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Author Topic: Centralized and kyc platforms can pose risks in the future  (Read 457 times)
cryptoaddictchie
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May 23, 2021, 10:32:02 AM
 #21

If you are going to give up your security and privacy anyway by using a centralized platform such as Binance, then peer to peer brings very little benefit, so why not just use Binance's standard exchange?
You mean standard exchange? Your not allowed to use p2p if not undergone the KYC I guess. Also, if I used the standard, how could I put it on bank with such ease since there is no fiat trading directly of my currency there? Needed to find someone first to right? To do peer to peer. What I after is the convenience, I'm sure many will agree binance p2p is great for those who uses it.

It's not really the case of a DEX supporting bank transfers, but rather the individual traders on that DEX. I predominantly use Bisq.
So Ive still need to interact with those via peer to peer. In short no, place to do what Binance offer, that still saves the privacy. Anyway we have our own choice here. If I gonna make a poll how many uses Binance p2p here.

I'm sure 90% here favors for that. (just estimation)


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May 23, 2021, 11:24:33 AM
 #22

Your not allowed to use p2p if not undergone the KYC I guess.
Exactly. One of the biggest advantages of peer to peer trading is that you can protect your privacy, don't have to risk disaster by giving away your personal documents and information, don't have a centralized exchange spying on you, etc. So why do people give up all these advantages by completing KYC anyway? Why not use an actually private platform such as Bisq or LocalCryptos?

I'm sure many will agree binance p2p is great for those who uses it.
I'm sure it is, but if everyone who used Binance P2P swapped to a decentralized peer to peer exchange, then you would all have the same volume but with none of the privacy invasion, none of the risk to your information, and none of the risk to your custodial coins.
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May 23, 2021, 08:48:04 PM
 #23

I believe this is not only happening in my country but in all other countries, we need to be very careful before we will become criminal's targets. There are many ways criminals are thinking about ways they want to steal from us, physical harm can still involved. There was a case I read recently about someone saying he had trezor with him in his home when theives came but did not touch the trezor after stealing other valuable things.

Some thieves are unable to make use of people's Bank ATM cards because they are afraid of the account they will send the money to not to be traced, that is why some will have to go to ATM with the cards to withdraw some money, but there are daily limit that someone can withdraw, this can safe the victim not to lose money much.

Jumping from burglars to KYC is quite a wide topic for discussion. Maybe more knowledgeable thieves would take any USB looking device with them, I'm not totally familiar but does the Trezor require a further password to access - otherwise it is useless? Can Bitcoins stored on a Trezor be restored without access to the original device? If you think of exchanges like a bank versus storing some money in your home - it makes sense that bank security will be much greater, so should be used to store large amounts, should the same be true of Bitcoin? More KYC can actually be useful for people who are interested in the long term future of Bitcoin, because knowing your customers is the only way to track down criminals who like to move around in the shadows. Anyone who transacts with Bitcoin in most developed countries should not be required to announce their current ownership but it would be sensible to exchanges to monitor future transactions for fraud. The cleaner bitcoin is presented, the more it will be trusted by the average person.

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May 23, 2021, 09:35:35 PM
 #24

It is not advisable I guess to do KYC since cryptocurrency is not regulated or something, everything could always mess up in the future and the worst thing is we lost everything because of it.

But most of the exchanges are centralized and probably would require you to do a KYC in the long run, there are always since that if you do the KYC because there are a lot of scams everywhere, your data probably could be used in illegal transactions, exchanges could be selling our information I mean we never know but it's possible. Our data could leak if there is some hacking happened also.

I guess you could lessen that if you did a KYC in a top exchange or website since they might have the best security in their website compared to others. And since they are big already it lessens the chance of getting scams in fake or phishing exchanges online because that could always be a possibility most of the time.

