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Author Topic: KYC for ICO  (Read 2315 times)
MediBloc
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October 06, 2017, 05:02:09 PM
 #1

Recently, there are lots of company os doing KYC before ICO.
Do you think is it neccery things to do? In terms of the feature of blcokchain technology, annomynous has to be kept?

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October 07, 2017, 07:14:05 AM
 #2

For me KYC is bs. It doesn't guarantee anything. And giving your personal information to possible some scam people and pages? What for? They could easily take a bank loan pretending to be you having this kind of information.

Some project made a point that they don't want any terrorism, fraud or money laundering. And thats fine however how KYC prevent from that? There is no way looking at document and picture and judge this guy is terrorist and that isn't.

So I do not see any pros I see only cons for an average John Doe.


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October 08, 2017, 05:05:21 AM
 #3

Largely I think its all about CYA.
As we know the regs coming down the pipe, if there arent people showing solid ass coverage for their projects they can get rucked out legally. So I get that.

On the other hand, not really many peoples business who they invest in. Just another way to give away your info

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October 08, 2017, 06:44:54 AM
 #4

well, so many company did the need to "KYC" before their bussiness.. so they can estimate the advantage and the disadvantages of their bussiness. to minimize the risk of course.
no matter their bussiness in blockchain or not.

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October 12, 2017, 06:47:53 PM
 #5

First of all it is a tool in the hands of the tax inspection and other regulators.
For projects that attract funds by crowdfinding - often, these are unnecessary procedures.

I want to add.
In some cases, KYC methods will be useful for the relationship between the project and the investor
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October 12, 2017, 07:07:28 PM
 #6

At spacium.io we decided to make a whitelist, that follows basic accredited investor guidelines. Official KYC requires loading govt ID and checking all data. Our whitelist is for US visitors, as a means of knowing who is buying our tokens. For ICO it is discouraging factor and defeats the culture and purpose of decentralized economies. It is really annoying, but as littledragons points out .. not KYC but CYA.. is a good way to look at it.

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October 12, 2017, 07:29:04 PM
 #7

Hey let's be clear : KYC is utter garbage, just another excuse from the governments to annihilate your privacy and slow down the inevitable takeover of their privileges and functions by the Blockchain industry.
Fuck that. Seriously.

However like someone said, in some cases, KYC-like methods would be useful for the relationship between the project and the investor.

For instance, if you get hacked or loose access to your tokens for some reason, knowing who you are and how to find you and identify you as the actual owner of these tokens, might be quite useful for the project team that issued these tokens, especially if these tokens have voting privileges (which is going be a big thing).

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October 12, 2017, 08:39:04 PM
 #8

However like someone said, in some cases, KYC-like methods would be useful for the relationship between the project and the investor.

For instance, if you get hacked or loose access to your tokens for some reason, knowing who you are and how to find you and identify you as the actual owner of these tokens, might be quite useful for the project team that issued these tokens, especially if these tokens have voting privileges (which is going be a big thing).

that's great, thanks for a good example for us. These problems and solutions I had in mind.
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October 12, 2017, 09:46:33 PM
 #9

However like someone said, in some cases, KYC-like methods would be useful for the relationship between the project and the investor.

For instance, if you get hacked or loose access to your tokens for some reason, knowing who you are and how to find you and identify you as the actual owner of these tokens, might be quite useful for the project team that issued these tokens, especially if these tokens have voting privileges (which is going be a big thing).

that's great, thanks for a good example for us. These problems and solutions I had in mind.

Yes, totally true. We might loose some privacy but we necessarily gain security. Hard dilemma though...

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October 13, 2017, 12:19:15 AM
 #10

I also still do not understand about KYC, there is a project that requires verify the identity information before it can withdraw my balance. But I doubt with KYC.

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October 13, 2017, 02:31:11 AM
 #11

KYC like scam for ID info.

hehehe

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October 13, 2017, 02:44:50 AM
 #12

in what specific cases would ICOs need KYC?
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October 13, 2017, 06:46:05 AM
 #13

in what specific cases would ICOs need KYC?



I just said.  




Token personalization for anti-theft purpose and recovery of stolen digital and physical tokenized assets.

If your tokens have individual voting rights (like some stock options do) in the project and get hacked/stolen, would you like the hacker to have your votes in the project ?
 I don't think the project team would appreciate if say, 30% of its voting rights were issued to stolen tokens.


Another example would be real life asset tokenization, let's say you decide to tokenize and sell your house through the same mecanism as an ICO.

