How would you feel if

[fdsa]

- if your name, address, photo, phone number, and exactly how much cryptocurrency you own was stolen from a cryptocurrency exchange and being sold to the highest bidder on a darknet market?

- if that information was sold not by the sophisticated russian hackers who got access to the cryptocurrency exchange database but by the exchange employees themselves, who are working for a minimal wage as a customer support representatives but wishing for a better life?

- if the KYC process is outsourced to the "third party KYC provider" residing in the different country so even the cryptocurrency exchange does not know who exactly handles your personal information and how do they store it?

 

Do you realize that you could not sue the cryptocurrency exchange or the "third party KYC provider" for losing or sharing your personal information?

Do you realize that passing KYC could cost you a life?

 

Why do you accept KYC?

[wprime]

I would be flabbergasted and wondering how I got enrolled onto a crypto exchange in the first place.

[GrandPapillon]

couldn't agree more,

 

KYC at regulated brokers is already a pain and a security risk, but regulatory watchdog will go after them if that process is hacked in any way, so usually they are "secure" if such a thing really exists

 

for "unregulated" crypto exchanges, it's really inviting Nigerian scammers into your home and giving them away your identity for them to abuse in any ways possible ????

[Sparktrader]

Only join top ones

[fdsa]

3 hours ago, Sparktrader said:

Only join top ones

ignorance is strength.

[rumak]

I always try to KYC ........      "keep your cool ?"         man,  just  ckuwat3lm  !

 

first one to decipher that one gets a FREE  autographed Rumak  tee

Edited July 23, 2021 by rumak

[1FinickyOne]

what is kyc? 

 

and will it fit in my home safe? 

[saakura]

KYC = Know Your Customer. I think this is what he is referring to? It has been mandatory in retail banking, stock trading, debentures, mutual funds etc. for well over 20 years.

[AlQaholic]

I think KYC = Kentucky Young Chicken. Originally a subdivision of KFC called KFYC, but because they wanted to keep with the three letter, well recognized brand, they renamed it KYC.

[4MyEgo]

I thought KYC was a new product of KY, the C at the end to identify the new product of KY, oh well, no disappointment here as the KY I have is just fine thanks.

 

I know, I know, it's Saturday, it's raining and I'm bored......honey, can you get the KY please.

 

Edited July 24, 2021 by 4MyEgo

[nahkit]

21 hours ago, fdsa said:

Do you realize that passing KYC could cost you a life?

You've lost me there.

[Heng]

It is a concern.   But if you have confidence in your opsec (for example: using a water bill from a property you own in another country as legitimate proof of address for the exchange's TOS; among dozens of other shields you can have in place), the risk/reward is acceptable.   

[Sparktrader]

15 hours ago, fdsa said:

ignorance is strength.

Is it??

[fdsa]

4 hours ago, saakura said:

KYC = Know Your Customer. I think this is what he is referring to? It has been mandatory in retail banking, stock trading, debentures, mutual funds etc. for well over 20 years.

As far as I know, banks usually have a multi-level permission system and extensive logging of all actions, so it knows exactly who viewed which customer's data. Also bank's office computers usually are disconnected from the internet, so it is a bit more harder for hackers to access customers' data. If your name-photo-address-phone-passport data would appear somewhere on the internet it will be possible to find which staff member leaked it. So I somewhat trust banks with KYC.

 

Comparing to the cryptocurrency exchanges where KYC process is outsourced to the random Joe working for $9/h, residing somewhere in Bangalore and processing name-photo-address-phone-passport data on his personal computer infested with viruses... no thanks.

 

Edited July 24, 2021 by fdsa

[fdsa]

45 minutes ago, nahkit said:

You've lost me there.

https://lenta-ru.translate.goog/brief/2021/07/19/prison/?_x_tr_sl=ru&_x_tr_tl=en&_x_tr_hl=th&_x_tr_pto=ajax,elem

 

 

[khunPer]

I don't mind, because I'm the happy owner of no cryptocurrency...????????

[BTB1977]

All this talk about KFC got me hungry.  

[DBath]

KYC is <deleted>...

Edited July 25, 2021 by metisdead
Profane acronym removed.

[silenzo]

Accepting KYC since it is a mandatory thingto do to use the service provider. Pick the service provider that legit.

[fdsa]

Cryptocurrency exchange BTC-Alpha (btc-alpha.com) website dump leaked

 

the dump is available for free (I won't publish links, search in the internets), weights 2 GB and has interesting information about their 362'479 users:

 

email, password, IP address, full name, address, phone number, KYC document number (passport/driving license/etc), date of birth, and other information.

 

 

If you accept KYC on any website - it's not a matter of "IF", it's a matter of "WHEN" your personal data will be published for everybody to use and abuse.

 

 

On 7/23/2021 at 1:30 PM, fdsa said:

- How would you feel if your name, address, photo, phone number, and exactly how much cryptocurrency you own was publicly available for free?

 

- Do you realize that passing KYC could cost you a life?

 

Edited January 17, 2022 by fdsa

[hank2800]

everything we do today is "hackable"

If you're happy keeping your head down and maybe making a couple percent interest in the coming years, that;s great. I'll take the upside of High yield ,Staking profits and volatility everyday being in a quality exchange like Kucoin (BTW they have been hacked last year for a few million$ but no investor was on the hook for it)

For every $1000 in mainstream investments I i only have to use $100-200 in crypto assets to get the same action/returns (I think the stock market may or may not make 10% in the next 12 months whereas I believe more strongly BTC will double,, 100%  in the next 12 months), the other $900 I can stake for 10-20% annual interest( or use all that money to guard myself with triple firewalls, 25 character passwords,, 3 layer VPN'S,,and fake I'D's so the KYC boogeyman takes longer to get into my accounts I suppose.). If you are afraid of cryptos and the associated actions , I would recommend anyone  take an online course for at least 100 hrs of instruction. When you are done you wouldn't be asking these questions and wonder what took you so long to get involved in digital assets in the first place.It's like guys still wandering around saying you can't buy a coffee with bitcoin. That's not the point

[LoeiI]

On 7/23/2021 at 1:30 PM, fdsa said:

if your name, address, photo, phone number, and exactly how much cryptocurrency you own was stolen from a cryptocurrency exchange and being sold to the highest bidder on a darknet market?

