KYC defeats the purpose of Crypto. Thoughts anyone?

[Mighty_crypt]

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)

Every one seem to hate KYC because many turned scam but i think its not that bad, for example if you want to participate in any IEO presale on good exchanges you can't escape KYC, the most annoying part about KYC is airdrops that pays 2$ for joining

[1714802649]

1714802649

[1714802649]

1714802649

[1714802649]

1714802649

[mobilestrike]

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)

Every one seem to hate KYC because many turned scam but i think its not that bad, for example if you want to participate in any IEO presale on good exchanges you can't escape KYC, the most annoying part about KYC is airdrops that pays 2$ for joining

But there are a lot of other projects which have started their airdrops and bounty without any KYC requirement. Many of my friends are collecting airdrops and they do not participate in those projects which ask KYC for airdrop and do you know they do not have much time even for rest. It need your search you will find a lot of bounties and airdrops with no KYC.

[youdacapt]

But there are a lot of other projects which have started their airdrops and bounty without any KYC requirement. Many of my friends are collecting airdrops and they do not participate in those projects which ask KYC for airdrop and do you know they do not have much time even for rest. It need your search you will find a lot of bounties and airdrops with no KYC.

maybe you can ask him what percentage of the airdrop that is followed eventually has a price. This type is mostly coins that have passed the ICO stage, so there is no need for kyc because it is only an incentive for the next promotion phase. I personally think that KYC is only effective for the distribution of coins with a value above $ 500, this is indeed different from the purpose of crypto anonymity, but it is necessary for their transition to global business if possible, because it must be clear in accountability.

[lue wang]

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'm sorry, I think missed it. After I started to participate almost all bounty has required KYC process. But how could you know about the time before you started to participate in bounty campaign or ICO rules. I want to be free but this rules I have to follow.

[hulla]

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.

We can actually say that the KYC platform is very intrusive if you're trying ones is in the process of convert crypto to fiat because the reason why the KYC scheme was implemented was because of the high rate of crypto scam and tax abuser but if we are talking about bounty hunters KYC is very intrusive in such state.

[hahay]

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.

We can actually say that the KYC platform is very intrusive if you're trying ones is in the process of convert crypto to fiat because the reason why the KYC scheme was implemented was because of the high rate of crypto scam and tax abuser but if we are talking about bounty hunters KYC is very intrusive in such state.

Right, the reason the platform is implementing KYC is because it is possible to avoid negative activities like possible about money laundering etc. We are always worried about KYC on an ICO scam project or whatever, but when we realize KYC has been applied for a long time on an exchange platform. So I don't think it's really a problem if we put KYC on the right platform and its security is guaranteed, instead we only worry about KYC on the scam project which basically is not safe for us to continue by sending personal identities.

[vaultman]

A lot of scams in ICO. So, i think KYC needed only for creators of specific token. Because investors need to know whose project they are investing in.

[leatutz]

A lot of scams in ICO. So, i think KYC needed only for creators of specific token. Because investors need to know whose project they are investing in.

I will support this process because when CEO or devs needs KYC then scam projects could decrease more. I don't like KYC process from first although it's getting harder each day by submit location information. I think you didn't mean KYC for specific token.

[joshua123]

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.

We can actually say that the KYC platform is very intrusive if you're trying ones is in the process of convert crypto to fiat because the reason why the KYC scheme was implemented was because of the high rate of crypto scam and tax abuser but if we are talking about bounty hunters KYC is very intrusive in such state.

Right, the reason the platform is implementing KYC is because it is possible to avoid negative activities like possible about money laundering etc. We are always worried about KYC on an ICO scam project or whatever, but when we realize KYC has been applied for a long time on an exchange platform. So I don't think it's really a problem if we put KYC on the right platform and its security is guaranteed, instead we only worry about KYC on the scam project which basically is not safe for us to continue by sending personal identities.

Yeah exactly mate. People here are afraid of KYC process in most project but when their tokens has sent to them and they wanted to dump it, there's a barrier called exchange that also asked for KYC and openly commit in submitting kyc just to sell tokens. See the difference? What if the exchange itself is scam so much threat foe everyone right?

[cahbagus555]

The cryptocurrency market is different from a few years ago. The cryptocurrency market is valued at more than $ 200 billion dollars and of course this must be regulated so that there is no abuse and it is not a place for criminal activity. With KYC, the potential of the cryptocurrency market as a criminal activity will be reduced and in my opinion this is a good thing so that people's negative perspectives on cryptocurrency disappear

[Pamadar]

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.

