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Author Topic: Know Your Customer (KYC) A Good thing or Bad Thing?  (Read 232 times)
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January 01, 2020, 01:11:12 PM
 #1

We all seemingly have some sort of mixed emotions when it comes to the dreaded KYC. Picture the painting "The Scream" or some ghastly Emoji and none the less this maybe a somewhat accurate account of to how some people may feel about KYC. Some people might think it's a complete invasion of privacy and completely ruins the whole thought of what crypto is all about, when some others may think it's a step in the right direction to hopefully bring transparency to the crypto world and thus making it a more viable option for mass adoption. What are some of your thoughts and opinions on the matter? As usual any thought or comments are more than welcome. Thanks.
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January 01, 2020, 01:22:03 PM
 #2

If you accept that today, what is the guarantee that you will reject being chipped in your body or brain? 
In The Future: "allow us to monitor you brain or get chipped else you won't be allowed to be part of our society"... Would you accept that?

There are safer ways to go about knowing your costumers without exposing billions of people to risk. Decentralized approach is probably the safest.



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January 01, 2020, 01:22:21 PM
 #3

We all seemingly have some sort of mixed emotions when it comes to the dreaded KYC. Picture the painting "The Scream" or some ghastly Emoji and none the less this maybe a somewhat accurate account of to how some people may feel about KYC. Some people might think it's a complete invasion of privacy and completely ruins the whole thought of what crypto is all about, when some others may think it's a step in the right direction to hopefully bring transparency to the crypto world and thus making it a more viable option for mass adoption. What are some of your thoughts and opinions on the matter? As usual any thought or comments are more than welcome. Thanks.

KYC is fine for traditional financial institutions that have a track-record, are beholden to laws, and can be trusted somewhat. Where it gets murky is with the fly-by-night operations asking for very private details of members in order to issue bounty rewards. In my view, that's unacceptable. There is always a trade-off with KYC. There is always a risk of private information being misused.
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January 01, 2020, 01:51:11 PM
 #4

Everything has its pros and cons, as is the case with KYC Through KYC we can be sure that it will be good and on the other hand through KYC they take our personal information to scam. That's why it's best not to use our KYC There are many sides to KYC except it is better to use ligula.
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January 01, 2020, 03:21:55 PM
 #5

Personally I don't like KYC I see it as a stress but to be sure of less spams and cheats the KYC is necessary
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January 01, 2020, 04:22:30 PM
 #6

Knowing your customer is a good thing. After all, your potential customer might be a government spy, trying to entrap you.

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January 01, 2020, 09:08:51 PM
 #7

We all seemingly have some sort of mixed emotions when it comes to the dreaded KYC. Picture the painting "The Scream" or some ghastly Emoji and none the less this maybe a somewhat accurate account of to how some people may feel about KYC. Some people might think it's a complete invasion of privacy and completely ruins the whole thought of what crypto is all about, when some others may think it's a step in the right direction to hopefully bring transparency to the crypto world and thus making it a more viable option for mass adoption. What are some of your thoughts and opinions on the matter? As usual any thought or comments are more than welcome. Thanks.

Its bad, because this information will make its way into the dark web, and everyone will suffer the consequences. Before a "hack" would get your nickname and password, but now they'll get your documents.

In the name of "control" the State, as usual, makes things worse for everyone.

The only answer is: Bad Thing.

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January 02, 2020, 12:46:31 AM
 #8

How will KYC work when dealing with persons using decentralized exchanges?

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January 02, 2020, 04:23:37 AM
 #9

we can all understand the morals of KYC as it can prevent a business getting into trouble by accidentally servicing an illicit act of a customer it doesnt know.

but i feel that consumer protections should have a KYB whereby businesses have to be open and transparent to.
that way its a two way street.

mostly so customers know what the business is doing with the customers data and the customer can act accordingly if the business is not playing by the rules

however there should still be an option where people are not forced into one choice. EG the poor forced to have bank accounts due to laws making 'paper cash' obsolete. people should have choices and an exit of one service and able to choose other options that offer other benefits

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January 02, 2020, 03:39:44 PM
 #10

I think the "know your customer" feature is both good and bad, Good because it achieves transparency and we were able to know the scammers, and bad because it eliminated the decentralization characteristic of cryptocurrencies, and also its procedures are somewhat complicated.
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January 02, 2020, 05:17:45 PM
 #11

KYC is not a bad thing. Banks doing this for many years. AFAIK there are three important factors for dong this.
1:Establish the client’s identity
2: Understanding your client’s nature
3:Access money laundering risk attached with the potential customer for purpose of monitoring the customer’s activities

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January 03, 2020, 06:46:43 AM
 #12

I think (know your customer) good think every banks Portals and in Cryptocurrency market In fact it allows you to verify simple information so that it can be easily solved in the future if any problem, but each bank gives it more importance. Although in the crypto market it helps a lot to identify the scammer peoples.
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January 03, 2020, 09:08:01 AM
 #13

It has advantage and disadvantage.

An advantage for those who want to expand the adoption for crypto because it's a way to gain trust of the gov't and the exchanges are required by them to comply for it so they also don't have a choice but to implement it. The disadvantage, we just can't be sure if these issuers are taking care of our identities.


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January 03, 2020, 10:53:33 AM
 #14

if this KYC thing dont get abuse?for sure this will help both parties from the costumer to the company,the problem is people with bad intention take this as advantage to other people and this is why i hate this implementations.

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January 03, 2020, 12:34:44 PM
 #15

Personally I don't like KYC I see it as a stress but to be sure of less spams and cheats the KYC is necessary

I agree with you I also don't like KYC but there are times that KYC has to do it for their own protection Because everything has good and bad aspects as does KYC Also it often reduces the risk of money.
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January 04, 2020, 06:57:02 PM
 #16

KYC is actually good and really helps our security and comfort in a platform. But unfortunately there are things that sometimes make things difficult here, not all KYCs are easy and easy to accept, that's all the problem for me.
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January 04, 2020, 08:58:06 PM
 #17

Of course knowing your customers is a good thing. It is essential in business and commerce. In the field of cryptocurrencies, too. You should know about KYC. KYC (Know Your Customer) is a process of verifying the identity of members to help the system comply with anti-money laundering (AML) laws and protect the system from illegal acts. The KYC confirmation will help increase the withdrawal limit for coins / tokens in 24 hours.

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January 06, 2020, 03:12:41 PM
 #18

In my opinion, going with the fact that crypto is built for decentralization, privacy and trust-less. KYC goes against these properties of blockchain, but if the reason is to curb criminal acts, then it is welcomed.

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January 06, 2020, 07:23:25 PM
 #19

It's a good thing.
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January 06, 2020, 08:45:34 PM
 #20

We need to know who our data will be with. Let's take an example of the crypto world:

Exchanges have no license, are anonymous, do not have headquarters of the company, the owners of the exchanges are also anonymous... they are anonymous but ask their customers to deliver documents to do KYC? it makes no sense in my opinion


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