OpenNode requires KYC now!

[avikz]

why volunteer to give up your privacy when it's never been necessary before? How about the risk of 3rd party compromise of your data, which happens literally every day now? why do government/police have us regular folks under surveillance but we know nothing about them?

You have a very valid counter argument here. However, It's not voluntary but we are obligated to such requirement because the dynamic business world is changing every single day. Every new technology or innovation comes with related pros and cons. As a society, we adopt the positive effects and try to mitigate the negative ones.

How many hacking incidents you have seen reported during your childhood and how many you are seeing now?? The nature of crime is also changing and the mitigation techniques are also getting more intelligent day by day. But does that mean we would not adopt to the changes? That's life! Either we adopt or we go extinct!

It's the duty of governments and police to mitigate criminal activities and that's why it's their right to know about their citizen's whereabouts! It's not the job of a common man like me. We know their name and contact details, why would we need their driver license numbers as well??

Crypto possesses many bright life changing possibilities but it also possesses many risks to the society. Money laundering and terrorism financing are two major concerns of the regulatory authorities. KYC is one preliminary step to mitigate such risks and I support that! It's always better to be regulated than to receive a blanket ban.

Harvey A. Silverglate estimated that the common person, on average, unknowingly commits three felonies a day in the US.

i hope the government isn't watching you too closely, avikz!

I hope the same! But there's really nothing to hide!

[Carlton Banks]

this is basically the "nothing to hide argument". there are a number of problems with it

best (most simple) counter-argument IMO:

Nothing to hide: bad people use privacy to do bad things. good people want to stop this

The above is true, so it's easy to sell


however, let's simply invert that

Everything to protect: good people use privacy to do good things. bad people want to stop this


both are equally valid, but the latter trumps the former. to protect both your own and others privacy, conducting as much of your life as is possible in a private manner is important, as it makes the set of anonymised data larger, and more resistant to deduction.

I hope the same! But there's really nothing to hide!

you're wrong

@avikz you're making the fatal mistake that you and everyone else will always be able to trust those who obtain possession of data. The data can be kept forever (storage is cheaper than ever), and can be used to hurt as well as to help.


with attitudes like yours, I wouldn't want you as a business partner, a customer, a neighbour, a friend, a family member or in any association at all

[avikz]

you're wrong

@avikz you're making the fatal mistake that you and everyone else will always be able to trust those who obtain possession of data. The data can be kept forever (storage is cheaper than ever), and can be used to hurt as well as to help.

Possible! I can't deny the fact that data can be misued as we have many examples. I am just looking at the brighter side of it because increasing KYC compliance will inly increase the chance of cryptos being accepted into the mainstream economy. Resisting it will only make things worse than ever!

[marcbitcoins]

Maybe their government are now strictly enforcing them to submit into KYC procedure as per regulation policy therefore there is nothing they can do but to abide with the law or face the consequence. Anyway, there is nothing to be afraid of KYC submission as OpenNode is known a legit company and that we are a legit people too which is nothing to hide.

[Carlton Banks]

I am just looking at the brighter side of it because increasing KYC compliance will inly increase the chance of cryptos being accepted into the mainstream economy. Resisting it will only make things worse than ever!

you're wrong, again


economic power gives you more powerful rights than anything else can, rich people know this


you're basically encouraging everyone to simply accept a reduction in the power everyday people have, by giving up information about themselves to the most powerful people who are abusing the information to increase their own economic power, and may well abuse it in increasingly less ethical ways


it's not like you don't already know this at some level, but now I've spelled it out to you, will you continue to adhere to your point of view?

[Goyebiw]

Great! Cuz KYC is obligatory procedure today to my mind

[SquallLeonhart]

Enough of all these KYC disagreement is it biting or killing, kyc here and there, at least by now, many people should have already understood that this requirement is quite very mandatory if we really want to get the industry regulated. Most people keeps shouting on top of their voices for regulation, how do we exactly want the regulation other than some of these things that is already being implemented.

How do you catch a thief if not by its identity, you see in this cryptocurrency industry, kyc is much more needed than all those personal disagreement with kyc, it is time we embrace it and just make sure that whoever we are submitting our kyc to will not use it against us please. Government would also need it if they are to regulate the industry.

[Carlton Banks]

many people should have already understood that this requirement is quite very mandatory

no it isn't

we really want to get the industry regulated

speak for yourself

regulations get used to push small businesses out of the marketplace, and are hence a bad idea that only established/big businesses want

Most people keeps shouting on top of their voices for regulation

I'm not. I am a person. Other don't want it either, and choose to avoid it

Tell you what: you use it, if you want to. Don't tell me or anyone else what to do though

How do you catch a thief if not by its identity

and it's already been adequately proven in this thread that protecting your identity is not just for crooks

kyc is much more needed than all those personal disagreement with kyc

wrong again

it is time we embrace it and just make sure that whoever we are submitting our kyc to will not use it against us please.

that's incredibly naive. thank god you've not got any power (one can tell these things)

Government would also need it if they are to regulate the industry.

terrible idea, the same old "we're protecting you" will really mean "we're protecting our friends"

[BrewMaster]

it appears sometimes people associate KYC or basically government intervention with security. but the reality is that regulations have absolutely nothing to do with security. even the most regulated exchanges are going to be hacked all the same and they will try their best not to pay their users even if it means filing bankrupcy.

[eternalgloom]

The only way you can set up a service without kyc/aml is if you set it up as a hidden resource in tor or equivalent "darknet" site, or something entirely p2p like Bisq which uses tor hidden service for publishing.

