In the face of money can you still keep your privacy goals alive

[Vaculin]

Nobody would give you such amounts just for the KYC alone, it's a dream that will never come true.

Giving free bitcoin is just a total joke, even the richest man in crypto will still think of it a thousand times .

However, its only in the beginning that people are mostly hesitant to provide their KYC, but when the government imposes strict regulations towards crypto holders and traders, eventually filling out KYC forms is not that hard anymore. Its the person versus the government, so if you want to keep investing or trading, you have no choice but to stick with the rules. Or else, you will be named a scammer itself instantly if you refuse to deal with KYC verification.

[Antona]

Nobody would give you such amounts just for the KYC alone, it's a dream that will never come true.

Giving free bitcoin is just a total joke, even the richest man in crypto will still think of it a thousand times .

However, its only in the beginning that people are mostly hesitant to provide their KYC, but when the government imposes strict regulations towards crypto holders and traders, eventually filling out KYC forms is not that hard anymore. Its the person versus the government, so if you want to keep investing or trading, you have no choice but to stick with the rules. Or else, you will be named a scammer itself instantly if you refuse to deal with KYC verification.

Yep the free bitcoin gimmick is always an angle for something else data harvesting scams etc. On KYC you're right. When the choice is "comply or be locked out," most people will sigh and fill out the form It's the cost of entry for the regulated on-ramps like it or not.

[TastyChillySauce00]

I have seen some posts about people trying as hard as possible to avoid KYC and go full Privacy as a Bitcoin investor or holders, my question is if we are all asked right now to pass through a centralised platform where KYC will be asked and in return you will be 0.5 BTC each what do you think will happen? 

Millions of people out there did the KYC to a centralized exchange and without getting paid because they want access to bigger liquidity that doesn't exist in P2P transaction, they'd sign up for KYC if getting paid 0.5 bitcoin in a heartbeat.

Lets be honest, people moving millions in form of BTC either make a deal through OTC or selling their BTC through centralized exchange. It's already happening.

[joniboini]

If your country is as bad as you described, I guess you can use that money to move away from your country asap if that's an option. 0.5 BTC is a lot of money anyway for most people in terrible living conditions. If you know your country is going to disappear and, for some reason, the government decides to go crazy and give away 0.5 BTC to millions of citizens who will soon disappear, it doesn't sound as bad as it seems. Obviously, other countries will probably track that money too. As others have said, though, that's too good to be true.

[CryptoVoyager24]

​I think the dynamic changes as your portfolio grows.
​When you have small amounts, privacy might just be an ideological preference. You can afford to be lazy.
But if "money" really comes into play (meaning significant wealth), privacy stops being just an ideal and becomes a security necessity.
​If you lose your privacy, you become a target for criminals and scammers. So, keeping privacy goals alive is actually the only way to keep the money itself safe in the long run.

[CryptoBuds]

I have seen some posts about people trying as hard as possible to avoid KYC and go full Privacy as a Bitcoin investor or holders, my question is if we are all asked right now to pass through a centralised platform where KYC will be asked and in return you will be 0.5 BTC each what do you think will happen? 

Millions of people out there did the KYC to a centralized exchange and without getting paid because they want access to bigger liquidity that doesn't exist in P2P transaction, they'd sign up for KYC if getting paid 0.5 bitcoin in a heartbeat.

Lets be honest, people moving millions in form of BTC either make a deal through OTC or selling their BTC through centralized exchange. It's already happening.

The harsh truth is that most people involved in this market are here for profit. That was their main goal, not protecting privacy or reducing dependence on banks or the government. But ironically, few people dare to admit it, and most make excuses to conceal their true intentions.

Not millions, but hundreds of millions of people have used centralized exchanges and are willing to comply with KYC procedures solely for the purpose of accessing bigger liquidity. And many of us are among those millions of users. I wouldn't be surprised if people who frequently talk about privacy every day also have at least one account on a CEX.

[fuguebtc]

For 0.5 BTC? Id have to pass thats not free money its a tracking device. Once your identity is tied to that UTXO every future transaction is watched it sets a precedent that they can buy our privacy id rather keep stacking privately, even if it's slower.

If you own a large amount of bitcoin, such as hundreds or thousands of BTC, I have no doubt that you would flatly reject that offer without much thought. But if you're struggling financially, you have to save every penny and accumulate every satoshi with the goal of becoming wealthy in the future. I would be suspicious if you refused 0.5 BTC.


By the way, are you using any centralized exchange? If you use CEX to buy and sell bitcoin, then saying you would reject 0.5 BTC is completely illogical.

