KYC is bullshit

[dunfida]

It's a bit frustation but when they require us to give KYC means that they are need something that act as collateral because they may experience many scam at past so they want to prevent bad things in the future.
Personally, I will give my KYC only if I trust the project 100% !

There are really cases which is exceptional where we do really risk out or considered to give out our own information if we do see its really worth to do such thing.KYC on ICO do still need research if its legit or not, KYC for gambling sites its a NO for me and other related stuff when it comes to KYC do depends on the situation.

It's a bit frustation but when they require us to give KYC means that they are need something that act as collateral because they may experience many scam at past so they want to prevent bad things in the future.
Personally, I will give my KYC only if I trust the project 100% !

If I followed your logic I wouldn't give my information to anyone because I only trust myself 100%, even my wife would get 99%, and an online project launched by someone who I didn't even meet in person would be at 50% tops.

We do really only trust ourselves 100% and i do laugh out when your wife do have 99%, wheres that 1% goes? 

[coincruncher1982]

It's a bit frustation but when they require us to give KYC means that they are need something that act as collateral because they may experience many scam at past so they want to prevent bad things in the future.
Personally, I will give my KYC only if I trust the project 100% !

If I followed your logic I wouldn't give my information to anyone because I only trust myself 100%, even my wife would get 99%, and an online project launched by someone who I didn't even meet in person would be at 50% tops.

Nobody knows your details if you don't use KYC? What about everywhere else that has your data? Your mobile phone. Your internet. Your banking. Your Subway loyalty card. Are you a ghost? (...)

A bank can't compare to a coin exchange or an ICO. I had to set up a bank account even before I was 18 because this was the only way to get a job or receive scholarship. You have to do it or you won't be getting any money, ever. That's how the modern society is built. So, I didn't want to be a poor hermit all my life gathering berries and begging for money, I went to a bank and gave them my information.
This doesn't mean that I have to share this information with random people in the Internet. You can allow one or two companies to have your data and be completely fine. Start giving it away online and you'll get into trouble sooner or later and when that happens you won't even be able to tell who sold you. I feel rather safe knowing that if someone steals my identity it had to be the bank, or some other government institution, because nobody else has it. How about you?

Great points. I 100% agree with you.

[Lehbane]

Having KYC is not bad since you have to provide some information about you, but some are eve requiring proof of bill that is in your name, how does even student can give such document for electric bill and they are still living with their parent.
Then some are even asking for passport and don't considered a national or government issued ID are you applying for immigration? Some project seems to be stupid if they even asking for police clearance with ID picture, looks like we are applying for loan.

[coincruncher1982]

Having KYC is not bad since you have to provide some information about you, but some are eve requiring proof of bill that is in your name, how does even student can give such document for electric bill and they are still living with their parent.
Then some are even asking for passport and don't considered a national or government issued ID are you applying for immigration? Some project seems to be stupid if they even asking for police clearance with ID picture, looks like we are applying for loan.

No amount of KYC is good and the police clearance is INSANE. Not even banks ask for this info. Sounds like an excuse to just not pay people.

[crzy]

Having KYC is not bad since you have to provide some information about you, but some are eve requiring proof of bill that is in your name, how does even student can give such document for electric bill and they are still living with their parent.
Then some are even asking for passport and don't considered a national or government issued ID are you applying for immigration? Some project seems to be stupid if they even asking for police clearance with ID picture, looks like we are applying for loan.

No amount of KYC is good and the police clearance is INSANE. Not even banks ask for this info. Sounds like an excuse to just not pay people.

Sad thing is that, we cannot stop this KYC because some exchanges are now required by the government for this kind of information. Though I don't see any reason why do you need to fill up a KYC form for an airdrop, its quiet smell fishy if those airdrops asked for you to fill up the KYC form, be careful on this.

[coincruncher1982]

Having KYC is not bad since you have to provide some information about you, but some are eve requiring proof of bill that is in your name, how does even student can give such document for electric bill and they are still living with their parent.
Then some are even asking for passport and don't considered a national or government issued ID are you applying for immigration? Some project seems to be stupid if they even asking for police clearance with ID picture, looks like we are applying for loan.

