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Author Topic: Too strong KYC  (Read 314 times)
Polo7
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September 11, 2019, 08:12:30 PM
 #1

Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.
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CristianOff
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September 11, 2019, 08:19:33 PM
 #2

Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

KYC is required by law in most jurisdictions in order to stop people from doing money laundering. If you're using an app that doesn't use assets or things that have value which
can be transferred, you are most likely not required to verify with KYC. Instead, KYC helps solving certain problems such as hiding income taxes, stealing money from other people,
etc.

Now the problem is that some COMPANIES can use KYC for malicious purposes. For example, an attacker could run a "trusted exchange" and collect your KYC details to create an account elsewhere.

If you want to trade without KYC, I may be totally wrong however I think you need to go back in the past: 2013 - 2015 is calling you baby! I doubt there are places exchanges without KYC. You can bypass
KYC if you trade in person and find buyers/sellers in real life.
Polo7
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September 11, 2019, 08:23:03 PM
 #3

Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

KYC is required by law in most jurisdictions in order to stop people from doing money laundering. If you're using an app that doesn't use assets or things that have value which
can be transferred, you are most likely not required to verify with KYC. Instead, KYC helps solving certain problems such as hiding income taxes, stealing money from other people,
etc.

Now the problem is that some COMPANIES can use KYC for malicious purposes. For example, an attacker could run a "trusted exchange" and collect your KYC details to create an account elsewhere.

If you want to trade without KYC, I may be totally wrong however I think you need to go back in the past: 2013 - 2015 is calling you baby! I doubt there are places exchanges without KYC. You can bypass
KYC if you trade in person and find buyers/sellers in real life.



If i trade like a 100$   what Kind of taxes i try to invade?  Or money Loundering?   


Is that Making any sense at all?

Or im missing here something?
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September 11, 2019, 08:47:56 PM
 #4


Its just how things are this time, there is no other way than to comply the law.

But why would you be trading there on localbitcoins for less than $50, that is just not worth. Make it at least a thousand there is no difference, you'd still have to comply with the laws.

For less than $50, I'd be just trading with my paypal and pick the reputable users here.
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September 13, 2019, 03:01:13 PM
Last edit: September 13, 2019, 03:29:30 PM by geppettobtc
 #5

@Polo7 I agree with you, they can do what ever they want with ours documents.
Also add the issue of hack risk: for example, recently hackers have published many documents related to users KYC, demanding a ransom at Binance.

https://www.coindesk.com/binance-kyc-issue

Anyway, you can do trading on Decentralized Exchanges (like bisq for example) without doing KYC!
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September 14, 2019, 01:30:01 PM
 #6

The other Question is how we can trust someone who collection our Information?


This is the real question to discuss because there seem no law proscribing any of the site from using the information provided from using it against the investor. I try to avoid it if it is not necessary for me, I mustn't invest in every project.
Polo7
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September 14, 2019, 04:18:33 PM
 #7


The id Document is not something to give out to everyone!

To proceed the Document or personal Information it should be done by Encrypted ways and not like everyone can check ur info...



That's Why the KYC is not serious neither professional!

That's not a way to handle ur personal information.




Meanwhile otc investers in London, New york,Moscow Don't show any id at all!



Its very hypocratic
Polo7
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September 14, 2019, 04:37:58 PM
 #8

The money is just too big too ASK any documents... Lol.


The law makers do one thing but say other thing.


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September 14, 2019, 10:57:39 PM
 #9

The money is just too big too ASK any documents... Lol.
The law makers do one thing but say other thing.
HolDers and whales: let's pretend KYC were so effective so they can shut down centralized exchanges.

Remember bitcoin were designed to be peer to peer and get rid of 3rd party.  KYC are gumbent backed mandatory 3rd party disclosure that can not be reasonably trusted when conflict of interest exists (who got control, power, etc).

Bitcoin is anti-fragile by design.  Less centralized exchange like LBC/Coinbase and more true decentralized exchange (implemented similar to bisq but more n00bs friendly) will emerge if they got drunk from all the power trip of having banking deep state pressing KYC/AML harder and harder against mom and pop establishments.  Exchange are huge waste of blockchain storage space.  Eventually decentralized barter for gold, gift card, and other instrument will become more main stream.  The block space got removed from centralized KYC are going to be great and make way for abudant capacity for BTC main street transactions.
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October 06, 2019, 12:09:04 AM
 #10

i needed to verify my phone number that was it, i would not say thats very strong kyc not like i needed to send in my passport or anything.
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October 07, 2019, 09:37:52 AM
 #11

For me KYC is not good because they can easily sell your identity to anyone they like
Yeah, they definitely can but I'm sure they wouldn't. Stop being paranoid mate besides why they would do that? If you are only a small investor then don't worry too much, always remember that criminals are only intersted to high-profiled people.
also crypto currency is deisgn to be anonymous to everyone why do we need KYC for that. But sometime we dont have a choice but to do it because we need it to upgrade our status.
The crypto itself offers anonymity, however, there is a team behind it. The reason why they establish KYC is because they want be protected against scammers. I hope you understamd it Smiley.
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October 07, 2019, 02:49:58 PM
 #12

Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

KYC is sadly necessary as of the Money Laundering law but I totally agree with you. The lack of Security with KYC even on Major Exchanges like Binance showed me not to Trust more so easy when it comes to Sharing my Personal ID etc. I hope we will have completely Decentralized Exchanges in the future where you can Trade large amounts completly anonymous. Binance DEX is a Right Step but iam still not a lover of Binance & CZ.
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October 14, 2019, 08:51:49 PM
 #13

LocalBitcoins allowed for a very long time to do Bitcoin-only transactions without any verification and many people even used LBT as a mixer due their implementation of wallet transfers.

