Basic precautions when doing KYC for ICOs

[paxmao]

 I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

[patt0]

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

Well but normally doing that is not authorized by the websites that request KYC verification, so you will still be giving away your ID, and you probably wont even get verified. I hate doing KYC as well, I think we all do, at least if we value our privacy. I don't even know if it's an effective way of preventing money laundry and criminal activity, because like you said, people can probably buy leaked documents on the dark web, and they might be able to use them.

Some sites request that you take a picture with a webcam or some other device, and this is better than just sending an image file, and sometimes they even require a selfie. Although this looks even more invasive, I think it's better because it should at least be more effective, and if all sites ask this, I guess selling ID files on the dark web would become useless.

Anyway, you should really only do KYC verification if you really trust that site and there is not other option available.

[ashmodeus]

well
sometimes we must do that .
as we know , some country have a regulation about ICOs or digital money.
its fine if u stay in netral country.
actually i hate KYC too
but some project/ico need some like proof about investor
i mean , we its a real investor and they need a proof about it.
 i think is fine ,if the project colaboration with major brand , we already know , icos bigger and continue bigger.
bring a legal company joining with them,
as a legal company , they need legal investor.
and that why i must do that.

[paxmao]

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

Well but normally doing that is not authorized by the websites that request KYC verification, so you will still be giving away your ID, and you probably wont even get verified. I hate doing KYC as well, I think we all do, at least if we value our privacy. I don't even know if it's an effective way of preventing money laundry and criminal activity, because like you said, people can probably buy leaked documents on the dark web, and they might be able to use them.

Some sites request that you take a picture with a webcam or some other device, and this is better than just sending an image file, and sometimes they even require a selfie. Although this looks even more invasive, I think it's better because it should at least be more effective, and if all sites ask this, I guess selling ID files on the dark web would become useless.

Anyway, you should really only do KYC verification if you really trust that site and there is not other option available.

I have been able to embed a clear sign in one ICO, and have been able to embed a subtle shadow, that can be just barely seen in all except in one of the ICOs.

I agree, you definitely have to give away your ID, but I recommend that the pics of your documents are somehow "tainted" and dated.

[Newboybb]

Although I am very reluctant to provide my KYC information to these so-called ICO teams.
ICO market today but there is a big bubble, almost excellent ICO project after the exchange has several times in return, so I have to submit my KYC information, because I want to make a profit.

[Veter2000]

Explain to me what is the point in the KYC procedure, if then the tokens are resold to unidentified investors on centralized and decentralized exchanges?

[paxmao]

Explain to me what is the point in the KYC procedure, if then the tokens are resold to unidentified investors on centralized and decentralized exchanges?

I agree with you. Once the tokens are out there they can be re-sold. I should know more about US laws to answer your question, but this is what I think:

- An initial offering is not the same as the secondary market in legal terms. Anyone can invest in publicly traded shares, the limit is for initial offerings.

- The ICOs are done by companies that would rather avoid any conflict with governments that are known to go wild on companies that don't comply. Even sometimes with companies that do comply.

- Citizens of certain countries are directly in "Black Lists". Selling to them can cause many problems across many jurisdictions.

[blazingshockwave]

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

It is not possible to put a watermark in KYC  to avoid  tampering of  details and  it will cover the important details of your Documents or ID. The only way to prevent KYC i not to join an ICO that required KYC.

[Veter2000]

Explain to me what is the point in the KYC procedure, if then the tokens are resold to unidentified investors on centralized and decentralized exchanges?

I agree with you. Once the tokens are out there they can be re-sold. I should know more about US laws to answer your question, but this is what I think:

- An initial offering is not the same as the secondary market in legal terms. Anyone can invest in publicly traded shares, the limit is for initial offerings.

- The ICOs are done by companies that would rather avoid any conflict with governments that are known to go wild on companies that don't comply. Even sometimes with companies that do comply.

- Citizens of certain countries are directly in "Black Lists". Selling to them can cause many problems across many jurisdictions.

I agree with your clarifications. Simply KYC procedure is very easy to manage and turns into a formality, as long as there is a market of unidentified sellers / buyers. Do not want to show a large investment in ICO you buy through drop-buyers and after ICO you sell through them.

