Bitcoin Forum

I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.

My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.

Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.

Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.

You are quite right. Not all KYCs are actually safe for one to do. Apart from ICOs, some airdrops sometimes require KYC of which you will later realize the airdrop to be fake. What then happens to the information they collected? Will it still be safe?

I don't see why anyone would fight against your view.  Sounds perfectly reasonable to me.  There's no compelling reason to trust strangers on the internet with either our money or our personally identifiable and financially sensitive data. 

Also, you don't need to take chances on random, unknown (and potentially malicious) ICOs and airdrops in order to be successful in crypto.  The more you play with fire, the more you risk getting burned.  It's better to stick with known quantities and established, reputable altcoins.

this is a known thing actually. and i have also warned about it before. these ICOs that are asking for KYC are not really doing it because of doing KYC stuff, they are in fact mining identities and will most probably sell it to earn even more money from their useless token creation process.

it doesn't stop at ICOs either. the unregulated exchanges that ask for KYC are the same thing too.

So I also do not support such ICO Campaigns because I do not trust them. So let's get rid of KYC because it's very dangerous especially to our members of the Bitcointalk forum. Because users or those who request our personal documents are scammers, they must be removed from these procedures.

There is too much doubt in KYC. When you go to KYC, your personal data is made available, it is not really clear to whom, where it will be stored, how it will be secured. Such information should be made available by the ICO team. This is not right. I agree with your point of view. It should not be KYC.

I think most people would agree with your statement, because many people do not want to do KYC to ICO, they want to remain anonymous. and fear their identities are misused by irresponsible people, especially a few drops of air leading to deception.

I agree, although I have actually done KYC to receive an award from my work. but at that time I did not think up there, because in my mind only rewards my work in distributed, and I will get the money. maybe from reading this post, for the future I will review the projects that require KYC to be able to participate and get rewarded.

I have often thought as much. We give these sensitive information to strangers and hope for the best. Sometimes I feel so reluctant but what can one do? If you don't submit,most of these companies Deny you access.

A lot of these companies only exist on paper and when you dig a little deeper, then you find out that the profile pictures are fake and

just pulled off the internet. There are some people who are trying to initiate their own "verification" and "rating" of these ICOs, but

they are not very effective. {You still need to trust other people to make a unbiased evaluation of these ICOs} One of the things I

do with these ICOs is to make a copy of my documents and then writing the name of the ICO on top of these documents. They will

have to manipulate these documents to remove these "watermarks" that I added, so I make it more difficult to misuse my

documents.  ;)

Well I agree with the concern of the topic because we cannot be sure about how the kyc data is stored by the ICO but to me I think we are going mainstream with cryptocurrency, kyc is very important. With kyc ,people  feel secured about the industry and believe that people will not take undue advantage of them.The kyc portion will help to chech scam for safety reasons.

Additionally,  cryptocurrency is know as centralized and also the users are unknown to the public,  actually as a computer literate it is always not safe to show true identity  via internet.  KYC will be a threat to all campaign hunters  and traders . For example was phishing  sites,  key loggers and other ways of hacking your  personal details . It'll also be safer for those who have large amount pf bitcoin .

First off, I don't think anyone is for KYC here. KYC is definitely cancer and to be avoided when required in airdrops and ICOs.

The only place where I would be kinda "fine" with KYC is for reputable exchanges. Whereas I'm pretty sure that the people who run most exchanges have no choice but to require KYC to their users because the government requires them to.

They could use your information to conduct identity theft; and that's only the tip of the iceberg.

I absolutely agree with you. We are forced to give our personal information, to strangers. It bothers me so much when I thoroughly seeking for ICO who don't need KYC procedure, and then at the end, after ICO managers change the rules and put KYC to must do or you won't be paid. And then after a few weeks after the end of ICO they show us a spreadsheet I see I was in the end rejected for blog content, and I gave my personal data and my photo for nothing. But in the beginning 4 months ago they clearly wrote that KYC is not necessary for their campaign. It is horrible.

To date, this is one of the biggest problems for bounty hunters. The ICO commands require us to pass the KYC test without even referring to any regulatory act on the basis of which they do so. I'm sure that such a document does not exist, because the meaning of KYC verification is primarily to prevent the laundering of dirty money. That is, individuals who do not invest in ICO projects should not undergo such a check. While this is another way of fraud, because our data can also then be sold for criminal use.

Actualy even me i realy hate that KYC process because i am afraid to gave my information to anyone that we dont even jnow them anywhere in the world. I dont know why this ICO team nowadays are almost all of them are already asking KYC even in bounty hunters.

It's a combination of ICO operators not wanting to wind up in jail and possibly nicking your details to sell elsewhere.

Who you give your information to is entirely your choice. I would never put any money into any ICO no matter what. If it's any good I'll be able to buy it on a legit exchange some day.

I like on how you thought, I think the kyc is violated the crypto currencies basic idea about anonymous, and I don't see any use to submit our data to some site that we don't even know the place, and I think it just the matter of time we will see our personal info leaked on Internet and no one is going to responsible for that, kyc is a bad idea

Yes, the KYC on ICOs is pointless. And this was made by these governments as they require ICOs to submit our KYC information. Now scan ICOs abuse this rule to harvest identities and use it or sell it somewhere else. Better protect our identity by not joining these kind of ICOs or better, let's fake our identities, we have freedom to do it and they don't have the right to complain.

I dont realy like KYC because they might be a hackers and they can easily use our identity anytime they even without our permision because they are holding our KYC. I saw most of the ICO now are required to do KYC specialy the investor and now bounty hunters also doing KYC.OMG

I fully agree that KYC should not be.
But on the other hand people are going to spread their personal data without thinking that the ICO project team is not responsible for confidentiality and the fact that the distribution of personal data can not be proved.

Especially KYC looks ridiculous at the end of the company's bounty, despite the fact that initially it was not announced, accompanied by blackmail about paying a deserved reward.

It is difficult to join the ICO campaigns especially when there is a KYC because we do not know whether they are true to their plan or they are just a group of terrorists who want to collect documents to use in illegal activities.
That is why I do not agree to have it.

Yeah, most of them ask for documents just to either make it look like they are a law abiding company or just to harvest ids.

One of my friends who is actively playing around with ICO has tested a few by sending them a scanned copy of his previous id, which expired in 2012. Guess what, only one out of 4 has rejected it.  :D
Of course, I can't trust his story 100% but I don't find it so hard to believe it.

Back in the days of BTCJam I saw the doxing of a scammer that used an id with the place of birth Warsaw.....

Were here because of one same thing,privacy thats why we leave banking to have our own silent financial life and there this KYC thing that wanted us to reveal our identity just to comply with what they need.

Theres no point to argue with the OP and besides I totally agreed with your post mate and i love the idea of beating this kyc

I also don't support KYC in cryptocurrency. I believe that you are just putting your information that are valuable to you into those person that might use it for crimes. But, I believe that God knows whether you're the person responsible for a crime or not.

It's best to avoid all ICOs that require KYC. It is not known who has this data and how it will be used. It's better to stay away from KYC for your own good.

Absolutely, KYC is a bit worrying to most people in the world of crypto especially during ICOs, honestly I think it drives some good investors who don't feel comfortable with it. Since bitcoin and the other Cryptos are supposed to be decentralized people find KYC a bit worrying.

I think it's important about kyc for ico participants because it's a matter of invesment that uses a lot of money. if only the scammer's problem is the risk that's why it's important to look for a really serious project not a scam project

The problem is all these people who seem to have no problem distributing their private information for free.
Some are even doing it for airdrops, which makes no sense at all.

I also do not agree with any ICO project adopting KYC (even if it faces legal problems).
However, most of the current KYC data are not properly kept.

I’ve earned a lot from ICOs that requires KYC. I fully understand your paranoia. But they wouldn’t pay me if I refused to their KYC requirement. Besides, I’ve already done my homework on the company. It’s worth the risk.  :)

There should be full reciprocity. If they demand proof if ID from you, then you should be able to demand it from them. After all, who is giving the money to who?

It's backwards as far as I'm concerned. These people could just be a bunch of dudes hanging out in their mum's basement and laughing their way all the way to the Bitcoin ATM as they steal a bunch of people's money and then later sell their ID's to some human trafficking mafia or something. No way.

But if you can verify these people, their location, their reputation, then that's fine. It's just like signing up for a brokerage account with a trading platform. You've gotta prove who you are to invest the money.

when regulators ask businesses to KYC a customer. this is not about governments then getting peoples ID.
as coinbase provd. it was regulated already but then when the IRS wanted customers ID, coinbase said no.. which shows that governments do not get the peoples ID as standard regulation process(otherewis IRS would already have had customers details)

regulations are not about consumer confidence or insurance. as the banking sector has proven in 2008 when many mortgage companies and banks screwed over mortgage holders, even though the banks/mortgage companies were regulated.

what regulations are is simply this:
governments ask BUSINESSES to police its own customers. and if laundering occurs. to avoid the regulated business getting in troubl the business has to hand over data of a culprit. thus the business is cleared of wrong doing and wont be held accountable.
businesses are not even allowed/suppose to stop the movements of funds or inform the customer that the customer is under investigation. thus its not helpful to real hoonest customers that may make a mistake(if you dont know u done wrong you cant put it right or explain the reason to avoid things going further).

the ID grabbing is just something a business meant to hold secure and not use for any purpose but to use if/when a customer is flagged by the businesses own constructed policy(yes the business has to make its own policing guidelines)

ICO's that have no licence should not be demanding sensitive information without proof/reasoning of legal requirement.. especially now since the data protection laws update
..
what we as a crypto community should be doing is not get excited about regulation. not lobby for regulation. as none of it helps us. instead what we should be lobbying for is consumer protection. where by we can report dodgy businesses and also dodgy customers of a business whereby the dodgy customer could negatively affect other customers. and where we do get the insurances and protections we need. where giving our ID's empowers us to then have a case against the business because they have our details.

I think the information we provide for scam projects will never be safe. As far as I know, our information will be used by a group of users for malicious purposes. But surely their purpose is to make money

KYC is bad even with regulations, remember the last year's Equifax data breach and the uproar it caused? And even without any breaches, there's a good chance all these entities are quietly selling your data which can be used for invasive ads, spying, blackmailing and other things. Privacy is a very serious issue that most people are very ignorant of, and it is especially important with cryptocurrencies due to their nature. You don't want strangers to know about your coins, because you can become a target for hacks and robberies, and you also might not want the government to know about your coins, especially if your government is corrupt and/or hostile towards crypto.

I bet they already knew about these things. Your safety means nothing to them it seems. They most likely wanted the KYC thing to scare people away from investing in ICOs.