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May 24, 2021, 08:46:15 AM
 #25

I'm not totally familiar but does the Trezor require a further password to access - otherwise it is useless?
A Trezor device in the hands of a knowledgeable attacker can have the seed phrase extracted and unencrypted and therefore all your coins stolen. You need to use an additional complex passphrase or the SD card encryption (with the SD card not in the hands of the attacker) to mitigate this.

Can Bitcoins stored on a Trezor be restored without access to the original device?
Coins are never stored on a hardware wallet, but the private keys on the hardware wallet can be restored via the seed phrase.

More KYC can actually be useful for people who are interested in the long term future of Bitcoin, because knowing your customers is the only way to track down criminals who like to move around in the shadows.
There is very little evidence that KYC aids in tracking down criminals. Criminals in general aren't stupid enough to cash out stolen bitcoin via an account which has all their personal information linked to it.

The cleaner bitcoin is presented, the more it will be trusted by the average person.
You don't need to trust bitcoin, and bitcoin doesn't need to be trusted. That's the whole point.

exchanges could be selling our information I mean we never know but it's possible.
Go and read the small print of any major exchange and you will find that they are regularly selling and sharing your data with a huge variety of third parties. Some exchange, such as Coinbase, have even admitted in interviews that they do this - https://youtu.be/ZCD_yDHenis?t=119

I guess you could lessen that if you did a KYC in a top exchange or website since they might have the best security in their website compared to others.
Pretty much every exchange sends your KYC data to a variety of third parties to be processed, verified, and stored, and you have absolutely no idea how good or bad their security is. That's why even the biggest exchanges like Binance have had their KYC databases hacked and leaked.
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May 24, 2021, 09:24:24 AM
 #26

At those p2p platforms like Bisq or LocalCryptos etc. you might have some bad encounters kin to carders and such resulting in your bank card being blocked. All in all, you will lose both your bitcoins and the money you received from their sale. Would you like such double loss?
I have traded peer to peer for years and never once have had any problems with scammers or having my bank account blocked or investigated. It is very easy to avoid scammers by simply trading with reputable users with thousands of trades and near universal positive feedback. If you are still concerned about accepting fiat electronically, then arrange to trade in cash. And if you are concerned about counterfeit cash, arrange to trade at either an ATM for smaller amounts so the bitcoin buyer can withdraw the cash there and then, or at a bank for larger amounts where the cash can be withdrawn immediately prior to the trade or deposited immediately after to ensure it is not fake.
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May 24, 2021, 05:03:10 PM
 #27

In ny country, I used a centralized exchange and also a wallet where you know that I don't have the private key or mnemonic phrase for the wallet but so far I don't have issues using it. Still, I am very careful not to transfer huge amount of money (in fiat money) as It may be risky (more like money laundering) but in real life or in any platform is that I don't launder money, not ever. I even completed the KYC so that I can use cryptocurrency they accepted which is BTC, BCH, ETH and XRP.

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May 24, 2021, 05:43:57 PM
 #28

In ny country, I used a centralized exchange and also a wallet where you know that I don't have the private key or mnemonic phrase for the wallet but so far I don't have issues using it.
Many cryptocurrency traders go for centralized exchanges over decentralized ones. I can't blame them because I use centralized exchanges from time to time as well. But there is no reason to use a custodial wallet with your bitcoin when there are so many good non-custodial options available. No one who used any of the hacked exchanges in the past had any problems with them either until something bad happened. Keep that in mind. Things worked great until one day they didn't. It's better to keep the risks of losing coins as low as possible.  

