If KYC stays many lives will be lost in the future

[Localhostspeed]

If KYC is no more, it will be hard for you to get attacked in the future just because you hold Bitcoin because if you hold your Bitcoin in your non-custodial wallet, no one can trace your wallet to your home because tit submitted no details to get you tracked, and it will also be difficult for SEC to tax you or give you some regulations unless if the hardware wallet you are using get hacked and you lose your Bitcoin in the process because the rate at which wallets are getting hacked is something we need to be very cautions about. Maybe we will have to be choosing open-source wallets and be changing from time to time to avoid relying on one wallet for long because once a reputable wallet hacked, it affects many Bitcoin holders not just one person.

I don't think so. We have one of the most Bitcoin attack this year and most of the people that were affected were all unknown. Cold card victims didn't do kyc, all they did was caught in between a hardware with entropy that is not random. Yesterday, Ledger was attacked and it seems the third party distributor were responsible for the attack or someone close. All of these does not have attack based on Kyc yet millions have been lost this year and these are not the only, there are many that were lost through other form attacks.

If Kyc is finally put to stop, there will be much freedom and no limitations to how people use their things, aside IP address and phishing through email, it will be difficult to hack someone. The easiest way to get attack without kyc is if people refused to make sure they handle their privacy very well. There are people that even without asking them, they still give out their privacy for free.

[gracreavix]

KYC verification for Bitcoin holders. We should be specific. Some industry actually needs KYC to run their business properly.  So I will specify properly.

True it is getting out of control. But the cases are not as if it's all the KYC that is compromised. I think some individuals have a role to play for security even though they shares their KYC to a company.

You see this posting of a thing that people can't do without will be their downfall. If you don't show it, your body will not rest. You must show off.

[Dogedegen]

If KYC is no more, it will be hard for you to get attacked in the future just because you hold Bitcoin because if you hold your Bitcoin in your non-custodial wallet, no one can trace your wallet to your home because tit submitted no details to get you tracked, and it will also be difficult for SEC to tax you or give you some regulations unless if the hardware wallet you are using get hacked and you lose your Bitcoin in the process because the rate at which wallets are getting hacked is something we need to be very cautions about. Maybe we will have to be choosing open-source wallets and be changing from time to time to avoid relying on one wallet for long because once a reputable wallet hacked, it affects many Bitcoin holders not just one person.

Yes if you are quite a private person who keeps quiet and hides his wealth and knows how to use Bitcoin or crypto privately, but otherwise this is not really true. Not having to do KYC removes one attack approach on the person, but there are many ways that they can be tracked. I will give two examples of transactions, besides people liking to talk or show their wealth which can quickly get them identified. You go to a restaurant that accepts Bitcoin several times, these people already know your identity by this time. You pay with your wallet, they look at the change address and find related addresses with the blockchain. They see that you have a lot of wealth, and they tell other people and those people also tell others and the information keeps going until it reaches the wrong ears. The same can happen with an online payment, let's say with a merchant where you order something to your house. This topic is not as easy as KYC or not, because you can make a mistake easily with payments and have a big problem. Only if you use XMR could you avoid this attack.

KYC verification for Bitcoin holders. We should be specific. Some industry actually needs KYC to run their business properly.  So I will specify properly.

I don't think there is objective or logical proof that it is needed. Accepting something because that is how things were for a long time does not prove proof that it is necessary to conduct these types of businesses. Maybe we need to completely think in a new way how to approach the problems and solve the issues that we want when it comes to businesses like banks or other financial institutions without risking people.

[o48o]

God bless Hester Peirce for even bringing this up, something that random people have been talking for few years now.
That KYC verification must go, enough is enough.

You can't say because you want to know who controls a Bitcoin address and not care about the dangers that comes with that.
Home invasion, Wrench attacks are growing up and it's looking like crypto chart 📈 ready to slowly keeps climbing.

This is the best thing that I have read online this year so far, finally someone in power sees it.
In the future hackers will prefer to look for data to go after people who holds Bitcoin,

This is not a joke, if you think it's impossible wait till Bitcoin reach 400k and counting.
The more valuable Bitcoin becomes and more it endagers your life.

KYC needs to Go.....



https://x.com/WatcherGuru/status/2103510145024069816

Where in that text are you getting the idea, that they would be getting rid of KYC? Because that's not what i am seeing. Hester is talking about current "mass collection" of it being vulnerable to attacks.

So they are likely just CHANGING it. If i had to guess how they are doing it, my guess would be some sort of bank authentication system, or any sort of centralized digital KYC confirmation.

[Ever-young]

The fact that the informations we provide in the name of KYC has created a negative target for some holders without them even knowing can’t even be denied. So definitely I buy this idea. The risk involved is not just said anymore, while we hope that bitcoin keep rising, the hackers are aswell watching out for a chance to invade which makes it even more dangerous.

