KYC defeats the purpose of Crypto. Thoughts anyone?

[landoffaucets]

I do not think that it is the problem, if you think that you are anonymous by using cryptocurrencies like Bitcoin or Ethereum you are naive.
By browsing on the internet you left a lot of information about you, so if you are not super paranoid and you do not use VPN + TOR + Linux + anonymous cryptocurrencies, there is always chance that you will be revealed.

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[Gontxi]

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.

KYC can resolve problem with bounty campaign participant join using multiple account, many bounty participant cheat bounty campaign to earn much reward coin, with KYC system keep away from cheater bounty campaign. KYC for ICO investment is not match for investor have submit KYC and giving their data because they invest ICO without get free coins.

[wajik-tempe]

I do not think that it is the problem, if you think that you are anonymous by using cryptocurrencies like Bitcoin or Ethereum you are naive.
By browsing on the internet you left a lot of information about you, so if you are not super paranoid and you do not use VPN + TOR + Linux + anonymous cryptocurrencies, there is always chance that you will be revealed.

But not that much as doing KYC, you giving your personal identity to random person that you don't know their faces is a bad thing to do. And also almost every people has dynamic IP addresses right now and they don't even need VPN to disguise their identity and even our IP is trackable, it's still has a long way research to investigate the real identity

[SanZoldyck]

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.

the use of kyc is to reduce fraud, but the data can be misused by people who are not responsible, for example, their bounty hunters are targeted by scammers by people who want to use the kyc

[Apened]

To the OP yes, but the question is can we still use that any exchange wherein every exchange was required users to submit kyc either to entry or to withdraw. Generally KYC is bypassing our identity on any exchange if we want to submit.
Crypto is obviously not been used as is for its purpose. In the end its either we follow this KYC's or to be left behind.

[TheICE007]

The Kyc stuff does not depict the true identity of blockchain but in situations where you have to do it, the only option is to do it as long as it is coming from a genuine company. Just like when you want to invest in an initial exchange offering, you just have to go through kyc or you ignore.

[TaliskerDarkStorm]

Well, not exactly.

Using cryptocurrencies does not provide 100% anonymity. If you want extra anonymity, you should use privacy coins.

Besides, KYCs are often used to ensure customer safety. These KYCs are much safer when used on decentralized exchanges. Using this feature is entirely in your hands.

Nobody forced to provide KYC to buy and sell cryptocurrencies. Maybe there are some withdraw limits; that's it. But it's not for all exchanges.

[lighpulsar07]

Well not all cryptocurrencies have  the same purpose as bitcoin anyway, i agree that KYC defeats the purpose of some cryptocurrencies especially in bounties why do we need kyc if your token/coin purose is decentralization? Although in exchanges, it kinda sucks that we have to do kyc in order to make a withdrawal or bank transaction from them but we don't have a choice since some countries are required to do kyc to comply

[setialovers]

Well, not exactly.

Using cryptocurrencies does not provide 100% anonymity. If you want extra anonymity, you should use privacy coins.

Besides, KYCs are often used to ensure customer safety. These KYCs are much safer when used on decentralized exchanges. Using this feature is entirely in your hands.

Nobody forced to provide KYC to buy and sell cryptocurrencies. Maybe there are some withdraw limits; that's it. But it's not for all exchanges.

Agree, KYC is needed by the exchanger or the developer team in the sales period because they are bound by the regulations set. One of the things that you want to prevent from using KYC is money laundering and I think this is reasonable because the government wants to get tax and transparency from every transaction made

[peempeem]

I totally agree with you. I see it as a temporary necessary evil until there is greater adoption.

But what happens then, will they one day outlaw ATMs.

I mean, there are no KYC rules for buying/selling gold as far as I know. Maybe one day when it becomes easier to buy and sell coins, they will have to abandon KYC for everyone except the people who are already doing it for fiat (big banks) or say anything over 10,000 USD (amount of currency you can normally cross a border with without declaring it).