- if that information was sold not by the sophisticated russian hackers who got access to the cryptocurrency exchange database but by the exchange employees themselves, who are working for a minimal wage as a customer support representatives but wishing for a better life?

- if the KYC process is outsourced to the "third party KYC provider" residing in the different country so even the cryptocurrency exchange does not know who exactly handles your personal information and how do they store it?

 

Do you realize that you could not sue the cryptocurrency exchange or the "third party KYC provider" for losing or sharing your personal information?

Do you realize that passing KYC could cost you a life?

 

Why do you accept KYC?

Many thanks for the post I now know exactly what my dog is thinking when i blow in her face ???????????? 

[Whale]

Even if they have everything on KYC they would still need more to do anything with it depending on you wallet and/or exchange. i.e. 2FA cloned, phone cloned, email cloned.

[fdsa]

40 minutes ago, Whale said:

Even if they have everything on KYC they would still need more to do anything with it depending on you wallet and/or exchange. i.e. 2FA cloned, phone cloned, email cloned.

why cloning your email/phone/2FA when you could give them all that stuff yourself?

 

On 7/24/2021 at 11:47 AM, fdsa said:

https://lenta-ru.translate.goog/brief/2021/07/19/prison/?_x_tr_sl=ru&_x_tr_tl=en&_x_tr_hl=th&_x_tr_pto=ajax,elem

 

[fdsa]

1 hour ago, hank2800 said:

If you are afraid of cryptos and the associated actions , I would recommend anyone  take an online course for at least 100 hrs of instruction. When you are done you wouldn't be asking these questions

imagine that you've bought Bitcoin somewhen around 2013 and now they worth 7 digits in USD, also your

2 hours ago, fdsa said:

name, address, photo, phone number, and exactly how much cryptocurrency you own

are published on Facebook.

 

Your actions?

[hank2800]

10 hours ago, fdsa said:

Your actions?

FDSA

A- with a sum of BTC being 7 digits It would not be on an exchange vulnerable to an attack,many of the yield providers now allow the crypto to be held on a hard wallet separate from the provider and large sums like that  obviously are handled differently,

B-Even so as far as the breach gaining my personal information ,, That is already happening with mainstream  banking and trading firms Nov 2021 Robinhood trading lost millions of customer names, emails and info,,,,July 2021 Morgan Stanley lost it's corporate client personal information. 

C- although I wouldn't want my personal info on Facebook,,, at the end of the day  some exchanges offer a multi step process to withdraw funds, you can make it as difficult as you like with various phone connections, approved withdrawal whitelists etc. I am not on Facebook so I'm not sure what it takes to have that information removed and I would strengthen or change the details of how my accounts are  accessed 

Once again all this info is available for those who wish to learn via a simple google search,,

Correct me if I'm wrong FDSA who posted this but I'm guessing you don't  own any crypto and have had nothing to do with the steps involved holding, transferring, logging into an exchange or any part whatsoever of the process?

Over the past year I continue to see the same old worn out questions asked in this  Forum. This topic is a good example , of around 24 replies to this,,17  of them have no value to the topic at all, but it would take a few hours of watching decent content in regard to exchanges and KYC and few people want to make the effort,,,  easier to bash crypto,, unfortunately this  just takes away time that people could have spent actually learning something,,,, but that is what forums and social media are best at,,, eating up time,

Good Luck to all,, and FSDA, respectfully ,, you are obviously are not comfortable with KYC,,, simply don't get involved with it then, there is a multitude of articles available how you can do that,,, but you need to do the math.

 

[fdsa]

5 hours ago, hank2800 said:

A- with a sum of BTC being 7 digits It would not be on an exchange vulnerable to an attack,many of the yield providers now allow the crypto to be held on a hard wallet separate from the provider and large sums like that  obviously are handled differently,

you seem to not understand what I'm talking about. The question is not about online access to your accounts and the strength of your passwords and 2FAs.

 

Imagine that you live in a third world country where everything could be sorted out with a brown envelope, and where foreigners often commit suicide with their hands tied behind the back.

And then your name, address, phone number, and the information that you possess an electronic gizmo with a million dollars inside, appears on the Internet, free access for everybody.

Your actions?

 

5 hours ago, hank2800 said:

Correct me if I'm wrong FDSA who posted this but I'm guessing you don't  own any crypto and have had nothing to do with the steps involved holding, transferring, logging into an exchange or any part whatsoever of the process?

I work with crypto since circa 2010 and I've created one of the very first web managers for bitcoind, hence the question above.

I do own some cryptos, and have something to do with the steps involving holding and transferring, however I stopped "logging into exchanges" the very same day when Binance forced the KYC process for "unverified" accounts.

 

 

 

... I'll rephrase my question for IQ70 crowd out there. Imagine that you'd come to the police office and tell "I was put a knife to my neck and was forced to enter my Trezor PIN, please help" - "sorry no understand"

 

Your actions?

Edited January 18, 2022 by fdsa

[hank2800]

2 hours ago, fdsa said:

Imagine that you live in a third world country where everything could be sorted out with a brown envelope, and where foreigners often commit suicide with their hands tied behind the back.

good grief,,,,, seriously FDSA??   without a doubt it's time to leave this forum ,, good luck everybody, been fun, this is now off the rails