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Author Topic: Are You Afraid of KYC?  (Read 31352 times)
Tylev
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July 19, 2019, 09:44:09 PM
 #561

Of course, I am afraid to provide my confidential information to virtually strangers and who are not government employees and in most cases do not know how to store and how to handle confidential information received. In addition, we know what a high level of fraud is among ICO teams. Therefore, I try not to join the ICO signature campaign, if there is information about the possibility of passing the verification procedure (KYC verification).
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July 20, 2019, 08:22:26 AM
 #562

ICOs  hiring 3rd parties to conduct KYC so I don't think there is anything to worry about. Only if the project itself did the KYC is the only situation I will worry about my personal documents. And also guys, the responsibility is in your hands. If you see a red flag about the project and asks for KYC then don't hesitate to refuse and just leave them.
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July 20, 2019, 10:07:57 AM
 #563

This thread is revealing as to what can happen when your info leaks - https://bitcointalk.org/index.php?topic=5166119.msg51886832#msg51886832

ICOs  hiring 3rd parties to conduct KYC so I don't think there is anything to worry about.

I've come across plenty of third parties who looked no more or less impressive than the shittest ICOs. I was directed to one 'professional' service that did the verification through an app. On checking it on the play store it had been downloaded 100 times. That's not going to persuade me to trust them.
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July 25, 2019, 09:23:54 AM
 #564

I am a little bit scared  to give my information to some ico . If ICO asks for it, I do my research carefully, if the ICO or even exchnage is locate din some 3rd world country, forget it. It is not worth it, the value of my ID is high there and they will leak it or sell it eventually and I wont be able to do anything. If the ICO is from legit country , in worst case , there will be options to sue them according to GDPR.


Many including you are scared considering the KYC details to the third party is very difficult to be believed. Unless some one is trustworthy or whom you personally know and can do the KYC you should submit the documents else you might be at risk if those are misused.

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July 30, 2019, 02:45:57 PM
 #565

In my opinion "No", because only by that reason company can be sure in your identities but it is needed to be careful.
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July 30, 2019, 10:53:39 PM
 #566

Before kyc is a big deal for me because as crypto holder I want the privacy and anonymous my identity, but all there's nothing reason to hide my anonymity as long us I am not doing something wrong or I am using crypto in a good ways if that kyc cames to bring to crypto in strong legality.
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August 14, 2019, 05:26:11 PM
 #567

yes .. there is always a little fear before a clear regulation related to the data they take. But sometimes you have to do it because no other choice.
The fear should exist more even after we cleared the KYC on a site because they may say that all our personal details will be cleared after particular time period we cannot trust their words because everything is business in this world so we cannot trust on their words so we have to avoid KYC at most cases,if no choices means we need to live with that.

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August 29, 2019, 04:26:02 PM
Last edit: September 09, 2019, 03:15:00 AM by ayoubouni95
 #568

Generally speaking, there's very little or nothing to fear in complying with KYC requirements mandated by law/regulations. So one must be aware of laws/regulations governing his/her transactions/would-be transactions. For me, if it's neither mandatory by law nor set by any regulation, I usually start to become doubtful. It is very important for me, even if compliance is mandatory, to know how my private data is going to be protected and to what extent private data will be utilized.

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August 31, 2019, 03:59:45 AM
 #569

Generally speaking, there's very little or nothing to fear in complying with necessary KYC requirements mandated by law/regulations.
depends on the person that is doing it and it also depend on the company or on the platform that requests a kyc  . im a brave guy and i will surely do a kyc but i still have those doubts to do a kyc on a website that i dont know  but i already did alot of kyc on the existing app and platform that i use on the past  . with or without kyc , we can still use thier service but other features are locked until you do a kyc  .


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August 31, 2019, 03:39:54 PM
 #570

Generally speaking, there's very little or nothing to fear in complying with necessary KYC requirements mandated by law/regulations. So one must be aware of laws/regulations governing his/her transactions/would-be transactions. For me, if it's neither mandatory by law nor set by any regulation, I usually start to become doubtful. It is very important for me, even if compliance is mandatory, to know how my private data is going to be protected and to what extent private data is being utilized.

You are right... The fear of the information given out and I think this is also the fear of many. I would have said though that we won't have choice than to follow on it by the time almost all our transaction on the internet requires it but before that happens, proper regulation would have been in place and that would guarantee right to protection of information divulged on the internet whose contravention entitles defender to some restitution or damages.

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September 17, 2019, 09:52:00 PM
 #571

not necessarily. I like what ciphertrace has put out in regards to helpinig exchanges to mitigate the travel rule guidance.
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September 20, 2019, 02:11:39 AM
 #572

Of course, I am afraid to provide my confidential information to virtually strangers and who are not government employees and in most cases do not know how to store and how to handle confidential information received. In addition, we know what a high level of fraud is among ICO teams. Therefore, I try not to join the ICO signature campaign, if there is information about the possibility of passing the verification procedure (KYC verification).

That is why we need to ensure that the ICO or the bounty campaign that will require KYC is a legit before joining so that our data will not be stolen. KYC is required in regulation therefore we need to comply of it too and as long as we are legal persons ang there is nothing to hide then we should not afraid of KYC too.
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September 23, 2019, 03:49:28 AM
 #573

The situation with passing the KYC check is unpleasant because we are forced to send our confidential data on the Internet to nobody and are not sure how correctly that party will dispose of it. After all, we are not dealing with state bodies in which we can be more or less sure. There are just a lot of scammers in cryptocurrency and there is a great danger of communicating with scammers. Therefore, participating in ICO bounty campaigns, I try to avoid going through verification procedures. In addition, I still do not like the KYC check because with its help it is very easy to refuse anyone to pay tokens earned by him. Since KYC testing began to practice in ICO bounty campaigns, it has become much harder for bounty hunters to work. We have become much less likely to receive earned tokens. KYC verification application is very good for scammers.