No amount of KYC is good and the police clearance is INSANE. Not even banks ask for this info. Sounds like an excuse to just not pay people.

Sad thing is that, we cannot stop this KYC because some exchanges are now required by the government for this kind of information. Though I don't see any reason why do you need to fill up a KYC form for an airdrop, its quiet smell fishy if those airdrops asked for you to fill up the KYC form, be careful on this.

Yeah this is true that some exchanges are required by the government to do it IF they handle FIAT since many governments require a money changer license for that.

[Hueristic]

It's a bit frustation but when they require us to give KYC means that they are need something that act as collateral because they may experience many scam at past so they want to prevent bad things in the future.
Personally, I will give my KYC only if I trust the project 100% !

If I followed your logic I wouldn't give my information to anyone because I only trust myself 100%, even my wife would get 99%, and an online project launched by someone who I didn't even meet in person would be at 50% tops.

Nobody knows your details if you don't use KYC? What about everywhere else that has your data? Your mobile phone. Your internet. Your banking. Your Subway loyalty card. Are you a ghost? (...)

A bank can't compare to a coin exchange or an ICO. I had to set up a bank account even before I was 18 because this was the only way to get a job or receive scholarship. You have to do it or you won't be getting any money, ever. That's how the modern society is built. So, I didn't want to be a poor hermit all my life gathering berries and begging for money, I went to a bank and gave them my information.
This doesn't mean that I have to share this information with random people in the Internet. You can allow one or two companies to have your data and be completely fine. Start giving it away online and you'll get into trouble sooner or later and when that happens you won't even be able to tell who sold you. I feel rather safe knowing that if someone steals my identity it had to be the bank, or some other government institution, because nobody else has it. How about you?

Great points. I 100% agree with you.

I 99% agree.

[stomachgrowls]

It's a bit frustation but when they require us to give KYC means that they are need something that act as collateral because they may experience many scam at past so they want to prevent bad things in the future.
Personally, I will give my KYC only if I trust the project 100% !

If I followed your logic I wouldn't give my information to anyone because I only trust myself 100%, even my wife would get 99%, and an online project launched by someone who I didn't even meet in person would be at 50% tops.

Nobody knows your details if you don't use KYC? What about everywhere else that has your data? Your mobile phone. Your internet. Your banking. Your Subway loyalty card. Are you a ghost? (...)

A bank can't compare to a coin exchange or an ICO. I had to set up a bank account even before I was 18 because this was the only way to get a job or receive scholarship. You have to do it or you won't be getting any money, ever. That's how the modern society is built. So, I didn't want to be a poor hermit all my life gathering berries and begging for money, I went to a bank and gave them my information.
This doesn't mean that I have to share this information with random people in the Internet. You can allow one or two companies to have your data and be completely fine. Start giving it away online and you'll get into trouble sooner or later and when that happens you won't even be able to tell who sold you. I feel rather safe knowing that if someone steals my identity it had to be the bank, or some other government institution, because nobody else has it. How about you?

Great points. I 100% agree with you.

I 99% agree.

Can i put up 101%? 

By the way, even we do insist or not tend to give out informations online but still we already done such thing where it has being mentioned even just as simple with our bank informations they do already possess out our personal informations which even those institutions we arent still sure if we can assure those informations given would really be on safe side or wont really be used into other purpose.The thing differentiates when it comes to online is on how fast they do spread out.

[marcbitcoins]

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

Then do not join Bitcoin trading and investments as you think KYC is not good for you. If you prefer to always gambling because there is no KYC then good luck because its up to you but i could say no one complaining because of mistaken identity that their profiles was used in illegal activities after they past the KYC requirements. For me, as long as you and the ICO are both legit then therefore there is nothing wrong with the KYC.

[AmaZixOfficial]

It's a good point to mention that "the whole point of crypto is to stay anonymous" (even though that's actually not the whole point). If you truly believe your goal is to stay anonymous, then you should be looking for more decentralized options. Using decentralized exchanges or P2P exchanges. Or supporting projects that don't infringe on your rights.

