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Author Topic: Why I don't Support KYC in cryptocurrency as it is  (Read 2906 times)
Liaalif
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August 01, 2018, 02:13:33 AM
 #101

I agree with your opinion because the KYC request is a fatal error in cryptocurrency and violates the anonymous cryptocurrency
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August 01, 2018, 02:20:29 AM
 #102

It's quite unfortunate things are now turning to go this way with almost all ICOs requesting for KYC participation. The KYC is one of the ways coming from the SEC regulatory body and the governments of some countries in order to check terrorism funding and money laundering. It is all about verification purposes, however, you will get some ICOs with evil intentions to sell the data of participants for their own gains.

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August 01, 2018, 02:23:12 AM
 #103

Many icos now need kyc, but the country where the project is located does not have the supervision of cryptocurrencies!
The cryptocurrency was originally anonymous, and KYC exposed its identity!
There are still many hidden dangers in KYC. What should the criminals do if they steal your information?

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August 01, 2018, 06:17:43 AM
 #104

I am completely agree with you in this. These things are really risky for us. That's why i think giving KYC information to any ICO without a proper investigation is wrong.
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August 01, 2018, 07:11:23 AM
 #105

Dear brother i holistically con-core with your opinion, personally i see the so called KYC as an abomination and a pollution to the crypto kingdom of decentralization, the person demanding for KYC who did He submit his own KYC to " i hop kettle is not trying to call pot black here"

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August 01, 2018, 07:17:15 AM
 #106

It's quite shocking how most of these ICOs put investors to work Al in the name of KYC when even the main technology been used is decentralized and meant to protect Investors identity. Guess it's just a centralised feature in a decentralized Ecosystem. You are just right.





I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.

My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.

Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.

Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.
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August 01, 2018, 07:20:10 AM
 #107

Anyone that read your post will agree with you because you have said the fact on what the document can be use for, regulation will stop all this and any company asking od kyc should be verified by SEC or other  ruling body.
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August 01, 2018, 07:25:52 AM
 #108

No one has said that KYC is perfect and that can't be used by scamers too and other people who can misuse this data in some way.
But it's sometimes up to users will they disclose or not their personal and sensitive data. You should always check who is behind such demand, is this some legit institution or something shady that can't be traced and checked.

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August 01, 2018, 07:51:53 AM
 #109

actually i'm againts KYC especially in exchanger. but now people don't have any other option to do it because site looks like force user to do it. KYC will always have pro and contra because actually bitcoin and other crypto is anonymous

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August 01, 2018, 08:47:43 AM
 #110

You said the real truth. It is really hard to trust any new ICOs nowadays. Everyday the number of ICOs are increasing. The scam projects are increasing too so we should careful about providing KYC.
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August 01, 2018, 08:59:09 AM
 #111

No one will go against your opinion. This is one the main reason i think that ICOs are really risky. I think it is better to trade with well known exchanges with good alt coins.
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August 02, 2018, 02:13:20 PM
 #112

what regulations are is simply this:
governments ask BUSINESSES to police its own customers. and if laundering occurs. to avoid the regulated business getting in troubl the business has to hand over data of a culprit. thus the business is cleared of wrong doing and wont be held accountable.
businesses are not even allowed/suppose to stop the movements of funds or inform the customer that the customer is under investigation. thus its not helpful to real hoonest customers that may make a mistake(if you dont know u done wrong you cant put it right or explain the reason to avoid things going further).

Good point here. The same way that banks are liable for their clients in case of illegal use of money such as laundering, the businesses have to do the same thing. They have to check into the background and be able to report something in case it comes up. That's also why you see nowadays a lot of local sellers on localbitcoins.com saying "no transactions for illegal purposes". Not that they're actually checking that person's ID, they're just covering their own asses in case someone comes back at them. Washing their hands of any possible blame.

Now there is no handing over of info to any regulatory bodies or tax authorities, but that's not to say that there won't ever be in the future. It quite possibly could be pushed in that direction, we never know.
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August 02, 2018, 02:24:38 PM
 #113

I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.

My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.

Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.

Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.

Among other things, those are reasons why I am against KYC too. You just do not know what happens to the data you give away. I just do not feel like it and do not participate in anything that KYC demands. I can not understand the reasons why you have to make KYC. Whenever I open a store, I do not have to have the data of every customer who buys something from me. So why in the crypto world? Just because nothing is regulated, I do not see it, that I should give my data. As long as I am in the crypto world, anonymity was a plus for crypto, which is now being lifted with KYC.  Angry

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August 02, 2018, 02:48:16 PM
 #114

What really is the essence of this KYC of a thing when cryptocurrency is supposed to be fully anonymous and private. I don't like it either
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August 02, 2018, 03:07:06 PM
 #115

You are confusing KYC in cryptos to KYC for 'Tokens' in ICOs.Try to buy bitcoin,Liteocoin or ETH you will never need KYC (in most of the exchanges).However KYC for Tokens is a different aspect all together.Because companies are accepting 'investments' in their projects in return /exchange of Tokens (termed as shares/securities) ,they need to follow AML rules to identify the investors .So KYC docs are required.It is a law.
Try to open a bank account in your country and check if they will open with out KYC.All legal financial transaction require KYC.

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August 02, 2018, 03:10:18 PM
 #116

1 - Start ICO
2 - Get investors details
3 - Save in a file called SUCKERS.TXT
4 - Sell on the darknet
5 - Profit!!
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August 02, 2018, 03:30:35 PM
 #117

You are confusing KYC in cryptos to KYC for 'Tokens' in ICOs.Try to buy bitcoin,Liteocoin or ETH you will never need KYC (in most of the exchanges).However KYC for Tokens is a different aspect all together.Because companies are accepting 'investments' in their projects in return /exchange of Tokens (termed as shares/securities) ,they need to follow AML rules to identify the investors .So KYC docs are required.It is a law.
Try to open a bank account in your country and check if they will open with out KYC.All legal financial transaction require KYC.

What you are telling about token investment kyc procedure is correct but only for those country ICO need kyc other ICO which are fake are using kyc documents for their personal use or other activity's. Why even nowadays exchange are also asking kyc due to restrictions

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August 02, 2018, 04:14:23 PM
 #118

I really don't support this know your customers business, after all the hard work,then then the kyc shows up to condition the reception of tokens,what if someone misplaces there I'd card before that day of the kyc ,he or she ends up not geting what they worked for,I had such experience and it was not funny..
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August 02, 2018, 04:20:37 PM
 #119

In as much as i support the kyc system, i dont really like it when some of these ico projects asked bounty hunters to do kyc before their rewards are sent.
I mean , how i start submitting my vital informations  becsuse of a reward that is less than $30 in most cases.
This is simply ridiculous.

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August 02, 2018, 04:49:29 PM
 #120

It's not just about scams we're speaking about. As far as I concern KYC's are usually useless.
I mean buy a bottle of liquor for a random hobo -  and use his documents and photo as much as you like. Nobody will tell who's the real investor. So KYC just has no meaning. If someone wants to stay anonymous he will stay that way. And there's no need to KYC people who have nothing to hide.

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