Say “NO!” to KYC


Well it looks like Binance KYC information is all over the internet.

I couldn’t possibly provide links to all the articles I’ve read about it, because they are a dime a dozen. In case you somehow missed them all, here is one, just as an example:

Let’s get one thing very clear from the beginning: I’m not anti-Binance. As you can clearly see from my previous blog posts and Tweets, I’m actually a big fan of Binance and of CZ. My only real problem with them is their overly agnostic stance towards cryptocurrencies, even the dreaded Libra.

This is also not one of the (many) posts telling you to panic because your data has been compromised. Panic is stupid and never helps anything. It’s far better to remain calm and find a solution to the problem. It would help if Binance was a little more responsive/open about this issue – take note Binance: rapid and truthful PR is essential in such cases. People don’t panic when they know the truth, they panic when they don’t know what’s going on or when they find out that they were lied to.

This post is a reminder of what I warned you about previously, the evils of KYC.

“Try to give you warning, but everyone ignores me.
Told you everything loud and clear, but nobody’s listening.
Call to you so clearly, but you don’t want to hear me.
Told you everything loud and clear, but nobody’s listening.”

~ Nobody’s Listening – Linkin Park (R.I.P. Chester Bennington)

I will be the first to admit that public dissemination of your KYC data was not (and still is not) first and foremost on my list of KYC-related concerns. But: I did warn you about KYC in general, and proclaimed it to be a bad thing, a bad thing which is being done in an even worse way.

I have big issues with KYC. How many of you remember this article?

I wrote it a little over two months ago. Do you remember some of the things which I said in there?


“KYC obviously stands against some of the very principles that crypto is built on!

The ability to transact with anyone, anywhere, anonymously is a core concept built into the crypto way of doing business. The matter of asking someone for their identity before agreeing to carry out crypto transactions with them should never even be raised!”

“Crypto was based on a zero-trust model which uses cryptographic methods to ensure trust. IT DOES NOT NEED INDIVIDUAL IDENTITIES IN ORDER TO FUNCTION!”

“A crypto system which demands the identities of its participants is a self-destructive system. It unbalances crypto as a whole and works against the principles on which crypto is built.”

I think that the truth behind my warnings is now starting to become apparent. It doesn’t really matter how or why your KYC data was compromised, or even who did it. What matters is that your data was able to be compromised in the first place! Fact: there is no such thing as a foolproof system. This is especially true in crypto, the cryptospace is still new and many loopholes have yet to be found. This will not be the last such incident! We need to eradicate the procedures which leave us vulnerable!

If Binance had not had any KYC data, then there would have been nothing to leak! Yes, I DO understand regulatory need for KYC / AML etc, we’ll get to that later. But first, let’s look at more of what I had to say in my anti-KYC article:

“…if I need to identify myself in order to make a crypto transaction, why would I not just use a fiat one instead? Either way I’m going to have to comply with regulations. Either way I’m going to end up paying taxes on it. Either way my identity will be known. What KYC does is to strip the usefulness away from crypto, thereby undermining its value and making it not worthwhile investing in!”

…and leading on from that…

 “If my crypto has no benefit to me, then my crypto has no value to me. Then it’s just another unbacked, regulated means of exchange. I have no need for another one of those, I have enough trouble with fiat money as it is.”

Now this is where regulations and centralised exchanges really start to come into it:

“I DON’T agree with KYC procedures which exist to placate the demands of centralised entities, but I do agree with identification procedures that are required to carry out basic business transactions.”

“Centralised crypto exchanges in particular are starting to look more and more like banks (as mentioned by Heidi in her Monday “Crypto tips” video ). Let’s be very clear here: an exchange does NOT require your name or phone number to change one coin into another!

“Dealing in crypto is not the same as dealing with fiat based assets, crypto is not linked to government assets and governments have absolutely no right to attempt to regulate it. One of the greatest attractions of crypto is that is is beyond the reach of regulations, if crypto is to succeed then it needs to remain that way! Don’t let your own government fool you into thinking that you have to play crypto by their rules, you don’t. Find a way around the rules. Crypto is decentralised, it is designed to to able to avoid such regulations! Giving in to regulations and supporting them is akin to driving a knife into crypto’s back, get out of the crypto space if you want to be like that, it’s counter-productive and will devalue the very asset which you are investing in.”

“KYC is part of the slippery slope to crypto regulation. I stand strongly against it.”

“Show me the government argument in favour of KYC and crypto regulation, and I will show you the counter argument that disproves it.”