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June 12, 2021, 04:13:06 PM
 #29

In ny country, I used a centralized exchange and also a wallet where you know that I don't have the private key or mnemonic phrase for the wallet but so far I don't have issues using it.
Many cryptocurrency traders go for centralized exchanges over decentralized ones. I can't blame them because I use centralized exchanges from time to time as well. But there is no reason to use a custodial wallet with your bitcoin when there are so many good non-custodial options available. No one who used any of the hacked exchanges in the past had any problems with them either until something bad happened. Keep that in mind. Things worked great until one day they didn't. It's better to keep the risks of losing coins as low as possible.   
That is just it, there are differences between privacy and security, using exchanges to buy cryptocurrencies can make someone not to have privacy, but there are still security measures that can help to secure the coin safely on noncustodial wallet, any cryptocurrency that is not active for trading on exchanges should be moved to noncustodial wallet like hardware wallet for safety of the coin, leaving it on exchanges makes it not safe unlike having the mnemonic. What is most worst thing about custodial wallet is that users do not have complete control over the coins, the control can be overridden by the wallet company, if it is not your key, it is not your coin on blockchain nakamura12.

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June 13, 2021, 05:19:48 AM
Last edit: November 28, 2021, 10:07:46 AM by alik111
 #30

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June 13, 2021, 06:14:16 PM
 #31

I don't think so.Because in future Decentralized Exchanges will be most popular.
Even it's true that in future Centralized platforms will lose its popularity and Kyc platforms can pose risks.
Again Decentralized Exchanges will have no risks of being Hacked or stolen.
To know Centralized and Decentralized platforms and Comparison this article will help you-
Article
It may work for a while or for other countries but once the government set a rules to abide there's no way a decentralized exchanges would exist especially if it's under the central bank jurisdiction. And yes, I agree that centralized exchanges are all at risk once it's compromised because your personal information could be used for identity thief or any other means that they could use to take advantage that's why using a custodial wallet is still risky even if it promise you to take care of your personal info.

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June 13, 2021, 06:57:44 PM
 #32

It may work for a while or for other countries but once the government set a rules to abide there's no way a decentralized exchanges would exist especially if it's under the central bank jurisdiction.
I'm not sure you've grasped how a truly decentralized exchange works. It doesn't matter if the government sets rules for exchanges to abide by, or banks place limits on the fiat accounts of exchanges. By definition, an exchange which is actually decentralized does not hold any of your money - be it fiat, bitcoin, or altcoins - at any time. There are no bank accounts which must abide by certain rules, and there is no central company or corporation which can be regulated against or strong-armed by the government. The best decentralized exchange, Bisq, doesn't even run from a website. Much like with bitcoin itself, users download the open source software, run it locally, and connect directly to other users over Tor. A government can't force rules or regulations on it any more than they can against bitcoin itself.

This censorship resistance is one of the main benefits of using a decentralized exchange, along with improved security and improved privacy over centralized exchanges.
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June 13, 2021, 11:21:34 PM
 #33

The fact that one of the KYC platforms exposes user information is already there, so the security of user information is extremely important, now when IDO projects explode, a lot of KYC projects have been mentioned. as alf a mandatory process to join IDO, so the security of user information is very important.

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June 14, 2021, 12:53:09 AM
 #34

i believe hardware wallets are a safe way of storing cryptocurrencies from the articles i have read about it, the question i have is what happens if this hardware wallet is stolen or is destroyed, does that mean that the cryptocurrencies on it are lost forever? or is there a way to recover them in the case that the hardware wallet is lost, damaged or stolen?
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June 14, 2021, 08:27:29 AM
 #35

i believe hardware wallets are a safe way of storing cryptocurrencies from the articles i have read about it, the question i have is what happens if this hardware wallet is stolen or is destroyed, does that mean that the cryptocurrencies on it are lost forever? or is there a way to recover them in the case that the hardware wallet is lost, damaged or stolen?
Although this thread is about the dangers of centralized exchanges, the OP also mentions hardware wallet, so your question remains partially on-topic.

The coins are never on your hardware wallet. Only the private keys which allow you to spend your coins are stored on the wallet. When you set up your wallet, you will be presented with a 12/24-words seed. Everything is derived from that master seed. Make several copies of your seed on paper and store them somewhere safely.

If your hardware wallet breaks and stops working, you can simply get another one of the same type or a different one as long as it's compatible with BIP39 seeds. So, if you use Ledger, get another Ledger or Trezor wallet (those are the most popular ones), import your seed, and you will have access to your coins again. You can also import your seed in a software wallet, but doing that, you lose the security that hardware wallets provide.

