Are You Afraid of KYC?

[coinstalker23]

It feels like another problem such as merit system. KYC is another trial and big problem also in the users just like you and me. I agree for KYC to prevent scammers and multi account also. But as I recall many users are didn't pass KYC in their campaign and they didn't get their tokens so this is another disadvantage of users for requiring KYC. And many campaigns also are slow for auditing the KYC as you can see many users probably students because they didn't have government ID just like KYC requirements. But in the end this KYC process is a problem. This is a concern who are bounty hunters.

That's one of the main problem too in the rural area like in my country. Where passports are not that easy to get and needing a lot of time to get one. Almost all of the KYC are accepting only the passport and minimal chances you get approved if you use another type of valid ID's or government ID. Filling up and passing passport and valid id's on KYC are more prone to being used your personal data on exploitations and shady transaction and can be used on identity theft and scams.

[coincruncher1982]

I absolutely do not like KYC. It's a great opportunity for identity theft scammers and goes against what bitcoin stands for. I especially hate it when garbage exchanges like bitstamp ask for KYC info, then arbitrarily refuse to confirm my bitstamp account, and then inform me they won't remove my details.

[STT]

KYC requiring documents and then fielding a deadline before I could provide the documents was a problem for me.   The worst thing was I had already secured a positive balance which on this deadline was wiped out, making KYC a way to lose all value accumulated in that project.    This seems quite incorrect and exploitative practise, KYC is a responsibility a company has to field correctly not a way to forget debts.  Legal compliance is not the fault of the participant, since globally laws vary considerably its impossible for each person to know exactly how the process will go and should not be subject to any loss because of arbitrary deadlines.

I hope we can get agreement across the industry that KYC is not a way to wipe out balances owed

[Hueristic]

I am not afraid of KYC or much else for that matter so I am going after Polo and goldman (Ball)sacks.

If you are then go ahead and join me (you can stay anon by pm) and I will be the spearhead of the attack as they say.

https://bitcointalk.org/index.php?topic=4400856.0

[Bitcoin Fiction]

Yes, you're right, I'm scared of the introduction of KYC. I do not want to send my confidential data to anyone. After all, if it's a Scam, they may sell base of KYC. And what should I expect if it happens?

[Nelly.G0211]

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 don't think it's a problem , although it's risky to provide personal data to some projects. I do it, only if I am 100% sure the ICO is worth it, but still risky...

[Arrazi1507]

I am not afraid, while our data is still safe and I do not use bitcoin for things that harm our country not to be afraid of the Principles applied by KYC.

[bajigur894784]

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?

On the one hand I'm not afraid of KYC, but on the other hand, as you say, I'm afraid my personal identity data will be abused by irresponsible people. I have concerns about it, I am wondering if this KYC implementation is correct, because, many people say that KYC is against the principle of cryptocurrency.

[Arrazi1507]

no, if this is used to avoid the money laundering transaction I do not mind, as long as our identity remains safe and not misused.

[TheKeyLongThumbI]

It's very scary. What if a legit-looking ICO had implemented KYC and then turned into a scam? They could use it to make a lot of accounts in exchanges to commit money laundering and the suspects will be us because they used our documents to verify themselves.

[ThunderCatSteve]

It's very scary. What if a legit-looking ICO had implemented KYC and then turned into a scam? They could use it to make a lot of accounts in exchanges to commit money laundering and the suspects will be us because they used our documents to verify themselves.

Good question, we are aware of new services and new ICOs and so on there are lots of new websites and exchanges that require to identify who are their customers and require the KYC documents which to be honest is very dangerous because these very sensitivity information and that can be abused.
I'm seeing in the Service board that many people are selling their KYC information or maybe they are using someone's else documents.

[Nelly.G0211]

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 am not afraid of KYC, cause I do it only if I am really sure about a project I am taking part in. If you trust them your money, why don't you trust them your personal data. By the way there are lots of people who can steal your personal information without KYC. Make sure your pc is safe, cause KYC is not the only way to get in trouble with your data.

[Chaki]

I'm not afraid of it, but it is too much when I want to invest on more than five ICO projects then all of them are requiring KYC its make me crazy submitting document over and over again... Should we have a legal one account to do the KYC then we can link it in? Do we have ICO project who do it? I do love to join!!!

[Hamphser]

It's very scary. What if a legit-looking ICO had implemented KYC and then turned into a scam? They could use it to make a lot of accounts in exchanges to commit money laundering and the suspects will be us because they used our documents to verify themselves.

Good question, we are aware of new services and new ICOs and so on there are lots of new websites and exchanges that require to identify who are their customers and require the KYC documents which to be honest is very dangerous because these very sensitivity information and that can be abused.
I'm seeing in the Service board that many people are selling their KYC information or maybe they are using someone's else documents.

Everytime i do saw those kind selling out informations on service boards or marketplace i do always says on my mind that i wont definitely used up any of my information thru online because i do put up my situation on where your info been sold out into other peoples interest or usage. If its being used on illegal stuff then you identity is on risk thats why i cant blame people why they are afraid of KYC due to such reason. By legality means or regulation this is indeed need but we do need legit people or organizations that would handled up those infos without any leaks.

[Lang09]

I think not so. Because with the implementation of the principle, banks can avoid various risks of operational risk, legal risk, risk of concentration of transactions and reputation risk because banks are no longer used as means and targets by criminals to launder the proceeds of their crimes.

[Tylev]

If we consider the procedure for passing the KYC verification for the participants of the ICO signature campaign, then the requirement for such verification is illegal. We are not investors, we can not launder dirty money or contribute to financing terrorism, and therefore should not undergo such a check. At this forum we are practically anonymous and should remain in this status. Therefore, it is not a question of whether we are afraid of KYC checks or not, the fact is that such a requirement violates our human rights to ordinary confidentiality. In my country, this right is protected by the relevant law.

[Leyss]

It's not about whether we are afraid of KYC checks or not. If we consider our activities in the ICO signature campaigns, then the requirement for us to come to such an audit in any case is illegal. So far, no ICO team has referred to a specific normative legal act that provides them with the opportunity to require the passage of such a check from the participants in the ICO signature campaign. I would like to see such a document and see what it says about me as a participant in the ICO signature campaign. However, I am sure that there is only talk about people who invest their money in such projects.

[XFlowZion]

Depends on the exchanges. I would not mind doing it on Binance and Kucoin but I will be worried if it's on Bittrex, Polo or Yobit. I don't need their promises, I just need them to be  very credible and reliable so I can entrust them with my documents.

[KrishaBitcoin]

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 don't have arguments about KYC because as long as we are a legit people and the project ICO is a legit investment then there is nothing wrong with KYC requirements. Just make sure that the project is for real to ensure that our data will not be easily stolen because we like or not we are required to comply with the law if we want to join this crypto investment.

[RuslanDua]

to avoid moshinhood it is excellent. but their personal data to give is bad. I treat KYC negatively