There are some safe alternatives to current kyc that were recommended but they completely ignored.

One can understand that an ICO team that raises millions of dollars in ETH and exchange those ETH for fiat money to send it to a bank account will need to explain where that money come from and that for that reason they ask big contributors for their KYC documents. However, many times the collection and storage process of that data is not clear enough, especially in cases in which the ICO team delegates this process in a third party, which is not necessarily a well-known and reputable actor.

Yes I agree, KYC do some checking privacy, It could mean that the project is legit because of this, they also want to know if the participants are true persons, to avoid account farming right?

Great explanation against the KYC , o really appreciate and understable your arctics that's one of the reason people in the cryptocurrency world against the kyc system to get an rewards from the cryptocurrency job.
I agree regarding the regulation about crypto what is the use of indentification if the governmnet their haven't an control in crypto and most specially crypto are anonymous currency.

I totally agree with your every point and thank you very much for mention every what if points. Cryptocurrency speaks, works as an anonymous system. You do love the crypto world for its anonymity, decentralized system. Then why you need to provide our every personal detail to an ICO Project company!? Why recently most of the ICO Projects wanting real information and even passport ID too. This is not the right thing to do, we need to do something against KYC. I Also hate KYC system because don't want to share my identity in online to an unknown community or person. KYC procedure should be stopped.

I am totally in support of KYC. It's a very useful process to guard against illicit activities . On the issue of the company , that's why to do research on any project you intend to invest in .

KYC is a very, very bad thing for the customer. KYC is only good for the government. So sad. The only identification one needs in crypto, is a private key, nothing else.  8)

yes kyc is bad because it causes a lot of hassel . crypto is built to become anonymous , so that people will have a privacy but why will they introduce kyc with it?

I also agree when you said that kyc is only good for governments or for government related purposes such as when applying for a job and you need to get a requirement for your job .

what about password  and pins ? both of these are also needed in order to access your account aside from private keys . private keys are only  needed for account recovery.

I agree, because giving your own personal information is not safe now a days, also the thing is, it they will have your information and they can also use it for other reasons.

That's what worries me all the time I will pass and send the copy of my passport to a group of people that requires me. These are the risk that we cannot do anything about. Especially if you are a bounty hunter, and you'll get a reward only if you pass KYC. But then, this system has advantages and disadvantages. It's just that, advantages should be way more than disadvantages.

Your right man.but I think this requirements is for the security of everybody to avoid spammers and multiple accounts.
Although it is additional work for any individual but these is the rules of some icos. So we need to do it.

I agree with your stance.  Anyone who asks you to send your documents over the internet (UNSECURE) to be looked at by their employees who you do not know (UNSECURE) and then stored god knows where and in how many places all for the hackers to get at and steal your identity (UNSECURE).

Any project that asks for this clearly does not get what crypto is all about and does not deserve my time.

Thank you so much for the enlightenment and I am very sure everybody will find if very useful. You have said it all. Leaving your informations on a platform whose source you can't verify is risky. There are several scam ICOs nowadays and identifying the authentic ICOs is very difficult. Since cryptocurrency is not regulated, any information you supply on any platform is at your own risk.

Good point there , infact am do impressed with your point, I also wonder why should we be using our details for ico's when we can't even see or know people behind the project and our sensitive information is being asked of, more so crypto is all about decentralized and there is no regulation board in crypto that has to do with our details, so why should we , I think we all need to go against this kyc of a thing and made it known that if that their project can do with out kyc then they should pack their load and am sure if this happen the word kyc will be bye gone.

I've always had such worries. There are many projects that need KYC, but most of ICO is a loss. Some items may be just to get your KYC.

when there is a big market of gullible newbies who would do anything for the smallest possibility of making a small amount of money, then you can see constant cases of scams after scams from those who want to take advantage of these gullible newbies and make themselves rich. and one of them is what you see with the ICOs. all these ID scans they are gathering will soon end up in the dark market, blackhat places and will be sold to be used for evil purposes. and people keep on trusting them just because they are calling it "KYC" and there is a small chance of profit.

I will not comment anymore, some of your reasons are very reasonable, in general crypto has no rules.

but ICO has rules, and we better follow ICO rules, because ICO has many considerations, I think ICO team is also worried if they will suffer losses and fraud, because many members are detrimental to the team. and we also worry that our identity is being used for criminality.

if you complain with KYC, do you know about the abused KYC victim information?

The KYC process if for the naive, gullible and greedy.  People trying to get rich always attract the identity thieves and scam artists.  I avoid all KYC as I do not want to fall victim of identity theft. 

Yeah, I totally understand your arguments here. And why would someone give his sensitive information for just a penny? Only those gullible newbies will fall for this trap that's why I was quite surprise for some ICO requiring KYC and such. And there are reports from the past the they have been hacked, and the KYC of all of their customers were leaked already. So that is the biggest drawback that I see and when your data is leaked, just hope that your data will not be used for illegal activity otherwise you are doom.

I am agree with you. Cryptocurrency is decentralized, it should not need identity of the investors.
But we are not 100% crypto, the funds collected by ICO will convert back to fiat money to running the operation of company.
fiat currency = regulation, so KYC is still required.

There's a Bigger Scam Than Anything in Crypto, It's Called KYC/AML
https://www.coindesk.com/theres-a-bigger-scam-than-anything-in-crypto-its-called-kyc-aml/

https://cointelegraph.com/news/uk-remittance-service-transfergo-adds-crypto-trading-in-world-first

you're speaking like you're obliged to participate in the ICOs and give them your data. Let me tell you it's based on the free will. If you decide to invest, then you're taking whole package, including KYC

I also don't support this KYC of a thing. Most of the KYCs are even scam on their own and therefore should be stopped. Besides, cryptocurrency transactions are supposed to be anonymous.

I do not agree with the author. I always support KYS. This helps to avoid fraud among investors. But you can also give your data in the hands of scammers. Therefore, you should protect your documents with watermarks

No i'm going to say some truth thing about KYC.I think everybody knows that what is KYC  whatever (KYC) Know your customer.I'm investor was HashCard ico even i complete my profile with KYC than when ico is near of the end.They going to scam more than 4 million something that's why i'm not like that.

KYC been used in banking and physical transaction processes is good. At least, if your document leaks or used for the wrong purpose, you can easily report the situation to the appropriate constituted authority. But using KYC in online transactions only doesn't make sense to me. I need to know whom I am giving my documents.

From my point of view a lots of people would agree to your statement. Many people are not want to do KYC to ICO. They want to remain anonymous and fear their identity and misused by people. I agree with you. It should not be KYC.

Yes, you are correct. It is not safe to trust just any KYCs and also some ICOs. You need to choose the right  and safe ICOs carefully. And do not just give your personal information to anybody.

You should not generalize since this KYC reqs are just from some centralized altcoins. Bitcoin does not require KYC since it is decentralized. Maybe you thought all cryptos require KYC.

I actually don't support KYC form submission also. As we haven't any regulatory body to control over the information and transactions, have blockchain tech which is completely opposite to centralization process and are interested in Crypto market as it is a free space, we are not literally having any consideration to give our personal and important information to anybody which can harm us badly, in many ways. It is true, if someday, a regulatory committee stands then we will be okay with it. But it is not happening as it will actually change the definition of crypto space.

Where are all those KYC supporters now? Looks like most people find KYC disgusting (which it is) yet a lot of people here happily join the bandwagon.

Neither do i is not comfortable with kyc the fact that im using my husband id im afraid of the possibilities it can be use to bad activity thats why now i refuse to join campaign that reqires kyc for our own security..  But if really requires at the end of campaign still no choice i dont want to take away my efforts too.

What you have mentioned is true because using just the passport information in countries like United Kingdom anyone who works in a bank can make a bank account and even apply for a loan online using it so anyone who posses such information can do many illegal activities even we can't think of using anyone's information which is a huge issue that everyone in the crypto communit should concern about  

Whilst i agree in general with most of the original post-there are reputable companies who to comply with government legislation need to do KYC/AML checks. On the other hand unless i can be absolutely sure of who i am dealing with i give very little away. If you are not doing anything illegal then AML/KYC should not be a problem.  

Good point mate! :)

I once read a message from admins of  telegram group that they are doing it to have database for their customers and investors in which will might also help in security.

Which I highly doubt. :)

Very good point and I agree with you on this. KYC is often important as we all know. But some ICOs have been misusing them to steal identity of the users or using them for their own benefits. This can be a alarming problem for the users as they should verify ICOs and airdrops before filling up KYC forms.

There might be a kyc but only for those who invested a huge amount of token but for the bounty hunters i don't think it is also a necessary because hunters are getting only a little amount of coins from the campaigns.

I think  what this post  lift up is partially true. Now-a-days all kyc aren’t able to make sure their safety at all but I think still there some which can.

this is a question that I asked myself days ago, but this problem can be created by ourselves, why do I say that? because we accept to deliver documents to a site that does not have a license, nobody asks the creators of ICOs if they have any document issued by the government that allows them to do such a business. Look this:

 [ANN][ICO] MJC (module joint coin) - Payment Solution From Ecommerce to ATM (https://bitcointalk.org/index.php?topic=4595774.0)

a thread that has 25 pages and you can realize that nobody cares to ask if they have any document issued by the government that allow them to make such a business

I just saw the thread. But I think most people hardly ask if the ICO has a government issued document because it may not be regulated by the government. I just feel this KYC of a thing shouldn't be allowed in cryptocurrency. It may expose some persons to security risks and target for hacks or even blackmail. Everything should be anonymous.

I dont support KYC. You dont need to provide government ID to use cash, therefore use of bitcoin (including buy/sell for cash and use of bitcoin ATMs) shouldnt require government ID. Similarly there is no reason to require ID for ICO investments.

We don't support KYC procedures for buying and selling bitcoin and altcoins, mostly due to the draconian laws some countries have taken to control people's money.

Trying to keep an updated list of anonymous bitcoin and altcoin exchanges  (https://www.cryptogamblingsites.com/trading/anonymous-exchanges/)that people around the world can buy and sell anonymously.

Well said. I want to suggest that the ICO companies be checked to know if they really have a local address or completely faceless.

Actually we no need KYC to use our cryptos they are just needed while we are cashing out,so better move from the old system and stat use bitcoin as bitcoin then you no need to provide any details to anyone.

Well in crypto KYC is not necessary because anyone can invest as long as you have money.Its not like saving your money in banks the needs KYC.In crypto as long as you have money you can invest instantly without the hassle of providing documents for KYC.

I agree with you. From experience I know not all KYC are that much safe. I have friends who suffer this before.

