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Why KYC is bad for you for and for #Bitcoin 
:
1. Privacy custodians are vulnerable to hacks, leading to potential theft of your private information and documents. The more KYC processes you go through, the more chances there are you will be victim of impersonification over time.
:1. Privacy custodians are vulnerable to hacks, leading to potential theft of your private information and documents. The more KYC processes you go through, the more chances there are you will be victim of impersonification over time.
2. If all your financial transactions are tied to your identity, this reveals all your spending habits that are used for targeted advertising (at best).
3. Malicious employees knowing your home address and when and where you spend could be dangerous for your safety.
3. Malicious employees knowing your home address and when and where you spend could be dangerous for your safety.
4. Governmental agencies will ultimately always take advantage of financial records to enforce whatever they wish to enforce ( https://www.buzzfeednews.com/article/jasonleopold/us-intelligence-unit-accused-of-illegally-spying-on).
5. KYC in Bitcoin related services is more dangerous than in the banking sector as there are more vectors of attack and no TXs chargebacks possible.
6. If all bitcoin users were KYC'd, the threat of an eo 6102 (or any similar gov. attack) would become more realistic.
6. If all bitcoin users were KYC'd, the threat of an eo 6102 (or any similar gov. attack) would become more realistic.
7. Giving your phone number at registration makes you more vulnerable to sim swap attacks.
8. KYC services track your IP address down (cf. FATF recommendations) and won't let you use VPNs/Tor to connect to their platform, which is greatly diminishing your level of privacy online.
8. KYC services track your IP address down (cf. FATF recommendations) and won't let you use VPNs/Tor to connect to their platform, which is greatly diminishing your level of privacy online.
There are many more aspects to it, this long bitcointalk post from January 2020 is very insightful (e.g. "KYC scams")
https://bitcointalk.org/index.php?topic=5221497.0
"Why KYC is extremely dangerous- and useless"
https://bitcointalk.org/index.php?topic=5221497.0
"Why KYC is extremely dangerous- and useless"
"The primary result of this evaluation is apparent: KYC is not only useless but ultimately encourages what it is supposed to prevent. KYC creates new areas of crime (identity trading of real users) and boosts existing areas of crime (criminals can now go undetected (...))."
KYC can unfortunately never be undone but data deletion can be requested.
Don't trust anyone with your personal identifiable information (PII) and choose your privacy custodians with care when the choice is given to you.
Famous past data breaches: https://en.m.wikipedia.org/wiki/List_of_data_breaches
Don't trust anyone with your personal identifiable information (PII) and choose your privacy custodians with care when the choice is given to you.
Famous past data breaches: https://en.m.wikipedia.org/wiki/List_of_data_breaches
Regularly acquiring KYC-free #bitcoin is no easy task, even with available (great) tools such as @bisq_network and @hodlhodl.
A redesign of the whole system is needed (e.g. right to digital integrity https://www.fabrikzeitung.ch/the-right-to-digital-integrity-of-the-human-person/#/) but it will take years for changes to materialize.
is no easy task, even with available (great) tools such as @bisq_network and @hodlhodl.A redesign of the whole system is needed (e.g. right to digital integrity https://www.fabrikzeitung.ch/the-right-to-digital-integrity-of-the-human-person/#/) but it will take years for changes to materialize.
"For Mikuláš Peksa, Member of the European Parliament, the “New Iron Curtain” will divide the world between countries embracing surveillance capitalism and those embracing digital self-determination."
Insightful as well "KYC/AML poses a serious threat to your privacy and should not be used at all": https://www.nethemba.com/how-kyc-aml-poses-a-serious-threat-to-your-privacy-and-should-not-be-used-at-all/#:~:text=KYC%2FAML%20is%20a%20severe%20privacy%20threat&text=If%20you%20have%20ever%20used,through%20fake%20crypto%20exchange%20accounts
As every single KYC aspect can currently be circumvented is some way or another (e.g. augmented reality used in video identification https://media.ccc.de/v/35c3-9616-circumventing_video_identification_using_augmented_reality#t=924), new measures will likely not cease to be implemented.
"The expected reaction of exchanges will be to improve KYC/AML processes to make live video calls with the given persons, to take their fingerprints, face patterns or other biometric material, require other sensitive docs to improve the authenticity of the verification process."
https://bitcoinqna.github.io/noKYConly/ is a great ressource to start a KYC-free journey, thanks to @BitcoinQ_A.
We are all KYC'd in some places whether we voluntarily opted in or not.
We cannot start a new journey on that path but we can certainly mitigate further damage down the road.
We are all KYC'd in some places whether we voluntarily opted in or not.
We cannot start a new journey on that path but we can certainly mitigate further damage down the road.
