WHY SHOULD YOU BOYCOTT ICOS THAT DEMAND KYC?

[louie69]

I am also not in favor of ICO that demand kyc to the bounty hunters since they will already know your true identity and who knows that someday it will leak information of the person giving their identities and will be use in illegal activity like scamming or hacking of the person's account. Anonymity will never serve it's purpose in the crypto currency community.

[bitcoinbox]

I will never ever invest in an ICO that makes KYC mandatory. The article explains well all the risks of taking part of the KYC process.
IMO the main risk is a leak of personal data. What happens if the ICO turns into a scam or if the team doesn't secure the data properly?

[sabine80]

I will never ever invest in an ICO that makes KYC mandatory. The article explains well all the risks of taking part of the KYC process.
IMO the main risk is a leak of personal data. What happens if the ICO turns into a scam or if the team doesn't secure the data properly?

that's exactly how it looks like. i do not want to give my data to any people i do not know. no one can say what's really going on with the data. therefore, i also renounce icos, that kyc demands.

[Azzhan]

I don't think KYC is necessary.
Because KYC authentication violated the principle of cryptographic money market anonymity, I did not agree that the bounty thread should be KYC.

[Art99]

Unfortunately I see it as a necessary evil as cryptocurrencies make their way into the mainstream.

[Hallmader]

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

Why do you have to boycott such ICOs? For me, I don't boycott ICOs simply because they are asking for KYC. I invest in ICOs because my personal assessment and the reviews I read about their project are saying that they are going to become successful. The KYC will follow much later. If I found out that the ICO I want to invest asks for KYC then I will just comply rather than totally forgetting the prospective gain that I will have from such ICO investment.

[allycn]

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

For me the main reason I wouldn't participate in an ICO that requires KYC (never say never though), is because since there is no guarantee the ICO will be successful or even meet its softcap, why should I share my info with a project that might not even launch? Why should they make more money for selling my data? ... Please note I always research every project I invest in, in depth, but wanting it or not, luck also plays a factor in the success of the project.

[chipzeru]

I personally don't like the KYC requirement but i think this trend is hard to stop. Almost every ICOs nowadays requires KYC in order to compliant with SEC regulations. Crypterium was the last ICO i invested in that didn't requires KYC.

[matico]

I find it disgusting that an open based platform like ethereum holds so many bankster minded operators of ICO on it's platform demanding kyc for community that it's value is in opposite of KYC! We can not let this continue because we are for freedom not bondage!

[rarg]

I consider KYC positively a good protection for investors and I am not boycotting.  Anonimity is always the game of crypto and there are people who are taking advantage of it.  KYC protects crypto from being used for money laundering and illegal deeds.

LOL, how come you can trust strange people to protect investors personal data?
Even big company like Facebook can leak your data. The crypto world is very so wild, so do not believe in any stranger people easily. I do not think it should be boycotted. A few months ahead I think everyone will be more aware of the importance of personal data. The more people fear of spreading personal data, the ICOs that use KYC will not have big participants.

[Bittalk12]

Are you serious? I hope you know what you are talking about. What if that ICO really is promising and composing of well known and big time team members? What if that ICO already built strong partnership before they will be released in the market? They demand KYC because they have to comply with the rules and regulations set in cryptocurrency to avoid Anti Money Laundering just like what other trading platform does.

[bbdoss]

KYC for ICO is a complete nonsense, since most of them accept crypto only.
I strongly believe that KYC should be performed only when fiat money is exchanged with crypto.

[bolbau]

i think the KYC system is good. this is a transparancy to make sure that the investors and any related to the ICO get their token. and the token that they use is not for a criminal thing. this KYC is already used in the conventional bank long time ago, so for now this is just kind of a collaboration between an ICO and old idea. maybe until we find a good alternatives and solutions about this case.

[charly1987]

Will definitely use it!

[poutintsev]

Why do you have to boycott such ICOs? For me, I don't boycott ICOs simply because they are asking for KYC. I invest in ICOs because my personal assessment and the reviews I read about their project are saying that they are going to become successful. The KYC will follow much later. If I found out that the ICO I want to invest asks for KYC then I will just comply rather than totally forgetting the prospective gain that I will have from such ICO investment.

Because that is the only way to change things. If the majority of ICO investors would boycott ICOs that require KYC, then ICOs would soon notice this and stop demanding KYC.

And the problem would be solved.

[masulum]

if developers not use KYC for ICO investor with huge value, how to avoid people, who use cryptocurrencies for money laundry (example) with join ICO?

I think, we can't blame developer watching investor with KYC, because real dev project will safe investor document and will never sell their investor data.

Last, research before join ICO is the key, if you think not safe to join ICO with KYC, skip it.

[ChampionsoftheChain]

It is a gray area with a lot of good arguments from both sides.  Personally I do not care for KYC procedures and it kind of defeats the purpose of anonymity in this technological space.  The person or group that can satisfy both requirements without opening up a purchaser to full disclosure will get my money for future investments.

[ungongbuotan]

I don't know how it started but recently a lot of ico have implemented kyc. For me I have a mixed feelings about this, yes kyc is a good way to know each other in the ico but some like to keep their privacy for safety purposes. I think kyc should be voluntary and not mandatory, its up to the member if he wanna share his private info and they respect others who choose not to share their private info as well.

[hanson.field]

i think that we don't have to boycott icos with KYC.
I know that privacy is important, and it's not ok for me for example when they ask for cell number, but if crypto wants to be taken seriously, crypto need KYC

[Nagibator007]

personally, I wouldn't participate in an ICO or a bounty that requires knowing your client to do anything. I don't want to disclose my confidential information to people who are not trusted and then my information is sold and then used by hackers to carry out illegal activities.