WHY SHOULD YOU BOYCOTT ICOS THAT DEMAND KYC?

[ololajulo]

I also don't like KYC cause I don't wanna put my identity in risk. There are a lot of ICO projects require KYC for their investors and how if you guys invest in a scam ICO require KYC? I can ensure that you identity will be sold on the dark market very soon right after you finishing your KYC.

What are the alternative to the KYC? I learnt of some other medium of investment through an organization but don't have enough details on this medium

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[Grifosha]

KYC (Know Your Customer) is an infamous procedure we have mostly run into while dealing with banks.
Sadly for the whole blockchain industry we see many ICOs demanding KYC in vain.
Read below why you should boycott such ICOs:

https://medium.com/@filip.poutintsev/why-you-should-boycott-icos-that-demand-kyc-29a5b43904fb

I agree with you. KYC is contradicts main principles of cryptoworld. This is the influence old of traditions from of banks system.

[kidamazo]

Actually I`m doing bounty for a quite long time, and I have not passed even one KYC in bounty, if I face KYC, I just go away.

[Abugbilla]

KYCs are generally boring to me. I feel sad when my KYC gets rejected when it has been accepted by another before. But sometimes you have to understand that they equally need these processes to handle other legal issues somewhere.

[oxoxoxox]

Yeah, those damn banks KYC have already made you bored. Now the cryptocurrency is starting to look like this. I really don't know what else can protect our KYC.

[FrueGreads]

I don't think most ICOs demand it's investors to go through KYC, and although there are several reasons to boycott these ICOs, as stated in the article, I don't think that we should see this as black or white. In the end I think it will all depend on the ICO. I agree with our right to privacy, but that doesn't necessarily need to be broken through KYC. For instance, banks need to collect all your information so you can open an account, but you don't really lose your privacy because even governments need a very good reason to get access to that data. So basically I believe that if the ICO is good, your data will still be safe, because they can't just ask for it without good reason. At the same time, ICO teams protect themselves from criminal activities. Of course that if the ICO is a scam you will probably get your information sold or something like that, so it's always a risk.

[wnj4]

The fact is that right now 90+% of legitimate ICOs are requiring KYC. Especially the ones that stands out from the crowd and where the most ROI can be made. So in boycotting these you basically loose most of the opportunity to make big gains (ofc if that is your purpose in the crypto space).

The entire KYC aspect goes against what Bitcoin and the cryptocurrency market stands for which is anonymity. My primary reason for investing into this market was because I was able to conduct financial transactions online without any outside interference by banks etc. KYC goes against this entire logic which is why I don't support and never will. If you are willing to participate in such campaigns, do your research since your personal details are at stake here.

We should ask ourselves, why we are enter the cryptocurrency in first place? for me main reason is cons of centralized system. so when some projects on cryptocurrency switch to centralized system then those not a cryptocurrency  project anymore. for who agreed to insertion KYC in cryptocurrency for money laundering. there are hug money laundering every moment in centralized system.

[ansdb]

i really agree because blockchain & bitcoin comes with idea of desentralisation, unfortunatly many ICO's wanted people to fill KYC proccess but the problem is near to 70 % of ICO's oblige their contributer to fill KYC proccess

[12retepnat34]

I also avoid ICOs with KYC because it will expose my identity, crypto currencies created to be used in anonymous transaction online and this KYC is against that rule in crypto.

[entrepmind23]

KYC (Know Your Customer) is an infamous procedure we have mostly run into while dealing with banks.
Sadly for the whole blockchain industry we see many ICOs demanding KYC in vain.
Read below why you should boycott such ICOs:

https://medium.com/@filip.poutintsev/why-you-should-boycott-icos-that-demand-kyc-29a5b43904fb

I am having some second thoughts too when it comes to KYC but if I really wanted to participate in an ICO then I would just send my verification documents as I don't want to miss the opportunity. Since some ICOs are regulated in the country they are launch, the SEC requires them to have KYC to their investors and even some bounty participants and it makes me believe that they are legit because they follow the regulation. I am still afraid that my documents would be used for illegal purposes so if I am doubtful of an ICO then I would just wait for the coin to be listed in the exchange for me to buy it without the need of KYC.

Sooner or later, we wouldn't have any choice anymore but to follow the rules which is to provide the verification documents for us to continue earning from cryptocurrencies. We are heading towards mass adoption which would need regulation so that the scams would be lessen. I don't care if the government monitor the movements of our funds and I am willing to pay such taxes.

[kajiado]

They are just protecting themselves from legal liability. We all know how much uncle sam loves his money

[Yuuto]

I don't think that boycott is the right word, but I wouldn't participate in any ICOs that ask me excessive amounts of KYC questions, unless I believe the opportunity is too good to pass up (very rare, imho).

But almost all ICOs these days are under heavy regulation, and that's out of their reach.

I'm definitely against the excessive collection of information for a simple crypto investment, but this is literally what most to all regulated ICOs are doing right now. Nothing we can do about it, other than not participating.

[0Alvaren0]

My main concern with these KYC compliant ICO's is that...what's stopping said company from "leaking" or "selling" your information to the highest bidder? Even Email addresses of known crypto investors are worth quite a lot of money to the right people. IMHO it's a broken solution to a problem that didn't really exist. Just my 2 satoshi

[Leona Lewis]

KYC (Know Your Customer) is an infamous procedure we have mostly run into while dealing with banks.
Sadly for the whole blockchain industry we see many ICOs demanding KYC in vain.
Read below why you should boycott such ICOs:

https://medium.com/@filip.poutintsev/why-you-should-boycott-icos-that-demand-kyc-29a5b43904fb

If you see KYC is required for some ICOs, you can skip it. The bad thing is that some ICOs owners decide to have KYC at the end of ICO. Such projects should be boycotted.

[xuan87]

I agree the main concept of Ico supposed to be anonymous, that is why I never want to join any ICO that required any kyc documents, and because in ICO we only based on trust without any legality I afraid they will misused the documents for themselves

[krassy]

I believe that the KYC is not a bad procedure, it is certainly legitimate and contradicts the concept of decentralization of the blockchain, but if we consider tokens and coins as assets of the campaign and projects that produce them, then this procedure allows campaigns to protect themselves before the inspection bodies.

[bitcoinliker999]

Very enjoyable & Very interesting!

[chessi]

Regulation requirements in many jurisdictions will require KYC more and more. Governments are trying to protect their citizens from taking parts in projects for money laundering or any other illegal activities. In my opinion with time we will see more and more regulation in the field and more requirements from ICOs, including KYC. So I don't think that we need completely avoid such ICOs, but maybe to check deeper why they needed to integrate KYC procedure in the ICO in their particular case. Maybe this is already the requirement of their jurisdiction and they simply comply with the regulation.

[cryptonad]

KYC is against of what blockchain technology is intended to. I do not support project that requires KYC since it is risky to provide our real identity to strangers because we don't know what they will do of our personal details. If you are joining airdrop for example and after you received the token you sell it. Then, your name still on their database even you do not have the specific token with you.

[Gabteb]

With time when most of countries will regulate ICO es all will become with KYC its true that is why secure coins like Monero,Onion will be useable too but its normal market grows and in future we will have  many types of tokens and coins.