Throwing a bit of KYC into cryptocurrency doesn't mean it is decentralized

avatar

The importance of decentralization in regards to cryptocurrency can't be stressed enough. We have to keep saying this until it finally sinks in for some.
When cryptocurrency is discussed the first thing that comes to mind is money, how much money can one make out of it? We all need money, in fact a lot of it but for the first time in the history of mankind we are dealing with a kind of money that is beyond the control of any central body. This is putting us in control of our money, transactions can be performed without having to explain the reason behind transaction(s).
Therefore there is much more to cryptocurrency than money, a lot depends on the blockchain.

We are involved in a revolutionary kind of technology, only if we begin to look deeper into blockchain we will actually realized currency is just an App on blockchain. We don't have to look further to realize Hive token is the first DApp on Hive blockchain with second layer capabilities bringing rise to the likes Splinterlands, LeoFinance 3Speak etc.

Black.png

The longer we spend time within the crypto space the more enlightened we get. The other day I saw an article titled something along this line; Will LeoFinance introduce KYC in the future?

There was no need for me to read the article because I don't see that ever happening on LeoFinance and if it does happen that implies it's time for me to stop using LeoFinance. I can't be running away from KYC platforms onto another one on Hive ecosystem, a place where no one can reach my funds unless they have access to my private keys.

Sadly in order for us to access the likes of Binance, Bittrex we have to be KYCed. Bitcoin, Hive and other decentralized blockchains out there have made some of us realized how much data privacy matters to us. The thought of user's data being collected between intermediaries is disturbing as they profit off it.
These centralized entities have long enjoyed data farming. In order to keep enjoying data farming some are offering investment in Bitcoin, while others are following the banking system only to have it called decentralized finance DeFi.

People are starting to see why something like @SPKweb3 built on the immutable database #Hive is so important. It doesn’t matter how decentralized your consensus method is if 90%+ of your surrounding infrastructure is centralized

— They Call Me Dan (@TheycallmeDan_) August 15, 2022

Dan from his talks, one can tell he is an advocate of decentralization, the terrible experience some of us had on STEEM with Justin Sun made us wiser, a protocol is definitely far from decentralization if 90% of the infrastructure is centralized.

The incident with Celsius, UST/Luna are giving us wakeup call, if it is not decentralized there's is a likelihood of regulators coming for it with users losing funds. There is nothing as fulfilling as having your funds outside the claws of big brothers. It is time to be mindful of by prioritizing decentralization in our dealings with cryptocurrency.

There are countless things achievable with blockchain currency is just one of them.

4HFqJv9qRjVecs4xkhd5EvhidWEEBnn9tCVDBkBhQpUFvab78MhbU1Vuhsv2nJ2ugLQ4jgoYaT2PVTE1rv7F3KJvnDsHa35tCHLax2ssgUniFSQW5hn3YTimRBRATW8fsxoPk9AY3pXfRonvfdbrEjimyvnEwGLdDed.gif
Gif by @mariosfame

We owe it to ourselves to make Hive great

image.png
Image by @doze

Posted Using LeoFinance Beta



0
0
0.000
22 comments
avatar

It is something that people need to understand. The con is that tokenization makes something Web 3.0. It doesnt.

For me, I am going to stick with leofinance and Hive.

Posted Using LeoFinance Beta

0
0
0.000
avatar

It is better sticking with winning formula, Hive, LeoFinance have been getting me desired result so am sticking to them as well.

!PIZZA

Posted Using LeoFinance Beta

0
0
0.000
avatar
(Edited)

PIZZA! PIZZA! PIZZA! PIZZA! PIZZA!

PIZZA Holders sent $PIZZA tips in this post's comments:
joetunex tipped tezmel (x1)
joetunex tipped taskmaster4450le (x1)
joetunex tipped allentaylor (x1)
joetunex tipped jfang003 (x1)
@joetunex(1/10) tipped @mercadomaestro (x1)

You can now send $PIZZA tips in Discord via tip.cc!

0
0
0.000
avatar

This post has been manually curated by @bhattg from Indiaunited community. Join us on our Discord Server.

Do you know that you can earn a passive income by delegating your Leo power to @india-leo account? We share 100 % of the curation rewards with the delegators.

Please contribute to the community by upvoting this comment and posts made by @indiaunited.

0
0
0.000
avatar

I am lost as I assumed it is safe to be KYCed on 'decentralized' spaces. I think I have a long way to go as I have been looking at it the other way round.

Posted Using LeoFinance Beta

0
0
0.000
avatar

If it is decentralized, why the need for KYC if we look at it carefully? Bitcoin for example we don't need to be KYCed to create a wallet unless going through centralized exchanges to be KYCed while the exchange itself does not need KYC to create a Bitcoin wallet.

As for safety I fill safe not providing my data to any centralized body only to have it passed around intermediaries without my consent.

!PIZZA

Posted Using LeoFinance Beta

0
0
0.000
avatar

But then there would be no way to interact with some 'crucial' bits of the adoption for some of us. If I rely on say Hive to feed my house then Binance has to come into play which needs me to be KYCed.

Do you see where I am coming from? I feel like some of us don't have a choice whether we like it (and I am sure those of us who know what they are doing, don't) or we don't or not.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I get your point, I use Binance as well which can't be avoided at this stage to onramp offramp crypto. They've implemented wanting finger print verification which so far I have been avoiding, I don't leave funds there just in and out.