I find it really interesting having someone like Hester pierce advocating for crypto security with such force. And right now, i’m not concerned if there are ulterior motives attached.
One of the reasons most of us chose bitcoin is for financial privacy, and the idea of financial privacy has nothing to do with illegal moves, it’s just about protecting our finances and ensuring they’re actually safe enough.

So I think ending the idea of providing our personal information in the name of KYC will limit further consequences and will be of good to both present and future holders.

[herberteland]

but there some trustable platforms for swapping BTC or XMR without KYC, i recommend orbit swap io cause of its fees

[Nothingtodo]

This is a matter of deep concern because the more popular Bitcoin becomes in the future, the more threats will come to the lives of Bitcoin holders. If we, who are Bitcoin holders, provide our personal information for KYC and if that information is hacked and reaches our home address, then there is definitely a personal risk for the holders. Therefore, for the safety of the lives of investors and holders, KYC must be stopped and the provision of information must be stopped.

[MisFoxie]

Yes not all those platforms actually indulge in scam and crimes but there are situations that these platforms could be compromised or hacked, and when that happens, we only think that the only thing they lose is the money, but if you really check, you’ll realize that asides the money, the hackers also steal the user’s data, email, account and other personal information that could be used later to defraud these individuals. The platforms may not be directly involved in the scam but they somehow contributed to it.

Personal data related to Bitcoin or crypto has a lot of value on the black market. I don't think an exchange would collect the KYC data of millions of people just to keep it to themselves. They might want to profit from it. They could just put on a show by claiming that their data has been stolen by hacker and they would legally be free from all accusations.

The problem here is not Bitcoin's price going up or down. The real problem occurs when a platform leaks all of its users' data including total transaction amounts and information about their holdings. When scammers buy this data they can easily figure out how many dollars a user might have and take action based on it.

[coupable]

Sincerely people will not complain that much if this informations are kept private, if they can’t safe handle customers KYC information then KYC needs to go though many will take advantage of the situation.

There will still be some news like this about identifying crypto holders even when KYC disappears.
The majority of these crimes will be committed by someone who knows you. How likely is it that the address they wish to look into contains a quantity of Bitcoin worth their time and effort? With KYC, it is another form of identifying victims. With KYC information, the crimes are done through individuals to Bitcoin, not by spotting addresses to find the owners.

[As-Soon-As]

Sincerely people will not complain that much if this informations are kept private, if they can’t safe handle customers KYC information then KYC needs to go though many will take advantage of the situation.

There will still be some news like this about identifying crypto holders even when KYC disappears.
The majority of these crimes will be committed by someone who knows you. How likely is it that the address they wish to look into contains a quantity of Bitcoin worth their time and effort? With KYC, it is another form of identifying victims. With KYC information, the crimes are done through individuals to Bitcoin, not by spotting addresses to find the owners.

It is important to stop KYC because through this KYC our personal information goes to other places, and from there it becomes very easy for hackers to find us. Because every step and house has to be mentioned along with the road number, all these things have to be made possible to get out of it. Bitcoin is the most important thing to protect privacy, now there is no doubt that the people around the Bitcoin holder can be harmed.
Because many people see Bitcoin and cannot bear to see the money hidden in Bitcoin, so they will start harming from behind. Therefore, it is most important for Bitcoin holders to choose friends, if privacy is to be protected, then privacy should be protected from all sides.

[L E G E N D A R Y]

Personal data related to Bitcoin or crypto has a lot of value on the black market. I don't think an exchange would collect the KYC data of millions of people just to keep it to themselves. They might want to profit from it. They could just put on a show by claiming that their data has been stolen by hacker and they would legally be free from all accusations.

The problem here is not Bitcoin's price going up or down. The real problem occurs when a platform leaks all of its users' data including total transaction amounts and information about their holdings. When scammers buy this data they can easily figure out how many dollars a user might have and take action based on it.

You see the real danger here is that during a data breach, users are exposed to serious security threats  that go beyond just losing money in an exchange. The moment that a user’s personal details are linked to their crypto holdings, it becomes easy for scammers to target such a person with phishing attempts, extortion or even physical threats. That’s why before choosing an exchange, one must not only consider their trading services alone, but also how much discrete they are with protecting their customer’s personal data.

[coupable]

Sincerely people will not complain that much if this informations are kept private, if they can’t safe handle customers KYC information then KYC needs to go though many will take advantage of the situation.

There will still be some news like this about identifying crypto holders even when KYC disappears.
The majority of these crimes will be committed by someone who knows you. How likely is it that the address they wish to look into contains a quantity of Bitcoin worth their time and effort? With KYC, it is another form of identifying victims. With KYC information, the crimes are done through individuals to Bitcoin, not by spotting addresses to find the owners.

