Why KYC is extremely dangerous – and useless

[Lucasgabd]

Hmmm, I just found out that Bitsquare has rebranded to Bisq. Yes, I use their software. At present, we cannot use it as a solution. Using a third party will add more cost and a wall for most unbanked. They must add more currency and remove the trading limitation.

Where did you get the information from? I cannot find anything about it in the internet. I see that bitshares will upgrade their protocol to release 4.0 at July 30, 2020.  But not anything about that bitshares rebranded to bisq.
I would also be surprised if this was the case, because bisq is a stand-alone software and is built completely different than bitshares.

he said bitsquare and not bitshares.

bitshares has no relation to bisq.

I'm not that sure about bitsquare.
binance may not be the best solution long term, for higher volumes and for anonimity. but it's good overall

[1714028860]

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[bct_ail]

Hmmm, I just found out that Bitsquare has rebranded to Bisq. Yes, I use their software. At present, we cannot use it as a solution. Using a third party will add more cost and a wall for most unbanked. They must add more currency and remove the trading limitation.

Where did you get the information from? I cannot find anything about it in the internet. I see that bitshares will upgrade their protocol to release 4.0 at July 30, 2020.  But not anything about that bitshares rebranded to bisq.
I would also be surprised if this was the case, because bisq is a stand-alone software and is built completely different than bitshares.

he said bitsquare and not bitshares.

 

Why did I read bitshares? I cannot even say, it was to late....

The reason why they have rebranding was quite simple. They wanted to register the bitsquare brand. But the words "bit" and "square" were not very unique. So they asked the community for a new name...

https://bisq.network/blog/bitsquare-is-rebranding/
https://bisq.network/blog/bitsquare-becomes-bisq/

[Cratoon]

I agree with the OP, the KYC is against the idea of blockchain/crypto economy.

However if someone is operating really big money, they KYC may be justified.
It's not the crypto projects that demand it, but the governments that regulate thier business.

There should be some alternatives for KYC I think

[Lucasgabd]

<...>

hahahaha sometimes we just need to rest.
thaks for the information, it makes sense.

and BisQ name is definitely better than bitsquare, don't you think?

[bct_ail]

and BisQ name is definitely better than bitsquare, don't you think?

bisq is definitely shorter than bitsquare. So for that at least the change was good.  Now it's just a matter of showing people how good bisq is too.

[blckhawk]

What is the real purpose of KYC? In my opinion, KYC is the only way to bind your identity with a bitcoin or other coin address now. Then who needs it? Exchanges where you convert cryptocurrency into money, controlled by the government. They must pay taxes on their income. Or to prevent crime explained by op.

I think that's the main reason why KYC is needed. However, it turns out the identity is sources of income that can make data owners tempted to sell it. No offense, it is human nature.

At present, Doing KYC is mandatory, and there is nothing we can do. Therefore be careful when doing KYC because a trusted place is consist of human.

Where is the trust inside an untrust environment?

Well if that the case then I don't mind to submit my personal information however, this will be limited only on reputable sites.
It is the truth that most of the time projects and exchanges are now mandate KYC before you getting your rewards or to be able to withdraw your funds. KYC is more likely inevitable now and I can't blame them. I guess all we need to do is to make sure that you are sending your info to reputable platforms to avoid the use of your identity in any kind of malicious intent.

[2chase]

What is the real purpose of KYC? In my opinion, KYC is the only way to bind your identity with a bitcoin or other coin address now. Then who needs it? Exchanges where you convert cryptocurrency into money, controlled by the government. They must pay taxes on their income. Or to prevent crime explained by op.

I think that's the main reason why KYC is needed. However, it turns out the identity is sources of income that can make data owners tempted to sell it. No offense, it is human nature.

At present, Doing KYC is mandatory, and there is nothing we can do. Therefore be careful when doing KYC because a trusted place is consist of human.

Where is the trust inside an untrust environment?

Well if that the case then I don't mind to submit my personal information however, this will be limited only on reputable sites.
It is the truth that most of the time projects and exchanges are now mandate KYC before you getting your rewards or to be able to withdraw your funds. KYC is more likely inevitable now and I can't blame them. I guess all we need to do is to make sure that you are sending your info to reputable platforms to avoid the use of your identity in any kind of malicious intent.

You can never be sure that your data will not be stolen. Even when it comes to an authoritative platform. Hackers are capable of hacking anyone, and there are thousands of proofs of this literally every day. I have a negative attitude to the need to provide my personal documents somewhere, because I perfectly understand the risks and absurdity of this kind of checks. But, unfortunately, we cannot qualitatively influence this, and we have to do it from time to time, because our government is the initiator of KYC politics.

[Smartvirus]

Know Your Customer (KYC) has always felt like a good idea to me, it's funny how we never realized the dangers it posses. For a fact, every idea has a unique code and it's all that is required to register on some of our local platforms.
We never know how much details we expose and how it could be used against us in the wrong hands.
Let's take this more seriously.

[bct_ail]

Know Your Customer (KYC) has always felt like a good idea to me,

This is the way it is sold to the people. But if we take a closer look behind the curtains and questioning the underlying processes things suddenly look very different.