Probably the best thing we can do about this is to be careful in participating in ICOs and such. If you don't see any verified physical addresses or verified info of the team members, we should avoid those projects.  I know that it is very hard to do, but we have to very vigilant. And also, we can also ask our campaign managers here in Bitcointalk that they should be the first one to "screen" all ICOs promoting here in the forum. Make sure that the project and the team of these ICOs are legit.

I support your view personally. It doesn’t worth the risk. This is not very apt to trust strangers with our money and sensitive info.

I can’t agree more. I don’t support them and I don’t trust them with my sensitive and personal information.

I think crypto community should find a balance between detralization and centralization. It's posible I guess. This balance is answer on your questions.

Some project sells kyc data to another company , not all project doing kyc are legit

The consequences, you have mentioned might be quite possible. But let's face the fact that huge ICO demand KYC, there are no other choices. Of course, they might be scammers, but doubtedly. You have written about data stealing, that's a very currently important issue, because you can be sitting home drinking coffee, checking your e-mail, while somebody is hacking you laptop and steal your data, and it's very easy to do. So if you think KYC is a nice way to get data and pics, you should understand that nothing is safe when we talk about data and its digital storage))

I agree with the opinion of the author, I am also against the kus in the crypto currency. The fact is that people from all countries can not verify the identity, simply because they are citizens of a certain country. This is not correct. In order to raise the crypto-currency to a new level, everyone's support is necessary.All the good ;D

me too that KYC is what i don't like too, that's the point why do they need those private information yet that is why blockchain has been anonymous. it also harms the crypto user which is definitely responsible for destroying blockhain’s growth. like bladelady said

Correct.
I admit I am the same.
Not just ICO's but also exchanges. They keep their reason that it is all just so they could continue their service. The heck with that.
I will just go to their minimum withdrawal rather than send all my information. 2 BTC is fine with me.

A new exchange should come out which is really a decentralized one. Why do ETH is only the one who have it named IDEX.
There should also be one for bitcoin. The real one. Not some just illusion of telling they are decentralized but deep within they need your info. Pfft.

wow what an eye opener, i suddenly realize that yes your right about kyc system os a total non sense at all,

Yes.I prefer not to support KYC too because it does not keeps me anonymous at all.I know i will put myself into danger if i had given my personal identities without knowing that the particular exchanger was only a scam.So it's much better to stop that KYC thing so we may have an assurance for our own security.

The KYC process is the only way Datum can check the source of funds raised during the token sale, and they verify each buyer’s identity and residency. We give our sensitive information to those strangers and hope for the best.

KYC is easy. But in the ease of it there are risks, especially the risk of our data used by irresponsible parties, for their own interests. So from that, I always think over and over again to fill the KYC.

Yes,  you are right,  i don't also agree with this KYC thing,  especially on bounties and airdrops.  It's hard to expose my real identity to this uncertain projects,  then what if my identity was used in some kind of scams, it is really not okay.  I hope this KYC thing will not be force to us someday.

I think you have a point there but it all comes back to us most of us are not genuine in our ways, we cannot do away with cheating, so in a way to eradicate that i think its the best. If we all change our ways then there will be no need for KYC

I'm against KYC. The whole essence of the crypto is anonymity and many forget it when they send their documents. And now many projects are so impoverished that they are asked to transfer them to the GAS purse so that they can send tokens!

It is true that not every ICO requesting our KYC details is genuine. However, it is risky to give KYC details even for the genuine ICOs because you never know how your data will be kept in terms of security. I am not aware of any blockchain-based system where we can store our KYC details and ICOs will be able to get authenticity status from that system. Probably Vechain might work in such cases.

I agree with your opinion because the KYC request is a fatal error in cryptocurrency and violates the anonymous cryptocurrency

It's quite unfortunate things are now turning to go this way with almost all ICOs requesting for KYC participation. The KYC is one of the ways coming from the SEC regulatory body and the governments of some countries in order to check terrorism funding and money laundering. It is all about verification purposes, however, you will get some ICOs with evil intentions to sell the data of participants for their own gains.

Many icos now need kyc, but the country where the project is located does not have the supervision of cryptocurrencies!
The cryptocurrency was originally anonymous, and KYC exposed its identity!
There are still many hidden dangers in KYC. What should the criminals do if they steal your information?

I am completely agree with you in this. These things are really risky for us. That's why i think giving KYC information to any ICO without a proper investigation is wrong.

Dear brother i holistically con-core with your opinion, personally i see the so called KYC as an abomination and a pollution to the crypto kingdom of decentralization, the person demanding for KYC who did He submit his own KYC to " i hop kettle is not trying to call pot black here"

It's quite shocking how most of these ICOs put investors to work Al in the name of KYC when even the main technology been used is decentralized and meant to protect Investors identity. Guess it's just a centralised feature in a decentralized Ecosystem. You are just right.

Anyone that read your post will agree with you because you have said the fact on what the document can be use for, regulation will stop all this and any company asking od kyc should be verified by SEC or other  ruling body.

No one has said that KYC is perfect and that can't be used by scamers too and other people who can misuse this data in some way.
But it's sometimes up to users will they disclose or not their personal and sensitive data. You should always check who is behind such demand, is this some legit institution or something shady that can't be traced and checked.

actually i'm againts KYC especially in exchanger. but now people don't have any other option to do it because site looks like force user to do it. KYC will always have pro and contra because actually bitcoin and other crypto is anonymous

You said the real truth. It is really hard to trust any new ICOs nowadays. Everyday the number of ICOs are increasing. The scam projects are increasing too so we should careful about providing KYC.

No one will go against your opinion. This is one the main reason i think that ICOs are really risky. I think it is better to trade with well known exchanges with good alt coins.

Good point here. The same way that banks are liable for their clients in case of illegal use of money such as laundering, the businesses have to do the same thing. They have to check into the background and be able to report something in case it comes up. That's also why you see nowadays a lot of local sellers on localbitcoins.com saying "no transactions for illegal purposes". Not that they're actually checking that person's ID, they're just covering their own asses in case someone comes back at them. Washing their hands of any possible blame.

Now there is no handing over of info to any regulatory bodies or tax authorities, but that's not to say that there won't ever be in the future. It quite possibly could be pushed in that direction, we never know.

Among other things, those are reasons why I am against KYC too. You just do not know what happens to the data you give away. I just do not feel like it and do not participate in anything that KYC demands. I can not understand the reasons why you have to make KYC. Whenever I open a store, I do not have to have the data of every customer who buys something from me. So why in the crypto world? Just because nothing is regulated, I do not see it, that I should give my data. As long as I am in the crypto world, anonymity was a plus for crypto, which is now being lifted with KYC.  >:(

What really is the essence of this KYC of a thing when cryptocurrency is supposed to be fully anonymous and private. I don't like it either

You are confusing KYC in cryptos to KYC for 'Tokens' in ICOs.Try to buy bitcoin,Liteocoin or ETH you will never need KYC (in most of the exchanges).However KYC for Tokens is a different aspect all together.Because companies are accepting 'investments' in their projects in return /exchange of Tokens (termed as shares/securities) ,they need to follow AML rules to identify the investors .So KYC docs are required.It is a law.
Try to open a bank account in your country and check if they will open with out KYC.All legal financial transaction require KYC.

1 - Start ICO
2 - Get investors details
3 - Save in a file called SUCKERS.TXT
4 - Sell on the darknet
5 - Profit!!

What you are telling about token investment kyc procedure is correct but only for those country ICO need kyc other ICO which are fake are using kyc documents for their personal use or other activity's. Why even nowadays exchange are also asking kyc due to restrictions

I really don't support this know your customers business, after all the hard work,then then the kyc shows up to condition the reception of tokens,what if someone misplaces there I'd card before that day of the kyc ,he or she ends up not geting what they worked for,I had such experience and it was not funny..

In as much as i support the kyc system, i dont really like it when some of these ico projects asked bounty hunters to do kyc before their rewards are sent.
I mean , how i start submitting my vital informations  becsuse of a reward that is less than $30 in most cases.
This is simply ridiculous.

It's not just about scams we're speaking about. As far as I concern KYC's are usually useless.
I mean buy a bottle of liquor for a random hobo -  and use his documents and photo as much as you like. Nobody will tell who's the real investor. So KYC just has no meaning. If someone wants to stay anonymous he will stay that way. And there's no need to KYC people who have nothing to hide.

KYC in cryptocurrencies just doesn't makes any sense. Why would someone use Bitcoin if they are not going to get any privacy. The purpose of bitcoin was to make people the sole owners of their money on which no one had any control. Doing KYC is like going against that purpose.

you raised completely valid point which I believe many people will learn from and even educate them more on the danger involve in giving out sensitive document that can cause trouble if such document are hacked, sold or leaked on the internet. sometime i find it very funny when you discover that some ICO having or requesting for KYC have identities that can not be verified. many of them use images and pictures that do not reveal their true identity and yet they are requesting for verification of peoples identity.

well you have not really tell us while you support kyc system and even if you really support it i do not see reason why you do not like project that require kyc for bounty hunters. if kyc are make compulsory for investors i do not see reason why bounty hunters too should be furious if they are directed to complete kyc process. however some project deliberatly make kyc compulsory for bounty hunters in order to reduce the number of token that will be given out for hunters because they know most hunters do not have document for kyc

Yes I kind of agree with you. Maybe the crypto community need to look into this issue of mandatory KYC in some ICOs.

Your points are very clear and I think I support you. I have personally been against the idea of KYC in crypto, especially for airdrop.
 

I agree with you totally, and if people out there would have just a bit of dignity and sense of reality they would ALL refuse to undergo to KYC with all these players and this horrible habit would have to disappear.

You're right, that's why im hesitant to give my personal document to ICOs because they might use it for illegal deed hence as much as possible I dont participate in those projects who requires kyc (except for reputable exchange).

I have seen many users abide in the kyc system and most of them are newbies, I have nothing against that but they should be warn for the risk of sending their document to the ICOs who comes from nowhere.

I agree with you that not all kyc procedure is safe we didn't know where they going to use our identity maybe they can sell it or use it we didn't if they use it in a good or bad way so we must be careful when it comes to our identity we didn't know what will happen next be wise in everything.

I agree with you, I do not believe in airdrops that use KYC, if it turns out to be a scam then the thing I am worried about is the data that has been given, we are afraid that if the data provided is misused, I think it is not safe to provide data for KYC on airdrop

I agree with you cryptocurrency should be anonymous because that is one of the many advantages of crypto. But this time so many ICO even almost all new coin, the required to join in the tokensale, even bounty must do KYC. We as participant must do that like or not, if not that's means we get nothing.
yahh KYC pro and cons

Personally I also don`t  like KYC as you don`t know where you send them and there might be a hackers who can easily use our identity and sell to the other companies for profit. Hope it will be changed in future.

