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Author Topic: KYCs (Know your Client) is killing crypto  (Read 648 times)
heureca
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March 25, 2018, 12:52:26 AM
 #101

Yeah, KYC is not comfortable tool to check identity. There a lot of criptocurrency projects and may be some of them will use users identity data for its own purpose

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Nilda
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March 25, 2018, 01:34:49 AM
 #102

You have nothing to fear if you have nothing to hide. Only those with multiple accounts don’t like KYCs. Identity thefts and accounts getting hacked happen all the time, with or without KYCs.

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March 25, 2018, 01:39:49 AM
 #103

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.


Well, in my opinion you shouldn't see KYC exclusively as a negative thing. if no Exchange does KYC, governments will simply start to stop crypto trading by law. At the moment, they are starting to accept the existence of the crypto market, so it's better not to go directly against regulations if we want a prosperous future market...

Anyway, from this year we will begin to see starting more and more good decentralized Exchanges, so if what you are looking for is privacy, you will be satisfied with this new excellent opportunity.
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March 25, 2018, 01:50:15 AM
 #104

You have nothing to fear if you have nothing to hide. Only those with multiple accounts don’t like KYCs. Identity thefts and accounts getting hacked happen all the time, with or without KYCs.

The issue here is not with multiple accounts but about investors who doesn't want KYC because they want their personal information to be in private. KYC is really giving us some worries about our identity and that's why some ICOs that required KYC  are being avoided by some potential investors.
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March 25, 2018, 02:29:44 AM
 #105

yes KYC process is killing the crypto advocacy why the main reason why people using crypto is for anonymous transaction but there are so many ICO company and other crypto company needs to be KYC in order to get your payments ETC or withdraw your money this is definitely bad because the aim of the crypto has been ignore, to have an anonymous network the thing is that people are afraid if they send their documents online then they can be a victim of identity theft and lots of people are doing it so I would say that let's not support a program with KYC

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March 25, 2018, 02:46:54 AM
 #106

yes, i totally agree with you. the mot important advantage of crypto is anynomous. But now, most of projects and exchanges force the users have to register KYC. I think they will not accept and this reduces the number of users.































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March 25, 2018, 03:33:09 AM
 #107

This may very well be the case ...  not only with ICOs and bounty hunting ... but with the ever increasing government presence on the exchanges, requiring more and more personal data and tax reporting to the IRS (in America). 

It may lead to a quicker rise in privacy focused coins. 
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March 25, 2018, 03:36:29 AM
 #108

As far as submitting personal documents, I think it's appropriate but with an agency that will never leak out such sensitive information. It will only just for a background check and nothing else.

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March 25, 2018, 04:02:57 AM
 #109

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

This was my first impression of KYC and most probably, majority of crypto users initially think of it this way too. Data leaks may occur. Private information are at risk. Investors, as a result, stay away from ICOs that require KYC.

However, there is an increasing number of ICOs that follow KYC policy which means many investors invest less. This could be one cause of the bloodbath.

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March 25, 2018, 04:03:24 AM
 #110

Yes, there are now a lot of ICO projects that require KYC, which causes some inconvenience to some investors because they do not want to provide their information, they want to be anonymous when investing in this market. But I think this is a good thing, KYC will help ICO projects become more transparent, reliable and resistant to economic offenses money laundering.
Kyc is not killing crypto actually it helps users or investors to know the Ico first before making any decisions. That's one of the good inputs to have kyc most ico these days. Security shoul be verify to all investors for their own good also.
It is killing cryptocurrency. Cryptocurrency is known for privacy and anonymity, and because of that, the KYC verification is killing cryptocurrency scene. If you still think it actaully help the investor, you have a bad point of view about cryptocurrency in general.
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March 25, 2018, 04:07:40 AM
 #111

I feel it's a mandatory norm for filing kyc just to be aware the coins are being floated to the rite  person as the same can be used for any illegal activity as well if the identity is not revealed. The best way is to buy and sell with kyc provided and  live a happy life.

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March 25, 2018, 07:03:36 AM
 #112

As far as submitting personal documents, I think it's appropriate but with an agency that will never leak out such sensitive information. It will only just for a background check and nothing else.
Where exactly can we find such agencies that guarantees people's personal information would never be disclosed to third parties? These days we're beginning to see that the requirement for KYC by most centralized exchanges is now by default, regardless you want to deal on fiat or not. The main concern of many people over the request for KYC in cryptocurrency is that one can never tell, who or where their personal details end up and that is even made worst by the rate these exchanges are hacked.


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March 25, 2018, 07:14:32 AM
 #113

To my opinion there are two aspects of KYC regarding crypto.
At one side it's not so good for users of cryptocurrencies because they expect privacy, what they didn't have with fiat. There is no absolute privacy but still some amount of anonimity when you use crypto is present.
On the other hand KYC can help to protect from different types of scam so this is the good side. And everyone who don't have attention to performe something illegal don't have to fear KYC.

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March 25, 2018, 07:24:21 AM
 #114

Being an incognito attracts people. Exchange markets and ICO managers understand this. However some of exchange houses provide verification and a lot of their clients stopped using them. The same is with ICO. I don't like this new rules with KYC in some bounties. No one knows what for they need personal information about their clients.
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March 25, 2018, 08:23:29 AM
 #115

Being an incognito attracts people. Exchange markets and ICO managers understand this. However some of exchange houses provide verification and a lot of their clients stopped using them. The same is with ICO. I don't like this new rules with KYC in some bounties. No one knows what for they need personal information about their clients.

The ICO and exchange houses need KYC to comply with the regulation of their respective country. They just don't want their business to be effected by the government agencies. That is the reason why they need KYC data. While the exchange houses asking for KYC data is ok, I don't support ICOs asking for it. Even though they have regulations to comply with, but when we are not sure about their own identity, we don't feel comfortable to provide KYC to them. Because no one know what kind of scam it may open up later.
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March 25, 2018, 08:37:53 AM
 #116

Yes you are right. I made a lot of KYC for ico's or bounties and its scared me to give my passport copy to unknown person or company.

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March 25, 2018, 08:41:44 AM
 #117

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.



The need for KYC is not so often, as for me it's okay, although if we talk about security, then maybe we would not want to.
Heard that some pass KYC on documents taken from google.

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March 25, 2018, 08:42:04 AM
 #118

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

in some project also KYC is required to bounty hunter,yeah i'm agreed it's really killing cryptocurrency and altcoin

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March 25, 2018, 08:42:56 AM
 #119

It needed to be regulated somehow if you want to really take in consideration in everyday world.
ICO and not more just a scam coin ( but be careful because you gonna find already tons of that ) but is related with REAL firms.
And because firms are real , they have to declare how they gain the profit.

I still think that for going out on a ICO for many incorporations is really the game-changer because you do not need to fulfill all the burocracy stuff to let anyone contribute on your next thing. So differently in IPO or any other for of letting other buy some part of the firm , ICO if is done with good purpose will still be here for long time.

Anyway many people still think that crypto related thing is something you can do in illegal mode set.
It's definitely not true.
Even if you want to protect your pricacy, BTC or ETH is not the answer to make your illigal stuff. So start to think how crypto could really solve issue of daylife in a "TRADITIONAL DISRUPTIVE WAY ".

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March 25, 2018, 08:59:18 AM
 #120

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

KYC or Know your customer is not kilking crypto. I don't see anything bad or negative about this. This KYC is for protection for anti money laundering and scammers. If this way will keep me safe, i'll accept it.

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