[jcarlo]

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

[Shasha80]

That's right KYC defeats the purpose of cryptocurrency, because of the advantages of decentralized cryptocurrency which means
we can be anonymous and our privacy is protected. And free to manage our finances without anyone controlling it. With the KYC
the initial purpose of cryptocurrency was undermined, moreover many exchanges and airdrops enforced KYC with money laundering
and terrorist reasons. So, it is not surprising that many crypto communities are looking for exchanges without KYC procedures. And
frighteningly there are some exchanges who deliberately trade their users' data. But local exchanges in the country where I live apply
KYC because of government requirements so that users can subject to tax. As a good citizen I inevitably follow government rules.

[Serco]

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

it just preventing action from many scammers in cryptocurrency market.regulation or kyc was an action that needed although many people thinking this is different with decentralized concept from crypto.we should not worry and over thinking about negatives affect from kyc.money flow in cryptocurrency market was so huge and if government didnt regulate it there are many threat that will steal investors money.

[Google+]

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

indeed to be able to protect from cyber crime this can use the KYC facility in the government will find out who owns the assets, but you must know that when the government knows all the identities and the amount of wealth owned by the owner of the wallet, the government will try in various ways to be able to controlling other people's assets, it's better that cryptocurrency remains anonymous so no one knows and no one can control the circulation of cryptocurrency.

[Teraboy]

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

Basically, KYC should be a mandatory for the ICO team and it's not for investors. But remember not so many people are doing big transaction and is that make sense for those people are giving tips to others must complete KYC verification?
Mostly people verified their KYC on exchange site which is used only to verify the user's identity to make sure if that is not coming from the restricted country.
Even exchange site itself is manipulating its market and not all of people have intention to do money laundring.

[TheClownSong]

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

Basically, KYC should be a mandatory for the ICO team and it's not for investors. But remember not so many people are doing big transaction and is that make sense for those people are giving tips to others must complete KYC verification?
Mostly people verified their KYC on exchange site which is used only to verify the user's identity to make sure if that is not coming from the restricted country.
Even exchange site itself is manipulating its market and not all of people have intention to do money laundring.

If the government regulates the ICO, the developer team and the investor should carry out the KYC, this is for the safety of investor funds and also for the developer team to comply with government regulations. KYC should be a common thing in any market and because the cryptocurrency market has begun to be recognized by some governments, it is only natural that investors must carry out KYC in regulated exchangers

[btcdie]

very strange to me the KYC procedure performed by the exchange, at least the exchange requires the KYC procedure on certain asset limits, for example under $100 there is no need to perform the KYC procedure or there are transaction limits. I am increasingly confused lately, crypto with a decentralized nature but there is interference from the current government into anonymity is no longer there. 

[kaneki007]

I only do KYC on some exchangers only for withdrawal purposes, if it wasn't for the withdrawal limit i wouldn't want to give my identity card to exchangers that could be hacked at any time. And for now i rarely join bounties because most have to KYC

[Opekin]

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 is really killing the decentralization or anonimity of cryptocurrency . I hate it but we have no other choice on investing we need to send and verified first same as the exchanges right now . its not a good idea it is like we are risking our identity if anything happens like in the past months there was an issues and leaked identification id cards in the public. asmuch as possible if they let me enter and not required kyc i will go in that investment or exchanges it is not a problem for me beacuse i don't have that big amounts to release if they want to require me to send kyc .

[doomistake]

Cryptocurrency may not require KYC but because it involves many people in transactions in the market, government regulations are needed to protect investor funds. KYC is a component of regulation because without KYC, people can use the cryptocurrency market as a means of money laundering

Basically, KYC should be a mandatory for the ICO team and it's not for investors. But remember not so many people are doing big transaction and is that make sense for those people are giving tips to others must complete KYC verification?
Mostly people verified their KYC on exchange site which is used only to verify the user's identity to make sure if that is not coming from the restricted country.
Even exchange site itself is manipulating its market and not all of people have intention to do money laundring.

I'll be honest, this KYC doesn't prove anything at all, even if the ICO team will provide it for us, because we have no assurance that the personal information they are going to submit is legit, that goes the same for the bounty hunter who do this, they are just fooling each other for the sake of shit coins (mostly).