But then the Finland government forced LocalBitcoins to implement this strong KYC and to fully comply with the Finish's AML policy.
Since then, I'm avoiding it. An alternative with a little loose KYC is https://www.coinmama.com/

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October 15, 2019, 02:24:02 AM
 #14

Guys if You want to trade on localbitcoins
Just little ammount like 30-50 $ you are going trhough some very Strong KYC.


THE Question is is that really Neccessary?
The other Question is how we can trust someone who collection our Information?


I think this is serious subject!





Instead of Checking the regular retail trader  nobody Don't check what the Exchangers are doing?  They can do what ever they want its no laws Wild West still!


My Question is Why the retail trader are most checked?  You do KYC Even for small money?
And You are giving ur Information to just someone who might do Something Bad with it.

KYC is required by law in most jurisdictions in order to stop people from doing money laundering. If you're using an app that doesn't use assets or things that have value which
can be transferred, you are most likely not required to verify with KYC. Instead, KYC helps solving certain problems such as hiding income taxes, stealing money from other people,
etc.

Now the problem is that some COMPANIES can use KYC for malicious purposes. For example, an attacker could run a "trusted exchange" and collect your KYC details to create an account elsewhere.

If you want to trade without KYC, I may be totally wrong however I think you need to go back in the past: 2013 - 2015 is calling you baby! I doubt there are places exchanges without KYC. You can bypass
KYC if you trade in person and find buyers/sellers in real life.



If i trade like a 100$   what Kind of taxes i try to invade?  Or money Loundering?   


Is that Making any sense at all?

Or im missing here something?

Yes no kyc means you can do 100 accounts and trade 100 💯 dollars worth of coin 100 💯 times.  That would be 10000 dollars. That is a common money laundering number 10000 level.
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November 01, 2019, 11:31:59 AM
 #15

I've never tried making a transaction with localbitcoins and i think their KYC is really require for the security of the people who are making a transaction on their website for the anti-money laundering.

Some exchange doesn't require KYC and if its allowed in your country where you lived.
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November 15, 2019, 03:56:26 PM
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 #16


Yes no kyc means you can do 100 accounts and trade 100  dollars worth of coin 100  times.  That would be 10000 dollars. That is a common money laundering number 10000 level.

Furthermore, there are scammers that open 100 accounts and trade among themselves and give each other good feedback. After 6 months, those accounts have good reputations and the scammer would burn them all with exit scams - usually buying BTC for PayPal and then doing charge backs claiming that the charges were not authorized.

This won't be possible if each account is tied to a unique person which is not possible without KYC.
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November 19, 2019, 08:30:05 PM
 #17

The owners of localbitcoins do not want to collect KYC. No one really does. In order for them to expand exponentially in the regulated market, they need to conform to the existing banking regulations. Isn't it a shame that bitcoin and the underlining ideology are being forced into the world banking regulations? Sad.

We have seen this before.

Shapeshift: used to be great. They stick to the ethos as long as they could. At one point they "sold" out and started to capitulate to the work banking regs. I can't blame them. They have lives, families to support. If I was in their shoes I would prefer to have a comfortable life than to run from the governing bodies. Edward Snowden and Julian Assange are perfect examples of going against the "man".

Coinpayments.net : Out of the blue, they require KYC. They have also grown to the point of capitulating to regs.

What others have you seen?


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November 20, 2019, 03:16:31 PM
 #18

The owners of localbitcoins do not want to collect KYC. No one really does. In order for them to expand exponentially in the regulated market, they need to conform to the existing banking regulations. Isn't it a shame that bitcoin and the underlining ideology are being forced into the world banking regulations? Sad.

We have seen this before.

Shapeshift: used to be great. They stick to the ethos as long as they could. At one point they "sold" out and started to capitulate to the work banking regs. I can't blame them. They have lives, families to support. If I was in their shoes I would prefer to have a comfortable life than to run from the governing bodies. Edward Snowden and Julian Assange are perfect examples of going against the "man".

Coinpayments.net : Out of the blue, they require KYC. They have also grown to the point of capitulating to regs.

What others have you seen?




I don't blame them for KYCs, in fact I've complied with most websites that require them to at least trade or bypass certain limitations. With cases of stolen funds and hack attempts, they're dealing with large amounts of BTC. Being sued is the last thing they wanna face.

If I'm a victim, I would definitely want the regulators to step in if things go South.
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November 27, 2019, 05:32:20 AM
 #19

Kyc is a way of proofing an identity or ownership of something against possible frauding which in most of the cases really helps to. As an individual carrying out the kyc, it is then left for you to ascertain the credibility  of the website demanding for your KYC so as to ensure that your information is with safe hands.
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November 27, 2019, 06:16:30 PM
 #20

KYC helps solving certain problems such as hiding income taxes, stealing money from other people, etc.
I don't see how KYC stops people from stealing money but taxation is legalized extortion so, tax evasion is not a problem, it's a moral obligation.
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