KYC is bullshit

[glowing10]

KYC, AML and CFT are a way for companies to protect themselves from legal consequences. If the company engages in AML by selling tokens to the wrong person the company could be shut down, so they need to prove where funds are coming from and who has contributed or received tokens.

This is true as govt of that country may ask them to provide the proof to the people they have sold the coins and their identity so it compulsory for them to have it. But on the other hand investor may not know how their data can be misused like how FB has done and violated the rules by leaking the data and thus if investors feel its not secure or do not know about that ICO or exchange where KYC needs to be done then kindly ignore it and do not submit the KYC.

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[Hueristic]

Once the Internet is available, you cannot rely on the confidentiality of your personal data. Without providing this data, you do not know where it will be stored and who will have access to it. For example, you trust the banks? Any Bank clerk has access to accounts and customer data. The human factor is everywhere.

Agreed! Even when using the social media, we are.already exposing a little of our information.
Everyone knows how much of burden the KYC has given to us. But, on the brighter side, KYC procedures can protect investors and ICO's from illegal activities. Only thing that bothers us is, we are giving out our essential information over to someone we dont know and the risks of your identity to be stolen is high.

A meritful post.

[King Koy]

I do not actually understand the real reason of it until now. I mean I understand if it is only for the investors but asking even the bounty hunters is very funny. However the problem is we do not have a choice if we want to get the opportunity of making money.

[senin]

I don't have a problem with KYC  and  his nothing to fear.

Have you had any problems with the fact that you transferred your confidential data to potential fraudsters from the ICO team? Then you can still be ahead. You are still lucky. However, these problems can still appear in a few years. A big problem may arise or not, depends on whether you live in a police state, or in a more or less civilized state. But while I will not frighten you. However, my advice is not to send your confidential data to unknown people who you will not know where to look, if something happens and when it will be necessary to logically explain how the criminals could learn your details in such detail and whether you are related to them.

[Victorycoin]

I don't have a problem with KYC  and  his nothing to fear.

You are thinking the wrong way.

This is your privacy. Even if you have nothing to hide, if you give your Identification documents, Driver's license, etc, they can be used for criminal activities.

Even if the "owners" of the website do not use your documentation for illegal activities they can sell your data to third party.

KYC is an issue, however it's a regulation downside.

Also sites often get hacked and there's no way to expect all to be well with ones personal information in the hand of a hacker. The governments have simply been looking for ways to break and subdue Bitcoin and flexing the hands of operators with threat of a ban or withdrawal of license should they fail to implement KYC!

[adzino]

I don't have a problem with KYC  and  his nothing to fear.

You don't have problem with KYC? lol and you have nothing to fear? Wait unless you are a victim of identity theft. Once you join an scammy shitty ICO, the developers will not only scam your money, but will also sell your identity to someone else for extra money or use your identity for committing illegal activities. You have to fear about lot of things when handing out your information to some strangers.

[Scripture]

The cryptocurrency system is still anonymous and people still dont know who are they transacting with. Gambling sites or other sites including wallet is different. They have to know who they serve for for security purposes. They also need those identity for your account to be unique and no other people could access.

[ronealdenila]

Chillout man. They are just doing that stuff because they're following the laws to make sure that their project has no problems in the future.

[Oasisman]

Once the Internet is available, you cannot rely on the confidentiality of your personal data. Without providing this data, you do not know where it will be stored and who will have access to it. For example, you trust the banks? Any Bank clerk has access to accounts and customer data. The human factor is everywhere.

Agreed! Even when using the social media, we are.already exposing a little of our information.
Everyone knows how much of burden the KYC has given to us. But, on the brighter side, KYC procedures can protect investors and ICO's from illegal activities. Only thing that bothers us is, we are giving out our essential information over to someone we dont know and the risks of your identity to be stolen is high.

A meritful post.

Thank you I am just being fair and not being on a one sided opinion regarding these KYC procedures, which has caused the other investors to become disappointed with these implementation.