[DevilSlayer]

What is the real purpose of KYC? In my opinion, KYC is the only way to bind your identity with a bitcoin or other coin address now. Then who needs it? Exchanges where you convert cryptocurrency into money, controlled by the government. They must pay taxes on their income. Or to prevent crime explained by op.

I think that's the main reason why KYC is needed. However, it turns out the identity is sources of income that can make data owners tempted to sell it. No offense, it is human nature.

At present, Doing KYC is mandatory, and there is nothing we can do. Therefore be careful when doing KYC because a trusted place is consist of human.

Where is the trust inside an untrust environment?

Well if that the case then I don't mind to submit my personal information however, this will be limited only on reputable sites.
It is the truth that most of the time projects and exchanges are now mandate KYC before you getting your rewards or to be able to withdraw your funds. KYC is more likely inevitable now and I can't blame them. I guess all we need to do is to make sure that you are sending your info to reputable platforms to avoid the use of your identity in any kind of malicious intent.

You can never be sure that your data will not be stolen. Even when it comes to an authoritative platform. Hackers are capable of hacking anyone, and there are thousands of proofs of this literally every day. I have a negative attitude to the need to provide my personal documents somewhere, because I perfectly understand the risks and absurdity of this kind of checks. But, unfortunately, we cannot qualitatively influence this, and we have to do it from time to time, because our government is the initiator of KYC politics.

Actually, you are already vulnerable if you upload your identity or any type of your private information in the internet. The issues about KYC is becoming more hot because a lot of exchanges and projects have been hacked anf the identity of the investors are stolen where it can use in illegal ways. I'm really afraid to participate in any kind of KYC because I know that my identity may be sold or stolen and use it in a bad way.

[tranthidung]

The Vietnamese local thread was unlocked last week and one local translated your thread into Vietnamese. Please add the translation to OP.

Vì sao KYC cực kỳ nguy hiểm – và vô dụng, translator - Crypto Carabao Group

[lucky80]

I'm not that sure about bitsquare.
binance may not be the best solution long term, for higher volumes and for anonimity. but it's good overall

If you are worried about Bisq security, you can see their code. Bisq is open-source. I'm not sure because they still use a third party for FIAT transactions, where you still have to obey the KYC process. Binance Dex is good for trading without KYC, but you can't take out FIAT directly. We must use our local exchange, and they oblige our identity.

It is the truth that most of the time projects and exchanges are now mandate KYC before you getting your rewards or to be able to withdraw your funds. KYC is more likely inevitable now and I can't blame them.

My advice is to stop providing your identity to any bounty campaign. The bounty manager should also refuse the project asking for KYC. There are many ways to filter out users who have multiple accounts without having to ask for their identity.

Hackers are capable of hacking anyone, and there are thousands of proofs of this literally every day.

It's not all about the hackers. It also involves an insider. We never know what is falling.

[arabianhorse]

I did not know the exact information about KYC before. However, I found out a lot after the pig in this thread. I will think 10 times before doing KYC in future. Thanks Friend for sharing such information with us.

[erep]

My advice is to stop providing your identity to any bounty campaign. The bounty manager should also refuse the project asking for KYC. There are many ways to filter out users who have multiple accounts without having to ask for their identity.

The level of KYC requirements in bounties has decreased and some bounty managers may have rejected and did not implement KYC requirements. You are right, KYC not only identifies multiple accounts but there are other purposes behind it and your data can be misused. Beware and guard your identity.

[Bitemetwice @ Stake]

Jeez...
There's probably no way of finding out where & who has my personal details either..

... Pfff

[bct_ail]

Is is not only full KYC at exchanges or Bountys which is dangerous. Even if you purchase something what is relating to Crypto and your adress got leaked you can get in really danger. Just look at the Ledger hack.

[Oshosondy]

Is is not only full KYC at exchanges or Bountys which is dangerous. Even if you purchase something what is relating to Crypto and your adress got leaked you can get in really danger. Just look at the Ledger hack.

You are just very right, but I believe those people do not know they were getting verified for just buying ledger wallet directly from the company, now many of the buyers are now facing even threats that are physical and also phishing that have cost many ledger wallet owners to lose their funds. In anything we are doing, no kyc is the best, we should be completely having no link of our address, email or any related things to our wallet.

[erikoy]

Is is not only full KYC at exchanges or Bountys which is dangerous. Even if you purchase something what is relating to Crypto and your adress got leaked you can get in really danger. Just look at the Ledger hack.

Yeah this is what I am afraid of because it happen that I am actually doing KYC in an exchange that I was trading. And now that I quit trading I must have to delete the account but it could not be possible because you need to contact the support and request for account deletion. If it is only there is an option to everything to have some delete account option then that would be nice in my part to delete account.

[JeotQ]

KYC is bad here and there, I can see how many people hate the system but what are you guys going to do now that it looks like all centralized exchanges will abandon non verified traders on their exchanges soon? I'm sure many are trading on centralized exchanges that accepts non verified users e.g binance

[Greatdev]

How about a biometric kinda verifications? Maybe we  see this in the future? Also I want to clear some fact about KYC strategies, some are better than those that only need you to submit identity card or passports, binance KYC is more strict because it allows live KYC verifications, once you click on KYC tab it will direct you to your mobile camera straight, you can't cheat this verification process