Today I feel the need to spell out the obvious, as it seems either nobody is listening, or nobody cares.
Up until recently, getting involved with crypto was as simple as downloading a wallet and tapping some faucets, maybe even buying a little of one coin or another.
Today however, you can not buy any crypto coins using fiat currency without handing over ID. Now it should not take a genius to understand this, but put your self in the shoes of a crypto noob for a moment.
You want to buy your first bit of bitcoin so you go and look for a platform to buy it from. You soon find that you can not buy without handing over ID and if you find localbitcoins.com you soon learn why. You will find that you are treated as guilty until proven innocent, you could be a scammer or you could just decide your not happy with your purchase and reverse the transaction.
Now be real, at this point would you still be wanting to purchase that bit of crypto knowing you are going to have to behave exactly the same to the next noob that comes along wanting to purchase coin?
Supply and demand dictates the value of crypto, yet the demand has been almost entirely destroyed. Because nobody with 2 brain cells to rub together are sharing their own ID.
Please help me protest this incorrect application of KYC by resteeming this post, thank you.
I'm not so sure demand has decreased. What I know has happened is that supply has increased, because some of the recovered BTC from Mt. Gox has been sold.
I will agree that that is part of it, but lets be real, Nobody are going to share their own ID who have not already done so. Especially when we know that the silk road servers along with alphabay and others are all in the possession of the powers that once were, and they are actively trying to link wallet addresses to real people.
All sites extorting ID from their users should be shut down if you ask me. :D