Dear @guysellars and everyone else
Great choice of topic. I found it very important to educate people what KYC and AML is about and why is it so important. To my realization, many people out there (even involved in crypto and having some small investments "here and there") do not know much about regulations.
I would like to ask each one of you what is your personal view on that issue. I'm fully aware that all of us will have to adopot to increasing regulations and KYC + AML is something we surely will have to follow.
Do you feel comfortable with providing 3rd parties with all those informations? Do you think your details will be fully and well protected? I wonder if it raises other people concerns, that so many tokens and cryptos out there (plus exchanges) will know so much about it. And I also wonder how safe all our details will be.
Share your opinion. I read and reply to every comment
Should KYC and AML always be required? Should we always provide so many details? Or perhaps small investments should be allowed without those regulations? What's your view on that issue?
Yours
Piotr
I think KYC is needed in some point, because of the legal state of crypto. This might prevent the widespread opinion, that crypto is used only by criminals. This is also a message to me from the trailer of new movie with Kurt Russel - Crypto...its just for criminals....sad to see it.
But in the future, meaning 10-20 years forward, the crypto will be less trackable, implementing better and better ways to do it even to Bitcoin and Litecoin (for example Mimmblewimble).
Thank you for dropping by @ritxi. Glad you brought up Mimmblewimble. Need to research that one.
Hope to see you again!
The Crypto movie will be a great disappointment. Because of this:
https://steemit.com/adoption/@coinatory/cryptowithkurtrussell-56fol3r9pt
Thanks for dropping by @coinatory and for sharing this link with us.
Will definitely check it out right away.
ps.
I just checked your profile.
You keep posting really quality content. Perhaps you could always send me memo with link to your publication and 2-3 sentences description ? I will gladly support you with upvote, will drop a comment.
Especially if your publication will be related to crypto,blockchain,AI, economy or psychology (just don't send me memos like every day hehe)
And if I will have some time then I will also share your publication with my larger audience and will help you get some extra traffic.
Please keep in mind, that you can count on my help (whenever I can support you, I will) :)
Cheers
Piotr
Dear @ritxi
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr
I don't think, not should ask for KYC and AML.
Because most of the crypto currency,
No boundaries, no privacy, no delay, no government,
And most of the crypto currency says that if you lose your private key, they are not responsible.
If the currency of your blockchain is stolen, most of them are not responsible.
Since the crypto currency only recognizes the blockchain,
No supervisory unit, no compensation unit, no responsible unit,
But they will KYC and AML,
Yes or Not too arrogant?
It’s like the official can set fire,
but people can't set light.
If one day?
The government of a certain country says that it does not recognize a certain crypto currency.
Request that the crypto currency exchange located in the country be closed,
As a result, it is closed directly,
What to do ?
Many websites,
Suddenly, it is forbidden to log in or prohibit a person from a certain country from logging in.
But before it was not banned,
those people deposit many crypto currency and went in.
But after being banned,
They can't log in,
So those crypto currency = is engulfed.
Thank you for your input @cloudblade. When Bitcoin and the cryptocurrencies first started to appear, I think many would have agreed with you. However, the knowledge in this space has matured and in order to foster adoption by users and acceptance from governments, we may see a significant push toward certain regulations. In particular those that help stop bad actors.
Hope to see you again.
Governments have no right to regulate the thing they hadn't created! Why don't you just go and regulate deer breeding?! Can you regulate that? For sure, if you have a gun. But do you have the right for that? No way!
Dear @coinatory
That's not really the truth and it never worked this way. Gov do not create much but they do regulate them.
Either we like it or not - this always had been this way. It is and it will continue being that way in the future.
Thx for sharing your view.
cheers
Piotr
Dear @cloudblade
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr
I understand why they want KYC and AML but at the same time, I feel like Governments are the biggest thieves out there. Governments are generally run by people who only look out for themselves and their political party rather than for the people they were elected to represent. If we truly want our freedoms back, investing in cryptocurrencies is not enough. We need to eject all of our paid officials and make governance a volunteer position (then watch all the rats abandon the ship!) Once we stop the biggest thieves, the little ones won't be so intolerable. There will always be those who would rather break the law than work within it, so whatever system prevails, there will be bad apples. Catch them if you can and deal with them. Now, if we had honest Governments, we would no longer have a NEED to worry about our Government knowing how much we have in crypto-assets and KYC wouldn't be a thing any more!