A great opportunity which remains a missed opportunity in the cryptoverse, is that crypto projects are failing to leverage the utility that they can provide for one another. I have spoken harshly against projects which insist on using their own KYC procedures and which are not utilising specialist cryptocurrencies designed for that role:

“We have an array of already working and under development Identity Verification cryptocurrencies available to us: Civic, THEKEY, SelfKey, Worbli, NEO ID etc. We as crypto users need to put pressure on crypto companies to use these services. We need to support those who already use these services and demand that the others do the same.

I have taken such crypto projects on in several private emails and occasional public Tweets – such as this one:



There are exchanges and wallets which I refuse to use because they refuse to use other crypto projects.  I know that in a way this looks like cutting off my nose to spite my face, but if we – the crypto community – don’t take a stand to support ID verification projects and stop the endless and unnecessary KYC procedures, who will?

I also know that some of my favourite exchanges require KYC – some at various levels, depending on what you want from them. Binance, KuCoin, even Nash – all exchanges which I highly recommend – have such requirements. I’m not suggesting that you avoid pro-KYC entities completely, but rather that you start moving in the right direction. For instance: Nash is more decentralised than most exchanges (an exchange is not simply “centralised” or “decentralised”: CEXs and DEXs lie at two ends of a continuum, and most exchanges lie somewhere between those two points), so I will be using it a lot after its August 23 launch and will slowly scale down on using the more centralised ones. Similarly, if given the option (in terms of trading pairs), I choose to use Binance DEX over traditional Binance. As seen in the Tweet above, when an exchange like IDEX takes such a bold move in the wrong direction, then I cut it off completely.

I also included quite a few original Satoshi Nakamoto quotes in my anti-KYC post. People need to be reminded of these regularly! People need to remember Satoshi’s vision!

Satoshi quotes:

“Participants can be anonymous.”

“…privacy can still be maintained by breaking the flow of information in another place: by keeping public keys anonymous. The public can see that someone is sending an amount to someone else, but without information linking the transaction to anyone.”

“We have proposed a system for electronic transactions without relying on trust.”


I don’t give a damn that governments want KYC. If you are a large crypto company, and local government regulations are making it hard for you to operate – then MOVE! Don’t try to block users, leave that up to the governments who want to do the regulating. Let people discover the power of the TOR network, VPNs etc. And for crying out loud – stop demanding KYC information! This won’t end well for you or your users!

Let the governments who don’t want crypto seal their own fates. The future of global finance lies in decentralised crypto. If they don’t want to be a part of that future – so be it.

We were lucky with the latest Binance KYC leak, it could have been much worse. Consider this a small taste of what is to come if we continue down the dark path of government-enforced crypto regulation.

To the crypto service providers: I ask you again, with tears in my baby-blue eyes – Use the ID verification projects! Let me login using e.g. Civic. Let me control which information I share with each company. Let me not spread 100 different photos of myself and my identification documents all around the internet!

Simple systems engineering principles are at play here people: you are introducing multiple points of failure – AND THEY ARE FAILING!

Let the KYC we know today die the death that it deserves. It does not matter about government concerns re money laundering, purchases of illegal goods etc. When criminals are selling drugs or guns on your streets, taking away money is not the answer! Yes, without money you can’t buy drugs and guns, but you also can’t buy food, clothing, fuel… The government arguments that crypto transactions are largely in criminal hands are fallacious. FAR more drugs are sold using fiat. FAR more money is laundered using fiat! FORGET ABOUT WHAT GOVERNMENT WANTS! What’s the worst that could happen? They ban crypto? Remind me again how well the drug bans are working after all these years…

Yours in crypto

Bit Brain

“The secret to success: find out where people are going and get there first” 

~ Mark Twain

“Crypto does not require institutional investment to succeed; institutions require crypto investments to remain successful” 

~ Bit Brain

Bit Brain recommends:

Crypto Exchanges:

Crypto East vs West

Apologies for the slightly clickbaity heading: I’m playing on the topic of the US China Trade War.
While the Trade War doesn’t directly influence crypto, it surely plays a roll. I believe that as inevitable market crunches loom nearer, so crypto will become ever more attractive as an investment asset – specifically as a high ROI store-of-value. We all know that crypto isn’t as stable as gold, but gold can’t offer the returns that crypto does. Obviously that is bullish for crypto in the long-run.
But that’s not what I wanted to tell you today; today I want to draw your attention

A Stable of Binance Coins – General musings

By now I’m sure that most of you have heard that Binance will be launching it’s own stablecoins soon. They have been testing with a small amount of BGBP – a coin pegged to the British Pound (GBP) and they say that others are in the pipeline.
The Binance approach is an interesting one, because unlike most other stablecoins, they are not focussing on USD based coins. Indeed, they are specifically NOT focussing on USD.
Binance has clearly been studying the stablecoin environment for some time, you can see the results of this in their stablecoins research report published last month: “The

// Bitcoin SV up 50%

Just looked at the CMC a few mins ago to see Bitcoin Fake i.e. BSV up 50%. Ive shared my opinion on these shitcoins many times so bashing BSV again is pointless.
I was curious as to why it went up so much so i went on browsing.