It's part of reality that once you have been breached out your information is no longer secured. That's the negative sides of providing KYC most happened with scam projects that the real intentions is to try hacking accounts or selling it from the darkweb.

Still the best way is being wise not to fall right away but with due diligence try to seek for more information regarding to the project before submitting your personal information.

[ufaiz50]

In fact, I also do not really agree with the KYC concept, how else do most of those who apply KYC because there are regulations in the government business system they come from. Crypto's business is widely known by the government, so the government has a stake in implementing regulations as a form of supervision. KYC is also believed to reduce the level of hacking on the user's system.

[meliodas]

KYC doesn't defeats the purpose of the cryptocurrency. KYC is a good form of regulation instead. It is helpful because when you undergo KYC in a certain website then it will be harder for other people to steal your cryptocurrency because you have the proof of ownership since you submitted documents supporting your identification. One of the best example of the advantages of KYC is being KYC verified in an exchange, it will make your account more secure and your limits higher.

[karanggatak]

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?

same as you I also don't like charging KYC because it's like selling our personal data to people. and I sometimes also fear that my KYC is used for bad things. so from now on I am more selective in choosing projects I will not join projects that use KYC requirements. and actually cryptocurrency does not require KYC because it is decentralized and anonymous. but now some IEO projects must also include KYC.

[Aying]

KYC doesn't defeats the purpose of the cryptocurrency. KYC is a good form of regulation instead. It is helpful because when you undergo KYC in a certain website then it will be harder for other people to steal your cryptocurrency because you have the proof of ownership since you submitted documents supporting your identification. One of the best example of the advantages of KYC is being KYC verified in an exchange, it will make your account more secure and your limits higher.

That is a positive side for KYC system. and a lot of us crypto hodlers are agree to it. this what they do is to avoid any problems and demand a high secured platform. but still be careful of what others intention, there is still other projects want to use this kind of regulation to know people identity and sell it anywhere. trust the kyc process and observe whoever uses it. we are reminded to those who have experience, better to note it.

[watergold]

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?

same as you I also don't like charging KYC because it's like selling our personal data to people. and I sometimes also fear that my KYC is used for bad things. so from now on I am more selective in choosing projects I will not join projects that use KYC requirements. and actually cryptocurrency does not require KYC because it is decentralized and anonymous. but now some IEO projects must also include KYC.

In fact, there are many popular projects using KYC because it is important for them to avoid fraud, KYC is indeed important for us where our assets will be safe if something happens to your account, and it is true that you are selective in choosing it must be because not all projects are honest .

[Samboo]

For me, KYC procedure is not a good thing, and I do not want to send my KYC details to the person or organization I do not know really. The bad incident I have encountered is that most of the bounty campaigns or airdrops for which I have sent my KYC details did not provide me with my rewards. But there are many bounty campaigns which did not require KYC documents gave me good amount of rewards. KYC system is bad.

[cryptogeek101]

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 are not a grumpy old man because you are actually making a reasonable sense, KYC was not the original idea of the cryptocurrency blockchain technology, it was still government way of exerting control over its citizenry. KYC totally disabuse the concept of decentralization and anonymity by which the crypto world is all about. I personally don't support KYC in any form. We want to do it in our own way- freedom

[AicecreaME]

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.

I don't understand, if you are pertaining to investors and bounty hunters, it is impossible to call them scammers, they are the one who is waiting to the bounty, and they are the ones who invested first, it is more relevant if the ICO or IEO is the one who will be called scammer, cause they are (some of them).

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.

KYC doesn't reduce scams, it doesn't do anything about it, to be honest, those campaign who didn't require KYC at the start but suddenly requires at the end are most likely the scams.

[JeffBrad12]

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?

same as you I also don't like charging KYC because it's like selling our personal data to people. and I sometimes also fear that my KYC is used for bad things. so from now on I am more selective in choosing projects I will not join projects that use KYC requirements. and actually cryptocurrency does not require KYC because it is decentralized and anonymous. but now some IEO projects must also include KYC.

In fact, there are many popular projects using KYC because it is important for them to avoid fraud, KYC is indeed important for us where our assets will be safe if something happens to your account, and it is true that you are selective in choosing it must be because not all projects are honest .

It all could be resolved only if the project that demands KYC being reviewed by the government thoroughly until it is proven that their intention is no harm or even the government itself is the one who provides the kyc verification.
It is just silly to think that the government demanding the project to obey the regulation regarding money laundering but they are also risking the safety of many people here.