KYC really eliminates the nature of cryptocurrency which is famous for its anonymity. And KYC can also be used by parties who are not responsible for the illegal use of data.

I don't like KYC too for bounty hunters especially on airdrops as it concerns one's identity,Hope kyc things will come to an end for bounty hunters soon.

Kyc requirements for icos is ok for me.
What i dont like is kyc on bounties, especially bounty rewards that are less than $30.
It makes no sense for one to provide his/her vital informations just because of that small award.

I have often sounded this warning to people to be mindful of the information they give out so that you won't just be at home one day and receive unwanted guests. Protect your privacy. It is very important.

with KYC obviously I also do not like because someone's identity must be known without us knowing that for what identity, whether KYC can keep confidential late

I think that after I have got acquainted with your arguments I can say that I would agree with every word you said about KYC and its unreliable position. To my mind, it is better to choose more powerful options

It should not be at all KYC for bounty hunters and airdrops. Their awards are small and in principle they are not investors. For a small amount of tokens they are forced to share personal data with people or companies, about which they really know very little. The ICO team should pass KYC and make the data publicly available if they require it from the participants.

Honestly speaking, I think there is need for everyone in the cryptocurrency community to analyse this issue of KYC. Is there really need for it? When Satoshi Nakamoto started Bitcoin, did he do anything like KYC? Why are people just being over zealous with this KYC of a thing even when they are not under any pressure to request the information.

It's just your desire to pass KYC or not, I'm against it, and I hope there will not be such a moment that I will have to go through it. :-\
I heard a rumor that there are whole bases with KYC and there is no guarantee that they will not get to scammers or bandits. :(

Your thoughts are very right. I had same thoughts over too. I mean it also betrays the decentralization purpose of the whole idea. KYC should actually be frowned upon now as scammers and fraudsters sees it as a means to steal people data. Because some of these airdrops are not even real, and after the KYC processes, they send you shitcoins and close up shop.

support you. fraudulent projects give their data without knowing at the same time these people - complete nonsense

Honestly speaking, there is no real need for KYC in cryptocurrency as there is no data protection for the information you supplied. It could be misused.

I understand your position. For me, cryptocurrency installing KYC in exchanges, wallets, ICOs, or even in some bounty campaigns is like bowing down to the governments and its agencies, and their preferences. This is like compromising an integral feature because of the pressure of the old powerful institutions that are themselves the very reason why cryptocurrency, Bitcoin in particular, was invented and got the support of a large community around the world. This is something that I also do not support.

I also don't support KYC procedure in Crypto asset. because crypto is decentralized and why we need to confirm our KYC for purpose of decentralized world.
one more thing i have to consider is third party KYC confirmation, why we give KYC to third party which is totally unknown for us.

It was as a result of many individuals using multiple accounts so as to cheat the system, kyc was introduced. But kyc is a bit risky as it tends to expose the persons identity.

What you say is perfectly right because in this world we are living in today is a dangerous world nobody is to be trusted with our documents. some of them say it is because of multiple account and submission that is why they are doing KYC in some bounty and to avoid robots from owning a coin.. but there can still be some means of verification with the use of the KYC so I think the use of the KYC should be stopped

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It is not just an assumption. It is real, there are so many ICO that finish and there is no way to trace the team till today, all their social media pages has been close and the website also shut down and KYC was done. Some are just conducting the KYC so that it will look like they are serious. I have just concluded that every thing that is done through internet involve risk. There is no way we can run away from risk.

Well, every investor or user has his own point of view. For whom this is an indicator of the seriousness of the company, for whom it may seem fraud with subsequent receipt of certain data. I support KYC

For bounty hunters sincerely i do not see the reason for the KYC. Because the hunters are not investors, they are not  bringing any money to the project. Bounty hunters are only advertisers showcasing and bringing the project  to the awareness to the general public through social media.

That's the reasonable question to rise against KYC verification requirement in cryptocurrency or ICOs. Even the $100 Mln raised ICO projects are going greedy and running away investors money just for personal gains, I won't surprise if such ICO projects were selling the user data for more money.

KYC is not necessary for investment so, I don't think KYC is needed in order to prove identity or even participate in the AML.

Actually, you're absolutely right. I'm agree to your statement. It's so uncomfortable for me to give my personal data to someone or to a company that i don't know. It could be a scam and our data could be used for crimes or any other illegal activities that we don't know about. Besides, using KYC is a bit annoying if you know what i mean. If it goes through then yeah it's simple, but what if it doesn't. And we needed the money but we couldn't get it because the KYC failed us so many times. I don't think KYC is that important for bounty hunters.

But now, some of ICOs need to pass KYC to able invest on their project, actually I didnt like about this requirement that we need to upload our ID, passport, electric bill, selfie, etc. project that need to pass KYC mostly to prevent money laundering and terrorist activity but still we wont be anonymous again with KYC requirement.

I do understand that there's a regulation in the US about ICOs but I never understood why certain signature campaigns in here are requiring KYCs. Some believe that it's so that you will be able to prove that you have double accounts in the campaign. Not that I'm suggesting that you guys do this but, just how easy it is to ask a friend with a different surname as yours to borrow his ID and then you're just going to give him some tip. Luckily I never enrolled in such campaign that would all of a sudden say that they are requiring KYCs. What about those people that are trying to stay anonymous? I think it's just one of the gimmicks of these people that have zero reasons to do. They are just adding some more steps to claim your reward for whatever reason.

It's really weird that someone would run an ICO just to get other people's IDs. What would he use it for? Are they going to sell it to the government so the government can watch these particular individuals that have joined their campaign? They really should give the reward to the bounty hunters since those coins came from nowhere anyway.

The bounty hunters just promoted their coin, why would you require their ID? You just have to pay them. When you're getting advertised in other websites, will you require KYC from them as well? I think not. This is just absurd and shouldn't be allowed in the forum, imo. It risks getting people from here exposed.

This is exactly my argument. What is to stop Mr scammer from running an ICO that will never exist with tokens you will never get then keeping the ICO money and then selling all the KYC info. They will be paid twice.
Or even easier... Mr scammer just runs a KYC airdrop and sells the KYC info people give him. KYC for airdrop I mean have you ever.


It is because they are scams. Bonum did this flogmall, hada , Hade. Just to name a few. They get the work done then ask for KYC so they get free work.

I definitely agree with you it is hard to entrust our documents proof of resindency those who are requesting for KYC because others would use it to hack our accounts or scam it.

I absolutely agree with that. Moreover, I believe that sending ICO to our request for our confidential data and copies of passports is not only dangerous, since they are fraudsters in about 80 percent of cases, but also because such a requirement for participants in the ICO generosity campaigns is illegal. We are not investors in ICO projects and therefore should not undergo such verification. Some ICO teams already agree with such arguments and conduct a KYC review only with respect to investors.

Yeah, you are absolutely right, crypto is not regulated but what can be done if almost all the ICOs are asking for KYC? Its like is has become a trend now. If you want to invest in one of your favorite ICO, then there is 90% chance that you'll have to do KYC.

Because it is also a part of supporting the campaign it self. The process of knowing the customer for ICO or KYC is also a part of the development of the project where people behind the project need to get to know the official tally of people who are supporting their project for them to know if it will going to be successful or not. It is also the process of limiting the possibility to cheat on the campaign where the host will have the time to manage the users of their platform of the future and have the time to have a further development in the future.

KYC in any case, conflict with one of the most significant foundational theories of the blockchain which is the primary innovation behind digital forms of money which is secrecy. Digital money exchanges should be untraceable and unknown.

I sincerely support your view, some ICOs even go as far as demanding for information that ought to be very private, such as your current residential address if it is different from the address in your Identity Card.

I think that would probably happen, they can also get benefits of selling the user's data not only for more money, but, also they can use it to make other projects and add those data's to become more realistic and to be trusted by other people and also investors.

KYC in the crypto is a very ridiculous thing, there is nothing to show that the kyc it is more transparent. So I'm always shy when KYC these programs

KYC in many cases is just a fiction, I personally know one guy who sells affectionate re kyc documents of course I'm not using his services, but anyway I think this is in saying that you can use other person's documents to prove your multiaccounts, like they do.

Sincerely you are right but actually what brings about KYC, what is it essence, Is it really needed, and without it will it have effect on the ICO. I think KYC is to curb cheating. Moreover if you have been able to invest your hardly earned money into some investment you don't know then there is no need to be scared of KYC  :) :)

In my personal opinion I just hate KYC system because don't want to share my identity in online to an unknown community or person. In that ease of it there are risks, especially the risk of our data used by irresponsible parties, for their own interests. I think KYC in the crypto is a very ridiculous thing, and now I avoid all KYC as I do not want to fall victim of identity theft.

From the comments I have read so far, it appears that most people are not in support of this KYC. So, what can be done about it?

I think I am on the same side with you man. I don't understand why blockchain is fully anonymous yet ICO project manager and bounty managers still want to do kyc. I think they monetize our personal data. Currently I have been receiving emails from projects I have not even sign up for. My telegram contacts keep increasing for no reason. I dont support KYC either and I wish there are other ways to check legitimacy aside KYC.

I dont think that their is any other option apart from KYC to check the investors are genuine and the funds invested in ICO are legal and their is not any money laundering in any ICO. But due to some ICO which are from country where i dont think that KYC  needed as their is still not any legal status or regulations regarding crypto currency usage. So we have to check which ICO you are investing and whether they are genuine or not, then only you can give your KYC documents.

Exactly true. One of the greatest causes of cryptocurrency is that the identity is unknown. But nowadays we can not trade at any place until we approve of our identity. This also has the right sides, but without cryptocurrency there was a terror. Decentralized exchanges are also can manage. We just came to a situation where we are forced to use it.

Well, I definitely agree with you. Most times when filling a KYC  form, you are required to input your email. I have been receiving all kinds of emails, asking me to subscribe or invest in some kind of ICO.  It will be better that all ICOs take away KYCs...

Because all the details, information about yourself are all there.  I think,  that is better if the information will be very confidential and they keep it in private.

I buybibto your points and ideas. You're damn right. This is coming at a time identity theft is currently trending. Releasing such sensitive information could impinge negatively on one. But, the lure of financial rewards won't make us all see the truth behind it. So sad.

Unfortunately production company and people in parliament is very often to wants that people had  KYC.
Of course the problems which you wrote very actual in this time. Be careful when to want to find a company

I also agree with you.. I don't think there is any need of kyc. becoz the crypto isn't regulated yet. Than how can i petition about my loss to authority?

