Bitcoin Forum

I couldn't believe when XTZ (Tezos) enforced retroactive KYC bullcrap from their investors.

I really thought XRP is going to be the first, to freeze funds and blackmail their "investors" for personal information.

But no, XTZ decided to piss into the face of the people who trusted them with their hard earned money. Their location in Switzerland did not help them, but then again, Swiss banks have pushed a lot of their foreign customers in front of the bus in the last couple of years, haven't they?

But in principle, they did what I predicted for Ripple: freeze existing balances, then do a forced swap into another token forcing people to KYC in the process...this time the swap was a go-live of their main chain, but the same thing can happen to any centrally controlled token at any given time.  :(

What do you think, who's next?  ;D

Well, that should be valid for ICO projects who haven't distributed the tokens to their customers yet. I don't see any project actually giving tokens and then blocking smart contracts (assuming that it's possible) and then enforce people to pass a KYC verification, that would be chaotic. I got affected by what Tezos did, and I'm still not willing to pass the KYC.

This should be a lesson for us, If there is a coin that could claim that they are transparent, and truly decentralized, that would be "bitcoin" and nothing else. It's all about money for these people, If they did care about what cryptocurrencies are really about, they wouldn't aim to crowdfund millions of dollars to do that.

And what is the problem to pass KYC? This takes 5 minutes.
Yes, they acted lousy when they disappeared for 8 months and then announced KYC.
But to pass KYC it is not a big problem

 ??? ??? :o :o

Getting HIV is also not a big problem it takes only minutes and you may even enjoy the process

You are kidding right?

The process may not that long but that's not the main issue. It's a problem because a lot of other people are simply not willing to give their personal info to some company that showed incompetence (or any company really) because the point of cryptocurrencies is privacy.

It really is not good especially for the loyal investors who waited for more than a year just to get the tokens, tezos should make the tokenomics comoliant now rather they are making it complex and investors are panic selling, i think next eos can also do the same but i hope they will not.

I think the project will be fine. And what's the problem of passing KYC?
because they did not inform in advance?