Apparently someone shared some fake news about Bitcoin Fake on Wechat. The message said that Binance was listing BSV again which was ofc not true. Almost instantly BSV went up 65%.

I mean, what is this thing we are dealing with?

On Steem we are having big debates about curation split, bots, parasitic psychopaths as if that will somehow affect the price. But does it really?
All those things seem to only affect who gets more inflation and ends up with more Steem in the end. The authors or the big stake holders.

So it seems that all you need to do to moon STEEM is plant some news about STEEM being listed on a major exchange…. All you need is a screenshot to fix all our problems. Imagine that! Instead of thousands of pages of debates you could fix everything with a well placed screenshot carrying fake news.

Aint Crypto grand?

The Victimless Hack

Binance got hacked yesterday – by now everybody knows that. I think it’s great thing for all concerned. This is why:


Binance got hacked and lost about 7000 BTC in a single transaction. From what I have read, the hack appears to have been carried out by a very patient and professional team. Viewed from my military background; I have to admire the planning and execution of the hack, which in no way means that I condone what the hackers have done. Au contraire – I look forward to watching them trying to spend or exchange that BTC further down the

Your keys, your Bitcoin! Binance keys, hacker Bitcoins!

Image result for funds not safu

Dont you love the crypto world? Because i do.

Are you saying that no one uses your dapp focused blockchain and no dapps are built on it?!

Heres a billion USD!

Are you saying that there is a guy running a successful blockchain project that is a known fraud and is lying that he is the creator of Bitcoin?!

Lets give his project a billion USD marketcap!

Are you saying that by using blockchain we dont have to store our funds in centralized financial institutions!!!

Awesome! Now lets put all our money in a centralized financial institution!

The crypto world is the upside down world. Where everything is BS and almost everyone pretends to subscribe to core values associated with blockchain. .

BINANCE: Price action is about to happen

Without so much time for writing today, so, short post here.

Symmetrical triangle formation on BINANCE, 4 hours chart:

Volume keeps being constant awhile Stochastic RSI on the daily chart indicates a good moment for buyers.

Every time Stochastic touches the lower limit there is a good jump upwards:

Price action is coming to BINANCE again and if we consider the historical data we have from the last three months the direction of the price movement must be upwards.

Target 28 USDT.

Stop Loss placed at 21.2 USDT.



*Disclaimer: This is just my personal point of view, please, do your own assessment and act consequently. Neither this

List of Top 2019 Coins so far

This is not a “buy now” list. It’s not a “best performers” list. It’s not a list of coins that will do well for the rest of the year or a list of my favourite projects. It’s something like a combination of all of those.

What I did for this post was to look at the coins that have performed the best in 2019 – from 1 January to date. The market has generally been bullish and most coins have climbed during that time. As a reference: BTC is up 44.22%. For this list I chose coins which are up 100%

If BINANCE asks we react…

If there is one mandatory task that any good steemian should or must do regularly besides voting for witnesses is to promote STEEM every time the opportunity appears.

Our friends of BINANCE are asking which tokens we would like to see at their BINANCE Chain which, in case you don’t know yet, it is a custom blockchain that features a permissionless decentralized exchange (DEX). For your information, this new blockchain will become available to the public on April 23 and I am sure there will be some positive effects on the tokens listed there.

You can see the announcement in the following link from twitter:

I have already replied them obviously “voting” for STEEM and I think would be good if you do the same.

So, please, go there and reply telling $STEEM or #STEEM or whatever the tag used but always with STEEM !



The Crypto Community has Spoken!

Something very interesting has been happening in crypto for the last week or so. If you didn’t look carefully, you may have missed the broader implications.

By now it is well known that self-proclaimed-Satoshi Craig Wright went after Twitter personality @hodlonaut, placing a bounty on his head in an attempt to find his true identity and saying that he would sue anyone else who denies that he is Satoshi Nakamoto. Craig wants people to identify hodlonaut by his tattoos and offered a 70 BSV reward (about $5000 at the time). However, this rewards is becoming less and less attractive as time