Yes I totally agree with you. I also want to know why some of ICO projects needs KYC if the investor are willing to invest in their project. I think they don't need it as long as the people wants to invest to them. They are like online stores, no need to submit KYC just to buy their goods.

Totally agree with you. KYC is so annoying because you let them keep all your identity even you don't know them and no assurance how they're going to secure your documents but you don't have a choice because if you won't comply you can't invest or buy.

You made a whole lot of sense Bro. Henceforth I will be more careful sharing my sensitive data with faceless organizations and individuals, it's quite risky. One can be arrested for a crime he/she knows nothing about. Thanks for the enlightenment. Cheers mate

I dont support KYC in cryptocurrency because we don't know how will they use your profile and information. It's quite scary to just give your information. The anonymity of each person in bitcoin is a must for privacy.

Honestly speaking, I think there is need for everyone in the cryptocurrency community to analyse this issue of KYC. Is there really need for it? When Satoshi Nakamoto started Bitcoin, did he do anything like KYC? Why are people just being over zealous with this KYC of a thing even when they are not under any pressure to request the information.

It's kind of ridiculous really. People trying to force this type of stuff on people are really missing the point of decentralized cryptocurrency. Sure, some private companies under certain jurisdictions have to follow their own laws. But anything other than doing what's required is quite silly.

It is really gets me irritated, but I'm feeling like I can not make anything against that because otherwise I just would not get my tokens or my bounty reward, that I deserve..

kyc is a big problem for us as i think . there are various personal information needs for kyc and i think give those information are not so safe .

Cryptocurrency does not use KYC because it is all anonymous, in contrast to conventional methods that have regulators so that when there are complaints it can contact the authorized agency. In the crypto world, everything is online so it is vulnerable to fraud, illegal, bad transactions, etc.

The weakness of crypto is that there is no individual identity involved in the transaction (No KYC), another problem of misuse of data for online verification can be to use other people's data / photos of others. If that happens where do we complain?

Yes unknown people will get the personal information for what ever the reason is, then the decentralized and anonymous feature will be useless because of that

Please is it true that some exchanges don't list tokens that did not carryout KYC during ICOs?

KYC on ICO's? I myself hate doing it so. It takes time and doesn't make sense at all because even the people behind those projects aren't even presenting their faces.. It is part of our privacy but I guess this is how it works. If we want to give them our information then maybe we should accept the risks.

I'm afraid that my KYC will be used for fraudulent people who handled an ICO projects. My personal documents is in fear of being used to criminal possessions, and it's really rampant nowaday. We couldn't stop those people in doing such unrighteous act, so being vigilant is the best thing to do.

There's nothing wrong with your opinion OP everything's very reasonable and easy to understand. Indeed, as the development of technological civilization as it's today it's often misused by people or groups of individuals who aren't responsible, to gain profits by cheating or by intimidating someone with data or edited photos. It's not surprising if this kind of behaviors has finally given birth to a number of negative assumptions and a crisis of trust. Surely it's not surprising if such behaviors eventually can produce a number of negative assumptions and views among the community which means the outbreak of a crisis of trust.

I also agreed, with what was said, OP. "as long as there is no Cryptocurrency Regulation, then there should be NO KYC". Maybe with this way the cryptocurrency can survive and continue to be in demand until the future.

I agree, I don't really like the KYC thing because the essence of anonymous will be lost and you'll just reveal your personal info for some unknown persons

I couldn't agree more! I believe that most, if not, all of us in the crypto space have the same sentiments when it comes to giving away our personal data/info to strangers. I think the best thing to do is stay away from projects that require KYC just to be safe. We can make an inquiry on this via forum thread or on their Telegram channel.

Remember that playing with fire may be fun and thrilling, but it is very very dangerous! Stay safe and be vigilant!

For me because it is too dangerous, giving your personal informations. So, you really have to check and be very careful in giving iNfos.

I will never give away my KYC just be be able to buy a ICO token.
I'm already gambling with my money when I buy ICO tokens, never knowing if I get something of any value  back. If you give away KYC information, then your also gambling with your private information, you ID can be taken over.
Only give KYC to as little exchanges as possible, never give an ICO your KYC information.

You are right when you say there is no regulations for cryptocurrency yet we live in a society which is regulated and governed using the centralized principle. It has become necessary that  without the support of these governments, the progress of our valuable cryptocurrency lies in limbo. Most governments see KYC to be a major check for terrorism funding and money laundering activities which they believe that some cryptocurrencies are used for.

I'm also with you. there is high risk of submitting KYC for unknown person or unknown organization. I always thinking about can company can see our personal information, why there isn't proper KYC process for team members. There should be more information about team members on websites.   

Thank goodness someone brave like you brought up this topic ..and hopefully open up our rights to justify against KYC ..as bounty hunters we have thought the same grievances againts kyc..theres no assurance or proof of protection from identity theft or fraud.. Even for ico investors buyers.. Theyre willing to take the risk just to be able to purchase ...

Yeah there must be no KYC to all crypto currency, but some bounty / airdrop needs it because of many users using multiple accounts. And also some are using others account just to get free airdrop or want to join bounty....

That is why we need to ensure that the ICO is a legit project to ensure that our data will not be steal and might be use in illegal activities because there is nothing we can do if the certain ICO will require an KYC requirements because it was required as part of regulation in a certain country that except if you will choose not to join the ICO then you will not to worry about KYC but most of the ICOs are now KYC compliant.

even  if ICO is legit and backed by reputable companies, it still not worth giving them your data. crypto isn't regulated that is the point 0f OP. even if its the exchange that asks for KYC, its still can  not justify them asking  information from traders. its a good thing there are dex that don't ask  kyc these days. maybe if  ETF will be approved and the government are monitoring crypto ICOs it may be abit safer.

Because submitting any requirements for KYC can put yourself in danger of being a victim of identity theft. Even if KYC aims to prevent and deter people who are into money laundering, it's really risky too to send someone's information that may be used by hackers to hack a system by testing it with the given information of ID.

I absolutely agree with you. There is a clear flaw in the state bodies, which provided an opportunity for ICO teams to require citizens to pass the KYC verification. Public organizations of this kind can not be granted the right to collect from citizens the provision of confidential information. This should remain the prerogative of only special state bodies that can ensure its safety.
In addition, it should be borne in mind that the ICO teams are not directly entitled to demand passage of the KYC check from the participants of the ICO generosity campaign. In the sense of prohibitions for citizens of the United States and China, these prohibitions apply only to investors, that is, individuals who invest their money in ICO projects.

Yes me too i dont support KYC why? they can use it for evils ways but so far from now the bounty that have a kyc is dropping

I agree that KYC has gotten overboard in some cases, but this is due to concerns about regulators claimping down on the industry given the rampant fraud and criminality among a minority of users. However, there will always be privacy based coins and decentralized exchanges that do not require KYC.

If it promises a good profit, then yes, I agree to KYC. And we cann't escape KYC. Either the crypto is to obey the rules of money laundering, or it will be outlawed, then the chances of earning will be very narrowed. I prefer the first.

It's a trivial thing but it's good, I also think about it. I avoid what is KYC and I prefer another ico that is not that strict.

bitcoin users should be anonymous, if we provide our personal identity for an ico project I don't agree because I am worried that my personal data will be used for bad things

Anonymity. It will be against basic theory of cryptocurrencies. I agree that there are some limitations regarding the regulations in some countries. But KYC may not be the ideal solution.

maybe as a kyc investor it is very necessary to avoid fraud, but if as an ico program campaign I think Kyc is not needed because our personal data can be misused by ico fraud

Maybe the idea of limiting crimes by passing the KYC procedure is not bad. However, as you can see, KYC is used to collect personal data by scammers from bounty or airdrop participants. This is the bad side of KYC. On the sale of such a large database certainly scammers can earn a lot. In addition, people cheated in this way are exposed to the use of their personal data to commit a crime and subsequent consequences.

You have said this very well. I also think it is over zealousness that make some ICOs include KYC in their project and not because they are under certain jurisdictions or laws.

Its really a gamble when we give KYC to strangers without even knowing about their credibility. For the same reason, I decided not to invest on those ICOs which requires KYC. I just provide my kyc to those exchanges where I'm going to trade with fiat. KYC for bounties should be stopped everywhere.

Yeah right KYC is like giving and access on what you have in a subtle way. If hackers get all your informations then is easy for them to execute their bad motives.

If everyone avoids such projects, there will be no one to participate, so the developers will stop insisting on the provision of KYC. But unfortunately, many here are sure that this procedure is good. They think that the bots are eliminated so that they can calculate for more. Fools!

I also agree with you ,  I don't support KYC  because submitting any requirements for KYC can put yourself in danger of being a victim of identity theft . Moreover If do KYC, can have a bad impact someday.

What is actually the essence of KYC in cryptocurrency that was created to have anonymous transactions?

I don't understand that why the KYC procedure has been started!? We all liked that the crypto business was unanimous and that was the one of the main reason that i have chosen this way. But now we have damn KYC and it disturbing me! Why should i send my passport and address? And with my selfie with passport as well! I am not going to attend anymore KYC things, i feel very bad about it..

Crytpocurrency market cap value growing bigger and its peoples money. Many fraud and scam including scam ICOs. KYC needed in market to protect investor money.

Speaking of cryptocurrency regulation, yes it is on the works. I would be in favor of KYC if regulation was in play. However, it is also scary that if we do KYC, they would take advantage of our personal information and might use it for something bad. But anyways, we just have to be careful about the projects that needs KYC. Always check team members, events, etc., if they are legit or not.

I agree with the creator of the article! I am also relatively against verification! there is a plus in that it becomes less than a moss. There is also regulation by the state, it will help to legalize bitcoin more quickly in the whole world! the minus is that the crypto currency should be anonymous, because it was created exactly that!

At first I was very supportive of KYC's existence, but when I examined it carefully KYC's existence became a scary thing because he would kill the anonymous nature of bitcoin. With the data and information from us that they hold, they are easy to intimidate us because we also don't 'really' know, KYC works for whom?

One of the things that I also hate about kyc, is that many times bounty campaigns are saying about that only when the campaign is already ended and people already have done all the Job.

To be honest i dont trust most of the exchanges that have mandatory KYC. I think all of us must be aware at all the bad things these exchanges can do with your documents. Identity theft is one of the worst things that can happen to people. Just stick with the well known exchanges and avoid new shady ones that require KYC.

it all began with ICO bans in the US and even China, we have to accept the fact that kyc is indeed needed to authorize business identity and accountability, and ultimately target KYC obligations for exchanger and ICO participants.

I have not had a problem until now, but the annoying thing happens when Kyc is also required for campaign participants and even airdrops ?, The allocation received is not enough to be a minimum shareholder, and that is not comparable to the sensitive data they provide.

