KYC defeats the purpose of Crypto. Thoughts anyone?

[RDNX]

Some cryptocurrencies exchange right now need KYC to verify their users.
So, as a user, I considering a little bit of discomfort with that. For example, Bittrex exchange.

[upyem2k]

KYC actually does not allow anonymous and untraceable transactions as blockchain technology is concerned. Although, the KYC becomes necessary to avoid money laundering and sponsorship of terrorism through cryptocurrency payment that is untraceable.

[FaithInCrypto]

I'm one of those people who hates doing KYC. Sometimes even if the project is really trustworthy, doing KYC stops me from continuing. I guess I am just lazy enough to provide and submit any identification online. 

[Aabcde]

Actually I also don't really like to do KYC, whether it's in exchange, airdrop, bounty or anything related to crypto.
The goal is indeed to find out who their customers are. In the case of exchange, if you do something strange or harmful, your identity is held by the exchange. So you can think thousands of times to do this weird thing.
But the strangest thing is that airdrop requires KYC, what the hell! Airdrop is free and only does simple tasks. But why do you have to use KYC ?! If the problem is to reduce cheaters, isn't it better to improve the airdrop system itself instead of asking for personal data? This is the same as exchanging your data with uncertain coins, this not an airdrop.

[cvasy]

I'm one of those people who hates doing KYC. Sometimes even if the project is really trustworthy, doing KYC stops me from continuing. I guess I am just lazy enough to provide and submit any identification online. 

I am also reluctant to send personal identities to a project because personal identity is a very sensitive matter to be known by the others who are not known, we do not know where the data we provide will be used by them and of course it can just get us involved in a big problem if later the data we send will be used by them to commit fraud or negative things.

[Nolimitz84]

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

Yes, but if You are not limited to participation in the bounty, then KYC is currently requested by almost everyone-exchanges, ICO and so on.All less promising projects are afraid for their reputation and they just have to ask For your documents.It's good and bad.I can not give a definite answer! And his essentially not can be!

[zeze18]

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

Yes, but if You are not limited to participation in the bounty, then KYC is currently requested by almost everyone-exchanges, ICO and so on.All less promising projects are afraid for their reputation and they just have to ask For your documents.It's good and bad.I can not give a definite answer! And his essentially not can be!

Yeah i think KYC is not recommended to do since we don't know what they will doing with our identity and also if something bad happen we have no power to sue them because we do the KYC because of our own will.
I will only do KYC when i really have to do it, such as for withdrawing assets in big amount from an exchange or something that makes me really have to do it, if KYC for airdrops or bounty i would definitely won't do it

[zidanw]

KYC actually does not allow anonymous and untraceable transactions as blockchain technology is concerned. Although, the KYC becomes necessary to avoid money laundering and sponsorship of terrorism through cryptocurrency payment that is untraceable.

Is it true that transactions cannot be traced? In my opinion, cryptocurrency can be tracked. because a few times the case of hacking bitcoin will also be revealed. The bitcoin returns to its owner. it is not difficult to track transactions as long as each exchange cooperates in this case to detect bitcoin sales

[X-ray]

KYC actually does not allow anonymous and untraceable transactions as blockchain technology is concerned. Although, the KYC becomes necessary to avoid money laundering and sponsorship of terrorism through cryptocurrency payment that is untraceable.

Is it true that transactions cannot be traced? In my opinion, cryptocurrency can be tracked. because a few times the case of hacking bitcoin will also be revealed. The bitcoin returns to its owner. it is not difficult to track transactions as long as each exchange cooperates in this case to detect bitcoin sales

Only anonymous coin like monero can't be traced the rest of crypto could be tracked easily because they publish all the transactions into the blockchain and save it forever. But, if no one knows the owner of the address it's as good as knowing nothing so that's why there's KYC which its function is to avoid money laundering and many criminals thing (gambling included in some region). Well, KYC is what's required if people wants it to be known worldwide otherwise it will get instaban.

[tsaroz]

KYC defeats the purpose of bitcoin or say the dreams of satoshi. Crypto is a word given to a wide range of digital currencies that are recorded and transferred through blockchain.
It's a technology and anyone can use it for any purpose. You can't force someone to name only the anonymous coins as crypto. But you can always select what you want.