[paxmao]

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

It is not possible to put a watermark in KYC  to avoid  tampering of  details and  it will cover the important details of your Documents or ID. The only way to prevent KYC i not to join a an ICO that required KYC.

I am not talking theoretically my friend, I have done it and will keep on doing it. A bit of photoshop and ready, there is no mystery on setting the right transparency for a layer.

[rommelzkie]

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

The best thing we can do is to choose a best ICO with reputable team and advisors if you are going to send your personal info to them.

On the other way around, you can Photoshop your ID data (Date of birth, ID number, etc) for more added security. Just make sure your edit is close to perfect. 

[rainbow169]

I too hate the fact that we have to give details to stranger and ids could be stolen and resell.

I was hoping that solution like Civic, Selfkey etc. could be the one stop for all, so that we just need to do KYC once with civic and then for each ICO, we just need to login with Civic etc which will provide the result of the kyc to the 3rd party but not all the details. At least in this case, we have record who and how our data are accessed. But may be there is legal and cost reason that they are not doing this way.

[paxmao]

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

The best thing we can do is to choose a best ICO with reputable team and advisors if you are going to send your personal info to them.

On the other way around, you can Photoshop your ID data (Date of birth, ID number, etc) for more added security. Just make sure your edit is close to perfect.  

Yep, I was just considering embracing a new career as part-time ID faker  

No, seriously, I had thought of that I rekon but AFAIK ID´s name and numbers can be checked. If you fly from time to time you will seen that the companies can validate your ID almost instantly and the KYC specialised companies probably have some system to check.

[paxmao]

I too hate the fact that we have to give details to stranger and ids could be stolen and resell.

I was hoping that solution like Civic, Selfkey etc. could be the one stop for all, so that we just need to do KYC once with civic and then for each ICO, we just need to login with Civic etc which will provide the result of the kyc to the 3rd party but not all the details. At least in this case, we have record who and how our data are accessed. But may be there is legal and cost reason that they are not doing this way.

I fully agree, it should not be a repetitive process, not only for easy of use, but for shake of economy. A KYC can be tedious and expensive particularly for some nationalities.

[Cardan0]

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

The problem of preserving one´s documents is a very wide one. There are a few projects that you may want to take a look into:

a) Selfkey https://selfkey.org/ - "SelfKey is a Blockchain based digital identity system that allows individuals and companies to truly own, control and manage their digital identity, and instantly access Citizenship and Residency by Investment, Company Incorporation, Fintech Products, Token Sales, Exchanges and much more."

b) CIVIC, this is a well known one, which includes a "REUSABLE KYC Satisfy KYC requirements with Civic’s easy-to-use, private, and secure  solution." https://www.civic.com/

I personally wish more ICOs would accept these, and I sure many will in the future.

[deslt]

I have some ideas about how to solve this... but I am quite stuck financially
check out my proof-of-human idea

https://github.com/desLT/dID

[rollingstorm45]

sometimes I also think so, KYC makes an investor to be unsure about data security
could be, ID Card or Passport we are in use by bad people in the dark world of the internet
and of course it is also dangerous for ourselves

[Wyne]

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

I am not in favor also in the concept of KYC.  I comprehend that it is against the original concept of cryptocurrency anonymity.  We have to be very careful giving our personal information that might use against us in the future using our personal information and details.  But because this is a prerequisite of some ICO prior to receiving bounty participant payment, the participants are mandatorily required to follow. Other participants obediently submitted and follow the requirements while other created a false identification to protect their personal information.  I understand that the ICO is very objective upon requiring this procedure but they must also consider protecting the identity of their participants.  The best way we can only do is to be sure that the ICO asking for your KYC is a reputable group of trustworthy developers and personnel.

[cryptosifu]

I don't like doing KYC verifications either.  I have only done it a couple of times and it was for large exchanges to increase my limits.  I won't do it for an ICO since it could end up being a scam and they can sell my documents on the darknet markets.

[illiki23]

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

Hmmm.  That is a great IDea.  Are we allowed to add a watermark to a picture of our id and still have it valid?   How much distortion before a watermark invalidates an ID?  If you set a limit which is too lenient people can just take the area of the id containing the watermark, blur it to obsucate the original watermark and then add another.