KYC is a direct conflict on the privacy and decentralized features of cryptocurrency. It violates what crypto have stood for. Though some may view some pros in this requirement, majority of crypto users are against it and are very much uncomfortable with the idea. I for one wouldn't want to give out my personal identity to unknown individuals because I strongly believe in data privacy. But sad thing is, when it comes to compliance our beliefs sometimes get bent in order to work things out. This is one crazy venture that we are in!

absolutely right, I agree with you. I often wonder why some projects ask for such personal information, even though it is privacy, but I can't do anything to reject it, whereas I have spent a lot of time supporting the project to be successful. There must be a solution for this ...

I read`through the points you raised and facts be told, this is one of the strongest and most coherent point I have seen on the bitcointalk platform. I must say that It may seem that I have been foolish myself in the past with some ICO's requiring KYC. I am wiser now and will tow this line to be safe rather than sorry.

This is an interesting look at the problem of conducting a KYC test. Of course, if an ICO is registered in a country where the crypto currency and the ICO is not regulated, what kind of verification can be required to provide confidential information and copies of citizens' passports, if the ICO team members themselves do not pass any verification. This is really meaningless and opens up a lot of opportunities for abuse by such a team. Moreover, the percentage of fraud on the part of ICO teams is just off scale.

Thank you very much for nothing this. Even the ICO project team members cannot even pass KYC, yet they want to impose it on intending investors.

I think same with you. Cryptocurrency should be anonymous because it is decentralized, no centralized system have the database of the holders.
But, because there are many hacking cases, for security reason it became required to submit KYC.
For me, it is no problem at all if using KYC, but cryptocurrency will become no different from fiat currency.

KYC can be done on a stage later - when ICO has been successfully completed. Then ICO can register a legal company and announce via its telegram channel (for example), that KYC should be done for its token holders.

As a newbie in bounty hunting initial I see ico's with KYC as authentic, until offcouse most KYC I did I haven't even received tokens of them to my wallet, but now i think am wise i dnt support it ad i wont support it,after spending so much time and data, one will just not hear anything from that project again,KYC is not a prove of authentication.

The highlight of electronic money is anonymity. However, when some projects sell ICO tokens, the government insists that if the ICO wants to operate

Actualy even me I authentically loathe that KYC procedure since I am hesitant to give my data to anybody that we dont even ken them anyplace on the planet. I dont ken why this ICO group these days are every one of them are as of now asking KYC even in abundance seekers.

KYC was established to prevent money laundering and financial crime!
Effective regulation is conducive to the good development of cryptocurrency!
As cryptocurrency transactions gradually approach the mainstream, standardized management will become the only way for cryptocurrencies.

There is not any reason why anybody would battle against your opinion. Sounds impeccably sensible to me. There's no convincing motivation to confide in outsiders on the web with either our cash or our by and by identifiable and monetarily delicate information. You don't have to take risks on arbitrary, obscure ICOs and airdrops with a specific end goal to be fruitful in crypto. The more you behave recklessly, the more you chance getting scorched. It's smarter to stay with known amounts and set up, respectable altcoins.

Since it is likewise a piece of supporting the crusade it self. The way toward knowing the client for ICO or KYC is additionally a piece of the advancement of the task where individuals behind the venture need to become more acquainted with the official count of individuals who are supporting their undertaking for them to know whether it will going to be fruitful or not. It is likewise the way toward restricting the likelihood to undermine the battle where the host will have room schedule-wise to deal with the clients of their stage without bounds and have sufficient energy to have a further advancement later on.

The concern on ICO demanding KYC is real. There is indeed so much threat that comes along with it. But i do believe that not all ICOs are requiring KYCs, and if it does, the option is really in our hands whether to proceed supporting, contributing or investing in them.

The only reason i can guess as to why the KYC is being imposed was to comply with regulatory requirements of the governing country from which the ICO originated from.

So if you really don't trust the team behind the ICO, one can always walk away from such.

i thought kyc is not safe so people do not support.

Yes, you are right, but kyc posto is necessary for the registration of some companies in the us and besides, it means that the process of accepting cryptocurrency is going well. IMHO

Of course, tehre is a big risk regarding giving your info to others. In digital age, identity theif is real, and it happens  frequently. I do not trust on some ICO wherein thier high ranking officials seems fictitoous too. In addition, your submitted info can be use against you, like in filing taxes whgerein they can trace you and your digital assets in the future. Too risky to trust someone your impotant details.

That has being my stresses throughout the day. Each time I gat to send the duplicate of my travel permit to a gathering of individuals that requires me. These are the hazard that we can't take care of. Particularly on the off chance that you are an abundance seeker, and you'll get a reward just on the off chance that you pass KYC. However, at that point, this framework has favorable circumstances and burdens

I agree. That's why it has no regulation hence, if you have to go through KYC, I think, that should be a red flag already. It defeats the purpose of it not being regulated. Banks are very strict with KYC before you can enter into a relationship with them. See how much bank frauds had there been in the history? Identity theft being the number one.

Yes I agree with you, because your statement is based on reality, that`s the reason why I am afraid to join  any bounty program that`s required to get your personal information before you can get your rewards by joining their community as advertiser of their project.

Only few ico are requiring Kyc and sometimes we do nothing but to follow what rules they have if the has a potentials to increase its value. But airdrop requiring kyc is just a bull shit rule with a small amount of money you could get from it they will ask your personal documents, was actually an insane rules.

You have successfully captured my mind and lay it bare here. I have reservations for Bounty requiring KYC. To an extent, ICO needing such too. One could give freely private information they will tell you cannot be disclosed out to the public. And we know controlling third party from getting access to this thing cannot be guaranteed. We have hackers gaining access to more sophisticated database, how much more all these ones. There, they could lay hold on people's private information and use it against you. Before you know it, the cops are on your doorstep for crime you know little or nothing about. This is not Know Your Customer, it is rather Know My Information, and that is exactly what one is giving them on a platter of gold.

I would always avoid taking part in ICOs projects that requires me to submit my personal identity documents to their developer team, I believe it is a very risky action to submit your personal identity documents to a group of people with unknown intentions on what they are going to do with your documents, and I don't think they would have a complete security system to safeguard all those important information of every participants from the hackers.

Some projects needs kyc to receive  rewards from them. But they said that it is necessary just to trace those people  who have multiple accounts . Those people doing illegal things using cryptocurrencies .So hesitant to give, because  there Will be a transparency with your personal data. But still we trusted those  people behind such project. So just we need to be careful in choosing such projects that Will keep as away kyc.

Actually, i dont support it as well because it will makes the holders of cryptocurrency known.
I really like the concept of the privacy coin like cryptonight-based coins.
It keep your privacy safe and no one will know your transactions.

In my opinion, because users or those who request our personal documents are scammers, they must be removed from this procedure.
So I also don't support such ICO Campaigns because I don't trust them. So let's get rid of KYC because it's very dangerous especially for members of our Bitcointalk forum.

In my opinion I can agree with you.  A lot of ICOs are scam and people just steal money from users. Of course it is a great option to regulate the trading but people should be very careful

Well, firstly, all your data, which you provide for KYC, are checked not by the creators of the project but by special companies. All their names are in free access, you can search if you want. Secondly, it's your personal right - to accept or refuse verification. All is simple: if you want to participate in a particular project - follow the rules, don't want to - please, look for a project in which KYC is not required.

Basically, I personally feel confused. Isn't KYC supposed to apply only to investors, but now most ICOs require bounty hunters to join KYC as well. I don't know, is that a violation or not?

yes, totally agree with you. no doubt about it. you have a very good point of view. so what is your suggestion in this situation?

In as much as I don't like KYC, I think one has no choice, if you really want to participate in some ico, then its compulsory for you to do their KYC. But i dont like the idea of airdrop participant doing KYC, at the end of the what u will be given will not even up to 10 dollars.

You have a very brilliant suggestion and I keep wondering about it myself. Some projects go as far making an investor  and bounty hunter to do kyc before they can obtain their tokens. They do this mainly to prevent multiple account and to follow the set rules of complying with SEC

There is too much misgiving in KYC process. We give our sensitive information’s through KYC for nothing. On Feb 18, I joined an ICO who didn’t need KYC process actually. But, end of the campaign the ICO manager changed the rule by adding KYC process. It was irritating but I provided all of my personal info’s including my photo for the payment of that ICO. In addition, after 2 weeks I checked their spreadsheet, incredibly I see I was rejected for blog & video. That means, I provided my personal info’s & photo everything for NOTHING actually. Such a bad experience.

It can be that kyc is something law regulated and mandatory in order to proceed with payment but it is really in contradicting with the concept of Bounty Hunters who are preferring to stay anonymous.

Lol, if I only imagine Satoshi Nakamoto requiring a KYC to every person he has interacted with, I'm laughing myself to death. In fact, KYC should be strictly forbidden in crypto, if we want to adhere to Satoshi's principles.

I thought they said cryptocurrency is anonymous. Why are you bow forcing people to do KYC?

KYC is a form of corruption beyond our comprehension. Why? It is very possible to use your identity without knowing. You pass your e-mail with your personal information. Although, some managers are trustworthy to give your identity. But We are not yet in regulation mode in crypto to make this into new dimension of centralization.

I agree with you mate. Me? I'm very supine to do KYC. If bounties have a KYC form and it's mandatory, I'll leave it. I did KYC in all major exchanges only, not in ICO sites because I thinked what you thinked.

I totally agree with you and i always wonder why they should ask for such details. The amazing one is statement of account and i kept on wondering why. If it is for KYC to stop please it should.

This comes down to trust more than anything. I wouldn't trust some random ICOs with this sort of information, but you certainly will likely have to trust some online companies with such info to be able to use exchanges online. If you're fundamentally against KYC though I would avoid online exchanges altogether and deal with cash only or unregulated exchanges that don't require KYC verification (though use at your own risk).


Where have you heard this? There may be no direct regulation over the actual bitcoin network but there is certainly regulations with things like exchanges or other such mediums or third parties that utilize bitcoin, but those will differ country by country. Places like the UK and US usually require exchanges at least to comply with KYC and AML laws.

I also do not understand or are confused about KYC like this, why should there be cryptocurrency. I think it makes us complicated or makes us difficult to know cryptocurrency. I agree with you KYC must not exist.

KYC in cryptocurrency need for government. Because they can to watch for "crypto man"  8)

That's a really tough one there Faysal.  Having complied with the KYC requirement just to have your Blog & Video application rejected by them is really a bummer.

That's why i personally think that KYC should be imposed on Project Investors, not for bounty participants. I somehow conclude that ICOs are doing this to gain enough records on their database to show others that they have a flux of supporters (and at times refer them as investors too) willing to undergo KYC just to be able to support their cause.