Does that mean that if I hack your tokens, I can just come at your place and kick you out ?

Another example, if you decide to tokenize and sell a gold bullion, and get hacked because you didn't enable 2FA on your trading platform,  does that mean I can just come knock at your house and take the gold ?

Hence minimal KYC could be interesting in SOME situations.

Most of the coins and tokens issued by project teams out there work just like Bearer 's Bonds.
 You hold it, you own it, don't get hacked.
They do not fit in the categories I just described and have NO REASON to ask you for any kind of KYC :

Now if a project just requires KYC as some shady attempt to please some government, prevent money laundering, terrorism financing or whatever bullshit they came up with,  track your funds or infrign your privacy in any form, FUCK THEM your money is better spent elsewhere.


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October 13, 2017, 07:07:23 AM
 #14

Recently, there are lots of company os doing KYC before ICO.
Do you think is it neccery things to do? In terms of the feature of blcokchain technology, annomynous has to be kept?

Doing a KYC is not necessary since not all of the ICO coins are good to be trusted for and the only ICO coin that I can trust to execute a KYC is the Cindicator since they are the one who's giving a big shot on this industry and aside from them? I cannot take a risk to put my personal information since if we get compromised we cannot sue them easily since we are living on different side of the world.

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October 13, 2017, 07:34:51 AM
 #15

Hey, perhaps slightly deviating from the core topic here, but what do you guys think about CIVIC app being used in a KYC process? Do you think it helps the investors and ICO project owners or does it just introduce another (unnecessary) step in the investment process? Do you think CIVIC identity being involved in the KYC process could in any way help resolving some of the issues described above?

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October 16, 2017, 12:14:23 AM
 #16

KYC is great for selling your product, but for the ICO its to make sure that regulatory/tax/legal entities can't pin anything on you. So, in the US, the IRS and the SEC and the Justice Department etc can come after you if you are facilitating terrorists, tax evasion, etc.

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October 16, 2017, 01:46:20 AM
 #17

This might be more for the legal discussion.

Nobody knows for sure. Most lawyers say you need to be off-shore (from US).

But then look at all the top ICO's that are all US based and raised a ton of cash!

Those agencies are looking out for US citizens.  What we gathered is that the Howey Test is a measure of the degree that an ICO is in fact a security or a financial promise.

With that said your need for KYC is not really KYC, its for determining that the buyers are accredited or not under rule 506c (which allows you to market to accredited people only.)

Accreditation puts different rules on the sales of investments. Rich people can lose their money.

Real kyc includes photo ID and the whole works. Then AML is sources and references on the funds.

We just blocked all US IP addresses, on the basis of US persons need to claim their accreditation to buy our pre-sale at spacium.io
 
We hope that will be OK, atleast we will have a statement from buyers that they said they were accredited and hopefully they wont sue us. Because that what they do.Smiley)

With that said our terms of sale also states that US buyers need to be accredited. Then makes no warranty on the viability of the token, but if your not a scam and you have a real business that should be enough?

I would say to cover all the bases is impossible best bet is to CYA, focus on the bigger picture which is being successful!

The recent guys that were arrested in NYC were a diamond ICO and real-estate  ICO was one guy that did both on a 100% scam basis, hopefully anyone here is not planning the same because most likely that will end ugly.







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October 16, 2017, 02:04:47 AM
 #18

There is no ico worth the risk of to give them all your information for. Also, there is no guarantee how they are going to use your information and how they going keep them away from hackers. The first thing came to my mind they will sell your information to the highest bidder.





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October 16, 2017, 11:58:36 AM
 #19

Hi,

KYC can be used for few main reasons:

1. To ensure that there are no contributors from the countries like China that has blocked ICOs. Future lawsuits.
2. No one is sure about upcoming SEC regulations so in a way to protect the project from those.
3. Of course to check for people with criminal records. Since some countries can sue you for facilitating criminals and terrorists.
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October 16, 2017, 01:44:57 PM
 #20

Hi,

KYC can be used for few main reasons:

1. To ensure that there are no contributors from the countries like China that has blocked ICOs. Future lawsuits.
2. No one is sure about upcoming SEC regulations so in a way to protect the project from those.
3. Of course to check for people with criminal records. Since some countries can sue you for facilitating criminals and terrorists.

No one disagree to use the KYC. People should also understand the risk you are taking by giving up all your information. If ICO want to complete the KYC. Just pay for a well known third party company to complete it. ICOs are raising hundreds of millions should be able pay for it.





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