The only place you could still set up services like that without kyc is in an unregulated country, which will no doubt get pressured to adopt regulations anyway.

In such site only the community itself can patrol funds origin, and you could end buying "tainted coins" (ie. stolen from an exchange/phished wallet).

Interesting times indeed...

Stop spreading misinformation. KYC is a thing made by paranoid people to extract personal info under the guise of protection. You just saying stuff but have nothing to back it up with. Are you some sort of lawyer or professional in this field to be making such vast claims.

No one ever needs your KYC the entire thing is bs and directly supports crime not oppose it. You talk of the dark web. Go look how much KYC stuff is for sale there. IT just makes peoples KYC into a commodity and criminals will thrive off of it by steal trading and otherwise abusing it. Without KYC they would have no access to this info.

Interesting point. What do you think is the main driver behind all these companies suddenly imposing KYC for all their users?
I mean, I could see it being required for larger payments, but not for low-value transactions.

You can get an unverified Paypal account and still use it to spend/collect a pretty decent amount of money.

[javadsalehi]

It should be appreciated at least they allow users that are not satisfy with KYC to withdraw their funds.
It reminds me of bittrex when they forced the users to pass KYC and disabled all the accounts immediately without any warning.
At least, this platform is allowing the users to withdraw their funds and it's up to users to apply new terms and conditions or not.
Any way, It's normal that centralized platforms ask users to pass KYC. They are forced by governments.

[dothebeats]

Just like what I've mentioned in previous posts, it's only a matter of time before these services/payment gateways implement KYC rules in their own platforms to adhere with what the government says. It's not really hard to tell if they're going to implement it or not because that's what most services are going for anyway even if they remained strict to their stand about not budging in to the government's control. In order to keep their business afloat, they have to do some form of a compromise even though it might hurt their user-base.

Now I'm keen to the developments of KYC for BTCPay.

[malevolent]

Now I'm keen to the developments of KYC for BTCPay.

Why, how? BTCPay Server is an open source & self-hosted solution. The merchant might have to through KYC to sell their coins, but that's it.

[franky1]

a few fools on the first page think KYC is not necessary and BS.
here is the problem they do not accept.

open node exchanges btc for fiat.. and because of fiat, fiat rules then apply to the business and so the business needs to comply with those fiat rules
if one half of business is btc and other half is fiat.. you CANNOT just pretend the fiat rules dont apply because half the business is another currency.

but if a business is 100% btc and never touches fiat.. then be very very cautious if they are asking for ID

[malevolent]

That is the case, unfortunately. It was a matter of time they would change their stance. If they deal with fiat (especially USD), it doesn't take long for banks to start asking questions "what?", "where?", "why?" and "how?". If the merchants want to exchange the coins through an exchange, they'll have to go through KYC, too. They can exchange in F2F transactions but that's not as convenient for someone who doesn't have the contacts or hasn't done it yet (and LBC also asks for KYC nowadays).

[Ucy]

The only way you can set up a service without kyc/aml is if you set it up as a hidden resource in tor or equivalent "darknet" site, or something entirely p2p like Bisq which uses tor hidden service for publishing.

The only place you could still set up services like that without kyc is in an unregulated country, which will no doubt get pressured to adopt regulations anyway.

In such site only the community itself can patrol funds origin, and you could end buying "tainted coins" (ie. stolen from an exchange/phished wallet).

Interesting times indeed...

Stop spreading misinformation. KYC is a thing made by paranoid people to extract personal info under the guise of protection. You just saying stuff but have nothing to back it up with. Are you some sort of lawyer or professional in this field to be making such vast claims.

No one ever needs your KYC the entire thing is bs and directly supports crime not oppose it. You talk of the dark web. Go look how much KYC stuff is for sale there. IT just makes peoples KYC into a commodity and criminals will thrive off of it by steal trading and otherwise abusing it. Without KYC they would have no access to this info.

The gentleman probably wants us to feel cornered and defeated. He got me a little though lol. I wonder why he tried scaring the community in such manner?

Anyway, most of my crypto activities thesedays happen on decentralized platforms which enable me have total control over my fund.  This approach is to crypto space what burying money underground is to fiat world.

[rodel caling]

The only place you could still set up services like that without kyc is in an unregulated country, which will no doubt get pressured to adopt regulations anyway.
[/quote]


You had point for that mate there's a lot of country not requiring kyc, but time comes all country plan to regulate crypto currency.
One of the reason  countries start to regulate crypto because regulation in my opinion is the key to collect taxes from the crypto holders and kyc requirement is the key to locate the users need to pay taxes.

[Zionatin]

The only place you could still set up services like that without kyc is in an unregulated country, which will no doubt get pressured to adopt regulations anyway.

You had point for that mate there's a lot of country not requiring kyc, but time comes all country plan to regulate crypto currency.
One of the reason  countries start to regulate crypto because regulation in my opinion is the key to collect taxes from the crypto holders and kyc requirement is the key to locate the users need to pay taxes.
[/quote]

No taxes to pay on crypto. It has nothing to do with the government and thus no taxes. IF you don't use fiat there is no tax. Doen't matter the value is in usd it is still crypto and distributed by people like you and I.
The government does not own crypto and never will. I would like to see them come to my house and ask my to pay tax??? They welcome to try anytime. xD

[mohdk52]

It's not really surprising, it would have happened anyway

[thirdprize]

Only way to get investor $$ is to be legit and that means KYC.