Why KYC is extremely dangerous – and useless

[Shimmiry]

You should write a shorter version if you want your text to be shared and translated (and read) IMO. I'm sorry but I found it very long for this kind of subject, some arguments are repeated several times in the text.

BTW Why not launching a petition on change.org?

There is no problem having a long post explaining everything about KYC, from its history onto how to a conclusion and prevention to it. Everyone must be patient and this posts was indeed long, yet reading it doesn't made me bored as some arguments did lift the other statements.

Launching a petition on change.org would also be useless. KYC and the risks of Identity theft can be prevented as long as the users are knowledgeable with its harm. Therefore, giving your information in KYC-required platforms is your choice. And signing a petition were far to be successful.

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[1miau]

Russian translation
https://bitcointalk.org/index.php?topic=5222690

French Translation
https://bitcointalk.org/index.php?topic=5222860

Thanks both of you for the translations!

You should write a shorter version if you want your text to be shared and translated (and read) IMO. I'm sorry but I found it very long for this kind of subject, some arguments are repeated several times in the text.

The original version (from 2019) was a little bit shorter but also containing less information which was important for me to include. If you think you can create a (significant) shorter version while not missing important parts, feel free to do so, I would be looking forward to read it.

BTW Why not launching a petition on change.org?

I can't see how a petition could help, while bringing awareness to the risks of KYC helps much more in my opinion. If people know about the risks, they will think twice if they do KYC where it's needless and risky.
Petitions are a good thing but unfortunately not really effective for our problem here in my opinion.

[stompix]

BTW Why not launching a petition on change.org?

Oh yeah, let's use a website that is known for selling its own user's personal data and uses tracking once you signed one to feed you more money earning "petitions" to complain about KYC.

Yeah, I can see some fine irony in it.

[Banadony]

Most reason why people give out KYC details is as a result of poverty and lack of knowledge. people can do anything possible to get money no matter what. even if it involves selling out their bank information. in other to quench hunger. hunger and poverty are the two most misery thing that can make a man release everything in his possession.

[Negotiation]

Most reason why people give out KYC details is as a result of poverty and lack of knowledge. people can do anything possible to get money no matter what. even if it involves selling out their bank information. in other to quench hunger. hunger and poverty are the two most misery thing that can make a man release everything in his possession.

Yes, you are right and the newcomers suffer more. Many of these national scandals face disappointment when it comes to getting money to alleviate their own poverty. Now KYC is very dangerous and our person is not up to date.

[Traderbtcc]

Finally, a thread that said everything that's on my mind about KYC. I have never been a fan of KYC. although exchanges/platform try to sugarcoat it, it doesn't take away the fact that people got into the crypto space just to get away from KYC/AML – people were tire of handing out their data to these entities. So bitcoin promised us privacy and we got on board to be in charge of our own data. Demanding for KYC completely go against the purpose of cryptocurrencies /blockchain.  I'm aware that some of these exchanges are bending the knee to regulations in jurisdictions where they operate but then, it's wrong to make KYC compulsory. No KYC should be a standard for crypto related businesses and platforms like Exchanges.

[lancelot18cryp26]

KYC is scam. Anonymity and data privacy are the most important things nowadays.

[crwth]

Filipino Translation

https://bitcointalk.org/index.php?topic=5223563

[cryptobaboon]

Well done op, great article! And it did deserve a translation to Portuguese speakers:

Portuguese translation
https://bitcointalk.org/index.php?topic=5223742

[bitmover]

Good topic

I fee months ago I wrote a post about the cypherpunk manifesto , which I will post a few lines here:

Cypherpunk Manifesto.
Cypherpunk Manifesto was written in 1993 by Eric Hughes. It is amazing to see something that was written almost 30 years ago to be so relevant today.

I will post here a few lines, which I believe everyone should know:

Privacy is the power to selectively reveal oneself to the world.

Since we desire privacy, we must ensure that each party to a transaction have knowledge only of that which is directly necessary for that transaction. Since any information can be spoken of, we must ensure that we reveal as little as possible. In most cases personal identity is not salient. When I purchase a magazine at a store and hand cash to the clerk, there is no need to know who I am. ..... I cannot here selectively reveal myself; I must always reveal myself.

This example of buying a magazine is amazing. If my identification is not relevant for the transaction,  there is absolutely no sense in revealing it.

If we must always reveal ourselves we have no privacy .

I don't want people to know that I deal with crypto,  because that's is something which I do as a hobby in my personal life.

