Tried to use Kucoin for a purchase I couldn't get anywhere else. Kucoin, I thought, was one of the only legit CEXs left that didn't require KYC.
Aaaaaaaand of course my transaction gets stuck for no reason.
I checked all of the normal things. Sent to the right address? Yep. I had just sent a similar transaction that went through in seconds. Under the KYC limits (because Kucoin does have a 5 BTC/24 hour limit)? Yes. It's not my mistake.
Not the first time this has happened. Fucking around with Cosmos and the idiots who put together that high school science project Osmosis, I am now quite familiar with the risks of trusting a new blockchain with money. Gravity DEX looks like it's going to have the same problems, so be careful around that garbage when it drops. Anyway, back to Kucoin.
If you want to know what's really going on, hit Reddit. And I find other people with the same issue. Kucoin basically kidnapping their money and holding it ransom. For what?
KYC, it seems.
All of the folks with stuck transactions on Kucoin have generally the same story:
1. They go back and forth with customer support for weeks;
2. Customer support asks them for all kinds of information — screenshots, transaction records, etc. — that can be used to link non-custodial accounts into a meta-profile;
3. Customer eventually gets a request to KYC through email; and
4. Admins say there is nothing they can do about it.
No. 4 sounds eerily like my experience with Paypal, another centralized piece of shit finance provider whose main customer service policy is to annoy you into giving up your claim. Difference is that Paypal already has your KYC info. Kucoin doesn't. So depending on who's really pulling the strings at Kucoin, we could be dealing with something sinister.
But take off the tin foil hat for a minute. Fact: Kucoin is centralized. It has normal records just like any company. There is no reason that a stuck transaction that is obviously Kucoin's fault should require you giving up any more information, including screenshots or KYC. None of that has any bearing on whether a transaction moving to a non-custodial account is legit or not, because you can't prove identity on the non-custodial account any damn way.
So why the reason for all of the extra data before Kucoin releases the money? Why not just un-stick the transaction, or if it can't be unstuck, just make amends?
I've already made my decision — if those fucking clowns ask me for KYC and say they can't do anything unless, I'm just writing the stuck transaction up as a loss. Rugpull. And Kucoin has an enemy for life. Guaranteed I cost them more money than what I lose, because I will spread the word about their treachery 24/7/365.
And I'll make that money back on other investments. Just gotta be patient.
Centralized exchanges, including Kucoin, all face pressure from shadowy cabal types to gather info. Even if this info isn't used immediately, digital data is forever. Once you give someone something, even something as innocuous as a screenshot, they can file it away and use it against you in perpetuity. So no, a few thousand bucks isn't worth my privacy. Go fuck yourself.
Binance seems to be the safest place in terms of non-KYC transacting for now. For all of their problems, Binance has never held any of my money ransom for KYC. I've heard of stuck transactions during high-frequency trading times and other issues, but none of those are privacy infringement issues. Just don't use Binance during high-frequency trading times, because you know what's going to happen.
Don't use centralized exchanges in general as much as you can help it. If something is centralized, it can be compromised. And whether you believe in the tin foil shit or not, bottom line is it could be true. True power is erasing all possibilities of your sovereignty being compromised, and that's what my ideal is.
If Kucoin doesn't get me my money, I'm gonna FUD the shit out of that company. Just ask the jackasses at Osmosis and Gravity DEX.
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