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September 27, 2019, 07:24:56 PM
 #574

Dumb situation with KYC you send your confidential data just to some kind of project, not knowing what will happen to them in the future and where your personal data will go!
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September 28, 2019, 11:28:06 AM
 #575


Everyone is afraid about personal or confidential documents , because They cannot be sent to a site for $ 10 exchange or sent to site where we do not even know the identity of the owner
Personally, I am not impressed by the new things that are happening around Kik
There are some people who want to steal personal documents intentionally . we do not know for any purposes (such as giving $ 10 to everyone who verifie his account)

It's identity documents and you should be careful to any site you send it
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September 29, 2019, 11:41:17 AM
 #576

What are your apprehensions about the KYC procedures that will soon be as popular as noodles?
Im against it.It is like giving away your information for small amounts of money or just for services which you can get for free or with some money cost not your identity.Whenever I see KYC on something I immediately go out of that website or app I dont like giving my identity specialy my id's and my own picture holding my id which is mandatory for KYC verifications

 
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September 29, 2019, 02:10:56 PM
 #577

KYC clearly says Know your Customers. We are in crypto ecosystem because we like anonymity.  Why the hell we will upload the KYC and Nation Identification document to some offshore Business entity just to get some airdrop.

This era is the era of global terrorism, who knows some terrorists will forge your documents and use it for some illegal activity. I am against the KYC use case in crypto ecosystem.

..CRYPTO.


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judeafante
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October 05, 2019, 04:37:35 PM
Merited by vapourminer (1)
 #578



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'm ok with exchanges but never on ICO's ICO's just come and go and you will never hear from them again and they are not even regulated and compliant, you should never do a KYC if you are part of the bounty campaign, if they change their rules from no KYC to KYC you should open a complain, because that is deception they can change any rules but never changing the KYC rules.

nrnahid
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October 05, 2019, 05:27:14 PM
 #579

KYCs are not the problem here. The problem I see is where you are entrusting your information to.  Because their are certain ICOs that will only fish out your information as it has more value for them rather than the token they are creating. KYCs are a requirement of some countries' government as it is their way of regulating or being in touch with their citizens. Smiley
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October 05, 2019, 11:54:34 PM
Merited by suchmoon (4), o_e_l_e_o (2), TECSHARE (1)
 #580

There were many exchanges which operated perfectly well for years prior to any KYC requirements. So is KYC necessary? Depends from whose point of view. It is not absolutely necessary for the exchange to know their customer, plenty of them allowed anonymous trading before, however now the Government deems it their necessity to know the exchange's customers.

From skimming over this thread it seems most are primarily concerned about sharing their personal and private data through KYC because of the potential for bad actors like hackers, or untrustworthy ICOs that could sell the information. However, I think this is overlooking the bigger issue about KYC, namely why is it being required in the first place. That is, why is government mandating it, and what use could they have for this info? The answers should be all but obvious. Remember why Bitcoin was first created. If you know about the messages that were included in Satoshi's initial transactions, or the first blocks, there was a hidden message that included the financial headlines from a top newspaper on that day, which referred to the big banker bailouts of the last economic crisis - bailouts that propped up financial institutions that should have gone bankrupt and been allowed to fail, except instead they were subsidized and saved by taxpayer money, meaning really, the public's money was stolen and redistributed to pay welfare to private banks - what Jim Rogers rightly called at the time "socialism for the rich".

So returning to one of many possible original motivations for the development of bitcoin, being to wrest economic control away from the interlocking institutions of banks/government and give power back to the people, instead of bankers who use the law to plunder the rich and poor alike, and transfer that wealth to themselves in service of keeping a stranglehold on the monetary system and a monopoly on issuance of currency.

So should you be scared of KYC? No, it's just business as usual for the governmental-financial-complex. But because of this, Big Banking cartels are using the government to castrate crypto exchanges, as the central point of failure of the crypto economy, by virtue of threatening to shut them down, excessively fine them, and/or incarcerate their owners if they do not comply with the KYC regulations. Decentralized exchanges still offer a ray of hope, but you can see how they already went after the original owner of EtherDelta and threatened him with massive fines until he capitulated. Thus the great hope of bitcoin to circumvent the financial, criminal shenanigans of the world's banking elite and their subservient, crony political class who act as their enforcement arm, is thereby rendered impotent to the degree that people, at whatever level - exchanges, ICOs, crypto businesses, and individual investors and traders alike - all kowtow to the KYC regulations. Yes you may have something to lose by not complying, but on the other hand maybe collectively there is much more that we all will lose by giving into it due to fear.

BTW, it is not just the crypto space that KYC is being imposed upon, but most if not all financial businesses that engage in transactions, including Escrow companies, and others. This is ostensibly in the name of 'combating money laundering and terrorism' but like Andreas Antonopolous has pointed out on more than one occasion, it's in fact the bankers themselves who are demonstrably the world's biggest money launderers, writ large. And as for terrorism, well I won't even get into that one here ...

check my premium crypto domains for sale here: https://bitcointalk.org/index.php?topic=5211098
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