It is important to stop KYC because through this KYC our personal information goes to other places, and from there it becomes very easy for hackers to find us. Because every step and house has to be mentioned along with the road number, all these things have to be made possible to get out of it. Bitcoin is the most important thing to protect privacy, now there is no doubt that the people around the Bitcoin holder can be harmed.
Because many people see Bitcoin and cannot bear to see the money hidden in Bitcoin, so they will start harming from behind. Therefore, it is most important for Bitcoin holders to choose friends, if privacy is to be protected, then privacy should be protected from all sides.

It is just a matter of wishes to protect our personal privacy. But we know that this is nearly impossible in a centralized world order, which cannot be established without sacrificing human privacy. Wouldn’t it be better if the government didn’t make businesses verify KYC? What about other cases such as taxatiom and dispute resolution? How would the authorities deal with that? I really care about my privacy and hate sharing my personal infor with any company but I haven't many options because we live in a global system built on a no-privacy model. Just think think it from the perspective of how to deal with other related issues.

[bitcoin-shark]

I’ve always hated KYC ever since it was introduced, so I gradually stopped using CEXs altogether and switched to DEXs; after all, a single data breach or theft is enough to put crypto holders at risk. With the imminent arrival of quantum computers, hackers might well target the data directly rather than wallet passwords.

[Ab de villiers]

Governments don't want no-KYC systems because they can not have necessary data to know trade histories of citizens.

About trades, there are always two sides, buying and selling, and between them selling is more challenging. Governments mostly don't care what you spent your money for, and how, after you already paid tax, however it's very different with your selling.

They will question about what you sold, how you sold, where you sold, and which source of money you received in bank accounts, then they want to know many things for taxing you.

Buying is for selling later, and it's the same with no-KYC buying, we will have to think about no-KYC selling and what we will do with government and tax.

Governments always want to control everything just because of their mindset. People join Bitcoin after having choice and freedom, but now as spreadness is increasing and adoption is also touching new highs, they are bringing things on the wrong side because this will again allow them to have control and all information about people who are using this and taking advantage of its impressive features. KYC is brutally working in many regions; without this, it's not easy to have things on the right path. A few of those are well aware about alternatives; they are living good and having no problems, but many of those are not well aware about all features and usage of this. Without KYC, they are joining and giving all their data to scammers and criminals, who are surely going to be increasing their problems and never giving them an easy way of living. Too many hacks but no action because they are  alway working on KYC.

[Abiky]

I’ve always hated KYC ever since it was introduced, so I gradually stopped using CEXs altogether and switched to DEXs; after all, a single data breach or theft is enough to put crypto holders at risk. With the imminent arrival of quantum computers, hackers might well target the data directly rather than wallet passwords.

But what if you want to exchange your BTC to Fiat? You'd be forced to use a CEX. Especially when CEXs have greater liquidity than DEXs. I can't think of a DEX that allows crypto-to-Fiat trades. They're crypto-to-crypto only. If there's a DEX that serves as a Fiat on/off ramp, it wouldn't be truly a DEX. Why? Because it would need to comply with KYC. Governments simply won't allow non-KYC crypto trading that involves Fiat. The only alternative would be a P2P exchange. But even those are centralized, and full of risks.

At this point, it's almost impossible to live without KYC. With all of the data stored on centralized servers, more crypto users will be exposed by malicious actors. Better stick to crypto only and avoid Fiat altogether if you want to be safe.

[$crypto$]

But what if you want to exchange your BTC to Fiat? You'd be forced to use a CEX. Especially when CEXs have greater liquidity than DEXs. I can't think of a DEX that allows crypto-to-Fiat trades. They're crypto-to-crypto only. If there's a DEX that serves as a Fiat on/off ramp, it wouldn't be truly a DEX. Why? Because it would need to comply with KYC. Governments simply won't allow non-KYC crypto trading that involves Fiat. The only alternative would be a P2P exchange. But even those are centralized, and full of risks.

One can use this platform to sell and buy their BTC using fiat without having to KYC, whereas I myself have never used it, to exchange crypto to fiat always using exchanges although KYC has therefore all become mandatory.

P2P is now more on the exchange to do it, while creating an account there is mandatory KYC first, so this space has become narrow since the government tightened from all sectors.

[Maliceprime]

We are in trouble, data leak will never stop happening because we have AI right now, also super computers are coming sometime in the future, we humans are the problems of ourselves.

Billions have been spent on Data security it's a shame that this is happening, if the government and centralised entities can't provide a safer haven for people's data then they should stoop asking people to pass KYC, OP has a big point.

There is no even a legit P2P anymore, they are all asking people to pass KYC verification, this space is getting on my nerves and I am getting tired of it all.