentals of Cryptocurrencies are decentralisation and transparency and most importantly, anonymity and this is evidenced by the fact that the creator or the premier Cryptocurrency in existence (Bitcoin) still chose to remain anonymous, while some exchanges still allow users to trade without KYC, they have made it increasingly difficult for non-kyc users to use their services and this is quite annoying.

[Becky666]

I will never drop my identity just because you want to Claim  some good or bad coins. KYC isn't meant to take place in cryptocurrency because, cryptocurrency is a true meaning of anonymity. Although for one transaction not to be trace, there are other stuff to add to ones self transaction. I won't participate if there is KYC.

[ableh]

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?

Although cryptocurrency is decentralized (not regulated by anyone) but this does not apply to central exchange. Because they operate according to local government regulations and laws that apply. The government stresses the exchange owner to require KYC verification for it's customers for security purposes. Considering cryptocurrency transactions are anonymous, they need KYC to avoid money laundry. So I think KYC is not a big problem.

[nelson4lov]

Just when I thought I was alone on this. I'm also of the opinion that KYC in Crypto is inappropriate. I mean, one of the main reasons why myself and other users got involved with cryptocurrencies in the first place was because we had the financial freedom we've been yearning. One time I got my bank account on hold simply because I didn't have the specific ID they requested. Bitcoin paved the way for me to be financially free from the threshold of banks. Today the story has changed. KYC is now the order of the day. I understand the plighof centralized exchanges with regulators being on their necks. But I don't understand why decentralized Exchanges like idex and Bancor would require KYC too. It's absurd.

[prehisto]

On the surface, yes it seems like it defines the essence of crypto.
In reality none is asking you for KYC when you are transferring crypto from one wallet to another, you can do it as much as you want.
The KYC come sin to play when you want to do FIAT to crypto exchnage, where FIAT is regualted by goverments and instutions.

[Jellachrist]

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 I think you are right doing KYC most especially to scam projects puts your ID at risk but on the other hand I think its a way of reducing scam in the crypto industry IEO project team also go through KYC process before any exchange can accept any project for IEO which has drastically reduce scam and almost put an end to ICO at least investor funds are now safe with this process that's why I don't think about the negativity much.

[disconnectme]

This is why you be careful when you ask for something, I don't know why some people feel the space will be left alone to run gaga, a million Dollar market is bound to attract regulations and that is what we are seeing now, if don't want to KYC make use of DEX and don't participate in ICO

[jajorforce]

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?

Cryptocurrency is for decentralization, KYC is must need for centralize. KYC isn't cryptocurrency condition, you can mining, trading, staking and whatever you like to do. More critical to join IEO or ICO. KYC is going more critical when some exchange wants to see same signature and name in your all KYC papers.

[swivel1983@gmail.com]

I also don't like that KYC is now almost everywhere. This is against the purposes of crypto and it should not be introduced. But, unfortunately, it is impossible to cancel it completely and in the future it may be even more.

[cutesgirl]

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)

Bounties campaign are available for KYC keep from participants joined with multi account, but for ICOs investing in not available for KYC because they buy or invest ICOs coin and never use free way to get ICOs coin, if investor have use KYC for each investing on ICOs maybe they will back to trading and make ICOs world lonely from investor, why have KYC for every ICOs investor participants right now?

[bgaf]

I dont actually hate the idea of KYC just like what everbody says here. Its for investors, and stipulated on the provision itself but some projects were done by IEO so its inevitable to do KYC cause some of them sent in the wallet of the exchange so if there's campaign users have no choice but to do the KYC. Its okay, but different case on the ICO since they could scam particpants.

[Burogh]

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 cryptocurrency market is now different from the crypto market conditions a few years ago. With a market cap value that is above $ 200 billion, the government will definitely want to regulate it so there is no misuse and one way to prevent it is by KYC. I think this is reasonable because crypto transactions are getting bigger and might be predicted to break through trillions of dollars in the next few years

[Ursul0]

imo the post is a bit misleading.
KYC/AML/WTF has nothing to do with crypto. you still can participate with zero requirements and any desired level of anonymity.
all this compliance fuckery is relevant if you want to work with fiat.

as some people here correctly pointing out - this is the price for adoption... and we should be glad its there. few years ago it was unclear if the suckers would ban crypto outright, but they seem to realize that the bans won't be productive, but will demonstrate the total inability to control it externally:)

generally it became much easier for people to get into crypto, and surely enough the establishment and money printers want to know all about your money there so you can find KYC requirements popping up in places they do not really belong.

BTW for better anonymity you may want to have visible profile(s) with KYC and the rest, which would clearly and transparently make sense:)

[Kvalentine]

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?

I would have side you if scammers and money laundering criminals are not here yet but think about it, what other ways to get criminals nailed? KYC is a start, it won't eradicate scammers but they can be caught once they drop their ID, when freedom is way too much people will start doing bad things, thank God there is law

[Mighty_crypt]

Its not a must to drop your ID, just stay away from any project asking for KYC details and mind you this means you won't be able to participate in any IEO projects, you can still join bounties that says "No KYC" on their Bounty ANN page and you can still trade on exchanges that only ask for KYC when you reach threshold

[Absolutep]

It is really bad the way we are going about KYC in the crypto sphere these days. Every little thing, kyc is been require which is not supposed to be so. It can be very annoying seeing an airdrop of $1 asking for kyc, i actually don't blame them but i blammed those taking part in it.

[shadowduck]

It is really bad the way we are going about KYC in the crypto sphere these days. Every little thing, kyc is been require which is not supposed to be so. It can be very annoying seeing an airdrop of $1 asking for kyc, i actually don't blame them but i blammed those taking part in it.

I also never understood people who are ready to send their documents for some airdrop. people don’t understand how much their data costs and how scammers can use it

[dataispower]

Its not a must to drop your ID, just stay away from any project asking for KYC details and mind you this means you won't be able to participate in any IEO projects, you can still join bounties that says "No KYC" on their Bounty ANN page and you can still trade on exchanges that only ask for KYC when you reach threshold

This is the candid truth, nobody is forced to participate in projects requesting KYC, investment in any tokensale or bounty where KYC is mandatory is optional. The subject of the topic saying KYC defeats the purpose of crypto has some sense anyway, but there are still centralized systems in crypto. I was astonished when some exchanges made it mandatory to do KYC before you can withdraw funds, at least putting a limit to say 1BTC daily like some other exchanges is not bad.

[103deltafox]

Kyc isn't ideal for cryptocurrency, it defeats the purpose of decentralisation which it's suppose to be but since it's like this we have no option, especially when trading in some exchanges, kyc has to be carried out. Also if you want to invest in an IEO , you have to submit kyc details else you ignore investing.

[Ursul0]

Kyc isn't ideal for cryptocurrency, it defeats the purpose of decentralisation which it's suppose to be but since it's like this we have no option, especially when trading in some exchanges, kyc has to be carried out. Also if you want to invest in an IEO , you have to submit kyc details else you ignore investing.

guys, KYS has absolutely nothing to do with "decentralization". whatever anyone knows about any participating individual doesn't make any influence on how the blockchain consensus of any particular chain is established or how decentralized it is.