Does collecting KYC make ICOs more legit?

[bountyjunkie]

I have seen ICOs now collecting KYCs if you want to buy their token. Does this add to their credibility in any manner?

[ivanovhristo14]

I personally think so at least they take the law seriosly.

[bountyjunkie]

I personally think so at least they take the law seriosly.

True that but what about privacy or anonymity?

[cdb1690]

I personally think so at least they take the law seriosly.

Or they just want to make you think that they take the law more seriously. But regardless of their true intentions, you are still sending your personal information to random people on internet so good luck with that.

[BitcoinGirl.Club]

I do not think so, there many other things to look into before an ICO project can be considered legitimate and for starters a project with a working product even before the launch their tokensale stands a better chance of getting the legit label because having KYC is only meant to impress the authorities who are monitoring these projects.

[tomir]

I can say that KYC is more advertising than trust to the project.

[bountyjunkie]

I personally think so at least they take the law seriosly.

Or they just want to make you think that they take the law more seriously. But regardless of their true intentions, you are still sending your personal information to random people on internet so good luck with that.

Exactly!

[Quantex]

I have seen ICOs now collecting KYCs if you want to buy their token. Does this add to their credibility in any manner?

Yes, in a sense of getting more corpotate and trusted. But performing KYC doesn't mean they're totally legit. There are still lots of frauders ICO which tries to exploit their users and participants.

[KylesmomisaB]

I have seen ICOs now collecting KYCs if you want to buy their token. Does this add to their credibility in any manner?

I thought yeah because they must follow rules and regulations otherwise why would they be getting your information? I doubt it is to repackage it and sell it because they would have to tell you if that is why they getting it.

[lamby]

Not yet. I think it's too early to say if kyc helps or not. Am sure that  time will come when kyc will be the priority for buy icos. Until then there is little kyc can do

[Agapelove]

I have seen ICOs now collecting KYCs if you want to buy their token. Does this add to their credibility in any manner?

For me in my opinion KYC now is just only starting yet, so we don't know still if this things can prevent ico scams. Because, there are other here's got a point, it can only get your privacy as an investors and you don't know what will gonna be happen in the near future were it is possible that they can use use your documents in something which is not good. These are the thoughts that plays in the mind of the individuals here. But some are positive in it, where it can give a high reputation in the token and it can have a chance to increase the price value too.

[thepo1m]

It even make it worse, your information can easily be traded after the team must have run away with the fund.
The reason they are doing KYC is to protect themselves not the investors in any way

[Blake_Last]

A legitimate ICO is the one who adheres and complies with the rule of law. And by implementing the KYC/AML system in their project means that they really follow it. Furthermore, if an ICO has a legal adviser in their team, this system will always be advised by them as it is part of the policy implied by the SEC and should be obeyed by anyone who wishes to start a fundraising campaign through coin offering.

[Tipstar]

KYC would rather make the investors vulnerable than making an ICO legit.
Yes, a proper company may want the infos of its investors to deal with any legal obstacles.
But they can also ask for it when they face such claims.

[bountyjunkie]

I wonder why the ICO owners not reveal their KYC? That can be done securely through bonafide investor a/cs. Makes sense?

[bamb]

In my on view, I strongly detest and oppose collecting any form of personal details before I can participate in free market of cryptocurrency or ICO! These kind of regulation is what made me left banking.
And to answer your question, Collecting KYC does not make any ICO legit, it only give them the luxury of using your personal detail which is against the rule of decentralized market!

[criticoflife]

It feels like they only bother with the KYC's so that the government doesn't come after them. I have seen many people on  crypto forums saying they were not meant to participate from there country but just used a VPN and photoshopped a passport and did participate so i don't think KYC's do anything at all apart from make it more difficult to buy in on the ICO for everyone.

[bountyjunkie]

Photoshop Yay 

[Evangeline2]

Should be lawful, their kyc data to professional agencies, detection, they couldn't get our personal information data, kyc certification is to understand the investors information, don't let the delinquents through investment ico financial cash out.

[0t3p0t]

I have seen ICOs now collecting KYCs if you want to buy their token. Does this add to their credibility in any manner?

Haven't tried to invest my money on ICO's yet and I don't think if collection of KYC's makes ICO's more legit unless they are regulated by central banks or governments. They may use it to lure more investors but it doesn't mean that KYC's add credibility to ICO's. I think our only assurance that their projects are legit is that they have to make an escrow. This my sounds nonsense because of the fact that they are raising funds for the project but I think this is the only way we  can trust a project. If they really want to hire a trusted escrow that will hold the raised funds until the ICO ends then why not? This time let's try the credibility of trusted and reputable escrow services here in Bitcointalk forum. We are talking about millions of dollars here so I think ICO's should think of it now for their projects to become a 100% successful due to full trust and support from investors.