[Kunotcoin]

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 the project is a legit one and has a licence from the government itself, will for me KYC is just alright, Its a matter for protection for the investors that's why its a badly needed. and it was not against of the crypto-currency principles KYC was made because of changing landscape of money laundering modus! terrorism financing and because crypto-currency is vulnerable due to its anonymity in nature, that's my opinion about that topic.

[sangjoewara]

I'm one of those people who hates doing KYC. Sometimes even if the project is really trustworthy, doing KYC stops me from continuing. I guess I am just lazy enough to provide and submit any identification online. 

If you hate to do KYC, how do you use exchange? because every exchange has already applied KYC to every user, if I prefer to make KYC if the project is really good and promises great benefits, the KYC problem is indeed a matter of personal data, but if it can benefit us, then no it also hurts us to give.

[HK88]

as you have said that ... the whole idea of ​​cryptocurrency is anonymous peer-to-peer trading without government intervention, so the intent of the idea is contrary to personal identity (KYC), but the reality is (KYC) can help reduce fraud (multi -account). and the most annoying when I have completed (KYC) to claim the project token but not paid.

[macchiato]

I agree. The purpose of crypto and it's decentralized nature is to stay away from data breach. Scam projects that required KYC could have an easy access to your accounts and credit cards if they have all your information. That is one thing that I hate about KYC. No privacy and very intrusive.

[Nivia1st]

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.

1$ only for KYC data, are you kidding me?
it's not comparable, KYC data is very important even they could use it for something illegal. and people easily provide that data only for tokens worth 1$.

I don't think this is a wrong rule, but those who easily provide KYC data that have to be questioned. KYC is good for accelerating adoption because KYC is one part of the prevention of anti-money laundering. if everyone agrees with this maybe the government can more soften and legalize crypto completely.

[santiago607]

Honestly, the idea behind the KYC is good because it enables bounty managers to actually know if the participants in the bounty project are the real persons who ought to receive their token after the completion of a project. I think KYC was introduced to mitigate cyber theft within the cryptosphere but with the way Bounty managers are now operating is very obnoxious in the sense that they now make unnecessary and stringent policies to deprive participants from receiving their tokens due them.

My bitter experience was when i participated in a particular project and had issues with my laptop for a month, afterword i went back to claim my token for the job i did, all efforts to claim my token was proven abortive at the end of the day and i went home with nothing but with pains and sadness.

Therefore, in as much as some persons will support the idea behind the KYC, they should also consider the contingencies involved in the use or adoption of KYC.

[nxnqauff]

Scammers took advantage of the non-kyc approach in the first instance. Kyc is brought to reduce such scams to certain extent. Any financial theme needs its own way of regulating things. kyc could be easiest one.

[stephanirain]

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?

Some say that KYC makes everything more secure but I think there could be a way to prevent scams without sacrificing our identity in the public. I understand that many banks or financial institutions will require KYC for you to cash out your money in fiat form but I don't understand why there are KYC in many trade transactions right now. Some platforms require it and it does not really make sense. KYC has become the way to regulate us, I know that it can be good but what is being decentralized for if other peole knows who we are behind our wallets.

[Pinkris128]

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 can help lessen the scams in the industry but it removes our anonymity. Many do not agree with KYC because they do not even withdraw money to cash. KYC should be only implemented for those who will withdraw money but then many trading platforms has that feature so I guess that is why they have adopted it. KYC is also required to other countries in their law for cryptocurrency. There's nothing we can do but to follow first because making them understand the issue is a difficult and long process.

[wxa7115]

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.

1$ only for KYC data, are you kidding me?
it's not comparable, KYC data is very important even they could use it for something illegal. and people easily provide that data only for tokens worth 1$.

I don't think this is a wrong rule, but those who easily provide KYC data that have to be questioned. KYC is good for accelerating adoption because KYC is one part of the prevention of anti-money laundering. if everyone agrees with this maybe the government can more soften and legalize crypto completely.

As difficult as it may seem to believe that some people will give up their KYC information for only one dollar that is the truth, once they reveal their information to one of those bounties then it becomes easier to do it for the next one, and if their information ends up in the hand of scammers if they have done this several times then it is likely their information was out there already anyway.

I understand the need of KYC but only in the case of people moving huge amounts of money but now governments want to apply KYC policies to everyone making even a transaction of a few cents and that is something I do not agree with.