KYC is for banks and official institutes not for ICO which any random online can start. It's data harvesting and I for one refuse to just hand over my personal info to some random online. No wonder people us fake ID. I could see this was going to happen a mile away. KYC is useless online. Proper KYC is like when you open a bank account. You go in and actually meet a bank representative and not just trust some online only organization. You then sign legal documents and submit your ID and proof of residency in form of your electricity bill for example. This can't be faked and your info cannot be shared or you can sue the bank and win.
Let me make this clear. I have no issue in using KYC when it is fully legal and sanctioned. But I will never hand over a KYC when I can't meet the person asking for it. If you investing large amounts of money you should meet face to face with the people behind the ICO anyway. I don't see why anyone would give money to someone online and then still give them their identity. There is no reason for an ICO to ask for KYC and they are just making excuses as to why they ask for it. It has nothing to do with tax. You must fill your own tax form every year end yourself and declair your expenses and your profits.
How long will it take till criminals decide to use an ICO and harvest our personal info and steal our identity? You will be relaxing having a good Sunday afternoon when suddenly a police man knocks on your door and wants to talk about crimes committed under your name. Identity theft is serious and a problem in every country. Stealing someone's identity is like free money because they can abuse your identity to take loans and all sorts of things under your name and your identity.
In my country if I steal someone's identity I can do all sorts of bad things. I can open cellphone contracts and contracts with shops and buy video game consoles tv sets and even furniture all under the name of the person I stole the identity from. I could run scams and use your identity and then you get harrassed and stalked online because people think you ran the scam. (Please not I am not an actual criminal I'm just saying if I were one what power having your identity would give me)
People please think before just giving out your personal info. Think about your safety and the safety of your loved ones. Your family love under the same roof as you do and now how many icos know where you live? Just knowing that, that many people know where I live makes my skin crawl.
So please people don't give your KYC because some nitwit online promises to pay you. Even if you are paid it means nothing. Your info can still be abused and there is very little you can do about it since you handed it over willingly. You have no legal protection at all. I don't even think it's legally bound to be honest.
What criteria do these KYC corporations use? I mean the info they use must be public correct? So if everyone has access to the same information as they do the entire premise of KYC seems to be a sham. I almost sent mine in for Polymath. Thank god better judgement prevailed.
Their person info should be public if they plan to ask for KYC. After all you won't give your KYC if they won't give theirs right?
You are correct.
It seems as though the community was willing to give up the key principle of crypto (privacy) and the process they submitted to wasn't even legit with seemingly a large portion of the people simply sending in fake docs. I personally boycott all projects asking for KYC so my information is safe however crypto is in major trouble if we have swarms of people willing to give up their data for a few bucks. The people who put profit before the movement are despicable and we and our ancestors will continue living in monetary slavery to the elite do to their greed. Great job guys and thumbs up to everyone who crashes this KYC process. Modern day heroes in my book.
Good for you. I name and shame any ico asking for KYC. Another tactic is as we saw with casinos not paying out till you show KYC the ICO will not pay bounty if no KYC is shown. This is theft because they dent payment.
Send in no real data for KYC. Don't use a real person so no ones identity was stolen. Be from a backwards country.
Do you think they know the complete information from an individual living in a remote part of the world? Give me a break.
Way more risky to send in the real thing. At that point your legal troubles could be Murder, Terrorism, Hijacking, kidnapping etc.
Not many people in jail for claiming they are from the Democratic Republic of the Congo. Good luck finding information on Mr. Migushu. They will simply pass it. You all see what a complete cluster fuck the KYC turns into right? Do you honestly think it was running correctly? Was everything top notch and smooth. Nope its a complete cluster f*ck.
Exactly! People can perform criminal acts under your name.
One of the main reasons why Cryptocurrencies is famous and preferred is the fact that it provides anonymity. the documents such as passport and ID, required during verification already goes against one of the integral features of the trading platform,However sending fake ID for KYC seems to be a loophole hackers are exploiting. it also leave s a big concern of=n the security of the users accounts,
I share the same worry, KYC might be the blueprint for the fall of crypto currency.
Exactly!! Crypro is ment to be anonymous. It's like using a VPN but for money. The government already has so much control. We are not criminals we are simply people who want control of their own money.