There's really a lot going through with the KYC issue at hand. It will be wise to take precautions everytime before submitting yourself to a KYC.

What are you confused about? Would you ask something similar like why should there be laws? Most people know not to murder or steal without having laws or regulations prohibiting and punishing the bad behavior, but of course there are those who don't care about such laws and murder and steal any way. Regulations are just laws meant to protect the consumer and prevent criminals using bitcoin and such services that utilize bitcoin to commit crimes such as money laundering and so on. Granted, we do not need them and most people can use bitcoin for its intended purpose and have no interest in breaking any laws by using it, but there are people who are the opposite and that's why things like AML and KYC laws exist and there's nothing we can do about that. As I said above though, if you are fundamentally against them you can use services that don't have such regulations but beware you may be using illegal services or breaking the law in doing so but that's up to you to whether you use them or not.

KYC is one of the trends in crypto investment nowadays as it aims to prevent bad elements for money laundering. In that context, it seems both parties (ICO and investor) have a mutual agreement and both parties are benefited through it. But it is also a risk for investors and even for bounty hunters if they submit KYC for verification before they can invest or get the bounty tokens simply because the information they sent can be use by others as a tool for criminal activities.

Well, a lot of currently still weak coins that have not evolved enough and invest in which is very dangerous for you, because there is a great risk and ignorance of the coin.

If an ICO wants to go more legit within the existing world and comply with certain authorities, you most certainly need to do a kyc. If you want to reach traditional investors, this is the way to go also to be tradable on upcoming security token exchanges such as Polymath GBX or tZERO. I think the development of blockchain goes quicker in finding a way between evolution and revolution, implement it in the existing world and get a bit away from the thoughts of max disruption.

Anonymity was most probably one of the core ideas of the bitcoin network, but chaos was maybe not. Imo a system needs to operate in a somehow regulated framework, there should not be any profiting third party though. I further understand the privacy concerns and fear of data abuse. This again, i think will clearly be a part of the future technology dominant world, and we need to have kind of a digital identity. Therefore, data and IT security have a huge relevance within this area where it's all about trust.

That's good ! Already a lot of countries have legalized bitcoin ! Today I learned that Iran and Uzbekistan joined this list !

It's probably not that they 'want' to go legit but are now being forced to because not doing so is illegal. Lets be honest, it was only a matter of time before the authorities started clamping down on the wild wild west that the ICO market has become. It's basically a free for all for scammers and they've certainly been taking advantage of it.

The use kyc in crypto currency is some how dangerous and there are many scammer this days. Giving out information is dangerous and whoever that has fall a victim of utilizing there information for fraud act will never think of giving out his or her info again

I so much agreed with you. But on other hand, I must say that, if an ICO is to go smoothly and prohibit fake and fraudulent registration, KYC must be done for such ICO. Lot's of participants are using the medium of no KYC to fraud lot's project.

I really agree with your opinion, this should be a truly anonymous trade, and I also doubt the project that asks for our identity. I prefer if our identity is kept secret.

I also believe that kyc very much violates the rules of the world of cryptocurrencies but if the government can not cooperate with any state then it is necessary in particular for the ICO.

I also do not accept KYC in projects. And if a project requires this procedure, then I usually refuse it. Crypto currency for me is a synonym for anonymity.

Well, yes i think KYC should not be a requirements for everyone who involving in a cryptocurrency.
But because many scam and fraudulent activities, KYC is required for security reason. So, if the scammer scam peoples, they can be traced by the address and the KYC information.

everyone has opinions, including you. very many reject the use of KYC on each bounty because it is vulnerable to being misused but we cannot refuse it. the policy comes from the owner of the coin or the company that will release the coin that held the bounty. so that we can only obey the rules that have been made. KYC exists because many multiple accounts are registered on a bounty.

After a long period of investment in ICO projects, I found that projects that did not do well in KYC and support were usually projects that did not have a good future. Those projects often follow the multi-level model, cannot bring too much profit for investors.

Well i agree with you.. In kyc all your details is in there.. What if that fake ico having a scamming project.. Even we dont have any case for that but how about the details that we put in there.. In any ico i understand they dont want them to be scammed but how about us? The security of the investor or the bounty hunter..?

There is no justification for any of those ICOs getting my personal information in the name of KYC for any reasons knowing the fact that most of these ICOs will disappear into thin air after collecting and raking in millions of dollars even with my personal details, Cryptos are mostly transacted anonymously without any fuss of kyc.

You have a point, but what should we do if a popular exchanges requiring us to undergo kyc? And what to do too if a popular project requires us to do kyc too before making investments?

KYC is used to control cheating and multiple account holders but I still go against it because it seems very dangerous to me ,revealing your I.d with home address and other security number is not safe ,I'm hoping that in the future another way will be introduced to tackle cheater ,kyc just doesn't cut it , its not safe ,and I'm sure 80% of people in cryptocurrency don't like it either.

You are right
Maybe they will use our images for a bad purpose, which is no longer just security  >:(
But KYC also eliminates cheaters when participating in their program  8)

Actually, I dont really that agree with KYC, due to the fact that it was very demanding, in terms of the thing that they are looking forward to gather to the participants, and as a student right now, I am likely to have nothing by myself since I was still living with my parents, and currently studying here, and I have heard that they are demanding for passports and driver's license which I dont have either, I dont generalized.

I wonder how many of you with concerns about kyc (if you embrace the vision of bitcoin and its anonymity i fully understand) are shopping online, booking flights, are on social media, using wifis, register for certain services. Maybe people in this forum are not comparable to the rest of the world, but in general people don't really care about this subject. But scandals like the cambridge analytica are probably just the tip of the iceberg of data abuse. I am not even talking about scammers per se, i imagine that a lot of "legit" businesses are trading data, making money out of it, and don't give a crap about our privacy.  Although for me personally, full anonymity is not necessary, but a decision, i want to be in control of my data and decide who has access to it, and if someone wants to use my data they actually should pay me!

I, too, do not support him, and I try not to participate in projects that have him. But sometimes it is introduced at the very last moment.

yeah, I totally agree with you. we should be only giving our identity to trusted entities. giving it to anyone may result to identify theft. though KYC intention is to prevent people from doing such things. but the last question we should ask to yourself, are they trustworthy.

There's no law in most countries that determines whether or not cryptocurrency is legal. I think most crypto users just don't wanna be haunted by their past (for being a crypto user) once there's finally a law about it. Currently there's no law that says we have to disclose all of our crypto earnings and by the time that comes, you obviously want to stay as low-key as you can and put as little number as possible because otherwise it might raise suspicions. True that we don't do anything illegal in here but it's much better to play safe. Plus, there's just no explanation as to why KYC should be necessary in participating in a particular ICO. They really have nothing to do with our data anyway other than determining basic information like age, gender, ethnicity, etc.

Also, those that you have mentioned have nothing to do with cryptocurrency at all. All of them are being used by almost everybody.

And just how many crypto that required KYC turned out to be legit, right? They are mostly scams so you're really going to worry about what they're going to do with your data.

There are actually some exchanges that requires KYC so you can do large transactions. On the other hand, there are also tons of exchanges that don't. You can just use a different exchange.

Popular project =/= Legit Project =/= A project that will give you earnings. You can simply not participate in it. It depends on you which is more important, revealing your identity or participating in a project that may or may not turn out to be a scam and may or may not work out.

 I think, Apart from ICOs, some airdrops sometimes require KYC which are fake. Hence we give the information to the hackers. So it is not always safe.

You are absolutely right, some KYC demands too much and I'm sometimes like what at all are they using it for, only God knows. But franly speaking KYC is not safe and we should be careful the people we hand out our data to.

I was just trying to point out the discrepancy between caring so much about data abuse from a kyc, but using other services (yes, which have nothing to do with crypto) so blindly. And as u say, almost everybody use those services.


I totally agree, and I am not pro kyc per se, i just think an ICO has also the right to determine if they want to know who is investing in their project (irrespective of scams), especially if they establish their business in locations where it's already possible to act fully compliant with existing or new regulations.

your reason is quite reasonable. but if kyc is needed in a bounty program, I think it's not a problem if our data is safe. if we only upload an identity card, passport, can it harm us physically or materially ? in my opinion, kyc is important because it can reduce scammers who want to try to steal from us.

Yes, you have a statement that has the truth because if you give your identity that is very confidential, maybe what you will get is only a loss so that you will experience a very high risk in the future.

KYC is as risky as you pointed out. The ones that baffles me most is when airdrop program also demands for KYC.

Although have done some few kyc but am not really confident about the scheme to collect those information. Seems like everything is in the open in crypto

Is hard to trust the system really

I agree that there is no security in the KYC process, but unfortunately this is the only form currently in the game if you participate in the ICOs that are released

That's exactly what the problem is. We have no idea what they are going to do with the data after the ICO and we don't even know why is it so important to them that they had to require it in the first place.



Have you been watching the news? People's identity are being used online. For example, since you have uploaded an ID, the person to whom your data was sold or given to already has your ID as well as your name. They can go on Facebook, look up your name, take your photos, create a profile with your pictures, and do trades with people and they would look legit because they are able to upload your ID. Even in exchanges that uses IDs, they can use your ID there, or even when transacting with someone online that requires identification. There's so much people can do with your ID so I suggest to stay away from KYC requirements unless there is a solid reason as to why they are requiring it.

I believe that it is impossible to guess what documents and to whom you can send. I believe that need this to do with files which not so are important

Actually we cannot 100% secure our data. For small things, for example, we have a car loan, of course using KYC to complete administration. To open a bank account, KYC must be completed. The problem is that fear of verified personal data will be misused for criminal activities.

I have done KYC on a few exchanges, but I really don't like to give away personal information to random people on the Internet, so I will never give away KYC to ICO, right now 80% of all ICO are scams, and a lot of them wants KYC information. If you join new ICO regularly you can be sure your KYC information ends up in the wrong hands one day.
I can already  see people selling KYC information, and you can be sure than those KYD, know your developers, that some ICO now shows, use fake or stolen KYC info to pass those tests.

This is one of the exposures I am talking about. It is very easy for some of this scam ICOs to collect your information and trade it to who ever is ready to pay for your KYC documents. This is a very great risk.

Most of the good projects asking for the KYC nowadays, They say it is for to prevent the scammers. Here is my question, I don't think a scammer will invest in ICO, you may active two-factor authorization and others security to secure your investors account from scammers but why you need everything? Though I believe in Some projects, who ask for the KYC and they are not anonymous, they published their office and every address to visit there. Like the amazix team or the Iconiq team and others, I believe them.  But other every anonymous project's KYC should be ignored.

