Pros and cons of KYC and the alternative logic

[Mttewndew]

I see a lot of negative posts about KYC procedure and how the exchanges are losing their reputation when requiring user to go through KYC (even if only suspicious transactions are obliged, like it works with coinbase, changelly or binance).
I think people are overreacting. Sorry for being Captain Obvious, but at least, you should know how the internet works before you might actually start to worry about your anonymity during the exchange procedure.
I may not understand something, but what's the difference between sending your passport photo and being registered on facebook or instagram? You'll be surprised to know how much info they have on you even if you didn't name it.
In a world of big data people are afraid of KYC, but at the same time they aren't afraid to be registered in social media or using google. I mean... Could you explain, how this logic works?

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[boyptc]

Facebook doesn't require KYC but it's tracking us everywhere we go. Every single picture that we upload, there's a correspondent database for it.

With the KYC requirement, there's a lot of websites that requires it and if ever a website that we use starts to accept it, we feel bad. People today are also becoming vigilant due to identity theft that these websites can potentially use it for other purpose.

[Ucy]

Interesting observation.
Well, if personal information from Google or Facebook is that reliable, why don't the exchanges use them? There are people who will never use phones camera, finger prints sensors or biometric authentication features on their phones.. .  Internet devices won't have much on those kind of people. This is probably why verifying users identities via social media isn't used much.

[Niya]

I see a lot of negative posts about KYC procedure and how the exchanges are losing their reputation when requiring user to go through KYC (even if only suspicious transactions are obliged, like it works with coinbase, changelly or binance).
I think people are overreacting. Sorry for being Captain Obvious, but at least, you should know how the internet works before you might actually start to worry about your anonymity during the exchange procedure.
I may not understand something, but what's the difference between sending your passport photo and being registered on facebook or instagram? You'll be surprised to know how much info they have on you even if you didn't name it.
In a world of big data people are afraid of KYC, but at the same time they aren't afraid to be registered in social media or using google. I mean... Could you explain, how this logic works?

I think the vast majority of people who don't want to submit to KYC procedures on exchanges aren't registered on social media websites. They just want privacy everywhere they go.

[xen1oph]

Interesting observation.
Well, if personal information from Google or Facebook is that reliable, why don't the exchanges use them? There are people who will never use phones camera, finger prints sensors or biometric authentication features on their phones.. .  Internet devices won't have much on those kind of people. This is probably why verifying users identities via social media isn't used much.

I disagree. Even if you don't use any biometric authentication or your phone camera -- until you actually have a phone, you're translating data about your location (whether you use VPN or not), installed apps and so on.
It's not that I'm all about conspiracy, but prove me wrong.
As for verifying identity via social media -- it may not be using cause this isn't your passport. But that doesn't mean, that you cannot be identified as a real person by your phone traffic.

[coinforumgentr]

verify your identity with selfie nonsense.

I don't care to be anonymous.
The only thing I'm afraid of is scattering my documents.