what do people think about all the ICO's now requiring KYC?

[DarkDrake]

So. i have been interested in the new Neonexchange ico that is about to be announced today. however, they made a tweet that KYC is mandatory.

now i am a guy that loves the crypto space because you can invest without anybody really knowing who you are.

but as more and more coins/services require your id to even pay you for what you have bought i feel like we are losing some of what crypto is.

i have even seen bounty campaigns that require your id to pay you.


how are peoples thought about this? i really dislike the direction that icos are taking. at this point i will only buy when a coin hits an exchange and even that seems to have id requirements coming up...

[housebtc]

I think it is the fear of government especially US government, if there is a sense that you steal from US citizen then you are indeed in trouble, no matter where you are they will come for you, and the last thing you want as a project is US government coming for you, there is just one winner in that race

[DarkDrake]

I think it is the fear of government especially US government, if there is a sense that you steal from US citizen then you are indeed in trouble, no matter where you are they will come for you, and the last thing you want as a project is US government coming for you, there is just one winner in that race

I get that the us is a threat because of their citizens investing etc.

but i just don't like having to send my id into an ico (which could scam quit like we have seen before) they could then use it for whatever purpose they want.

i realize you don't 'have' to invest in ICO's however if you/I wait for the token or exchange to launch we might miss out on a lot of profit or bigger bags of coins.

[LancelotRay]

It makes sense on their end, but as a customer, I'm not really comfortable providing all of that information and would rather keep that info private.

So, hopefully, I'll be able to find some ICOs that don't require KYC that requires too much personal info.

[pro2017]

I think it's necessary to be legal for the crypto world
a legal asset will be valuable

[DarkDrake]

the problem is as i see it.

people are saying 'leave crypto unregulated' and we don't want regulations.

isn't this exactly a regulation? are we not forced to provide our id to invest in something? that in my eyes is a regulation.

[KXC247]

It makes perceive on their end, but as a customer, I'm not thoroughly comfortable given that every of that in a row and would somewhat preserve that tidings private.

Along these lines, ideally, I'll have the capacity to discover some ICOs that don't require KYC that requires excessively individual information.

[alicia24]

I  don't like having to send my ID into an ICO. Who know how they use it.

[ICO Lancer]

Would rather not send all of my personal information to an ICO. Even if the project looks amazing, I'd rather not send my ID and everything.

The less I can get away with sending - the better.

[pereira4]

Good and bad.

Good because it will stop the influx of scams (presumably) since it will be more difficult for scammers to get their money into ICO scams, even if personally I think that this solves nothing since whoever wants to invest can easily bypass KYC and whoever wants to create an ICO can host it in a jurisdiction outside of KYC laws.

And then the bad, it makes it harder for the legit ICOs (not all ICOs are scams) to get funds since a lot of people are understandably not willing to give their personal information to strangers on the internet.

[DarkDrake]

Good and bad.

Good because it will stop the influx of scams (presumably) since it will be more difficult for scammers to get their money into ICO scams, even if personally I think that this solves nothing since whoever wants to invest can easily bypass KYC and whoever wants to create an ICO can host it in a jurisdiction outside of KYC laws.

And then the bad, it makes it harder for the legit ICOs (not all ICOs are scams) to get funds since a lot of people are understandably not willing to give their personal information to strangers on the internet.

exactly. i have a few ico's i would like to invest in but i don't want my ID flying around on the internet.

yes i can watermark it but that does not really solve any major issue.

i could fake my id obviously. but that is not the smartest to do...

[googs84]

Well I think there is nothing bad about it unless and until you don't want to show your identity or transactions to the government itself. Otherwise the identity is not shown to the peers that are surrounding to you or in the crypto space. I am sure that ico founders will be taking all the important steps to preserve your identity in that way. It's just being presented to the company so that they can know you are one real person and who is eligible for the tax stuff and nothing much.

I think KYC is really important stuff and beneficial thing for us as we see the crypto scams everwhere. So its betterment and not the negative thing.

[rhenrhen]

KYC Policy, in my opinion, will lessen scam or fraudulence. I believe it should be adopted since its primary purpose is to KNOW-YOUR-CUSTOMER. Illegalities will be tracked and this will result to non-occurence (lesser occurrence) of scam.

[lobo13hf]

So. i have been interested in the new Neonexchange ico that is about to be announced today. however, they made a tweet that KYC is mandatory.

now i am a guy that loves the crypto space because you can invest without anybody really knowing who you are.

but as more and more coins/services require your id to even pay you for what you have bought i feel like we are losing some of what crypto is.

i have even seen bounty campaigns that require your id to pay you.


how are peoples thought about this? i really dislike the direction that icos are taking. at this point i will only buy when a coin hits an exchange and even that seems to have id requirements coming up...

That will be suitable for those ico because they are working with government regulation. They are try to avoiding the risk by accept those investors from those countries are banned icos. Just like US, Iran and many other countries. But KYC for bounty looks a terrible idea. Some times there is a bounty that only paid some dollars to the participant and does it worth? It doesn't. KYC purpose is working on preventing investors from countries ban ico.

[alyssa85]

Well there is an alternative.

Instead of participating in the ICO and giving some unknown developer all your details, sit on your hands and wait. The coin will eventually get listed on some exchanges, including some decentralised exchanges. It will undergo a pump and then a dump.

If at the dumping stage you still feel the project has potential, that is the time to buy, cheap, and without revealing your personal details.

[johnsaributua]

some people say that KYC will have a good impact, this is to prevent criminal acts, such as criminals of money laundering and theft.
if a wallet is hacked or stolen, it may be tracked by looking at the identity of the owner of the thief wallet.

[judeafante]

I would have to skip that kind of Ico if the project is very good and will be profitable in the future then I will just have to wait for that to get in exchange, where they have no control people holding their coin, it's not worth to share your identity it's a big no no to me.

[Snaic]

If some governments require the conduct of KYC from citizens who invest their money in the ICO campaign, there is nowhere to go. There is a fight against money laundering. However, I am against the need for ICO companies to pass a KYC test in the generosity campaigners who do not invest their money. Especially if such a test is carried out without warning even after the end of the ICO campaign, when the meaning of such a check is completely eliminated. This is already similar to fraud on the part of the ICO campaign, they thus do not pay the already earned tokens to those who refuse to provide their identification data and copies of passports

[BogdanGFTP]

There are many ways to taxevasion using ICO, so KYC helps to catch the crimes

[DarkDrake]

thank you all for the information. i see that i did not think about every aspect of the KYC.