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Author Topic: Too strong KYC  (Read 83 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?
bittraffic
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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.
geppettobtc
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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
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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.


btctaipei
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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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