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sheenshane
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June 14, 2021, 04:19:15 PM
 #36

In ny country, I used a centralized exchange and also a wallet where you know that I don't have the private key or mnemonic phrase for the wallet but so far I don't have issues using it. Still, I am very careful not to transfer huge amount of money (in fiat money) as It may be risky (more like money laundering) but in real life or in any platform is that I don't launder money, not ever. I even completed the KYC so that I can use cryptocurrency they accepted which is BTC, BCH, ETH and XRP.
Its looks like I know this custodial wallet and the exchange platform as well.  It's really hard to trust someone on the internet with our personal information but AFAIK, all KYC information that collected on a centralized exchange or a custodial wallet, they are on a separate database that highly encrypted and no one can steal on it unless if there's an inside job or the owner itself will sell that information of our personal data that has been collected.

We should be wise on trusting any websites that ask KYC.  It should have transparency of their team and as possible there's no hiding on a website owner.
Though it feels risky in the future, we don't have anything to do is to abide by the law and a part of the law is to have KYC and since a website license under the law of the government, they also required a KYC.  Searching for legit websites for the KYC thing will less risky in the future.

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o_e_l_e_o
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June 14, 2021, 05:37:07 PM
 #37

all KYC information that collected on a centralized exchange or a custodial wallet, they are on a separate database that highly encrypted and no one can steal on it unless if there's an inside job or the owner itself will sell that information of our personal data that has been collected.
Well, that's just not true at all. Every large exchange uses third parties to process and store your KYC data. Your data is transferred to these companies (sometimes several different ones) and you have no idea how securely it is transferred, how securely it is stored, or who has access to it. KYC data is frequently stolen without any sign of an inside job, even to the largest exchanges such as Binance, who were hacked for thousands of their users' information. And yes, a lot of exchanges or their associated third party processors have been caught selling data too.

It should have transparency of their team and as possible there's no hiding on a website owner.
Irrelevant. Knowing the people behind the site does not make your data any safer.
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June 28, 2021, 08:42:14 AM
 #38

i believe hardware wallets are a safe way of storing cryptocurrencies from the articles i have read about it, the question i have is what happens if this hardware wallet is stolen or is destroyed, does that mean that the cryptocurrencies on it are lost forever? or is there a way to recover them in the case that the hardware wallet is lost, damaged or stolen?
You have full control of your hardware wallet, if the coins stored on it are lost, you can get another hardware wallet to recovery your coins. This is the reason if you have your seed phrase and passphrase, your coins are not lost because the seed phrase and passphrase will generate you your keys needed to access your coins.

You can also use online BIP39 wallets because recommended hardware wallets are BIP39, you can import the seed phrase from lost hardware wallet on such online wallets but it is not safe like recovering it on offline wallets.

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Magicalking
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July 03, 2021, 02:02:42 PM
Merited by o_e_l_e_o (2)
 #39

I'm scared of identity theft so I keep my details and lifestyle away from social media. Now in order to buy Bitcoin from most exchanges I am subjected to provide my id card and documents for kyc. I really do not understand the whole point of kyc...is it actually fighting crime or enabling it?
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July 04, 2021, 02:44:28 AM
 #40

I'm scared of identity theft so I keep my details and lifestyle away from social media. Now in order to buy Bitcoin from most exchanges I am subjected to provide my id card and documents for kyc. I really do not understand the whole point of kyc...is it actually fighting crime or enabling it?
KYC is like a 2 edged sword. I still doubt the function of kyc as a crime prevention. There are so many exchanges that still provide leeway for the minimum amount of top ups and withdrawals, meaning that there is a criminal loophole there. Actually, they are not fighting crime as you think, they're just obeying the law. On the other hand, they can become criminals themselves for kyc reasons, seizing your money arbitrarily or selling your identity to other criminals.

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