At this stage we can't do without these CEX that collects our data, I doubt will until decentralized on and offramp crypto exists.

The other days I shared an article about the need for centralized exchanges, we can't deny not needing them now, they are necessary evil playing roles towards as some nicely put it .

Posted Using LeoFinance Beta

0
0
0.000
avatar

Oh. I should read that as well :)

I am aware of the data collection and like you I try to stay off anything that does.

Last question if I may, if you don't leave funds there, does this mean that you don't view 'their supposedly rosy offers of rewards if you hold, compound or participate in their events' as a investing opportunity?

Posted Using LeoFinance Beta

0
0
0.000
avatar

The opportunities on offer by the CEXs at times are too irresistible to ignore, I see this opportunities at times and to be honest I ignore.

Haven lost money in the past, got involved in Bitcoin as early as 2014 and lost it all. I have grown to appreciate the small and continuous growth Hive ecosystem offers. To partake in those offers, I'd rather move funds into HBD for the 20% APR or power up for curation, there's just too much I need extra fund for on Hive to invest in.

I can't recall which country I saw withdrawal is halted which I saw in the headline last week, I don't want to have my funds in an exchange and have to deal with withdrawals being halted, this is exactly like the banks.

I guess am spoiled with all the freedom I get on Hive moving funds freely as wished.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Thank you so much for sharing.

I am trying to learn as much as I can... Though I have been a part of the Hive community for more than three years now, I have just started scrutinising the financial freedom opportunities hiding in plain sight.

Posted Using LeoFinance Beta

0
0
0.000
avatar

You are most welcome, we are exposed to great opportunity here on Hive. I get to learn a lot from Leofinance for anything financial related which have impacted my positively. Still a lot to learn.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I don't think Hive or LeoFinance will ever implement it. However, it is possible for applications to involve it to an extent. When I verified myself for Rising Star, I had to link to a real account.

Posted Using LeoFinance Beta

0
0
0.000
avatar

I think we are seeing Dapps going through the likes of web 2 social media accounts for easier account creation which isn't necessarily a fundamental requirement to use the Dapp because they want to know who you are and where you live. I won't have a problem with Rising Star taking me through that process or like we see with creating Hive account via LeoFinance and going through either Twitter or Facebook account.

!PIZZA

Posted Using LeoFinance Beta

0
0
0.000
avatar

Good point. KYC may be necessary to weed out the riff raff. I don't particularly like it, but I can live with it under certain circumstances. I hope LEO Finance doesn't do it, though.

0
0
0.000
avatar

Most of my crypto activities are on Hive ecosystem Leofinance inclusive, I don't see us having to be KYCed to used DApps on Hive except ease of account creation which DApps are tapping onto Web 2.0 for onboarding onto Hive.

!PIZZA

Posted Using LeoFinance Beta

0
0
0.000
avatar

Couldn't agree more Joe! I think the key to removing power from the banking elites, is to decentralize the infrastructure that supports our own cryptocurrency-based financial system. Local nodes all over major markets will only spread the risk out thinner, until you have enough nodes to effectively stay outside of the control of any government or centralized entity (like a single data center). Session messenger is a great example.

Starting from a hardfork of Monero, the Oxen blockchain provides more utility than merely being a private cryptocurrency, in the infra space, the token yields about 15% if you run your own Oxen node. Since it's creation about a year or so ago, Session has gotten over 1 million downloads from the App Store and Google Play, and it's the only cryptocurrency-related app that isn't an exchange or a wallet.

Alter is another great example of decentralizing the infrastructure we depend on. They're building their private messenger client on the Secret Network, and they have their own token, the $ALTER token, which is going to be integrated into the application much like your mainstream P2P payments facilitators are, like how you can now send money via text message.

The SPK Network is one I have not done a deepdive into yet, but, the idea of supporting the Hive infrastructure somehow is very appealing. I like the idea of doing my part to support freedom and privacy for other people.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Thanks for the the comment, to get us anywhere near removing power from banks, we have to start prioritizing decentralization.

Starting from a hardfork of Monero, the Oxen blockchain provides more utility than merely being a private cryptocurrency

There is a lot to derive from these blockchain besides being currency alone which most of us are focus on, glad you mention that. I don't know about Session though will be checking it out.

Alter as well, these are DApps I will be looking into, thank mentioning the we need decentralized Dapps as much as possible.

The Signal messenger doesn't seem like it is gaining popularity, we are still stuck on WhatsApp by the looks.

!PIZZA

Posted Using LeoFinance Beta

0
0
0.000
avatar

Signal has a fatal flaw, just like Telegram. ALL messages and metadata is connected to your phone number, which usually involves needing a government-issued ID to obtain. Burner phones are so much harder to utilize in 2022 than they were in 2002.

Signal and Telegram both expose information, whether intentionally or not, and being able to see everyone's phone number by-default on Signal, makes it less of a "private" space than Telegram in some ways.

I've used AOL IM, Skype, Yahoo! Messenger, FB Messenger, Instagram's DMs, Telegram, Signal, Session, and Alter, and the difference is in the details.

Who holds the data, holds control

Posted Using LeoFinance Beta

0
0
0.000
avatar

I had a look at Session will have it downloaded and see how it goes. I want little or no control over my data so the more private the better.

Posted Using LeoFinance Beta

0
0
0.000
avatar

Session and Alter both do not require any KYC or ID and provide you with a private key to access your chats - no metadata collection or anything

Posted Using LeoFinance Beta

0
0
0.000