WHY SHOULD YOU BOYCOTT ICOS THAT DEMAND KYC?

[fortunecrypto]

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 know all this risk, that is why I'm not participating in this kind ICO, even if they are profitable, there's a lot of risks involve giving your information that making a profit from this ICO, anyway there are a lot of ico that do not ask any kind of KYC.

[mummybtc]

It is becoming a concern for me, when they are asking for bank document in the name of KYC, another thing that is of concern now is that it seems they are giving the email and document to other projects, because the number of newsletter I recieved from projects I never subscribe to is on increase, the must be getting these information from somewhere

[CryptoAlphaStar]

I agree that if you are a serial investor in ICOs, having to send your personal information en masse is a risky business. Especially with all the scammy ICOs.
However, whether to boycott these ICOs or not is a personal decision, that involves some missed profits. I passed on some solely because of the KYC. But did another ones that were too lucrative to pass.

[pazzanegro]

I don't see any problems here, why do you need to boycott these icos? kyc ok why not, the are under local law, you should respect them

[Xelpherpolis]

Basically, all projects announce the KYC procedure before the ICO. If you are not satisfied with it, just do not participate in these projects. I don't like this procedure either, but for the sake of a good project, I allow its passage.

[AdoboCandies]

I think they will choose what the best for their ICO but sometimes they ask some weird documents like some bank papers billings but based on my experience some ICO that requires KYC is assuring that their customers are safe and their identity and holdings are safe but some of the SHITICOs uses KYC as an excuse to minimize and remove some of the participants on the Bounty campaign so they will pay less you know and sometimes they announce it after the ICO end so that's disappointing.

[before---dawn]

Very informative!

[bitcoinliker999]

Crypto world is all about freedom. KYC takes that freedom away. By complying with KYC and AML you do not deserve to be called an ICO.

[poutintsev]

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.

Why to comply with SEC regulations if you are not from USA? Why not rather comply with regulations of Morocco or Ecuador where Bitcoin is completely illegal?

[coinbirds]

I would be very careful with KYC as they require sensitive data.
Some projects fail or does not start at all and my question is where all these provided data lending ?
I can understand the purpose of KYC but I think that it is against privacy policy as they should prove first how they will store all these data  according to  GDRP ( General Data Protection Regulation )
Even some airdrops started asking for KYC as well. 
Giving out 3$ and asking for KYC procedure, that is really nonsense.

[legenduim]

ICO with KYC is far away from the main purpose about why cryptocurrency being created
because there is no privacy anymore in cryptocurrency if KYC procedure will be implementated on every crypto project
just my personal opinion  

I agree with you. Carrying out the procedure of the KYC deprives the original idea of anonymity for the sake of which the crypto-currency was created. If everyone starts to pass the KYC, then soon the crypto currency will cease to be anonymous and decentralized.

[ico-services]

KYC is the reason why Bitcoin was invented. To fight the banking mafia. ICOs that require KYC are betraying the whole ICO industry. Shame on them!

[sharkpc2000]

Anonymity is not durable epitomizing the circumstance. They faculty argument it. Therefore, extra and extra ICO faculty compel KYC.

[gazilla]

Whether KYC should be boycotted it all depends on the person I guess. ICO is a product and a product has features and this product is launched on the market, and it is up to the buyer whether he/she wants to buy that certain product/coin. But in general I do not like KYC, but if it is a must oh well.