How KYC Can Ruin Your Life (Bitcoin)

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In this video, I discuss the risks created by the world's move to a KYC ("Know Your Customer") standard for banks, brokerages, and money processors.

KYC not only increases global surveillance, but also makes ordinary people more vulnerable to attacks.

KYC is the requirement for banks and brokerages to collect your personal information, including name, home address, date of birth, photo, driver's license or passport, Social Security number, etc.

KYC was intended to help to stop money laundering and the financing of global terrorism. It has had the unintended side effect of allowing criminal access on the dark web to millions of people's personal information.

Centralized databases of KYC data are a hacker's dream. KYC does not stop criminals, but actually makes their job easier.

At the end of the video, I discuss the pros and cons of buying KYC Bitcoin vs. non-KYC Bitcoin.

Not investment advice! Consult a financial advisor.
Not legal advice!
Not tax advice!

September 11 attacks:

Patriot Act:

KYC (Know Your Customer):

Target data hack:

BlockFi data hack:

Robinhood data on dark web:

Crypto exchange data for sale on dark web:

The ultimate guide to borrowing against your Bitcoin:

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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

My opinion is not for sale. Please do not contact me with any affiliate or advertising deals.

#KYC
#Privacy
#Bitcoin

Disclaimer
Neither Trader University, nor any of its directors, officers, shareholders, personnel, representatives, agents, or independent contractors (collectively, the “Operator Parties”) are licensed financial advisors, registered investment advisors, or registered broker-dealers. None of the Operator Parties are providing investment, financial, legal, or tax advice, and nothing in this video or at www.Trader.University (henceforth, “the Site”) should be construed as such by you. This video and the Site should be used as educational tools only and are not replacements for professional investment advice. There is a high risk in trading.

[Bitcoin_University]

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[chss_club]

The fact that kyc is “mandatory” makes me nauseous actually

[DeRothschild]

Remember, tax evasion is illegal. Tax avoidance is entirely legal and your moral duty. In fact, wealthy people pay tax attorneys and CPAs lots of money to avoid paying the criminal overlords.

[Andrewzoh]

Wow, I'm surprised mining didn't come up in this video. In my opinion, mining is the ultimate way to get KYC-free bitcoin 1) it's virtually impossible to trace freshly mined bitcoin 2) you're supporting the bitcoin network in the process

[BigJonkulous]

Been digging the liberty-minded bent your channel has taken on, Matt. It's important and people need to hear it.

[TheMadApe]

Web 3 - metaverse - stay away from anything centralized. Breakaway from the system. It’s old, tired, worn out, a corrupt.

[badmasiahmedsani]

Hi there, have you had about the updated crypto market, I really tried to buy some days back but I got a big loss 😢

[knowledge_harvester]

Of course privacy is important, that's why I think we need a second layer privacy on bitcoin, why not rig-signature like in monero but in btc's L2? In that way it would be almost impossible for them to tax you or even know that you still hold any bitcoin.

[PURPLE_SHADE_SMOOTHIE]

At the end of the day, the only remaining asset that a cash-poor person can claim with dignity as their very own property is their private, personal information; strip them of their privacy and they’re left with nothing! Data has value.

[NoiseRoxx]

Even Airbnb ask for all of that. Sh*t is crazy.

[abhishekkant]

"Watch all the course for $99, cancel before 30days". You are an amazing human being. Thank you for your content.

[thestonemaster]

You’re absolutely right KYC does not stop criminals it helps them namely the government. The TSA doesn’t stop terrorist but it does help the government

[Enhancedlies]

jesus, for some reason my brain didn't connect the dots with stealing my data, and that being knowing my face, my name, my home and family etc it's terrifying

[DeRothschild]

I recommend strike, and just dollar cost average every day and then transfer onto ledger nano s.

[wagondragon]

9:15 "The importance of not being able to be cancelled or deplatformed" -> Well said! BTC doesn't care whether you're woke or not, doesn't care about your political view.

[sheeple]

thank you for no ads, , love this channel very helpful

[Vaenomenon]

Timely video Matthew! As I was struggling today with the growing personal data requirements of crypto lending companies, in the name of compliance with laws. I said no and I closed all my loans.

[BrunoChilly]

Thank you for this - been concerned about this for a while. If we were to close our KYC accounts is there a way to get them to erase our data? I assume we'd never know if they actually did but do you have ideas on reversing the risk once accounts have already been setup?

[Lakeland]

Another great video. Your videos are always honest and truthful! Truth is like Bitcoin Truth is Bitcoin!

[nealjones]

We can't keep running and switching exchanges. The people need to o fight for their right to transact without govt or intermediaries period! No more running, time to fight back