Are You Afraid of KYC?

[carlfebz2]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

KYC trends would really be heading there which it would be gradually imposed or implement on most ICO on upcoming years which as an investor you don't have any choice but to comply if you are eager on getting their tokens or not.If you can handle the risk on exposing your identity to the cloud then its your own choice as long you are aware on the possible risk on using up your identity into other means.Im not afraid since I wont really participate on no matter how good it is.

[Reatim]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

If its on a trading platform I would say that I'm not a fan of it. But if is one way to least put a everything in perspective then why not? The only thing that I don't like is that its possible that they will share this info to a third party or something. Scary if this gets to the hands of a hacker.

As for KYC, nah, I will not risk giving them my info. I don't know, but I don't trust ICO asking for KYC or your local passport. I'm not comfortable giving them my personal info.

[lienfaye]

I prefer to be anonymous when dealing in online matter and this kyc implementation is the opposite of that, I have doubt against it because im worried for my personal infos to be use in any illegal deed however I noticed that those project requiring people to abide in kyc are likely to be trustworthy.

Nevertheless choosing the right project and exchanges is our responsibilty to avoid giving out our infos to those scammer.

[gentlemand]

I have no fear of it whatsoever. What I do fear is falling into the KYC hell practiced by places like Bitstamp who'll happily verify you and then hit you with demands for tax documents and want your entire Bitcoin wallet history once you trip some unknown limit. That's fucking bullshit.

I can open a stock trading account with a passport scan and proof of address and trade trillions of dollars without a further squeak. I expect verification to be complete and final with no secret traps beyond it.

I wouldn't do it with any unknown or fly by night ICO unless they were using a known third party service. I'd only do it with the most established places. Far too much of a honeypot otherwise.

[Hannahanto]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

I appreciate the KYC system. But when it comes to an ICO, I need to look at on giving my documents to an ICO whom I am not sure about. At times, few ICOs are scam and few are legit. But this takes time to analyze the true ICOs. The expert say that its worth waiting to analyze the team before handing over the KYC documents. If it is legit, yes we can provide.

[GetOutOfMyLife]

You should be worried about KYC, many of these ICOs are not properly equipped to handle and store sensitive data.

In fact, there was a KYC leak just this week;

https://thenextweb.com/hardfork/2018/02/07/sentinel-chain-ico-leak-passport/

[Irvinn]

The problem is not to pass the KYC test. It is a big problem to whom we transfer our personal information, and even more so copies of our documents. Earlier the provision of such information from us was demanded in a few cases and mostly by state bodies. They were clearly responsible for using such information and its leakage was excluded. Now we are required to provide such information to various citizens and commercial structures. There is no guarantee that our data will not be used for illegal purposes. Especially in the case of ICO, when we know that about a third of them are fraudulent.

[Guryon_master]

No. I am not afraid but I dont support it if it will become a requirement before joining in a campaign because it is not necessary actually to do that. But if that will enforce here, I don't have any choice but to follow or to leaving and be a full time trader if there is any possible abuse against with my personal info.

[Guryon_master]

You should be worried about KYC, many of these ICOs are not properly equipped to handle and store sensitive data.

In fact, there was a KYC leak just this week;

https://thenextweb.com/hardfork/2018/02/07/sentinel-chain-ico-leak-passport/

This is it. So I think now I already made  conclusion on not to submit my personal information. What is the point of making a promise for the protection of your private info if the team is not capable and better to keep my information safe that desiring a profit and the return is my privacy to my personal account.

[coin_1122]

You should be worried about KYC, many of these ICOs are not properly equipped to handle and store sensitive data.

In fact, there was a KYC leak just this week;

https://thenextweb.com/hardfork/2018/02/07/sentinel-chain-ico-leak-passport/

This makes me worry about the ICO, because if they can't handle the sensitive data how come they develop the roadmap. We have to be very careful when giving out details to the ICO companies.

[ecnalubma]

Be careful to whom your intrusting your information with, Im not against with the KYC system specially when it is used in some exchanges it is our proof of ownership to our own accounts. I understand some ICO’s doing this procedure to avoid money laundering and to self regulate the ecosystem.

[senne]

KYC,  really do we need that I can definitely feel the pros and cons of KYC but above all I am against the introduction of KYC. Why? As, it will end the anonymous nature of the system, KYC means "Know your costumer" which will include all the details of the owner and history has witnessed privacy been breached by hackers then how this system will remain anonymous and stable if KYC is introduced and practiced by exchanges and companies.

[senin]

Here is the security issue of our data, which we are required to provide. It's one thing if such information is required to be provided by public authorities. There, this issue has long been regulated and there is no need to fear disclosure of our personal information in this case. But to provide such information to people who temporarily joined together for the ICO campaign is already quite dangerous. Moreover, about a third of ICO projects were fraudulent in statistics over the past year. This means that we ourselves transfer confidential information to the hands of criminals.

[Baoo]

Actually, it is true that many are afraid of KYC because it is a difficult step for a verification and It may last a  long of  time to accept  this operation and unfortunately, It is considered one of the biggest problems for some users because  there are some negatives in it . But in my opinion, KYC is very essential for a good security and  It is also very important to prevent money laundering and financing of terrorism.
On the other hand , I hope it will be improved and developed over time,and there should be a solution to the problem of delay.

[Indrawan77]

I actually has a big concern regarding to the KYC documents, we are entrusted pur personal info to the site that we don't know well, we don't know what can they do to our personal info, we don't know the security of the sites, i saw so many identity theft in the internet that used to fraud people, the first reason people using crypto is because it's anonymous, but now seems like the anonymity is going to disappear soon

[entrepmind23]

I am not afraid of KYC because I did not do anything wrong but I am just concerned that my personal information is totally expose to people to whom I do not know anything about and may use my information for their personal gain. I have seen some people who is selling e-mail addresses and I bet they got that e-mail addresses from bounties or airdrops since some required this information when we wanted to join. I am concerned that my personal information will be divulge to some people who may use it to access some of my accounts or may be use to do some illegal activities. There is also a higher possibility of them selling this information like what they do with e-mail addresses.

[BettingTips]

I don't really care about KYC . It's still fine if I have to use my ID for any KYC of any project or bounty campaign cause I only choose good ICO project and bounty campaign to join that why I'm not afraid of my ID will be sold on the dark market . Beside I often only join bounty campaign so I don't have to do KYC too much )

[1NV3ST0NM3]

I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.

Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?

If you see this as with the common technology and ideology of bitcoin its quite opposing as bitcoin and cryptocurrencies itself focus mainly on concealment of identity however I think it is necessary to have KYC. But the problem is that there is no regulation as to it so its pretty usual that the data you have given will fall in wrong hands for sure. So that is why I am worried about KYC procedures

[diegz]

KYC is fine to me as long as it is only be on exchanges ( I trust how they keep your information ) and not on every projects or online establishment that I'm going to enter. I'm afraid that my personal information might be used by other people.

So you have to take good care of your personal information, and be very careful when submitting it on websites that you don't know, you have to think many times.

Why be afraid when you only have few satoshis in your wallet?  No one is going to steal it anyway, or your information will be used? for what?

[WannaCry]

KYC is not as problem as long as a legal entity is going to process it. Of course no one wants to entrust their personal information to anyone. It should be confidential and as much as possible people don't want to disclose any personal information to anyone. The reason why a lot of people got interested on cryptocurrency is because of they can actually invest and earn while remaining anonymous and without  letting anyone know how much they have invested or earned for security reasons.