Bitcoin is currently trading at $87k, and frankly, 0.5 BTC is not a small amount of money for most of us. If everyone were honest, I think no one would refuse this offer.

[KiaKia]

It's already happening, people don't care about privacy as they claimed, it's all words for nothing, but behind the close door they will still use Centralised exchanges like nothing happened.

People gladly sell their information Iin my country because they needed the money especially when the election period is around the corner, it's not a new thing, someone whom privacy is pricey than their lives are the only ones that can battle anything to retain that privacy, it's not going to be easy.

Almost everything websites and platforms online now requires ID because they are forced to do so, it's the sad truth.

[purple_sparkles]

It's already happening, people don't care about privacy as they claimed, it's all words for nothing, but behind the close door they will still use Centralised exchanges like nothing happened.

People gladly sell their information Iin my country because they needed the money especially when the election period is around the corner, it's not a new thing, someone whom privacy is pricey than their lives are the only ones that can battle anything to retain that privacy, it's not going to be easy.

Almost everything websites and platforms online now requires ID because they are forced to do so, it's the sad truth.

This kind of truth really scares me, because we are constantly being told how necessary it is to personalize everything and leave our personal data everywhere and to everyone. At the same time, no one bothers to explain the risks that such behavior can bring. Of course, it is much easier to automatically answer and fill in all the personal questions provided, instead of figuring out why this information is needed, whether it is possible to use the service without it, and how to do so. It is also important to understand what guarantees the service requesting your data can offer and what will happen in the case of a data leak. If more people cared about the security of their personal data, we wouldn’t be facing a situation where this information is demanded so brazenly by almost anyone.

[Satofan44]

If a platform is giving something for free, just know that you are the price, an exchange want to give you 0.5Btc which is worth $45k to do Kyc? Is it that important for exchange to give out that money? I want you to know something. If an exchange is going to spend 0.5Btc to get your identity, know that you are worth 50 Btc, the ideology doesn't make any sense.

For an exchange to give that amount if money to get your identity, that means you must have laundered millions of dollars with a fake identity and now they want your full identity. Even if a fool is offer that amount of money for Kyc, he will think twice before accepting that decision of Kyc.

In general you are a bit right but you are also very wrong. The market value is what determines the real current value of something, a simple intersection of supply and demand. Obviously KYC is priceless, but my views on this have no impact on the other idiots that are willing to sell their KYC for cheap. Currently there is an abundance of people who are willing to supply their KYC for cheap, and the intersection of demand determines that the market value is averaging around $100 to $200. We can't seriously talk about the real value of something in a hypothetical scenario that is ridiculous though.

I remember even Binance use was against Kyc back then until the story changes later.

Unless a business is owned or run by a sick monster, then they are not going to be in favor of KYC. It brings costs, more risk and does not solve anything. Banks and exchanges would have no KYC or AML implementation if it wasn't mandated by law.

KYC is no longer new, the people are slowly getting used to it. Anonymity is not highly valued anymore, but following the rules and regulations of the government so that you can still continue to invest, trade or gamble legally. Otherwise, the government will start eyeing on you and attack you inevitably.

If something is common that does not mean it is not wrong. If people are used to something that does not mean that the people are not dumb and wrong about it. There are many ways to dodge KYC, legally and illegally if a person values their anonymity. Most people never valued anonymity, therefore to say that it is not valued anymore is incorrect. They are complacent and uneducated idiots, they don't know how to value anything properly.

For 0.5 BTC? Id have to pass thats not free money its a tracking device. Once your identity is tied to that UTXO every future transaction is watched it sets a precedent that they can buy our privacy id rather keep stacking privately, even if it's slower.

It is not a tracking device, don't write this spammy shit here.

[Kelvinid]

With how the government impose strict regulations for providing KYC, then it would be hard for us anymore not to comply with it, otherwise we will not be allowed to buy and sell from legal and centralized exchanges, thus may not continue our bitcoin investment. Also, when we decide to gamble, KYC is already a big requirement, or else we will not be allowed to place a bet and play on our favorite and interesting games.

Let's just be realistic, its only before that people are hesitant to provide KYC, but now it seems very normal for us to provide KYC in all our chosen activities.

[davis196]

I have seen some posts about people trying as hard as possible to avoid KYC and go full Privacy as a Bitcoin investor or holders, my question is if we are all asked right now to pass through a centralised platform where KYC will be asked and in return you will be 0.5 BTC each what do you think will happen?