You should remember that you're not forced to participate in these programs requiring KYC, and that if you do want to participate, you have to respect their wishes to be compliant within their respective jurisdictions.

[Harlot]

Even if this currencies are built with functions of being anonymous the companies, services, people accepting it are not. Everyone earning money is in fact is still liable to pay their taxes. Even if he or she is earning cryptocurrencies it does not make them exempted in their income taxes. Also this establishments are required to abide with the law and if the government ask then to require KYC they don't have any choice to require or else they would be put down. You must understand that cryptocurrencies cannot remain anonymous forever.

[svendoto23]

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

How could you say that you are not giving any personal information to KYC if it have a huge payment ahead of you.

I'm trying to be wise I know it has risk for giving out your personal information for once, but it has a huge profit ill probably fill up a KYC form.

And how the fuck do you have bounty campaign if you are just a newbie. So this is your Alt account right ?

[kyteguyvn]

KYC is much to have information of user, this process prevent the money laundry. KYC is good if the if the organization is reputable and keeps your information confidential. But it would be a problem if you provided information for fake projects, they could sell your personal data to others.

[DeadCoin]

It depends on the ICOs and individuals dude. When KYC is asked by a legit ICO, its worth giving out for goods. When you think that the is not a legit ICO and is asking for documentations, Kindly consider before giving out. KYC is usually asked when few govts do not accept crypto currencies and have set rules as any ICOs should not influence or draw their citizens towards them to invest in. So the ICOs in order to make sure that deal with investors other than the ones prohibited, they ask for KYC. Just understand it mate.

[drm]

If you have a clear conscience, why fear KYC? There is reason why ICOs do it, and it is because of the law and the rules in their jurisdiction. As cryptocurrency are getting readily adopted by the world, be ready for regulatory measures such as KYC / AML checks.

So if you have a clear conscience and are a good person, you should have no problem handing out your private information to others?
You're implying that people who are against this or do not want to this would have something to hide.

[pawel7777]

KYC is much to have information of user, this process prevent the money laundry. KYC is good if the if the organization is reputable and keeps your information confidential. But it would be a problem if you provided information for fake projects, they could sell your personal data to others.

That's the problem right there. Absolute vast majority of ICOs are created by newly created organisations with no track record. And even if you consider them legit (i.e. because of non-anonymous, trusted devs), you still don't know how and who will be dealing with your personal documents. High-volume account verification and processing of docs is likely to be done by entry level, low-paid staff, so the risk of rogue employee mishandling/stealing/selling your personal info can be pretty high.

It's best practice for the newly formed organisations, or small companies to outsource verification process to more established, specialised entities.

[rat03gopoh]

KYC is much to have information of user, this process prevent the money laundry. KYC is good if the if the organization is reputable and keeps your information confidential. But it would be a problem if you provided information for fake projects, they could sell your personal data to others.

This is the point. How to solve this problem? even they do not attach their company's legality documents to the website (such as the way they requested KYC). If the reason for KYC is only for a security of scam, who is more likely to do that? They or us? They get our identity, we get nothing.

[kyteguyvn]

This is the point. How to solve this problem? even they do not attach their company's legality documents to the website (such as the way they requested KYC). If the reason for KYC is only for a security of scam, who is more likely to do that? They or us? They get our identity, we get nothing.

I think if you want to get profit you have to accept the risky. KYC is risky, too. Why you accept to do their KYC ? Because you want to buy the ICO and get free coin for airdrop, bounty, ... and expect a highly profit reward. So you have to the risk to showing your personal data.
Before do KYC please think is it worth to provide the personal data? It's OK If KYC for reputation exchange platforms like Bitfinex, Coinbase,...or big ICOs will bring highly profit return. Show personal data for airdrop or shit ICOs doesn't worth.

[Taki]

Yes, cryptos made to be anonymous, but we just have to play by new KYC rules if we want to stay. I also do not like new politic, but I registered on the exchanger that I use long time ago and they do not ask for any private info from old users. For me it's more important - can they guarantee safety of our info?

[SuperD007]

KYC is BS.

People need to wake up and stop blindly trusting their governments.