[1miau]

Filipino Translation

https://bitcointalk.org/index.php?topic=5223563

Well done op, great article! And it did deserve a translation to Portuguese speakers:

Portuguese translation
https://bitcointalk.org/index.php?topic=5223742

Nice to have your translations to Filipino and Portuguese local board!
I've included them in my OP.
However, I'm low on Merit and will send you when my sMerit is refilled again.  

I will post here a few lines, which I believe everyone should know:

Privacy is the power to selectively reveal oneself to the world.

Since we desire privacy, we must ensure that each party to a transaction have knowledge only of that which is directly necessary for that transaction. Since any information can be spoken of, we must ensure that we reveal as little as possible. In most cases personal identity is not salient. When I purchase a magazine at a store and hand cash to the clerk, there is no need to know who I am. ..... I cannot here selectively reveal myself; I must always reveal myself.

Great topic, could need a bump.  
Especially with cash removed, we need crypto as a pseudonymous medium of payment.

[crwth]

Nice to have your translations to Filipino and Portuguese local board!
I've included them in my OP.
However, I'm low on Merit and will send you when my sMerit is refilled again.  

It's definitely a great opportunity to have translated it. I have internalized the topic more when I translated it to my local language. It made me realize that it's definitely important to protect what you can and do some due diligence about what you are going to do, in terms of KYC if you are going to do it or not. I kept on reading and realized some of my mistakes on my end (my personal experience) related to KYC. It deserves more exposure, especially to the beginners coming into the cryptocurrency space.

[buihieucr77]

That so amazing post, when people transaction altcoin or bitcoin they must to KYC for transferring but in the near future that isn't safe for them because There're people will know you, they have ID number, Passport, Face,... That is a reason why that is so dangerous for people and workers on Bounty,too! When they working on bounty campaign but that is scam bounty, they are losting time, KYC,.... After that, That scam project will sell that data for third-party,....

[virasog]

KYC is scam. Anonymity and data privacy are the most important things nowadays.

KYC is not scam but most people use KYC to scam others.

1- Some websites demands KYC for withdrawals only and use KYC an excuse for not to release the funds/withdrawals.
2- Some websites collect the KYC data and sell it to the dark market or misuse it for advertisements and other stuff.

[TakeItEasy]

I agree with every word. KYC is dangerous and useless.
And completely violates the right to privacy.
Especially surprising is the requirement of KYC on some kinds of ICO and presales, as here
https://bitcointalk.org/index.php?topic=5222060.0
It looks like - 'We are pre-selling the very private coin in the world, but please give us all your personal data ...'

[SourLemonX]

A great article! Most current crypto websites require KYC to gain some verification steps using account. We already know KYC is useless, so why are they still asking for it. Without KYC, how do we use such services, such as exchanges 

[yslyv]

thank you for the great article!

Turkish translation
https://bitcointalk.org/index.php?topic=5224492.0

[Baby Dragon]

KYC is scam. Anonymity and data privacy are the most important things nowadays.

KYC is not scam but most people use KYC to scam others.

1- Some websites demands KYC for withdrawals only and use KYC an excuse for not to release the funds/withdrawals.
2- Some websites collect the KYC data and sell it to the dark market or misuse it for advertisements and other stuff.

Its the tool that a scammer uses to gather information from the user in order to exploit their funds and assets. Its the reason why people nowadays are in doubt when a website is asking for their personal information because they are aware that its an approach that was commonly used by scammers. Some people had been victimized and lose their funds because of KYC that's why we should always be aware before giving an information about ourselves that can used against us because we can't easily identify if their intention was good and its better to be careful than ending up regretting.

[cryptoahmed009]

dangerous in sense , i think it take our data like passport photo copy , photos, documents copy everything. they can be used it in any way where they want. if any web site is fake then its really dangerous , but if it is trust able . it give benefit to us .
useless :it take lot of time and limit of files to be loaded, if file got wrong or large size the we have to load it again. after all this many websites are useless and fake al the time which we use to upload and etc work was waste..

[FIFA worldcup]

For ICO's yes, for exchange like Binance just needed.

Even though it is still risky to submit our kyc to trusted sites like binance, because those sites can be hacked and the information can be leaked. But we have to trust some sites if we want to use them and sites like binance, coinbase etc are one of them. ICO also make KYC compulsory so if you will not submit your KYC, you will not be able to participate in ICOs. We really don't have much options in this regard.