Dear @happyme
We share similar feeling :) To some degree. If gov would keep money to themselfs, then we could call them thieves. But in general majority of money raised by taxes / money printed etc. are being redistributed by our goverments.
Not 100%.
Goverments consist of people who are politicians and most of them are the way you described them. But goverment = also thousands of people who do dirty work "behind the sceenes". Wouldn't you agree?
Saying that everyone who is part of goverment is evil is not always right. We need to remember that politicians care about votes in the first place. So pleasing their voters is their agenda. So more often than not - their decisions will help their own supporters.
Cheers
Piotr
It is worse than that! Government is the entity that is comprised of several people. They don't just keep the money in that entity, it actually goes beyond that and goes into the pockets of the individuals that make up the governing party and their supporters, influencers and friends!
Those people working and doing the grunt work are usually EMPLOYEES of the Government. They do not constitute the Government themselves.
Of course there will always be exceptions, but the general majority is as I described them. There is too much corruption there.
I don't know about the politicians in your country, but I have not seen any benefit to the voters in this country or its neighbour. We are all slaves of the Government, despite slavery being considered illegal. Sure, they throw us a bone once in a while to make it look like they are being nice to us, but in the end, we are still slaves.
Dear @happyme
BIG THX for your reply. I very much appreciate your time and effort and I'm grateful that you're sharing your thoughts with me.
I'm not sure about it. People do not seem to differenciate EMPLYESS of the Goverment and goverment itself. Because the reality is that even Prime minister is an emplyee of the Goverment.
From my experience people complain that "goverment" is making their life difficult even if they deal with low-positioned tax officer sitting in goverment office.
That's my impression so far.
Politics is always very close to "buying" votes. Pleasing voters is something all of them do. But it it just like you said: just a bone.
Yours
Piotr
You may be correct about people's impressions about government employees, but that does not make their impression correct. I was a government employee myself, and I can assure you that the employees have less influence on what happens as far as legislation than anyone else. Those in power seem to think that the employees know nothing and that the elected leaders are the ones who know everything (or at least that is the perception they give in order to hold all the power and make the rules to suit themselves).
Dear @happyme
You were government employee? you mind sharing with me what sort of job did you do?
I believe you.
Zours
Pitr
I worked for a crown corporation (they have nothing to do with running the country, but it is a government operation that is funded by taxpayers).
My point was simply to say that not all government employees have a hand in what is being decided by the politicians. In fact, the company bosses listened more to outsiders than those who actually worked within the company. Lots of employees provided input as to how to make the job better/more efficient/safer, etc. however practically none of the suggestions (if any at all) were ever implemented. However, when an outside contractor or consultant said something, the bosses listened and often acted on it; sometimes with terrible results! It was very frustrating.
As far as legislation: We had absolutely no input there at all.
These days they don't even need to "buy" votes. They manipulate social media and the press so that "public opinion" is moved by brainwashing and other psychological manipulations. It is all trickery of the less educated and even some of the more educated into believing that their party is the one you SHOULD vote for. It is not always done by pleasing the public, but also by creating fear that if the other party gets in, something bad will happen.
In the end, KYC and AML policies based on a middle path between excessive regulation and unbridled decentralisation will help to ensure the long term viability of cryptocurrencies.
Could not agree more @investprosper. Balance is always important, but I think most would agree that the closer cryptocurriences can adopt certain regulations, the easier and faster overall cryptocurrency adoption will happen. Thanks for dropping by.
I absolutely love how responsive you are @guysellars :)
Supporting you turned out to be a wise move.
Yours, Piotr
Dear @investprosper
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr
Well, for investors should be the rules of identity verification. The fact is that in this way he will be able to access his personal account. If his attack or break. Or he will lose his password.
Good point @carbodexkim. Identify verification may allow for reclaiming one's account if it is hacked. And, lets face it, that has happened to a lot of people lately.
Appreciate your comment.
Thank you for sharing your thoughts and dropping by @carbodexkim
I noticed that you've send me an email. Will get to it within few hours.
Cheers, Piotr
KYC and AML are required in order for regulation to take place. More regulation the better it is for ordinary people who would not get into the crypto space without regulation.
