Ayoofe
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August 13, 2018, 07:17:31 AM |
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Some projects require KYC before investing, in every standard organization know you customers is one of the necessary things to do, this have so many advantages such as parenting theft etc. In crypto, a well established platform can use KYC to prevent any theft act.
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bayarau
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August 13, 2018, 09:34:01 AM |
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For me, KYC is a blessing that protects me from multi-accounts in ICO projects, in which there is a lot of competition among those who want to invest recently. It's simple, if you need tokens of a certain ICO and do not want or can not pass the KYC, then go and buy tokens on the currency exchange. As they say - demand gives rise to competition and allows you to earn a little on the difference in price. If for this it is necessary to pass the KYC, then this is a small fee for those wishing to earn good money!
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papagravel
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August 13, 2018, 08:59:03 PM |
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For bounty campaigns, KYC identification is very important. It helps to avoid dishonest participants with multi-accounts, which helps honest people to do their job well and earn money.
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mboot
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August 14, 2018, 11:32:01 AM |
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Maybe because of the laws in some countries people can not participate in ICO (for example in USA) and with the help of KYC the founders can understand what country investors are from.
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25espia1994
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August 14, 2018, 11:40:28 AM |
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for me KYC is important because you are giving the details of your person. to find out who and where you live. You can also avoid scams when using KYC. as well as the use of KYC is an important thing because money depends on it so their process is so rigorous that they can not do just because a valid ID is needed
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GigTricks WORLD FIRST INTEGRATED FREELANCE & ON-DEMAND ECOSYSTEMS Whitepaper | Bounty | ANN Thread | www.gigtricks.io
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Melodysong
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August 14, 2018, 11:45:09 AM |
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This is a great write up in my opinion. Another use of kyc is that, it prevents cheater so that they won't cheat the system and they need to also know their token holders to be sure they are complying with the rules
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BitcoinPanther
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August 14, 2018, 12:30:59 PM |
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To be honest, i am really torn in half dealing with the KYC issue at hand.
You see, talking about cryptocurrency, the "Know Your Customer" or KYC defies the basic attribute of a crypto transaction, the ability to be pseudonymous.
By original design, crypto transactions is supposedly disconnected from the real world identities of people. Here, what we should be seeing are merely wallets and no more. And this is really a good safety precaution.
Yet, without KYC, fraudulent transactions can not be investigated any further except for the wallet addresses. There will be no prosecuting the owner as there is no link to the actual identity of the holder. Thus, KYC becomes a great tool to crack down on scammers a-like. In fact, with rigid KYC in place, anyone with fraudulent intentions would think twice before doing so.
Yet again, the same KYC could cause a series of identity theft or even pose great harm to wallet owners that holds a good amount of cryptocurrency.
And as much as i wanted to side with one, i am still really contemplating whether KYC is important or not. Perhaps i'll keep checking out people's opinion on this till i can finally decide.
Great points by the way.
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strunberg
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August 14, 2018, 12:36:15 PM |
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Some projects require KYC before investing, in every standard organization know you customers is one of the necessary things to do, this have so many advantages such as parenting theft etc. In crypto, a well established platform can use KYC to prevent any theft act.
today much projects that use kyc procedure to join in their project.actually it just to prevent some trouble that maybe appear in future.especially with sec regulation.
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KobbyD
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August 14, 2018, 12:38:11 PM |
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KYC "Know your customer" helps reduce scam in an ICO. It is not a 100% way of doing away with scams though, but it helps at least.
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humber1
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August 14, 2018, 12:48:06 PM |
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I think KYC is a good thing for investing in ICO projects. It gives investors a better understanding of whether the project is a scam, and KYC's policy is also to understand the identity and nationality of the participants.
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feranmi2018
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August 14, 2018, 12:55:28 PM |
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This is a wonderful write up and the issue of KYC in crypto currency is really funny and I believe with time their might be something better in the future
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Farul
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Shinji bgt gwh
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August 14, 2018, 12:55:48 PM |
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-To Prevent Money Laundering For ICO KYC Is Used For : -Prevent Resident From "ICO Banned" Country Like China -Prevent Money Laundering
But Sometimes The User Identity Is Sold To "Black Market"
Without KYC It will be so hard to track bitcoin theft and money laundering It Would Be More Complicated If The Address Never Publicated To Internet
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dammy1988
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August 14, 2018, 12:57:19 PM |
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Know your customer KYC is very important although there have been people that use fake documents for it in the past and the company pass the kyc so we are still to know what companies doing ico are really looking at
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Defimwh
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August 14, 2018, 12:58:16 PM |
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good articles help beginners like me in the world of ico, because I am also confused in the KYC
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inyakizuryel
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August 14, 2018, 12:59:19 PM |
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KYC is very important I think this is a framework that recognizes the genuine character of a members. Furthermore, this KYC is essential with a specific end goal to approve con artists and those con artists. Be that as it may, some of the time it can be utilized likewise by those tricksters additionally by putting on a show to have an ICO and will approach your data for their own advantage like utilizing your data for terrible goal and this is the weakness of KYC framework that is executed.
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sashapoc
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August 14, 2018, 12:59:43 PM |
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This is a very significant step towards the legalization of ICO and crypto industry in General. The ability to avoid money laundering, and not to become a victim of dozens of lawsuits for the company owners. For bounty hunters, it is the ability to compete with other on equal terms. No KYC - 10 000 bots.
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blackhawkeye1912
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August 14, 2018, 01:02:15 PM |
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Yes you are right the KYC is important to participate any ico because of some countries already regulated the crypto currency exchange so in coming days the KYC willl be important to participate any ico.
When we do talk about lessening the risk of scam then KYC implementation would really be a helpful thing but we do all know this would really remove the decentralization or the true essence of cryptocurrency because identity has been already revealed which means there would be different opposing parties would really be like or don't like such implementation or decision made by putting up KYC on ico investments. KYC is somehow related to anti-money laundering. KYC is needed to block unwanted transactions from inadequate people. In general for security purposes. But you're right that KYC is somewhat against the primary goal of decentralization. However, in every aspect of marketing, security is a must. So we just need to balance every field. In terms of KYC among ICO team of developers, I'm 100% with it. Hoping for this to happen.
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Bunmi1989
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August 14, 2018, 01:03:01 PM |
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I think the know your customer verification is important because the company are able to have some valid data about the person buying into their project. Data like the country of origin and residence is really important because some countries are against ico
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letsfly
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August 14, 2018, 01:06:52 PM |
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I believe kyc is important for security purposes. Also to avoid scammers and using multiple account to abuse airdrops or bounties. This is important also to for companies to know their customers are really them.
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ElenaN
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August 14, 2018, 01:25:16 PM |
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It seems to me that KYC is used mainly to reduce the number of participants - scammers!
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