KYC Sucks: or why DeFi is the future. by death-and-taxes

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hive-167922 · @death-and-taxes · Oct 23 '20

$0.31

KYC Sucks: or why DeFi is the future.

I'm sure nearly everyone here has run into KYC at one point or another, it's annoying and a massive invasion of privacy. All it takes is one major exchange getting hacked and now millions of people have all their identity documents out on the internet.

<center>![](https://images.ecency.com/DQmZUenpEeKQFucJYQ146WBn9HDP6MaRFzEorqWTvJ1Lqbw/image.png)</center><center>![](https://images.ecency.com/DQmTRQGvERZzPCP27Dm4iv2BHfk72imXQkje2ZvEuNTSYct/image.png)</center>

Decentralised finance has been growing in popularity recently, and the annoyance of KYC is a major factor in that. Many people are fed up with KYC and are rightfully untrustworthy of it.

Decentralised exchanges are a crucial part of decentralised finance, with one such DEX being [Bisq](https://bisq.network). Being decentralised, governments can't shut it down without substantially destroying part of the internet in the process.

Privacy coins such as [Monero](https://hive.blog/hive-167922/@death-and-taxes/why-you-should-start-using-monero-instead-of-bitcoin) have also been growing in usage, such coins make tracing transactions impossible.

<center>![](https://images.ecency.com/DQmTRQGvERZzPCP27Dm4iv2BHfk72imXQkje2ZvEuNTSYct/image.png)</center>

For those of you who want to avoid KYC whenever possible, here are a few services you can use.

For quickly swapping between cryptocurrencies, check out [Godex](https://godex.io/), [FlypMe](https://flyp.me), or [MorphToken](https://www.morphtoken.com/).

For a more traditional exchange, including Fiat, check out [Bisq](https://bisq.network/).

For more info, including services with no KYC, check out [kycnot.me](https://kycnot.me)

<center>![](https://images.ecency.com/DQmTRQGvERZzPCP27Dm4iv2BHfk72imXQkje2ZvEuNTSYct/image.png)</center>

I'd recommend trying to avoid KYC whenever possible, let exchanges and services know that they won't get business if they require KYC. This will push the growth of services that are resistant to  government control.

👍 leo.voter, zuerich, farm-mom, antisocialist, markkujantunen, felt.buzz, bossel, axel-blaze, mcoinz79, taskmaster4450le, eirik, shtup, roleerob, chucknun, wildarms65, fulcrumleader, leofinance, freebornsociety, globalcurrencies, dyrt88, soulbasis, ahmadmanga, engrsayful, we-are-lucky, gadrian, priyanarc, vaishnavi24, rodent, adambarratt, localgrower, snoochieboochies, no-advice, pbgreenpoint, travelwritemoney, antisocialists, tonimontana.leo, mk-leo-token, demo123, coredump, adamsidney, toni.pal, tonimontana.neo

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@chekohler · Oct 23 '20

I agree I can’t wait to see things like confidential transactions to come to more chains and P2P trades start to pick up! We shouldn’t actually need to leave crypto in the future and could trade in a multitude of assets to her what we want or need 

The narrative of stopping money laundering has not stopped banks from doing it for ages they jus want to have a monopoly on it and don’t want to lose that revenue stream 

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/hive-167922/@chekohler/re-death-and-taxes-5dnw5t)

👍 taskmaster4450le, death-and-taxes

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@death-and-taxes · Oct 23 '20

I'd like to see Hive implement a third liquid asset that features private transactions, it would make Hive more relevant and give us another advantage over Steem.

And yeah, cryptocurrency accounts for only a tiny fraction of the world's money laundering, they just use that talking point to try to get public support.

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@ganjafarmer · Oct 24 '20

Definitely some change needs to happen and it needs to happen pretty soon

👍 death-and-taxes

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@hivebuzz · Oct 23 '20

Congratulations @death-and-taxes! You have completed the following achievement on the Hive blockchain and have been rewarded with new badge(s) :

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</table>

<sub>_You can view your badges on [your board](https://hivebuzz.me/@death-and-taxes) and compare yourself to others in the [Ranking](https://hivebuzz.me/ranking)_</sub>
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**Do not miss the last post from @hivebuzz:**
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@poshbot · Oct 24 '20

https://twitter.com/FeltBuzzWrites/status/1319894052763013121

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@poshbot · Oct 25 '20

https://twitter.com/Bhattg18/status/1320329848917692416

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@taskmaster4450le · Oct 23 '20

KYC/AML is a way the US government maintains control over the financial system.  Since the USD is the reserve currency, all banks around the world have to coddle up to the US or face being forced out.  They are even trying to push this into crypto.

Decentralization is the key going forward and, as you mentioned, DeFi is at the core of it.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/hive-167922/@taskmaster4450le/re-death-and-taxes-2hpkho)

👍 death-and-taxes

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@death-and-taxes · Oct 23 '20

$0.02

That control is quickly going away as people get fed up with it, technology moves faster than regulation.

👍 dustsweeper, taskmaster4450le

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@taskmaster4450le · Oct 23 '20

Without a doubt.  The great race is one, technology versus the establishment.

There are millions of coders all over the world banging out different applications that will be tied to decentralized networks of all kinds.

Posted Using [LeoFinance <sup>Beta</sup>](https://leofinance.io/hive-167922/@taskmaster4450le/re-death-and-taxes-63rroq)

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