On the other side if you don't have to - don't give you information to anybody, only if it is that necessary to do so. There is much of the identity theft happening and if you give your info somewhere and if it gets leaked you run the risk of your identity being misused. Better avoid the problem than having the risk that something might happen in the future. Not many people think a lot about this and are giving their information everywhere they can. You should always think twice before giving out your information.
Totally agree with your second paragraph @cyber-smiley. Give only the information that is required is definitely the way to go. And, you should go to great links to protect your information. The blockchain has several ways of protecting personally identifiable information. As that becomes more widespread, it should help and even drive more people to adopt cryptocurrencies.
I would like to unpack your first paragraph. While I agree with you that most people benefit from KTC and AML because it limits crime, I do not believe that is a motivation for many to jump into cryptocurrencies. In fact, in many cases I believe that individuals have jumped into cryptocurrencies for privacy, which is not accurate in most cases.
There will always be those that want to give no data, but in the long run, I think that KYC and AML regulations will be enforced. Albeit sometimes for good and sometimes to the detriment of ordinary people.
Thank you for adding to the post. Much appreciated.
Thank you for sharing your thoughts and dropping by @cyber-smiley
Agree. In current situation we need regulations if we want to build back TRUST between regular people and investors.
Such a very good point. Just like you said: we share our data left and right. A bit to careless.
Cheers, Piotr
While I am personally uncomfortable with KYC given data breaches, it is currently a legal requirement and I understand why. Because of this, I choose to comply, because I want crypto to succeed, and I know it becomes much more challenging if it alienates governments.
Wow! @bdempsey, you've identified a key issue that impacts more than just cryptocurriencies, data breach. Within the last few years I've personally experienced several data breaches and, in cooperation with my banks, have had to take actions.
Perhaps there needs to be even more punitive damages towards companies that are negligent in maintaining data. Having to go through a lawsuit is so time consuming.
Appreciate your adding to the post. Very good call out.
50:50 for me ... Im concern to for our data info to other 3rd side.. other side kyc have strong reason to apply too.. so maybe wait and see, mean while need to be extra selective to chose which can be trust for our kyc info ..
Data protection is a big deal @andykarma. Going forward, KYC and AML regulations need to take protection of confidential personally identifiable information into consideration. This is a world wide issue. I agree with you we may have to wait and see how all of this plays out.
Thank you for your participation.
Dear @andykarma
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr
Thank you @crypto.piotr - you can always count on my support. At some point I would think the entire world will come under a singular form of digital without limits or accountability for debt. The 0's and 1's will just be added on as the cycle of life and death progresses equally exponentially...
The game of musical chairs can be played in perpetuity when three of the chairs are invisible to tha naked sheep's eye . . . .
Interesting musical chairs comment @lanceman. Care to expound?
As for your first comment, "At some point I would think the entire world will come under a singular form of digital currency without limits or accountability for debt..." Bitcoin may be about as close as we ever get to that situation. Having been the first, Bitcoin was under no prior regulation. the coins and tokens coming after, are now maturing in a more regulated environment. And, even Bitcoin is taxable in many countries, USA being one. Somehow I doubt countries are going to give up the ability to make money through taxes on cryptocurriencies.
You've brought some key concepts and I appreciate you dropping by. Thank you for your input.
Banks are Currently using Digital Dollars and Cents... This will soon be Removed and Replaced by "U.S. Crypto-Dollars and Decimal Cents"...
March 24, 2019... #ssg-membership
Hi @pocketechange. Would you mind providing your source showing that indicates "U.S. Crypto-Dollars and Decimal Cents". Not familiar with anything in mainstream media to this effect.
I am the Source... Feel free to ask any Questions... It’s all part of my U.S. Monetary Reset Theory...
Thank you @pocketechange, I now understand that this is your theory.
Correct...
Dear @lanceman
I wonder if it may happend during our lifetimes.
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr
Small investments should be allowed without those regulations.
Hi @hansgans. Interesting statement. Care to share any particulars? Such as what is small and any particular type of investments?
Dear @hansgans
Indeed. Luckily KYC and AML are not required for accounts with small amount of funds.
I appreciate your comment. Thx for accepting my invitation to this post and sharing your thoughts with us.
Yours,
Piotr