What do you mean by "you will be 0.5 BTC each"? The government giving each and every person, who submits ID 0.5 BTC, or each and every person, who submits ID will be limited to only 0.5 BTC? Your idea seems pretty unclear. I think that nobody is going to give you something in exchange of conducting KYC in real life. If KYC is mandatory, then 90% of the people will abide by the rules and 10% of the people will try to find a way to bypass those rules. Achieving full privacy as a crypto investor is almost impossible. By the way, where do you live? Do you live in an underdeveloped country? I think that underdeveloped countries have incompetent tax revenue agencies and it's easier to avoid paying taxes when you live in such country.

[henry_of_skalitz]

With how the government impose strict regulations for providing KYC, then it would be hard for us anymore not to comply with it, otherwise we will not be allowed to buy and sell from legal and centralized exchanges, thus may not continue our bitcoin investment. Also, when we decide to gamble, KYC is already a big requirement, or else we will not be allowed to place a bet and play on our favorite and interesting games.

Let's just be realistic, its only before that people are hesitant to provide KYC, but now it seems very normal for us to provide KYC in all our chosen activities.

Don't you think about going to DEXes instead if such a thing truly occurs?

CEXes may limit anybody they want, but they can't make everyone comply.

[CryptoYar]

It is difficult to choose between keeping your privacy and becoming wealthy when you live in weak economy with corrupt leaders. If platform offered 0.5 BTC as reward for showing ID, almost everyone would take it because that money would change lives of those struggling to survive.

However privacy is important defense because when government knows exactly how much you have, they may tax you heavily or even try to take your coins in future. By the way some think that giving up your ID is mistake but most people will choose to use money to support their families and try to find way to be private in future. It is hard struggle between following dream of total privacy and simple wish to be rich enough to have good future.

[john_egbert]

It is difficult to choose between keeping your privacy and becoming wealthy when you live in weak economy with corrupt leaders. If platform offered 0.5 BTC as reward for showing ID, almost everyone would take it because that money would change lives of those struggling to survive.

However privacy is important defense because when government knows exactly how much you have, they may tax you heavily or even try to take your coins in future. By the way some think that giving up your ID is mistake but most people will choose to use money to support their families and try to find way to be private in future. It is hard struggle between following dream of total privacy and simple wish to be rich enough to have good future.

Imagine how many full BTCs the govs would need to fill up the quotas of those accepting going with their terms.

If anything, they would break the money machine by just hoping to buy that many BTC's.

If the number of people wouldn't be only for some lucky ones to be the granted such an amount (or the unlucky ones judging by how they would be without the custody for their coins).

[Antona]

It is difficult to choose between keeping your privacy and becoming wealthy when you live in weak economy with corrupt leaders. If platform offered 0.5 BTC as reward for showing ID, almost everyone would take it because that money would change lives of those struggling to survive.

However privacy is important defense because when government knows exactly how much you have, they may tax you heavily or even try to take your coins in future. By the way some think that giving up your ID is mistake but most people will choose to use money to support their families and try to find way to be private in future. It is hard struggle between following dream of total privacy and simple wish to be rich enough to have good future.

Imagine how many full BTCs the govs would need to fill up the quotas of those accepting going with their terms.

If anything, they would break the money machine by just hoping to buy that many BTC's.

If the number of people wouldn't be only for some lucky ones to be the granted such an amount (or the unlucky ones judging by how they would be without the custody for their coins).

They wouldnt need full BTCs per person to be effective. Even 0.01 BTC could sway many. But your point stands mass distribution at scale would drain available liquidity and be a logistical black hole. Its a lot easier to just regulate the on-ramps which is what theyre doing

[Zlantann]

It is difficult to choose between keeping your privacy and becoming wealthy when you live in weak economy with corrupt leaders. If platform offered 0.5 BTC as reward for showing ID, almost everyone would take it because that money would change lives of those struggling to survive.

However privacy is important defense because when government knows exactly how much you have, they may tax you heavily or even try to take your coins in future. By the way some think that giving up your ID is mistake but most people will choose to use money to support their families and try to find way to be private in future. It is hard struggle between following dream of total privacy and simple wish to be rich enough to have good future.

No government will ever make such an offer for privacy. They will not engage in a process that will not be beneficial to them. If they are paying such an amount for KYC, it means they will gain something bigger from you. People don't know the importance of privacy until your funds are confiscated by the government because of some flimsy excuse. You would appreciate that nobody knows how much you are worth, when criminals start tracking you because your account balance was revealed. Of course, many people would accept the offer because the amount is huge. But it's like selling your financial liberty for government control.