I agree with you because if I want to be independent of all. Why does somebody need to know about my financial situation? It is my personal case.

Here it is necessary to choose either to participate according to the rules that create,or not to participate in any processes where KYC is required.It will of course be unpleasant if my documents will be used in illegal activity.

This is quite true and factual! Judging by some scams that also happened in recent times in the ICOs and the stringent requirement of KYCs! It is high time we became more security alert and also scrutinize these ICOs before further involvements.

partly you are right but the developers of the project also want to know about their investors and in order to avoid fraud, they enter all these identity checks. it is logical after all :)

It does not have any purpose. The point of crypto is that we can spend money without having to do all that.

It really make us worry when we doing KYC, but if we want to invest in some ICOs, we should do that. Its happen because regulation from the country. Some government requiring KYC for ICO launch in their country because government worry it used for money laundering.

Not only ICOs, but almost all registrations require KYC for administration. Data may be misused, but what else can be done? If you do not want to give up your identity, registration must be refused. Actually bitcoin is also not 100% anonymous, because when exchanging becomes fiat money, it must be asked for an identity.

Hm. I understand what you want to convey to us. It is difficult to trust those  person who we've just caught in smartphones and internet but not in actual. As a bounty hunter, I disagreed also in having a KYC during the bounty distribution because the word "anonymity" become nonsense due to the file that we will send from dev. Another thing, some scam projects might make our identification as a tool to execute a crime. Big NO for KYC forever.

With the existence of kyc it is actually very possible to be able to abuse our personal data by the holders of the problem now more and more ico requires participants who have to do kyc

a good thought, and very reasonable. I also don't know exactly what an ico will want with the kyc rules. maybe that's a very worrying dream, and hopefully all of that isn't done by ico who asks for kyc. when I think positively, maybe they give kyc rules because maybe ico managers are very worried about misuse by using ico. or usually called tuyulers, and that's just my thinking.

indeed this will hurt ico participants, but from the dev side, they want to know the identity of investors, so that nothing negative happens, such as money laundering.

It's not that you don't have to support the KYC in cryptocurrency. If KYC don't need to get our own personal information then we should fully support it but the KYC must get our personal information. It depends on you if you want to get your ID info someone. They can copy the information on your identification card. That's really risky.

Yeah, it is too risky to give personal/sensitive information about yourself right away without knowing if the ICO that you are submitting your KYC documents is legitimate or not.
I think the answer to this problem is a Video KYC for the owners/developers/CEO of the ICO this will be a great help in the crypto space to prevent those scam ICO's that uses fake team, fake documents, stolen identities/documents to use as a KYC to those ICO review sites. I see some legit ICO's now are really active on blockchain events/conference/gatherings and they have videos while they're attending these events and this is one of the things that investors should look for. If the core team of the ICO's attend this kind of events they are more likely to be a legit ICO rather than a scam one because they're identities and pictures are already exposed but if an ICO is only using pictures or an anonymous team this ICO's are more likely to be a scam ICO that wanted to sponge out money from the investors.

I hope in the future this ICO's will be regulated and authenticate their identities to lessen those evil-minded people that wants only to scam people on the internet. 8)

Perfect point on that mate,this is all the best debates I’ve read in this forum against this scammer KYC askers projects

This must be stopped,they must respectfully treat the cryptonians if they want a privacy,and ofcourse having security as hackers and scammers together with those users here.that may take advantage of our personal details

Beware of KYC related project,and get away from those as we have many options hre,we dont need them

There is no need to require KYC because it is more risky to trust someone you can handle the data of our own information. They must have trust their investors even do not submit personal information. There are many issues of crimes in internet and we do not want to be involve or become victim of it. They should not require if it is not really need. Before many bounty become successful but does not require KYC when you want to support them.

Well, we all have our own opinions and views whether we are okay or against with KYC in cryptocurrency. This is a somewhat a serious topic since anyone of us wants to secure our own privacy and personal details which maybe kind of risky to share since it maybe use on scams or frauds and may go against us in the future. In my own opinion, just be careful on sharing your kyc information on questionable ICOs and projects, just to be safe.

Your support is not relevant since there already is laws in place which does not allow some citizens to invest in ICOS, thus  teams are obligated to check investors.

But some of your concerns are relevant and i am making the same points for some time know, it is very frustrating when projects ask for ones id on their shitty page or google forms. They should use KYC company but this costs money.

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also i have be noticing people who are activly pro KYC and saying shit like" f you are legit man, there is nothing to be afraid of"  , there is a lot of what we should be afraid of if they dont do KYC in professional way

I think you just poured out my mind I really don't support the KYC stuff especially with bounty hunters to me it's not really good we give them our details yet we don't know who they are.

You have a point, mate but the issue with cryptocurrency KYC is just for verification purposes and not to expose the users behind crypto transactions. KYC is used to avoid multiple entries to an ICO and its bounty program.

Yes, I also agree with the OP, cryptocurrency still does not have rules that must be followed and the ICO project is also mostly just a scam project that I also did several times and was finally disappointed. This is different compared to an exchange that requires users to send KYCs that we naturally know if the exchange has a verified office. There is a lot to consider before sending KYC to the ICO project, because after all our identity is something that is very sensitive and alert about abuse.

In addition to what you just said, I think we can do nothing about the KYC requirement especially if you are using some exchange site platform which is always requiring their client user to submit it or else they can't able to withdraw their coins in the platform as long as they're not complying the requirements. And sometimes it also requires in some ico bounty campaign project.

This is pretty typical for all innovations, give it some time and the regulatory function will emerge from the ecosystem itself, at this stage what the government really needs to do, is to abandon the idea of any sort of regulation, just sit back and see the system evolve on its own, the KYC suspicions exist because of the level of access your government-issued documents provide to potential frauds
If the issuing of documents would start to rely on blockchain in some way - we would have our secure ID, safe to be used in all that stuff

Right KYC kills anonymity and Crypto, especially is all about anonymity and P2P.

If this kyc will stop for a good reason why not?lets all do this for our all good.,usually kyc is now a prone to scammers,so lets be warned and more careful to decisions.

Most annoying word for me is "KYC". Especially for ICO, even an ICO has fake team but they are asking for KYC. They need real person for holding token but what about themselves? It's too high risky to submit KYC lately. They could sold or share our document which is most dangerous for us. Total crypto industry is not regulated than why we should regulate ourselves by an ICO? We should avoid this kind of ICO who asking for KYC. Than all ICO never ask for it.

Yes, it kills anonymity. But, unfortunately, it will be used by more and more projects. The state will demand it from them, for states anonymity is the enemy

Though KYC is not an annoying word anymore because some great ICO project even asking for KYC! Without KYC, investors are not able to participate in their ICO, but I agree with you, we should stop doing KYC rather we need to ask them to verify KYC first. As people are investing without knowing the ICO team, then why they are breaking Crypto anonymity?! But The sad part is, everyone keeps doing KYC thing, no one ignored! Maybe they can arrange another idea to verify ICO investors but this KYC system is really suc's.

you are very right mate . cryptocurrency is not yet adopted massively and there is no regulations by SEC or any international financial recognize body that regulate the activities of crypto asset yet . most ICO , Airdrop , and bounty require KYC/AML  in the name of project fund raising which is not ideal to my knowledge ,most of this project are virtual  and there are disclaimer saying they will not be held reliable for misappropriation of project fund . these identity are use for cyber crime and terrorism activities . until there is regulation of ICO no KYC to my opinion , at least some one should be  held accountable for any project.

I dont support KYC in cryptocurrency because we don't know how will they use your profile and information. It's quite scary to just give your information. The anonymity of each person in bitcoin is a must for privacy.

bitcoin created to make economy easy in some country. and there is no need to fill kyc. sometimes for some ico require to fill kyc, i think they want to make sure if you are no cheat or something like that, or it can be proof for government (if they cooperate with them).
people fill kyc for their payment. there are many ico with no announce if in the end they need to fill kyc, so bounty forced.

About KYC everyone has their own opinions. Some agree and some don't. Many KYC opinions were misused by the bounty organizer. There is also a KYC that is used by the bounty organizers as evidence that those participating in the bounty are not fake or multiple accounts. So regarding the KYC problem depends on each person, If you feel that the bounty cannot be trusted, do not fill KYC.

You really have some point and this is true. Regulation might be able to control scams and may lead to only the real ICOs. If the scammers would use your identity then you can be in a lot of trouble for doing what I think could not have serve you justice. For what good would it be for you if you will just receive a very small amount and you could even be a victim of identity theft. In my personal view one's identity and reputation is worth more than millions because once it is destroyed it is as if you are as well and maybe even your family is affected.

I completely agree with the author. But the KYC procedure assumes that the investor trusts the project team. Otherwise you should not invest.

The issue here is trust and whatever your beliefs are in life you need to have a certain amount of trust in certain people some of the time. When you're on the side of the road you have to have trust that someone isn't going to just plow into you for the fun of it. When you get on a plane you have trust in the pilot that he isn't going to fly it straight into the ground. You can be as paranoid about safety as you want, but sometimes a little trust is required in people or institutions, but you can choose who you trust with cryptocurrencies. If you don't trust an ICO with your details then just don't give them it. If you don't trust an exchange then don't use it, but there are some reputable companies out there, but absolutely no company whether in crypto or not are 100% immune to leaks or hacks. Whether you're of the opinion that regulations or things like KYC are good or bad they're going to come if we want bitcoin to go mainstream, but you will always be free to use it outside of the mainstream and there are always ways around regulations.

I had no idea actually when the KYC has been using for ICO, well, we all know what is the potencial risk for using our real ID data  on the internet. Then bitcoin is not anonymous anymore when you are using your real ID data for the ICO's. For now we just need to be careful to trust in any single ICO.

I support your opinion but we cant do anything. In particular, I'm a bounty hunter and I make money from bounty campaigns. I can do nothing but obey their orders. This is an anonymous market, they may not solve your special problem and the manager will take over your paycheck if you cant pass KYC!

Your every point seem good! We really don't need KYC. Before KYC, Scam ICO amount was very poor, but After KYC come, Scam ICO is increasing incredibly. I don't see any good output in KYC system. They are doing this to pretend scammer from the ICO, but I am not sure about their success ratio. People are making fake documents and they are accepting this! I will vote to No KYC!

Iam just with you completely. I found it absurd to ask bounty hunters for KYC when there are not investors. The worst case some of the project will never mention KYC till the reward period is around the corner. I am flowing with the post that cryptocurrency is not regulated  yet and the reason for the project owner to ask for KYC documents which are  sensitive documents  which should not go out. I condemn this act and support the post all the way.