Provided you draw a clear line between individual businesses implementing their own KYC procedures and
nothing whatsoever being implemented at the protocol level, then that's fine.
Businesses have laws they have to adhere to. Even if those laws are a direct cause of identity theft, by mandating that companies store a vast trove of customers' personally identifiable and financially sensitive information for hackers to then steal. Yay for dumb laws!
Completely agree. However, if we ca get identity checks to go through the blockchain then we can keep our personal information safe and still comply with regulations and good-practice procedure.
The KYC procedure in my opinion is fraudulent. You do not know who they will sell your data and how they will be used in the future. It's just very life-threatening.
Absolutely agree, but we're here because of the blockchain. We can implement it in many ways, and doing KYC or AML checks through them is just one of those ways.
On the one hand, I see KYC Compliance in bitcoin can help to gain legitimacy. But, on the other hand, this is contrary to the principle of bitcoin anonymity, I believe some people will object and will not accepting KYC's compliance with bitcoin.
Fortunately we can use P2P exchanges for purchasing Bitcoins and decentralized exchanges for purchasing altcoins.
Although KYCs are a little scammy. Do KYCs and AMLs for banks prevent terrorists, drug dealing or laundering in fiat? Ehhhh nope.