[ConquerGold]

I agree that it's a trend, since crypto is money, and money is supposed to have regulations to prevent illegal activities. If you don't want to give out your information, then don't. You won't lose anything except the opportunity, the same applies to the everyone, and KYC doesn't guarantee a projects success anyway. The point of crypto is to be like cash, but electronically and without having to go through banks.

[Hannahanto]

To avoid illegal use of money they need kyc, there is nothing wrong to produce your documents. Because nowadays kyc is needed in all fields. Normally banks need kyc from their customer. Your fear is correct but qe have to check that we can give the documents to right person or not. We have clearly check really they need kyc for good  purpose then it will be ok to produce. Otherwise if you had a doubt dont give.

[changcloy]

I do not actually understand the real reason of it until now. I mean I understand if it is only for the investors but asking even the bounty hunters is very funny. However the problem is we do not have a choice if we want to get the opportunity of making money.

Yeah, same here I still do not understand why are required to give our KYC even in bounty hunters , it is taking risk to people here like giving our information and there is a big possibility that they will used it in illegality or criminal acts.

[vessing]

To avoid illegal use of money they need kyc, there is nothing wrong to produce your documents. Because nowadays kyc is needed in all fields. Normally banks need kyc from their customer. Your fear is correct but qe have to check that we can give the documents to right person or not. We have clearly check really they need kyc for good  purpose then it will be ok to produce. Otherwise if you had a doubt dont give.

This is the biggest problem in KYC that you can not be sure when you send your documents to KYC, so that scammers do not reach them and do not use them for their own purposes

[samic222]

I do not quite understand how KYC can be useful to customers, it is more likely to be more useful for companies.

[Aleh777]

If it's a legit ICO I would better hand over my documents to them.  Study and analyze the ICO and hand over the ICO the documents. ICO's details like, road map, white papers, investment amount, infrastructure, team members and their profiles would detail you of a legit and non legit ICOs. If you have been following the ICO for few months, you would be made sure of giving KYC to them or not.

[awosesun]

Why the fuck is everything requiring a fucking KYC now, Gambling sites don't even let you fucking withdraw without a fucking CIA style background check but they obviously let you deposit with nothing.

Bpunties used to be fun but now everything requires a fucking KYC.  NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!

THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS

KYC is logical progression as more and more regulations come into crypto space. New ICO projects require them in order to be as compliant as possible to laws. That way they will have less problems in the future when some government agency takes them under closer look.

That being said, there should be no KYC for bounties. I thought that main point of KYC is to stop money laundering. If you are doing bounty you are not investing anything therefore no KYC should be needed.

There is still a lot of gambling sites that don't require KYC. For instance Nitrogen Sports which is one of the best crypto gambling sites for sure, and wbet7 which accepts several altcoins for betting deposits/withdrawals.

i have an account with Nitrogen but i dont know how to go abt their betting sysytem

[Bharat24]

I think KYC is good sign for every people because without KYC we can not identify fake people in crypto world.

[goaldigger]

Because scams and frauds multiply and we need some changes for us to move on and put everything into places. Now , if the site requires KYC and its a part of their regulation, if you do not want to obey them , then better find something without requiring your information. Withdrawing money absolutely needs personal information for security, what do you expect?

[maarx]

Because scams and frauds multiply and we need some changes for us to move on and put everything into places. Now , if the site requires KYC and its a part of their regulation, if you do not want to obey them , then better find something without requiring your information. Withdrawing money absolutely needs personal information for security, what do you expect?

Right. When you are on right move with legit ICOs, then no fall back in giving them the personal documents required to verify your identity. It is indeed needed when so many fraudulent activities are easily taken upon using our personal information shared. So be more aware of giving out your personal documents to anyone. If the documents are required for the right purpose, then don't hesitate giving out them.

[Tigorss]

I think KYC is not bad thing for bounty & token sale because some bad people always try to spamming in everywhere.KYC just helping to identify fraud people i think it's more effective.But i support KYC only for if it look like legitimate project.

the presence of kyc is very helpful when a country wants to regulate the movement of crypto in the country to avoid things that are not in want like theft or others because the kyc does not harm and even protect us as users of crypto and I strongly support this activity.