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Author Topic: Why I don't Support KYC in cryptocurrency as it is  (Read 3012 times)
Wintersoldier
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August 04, 2018, 01:52:02 PM
 #161

Because it is also a part of supporting the campaign it self. The process of knowing the customer for ICO or KYC is also a part of the development of the project where people behind the project need to get to know the official tally of people who are supporting their project for them to know if it will going to be successful or not. It is also the process of limiting the possibility to cheat on the campaign where the host will have the time to manage the users of their platform of the future and have the time to have a further development in the future.

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dioanna
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August 04, 2018, 01:59:22 PM
 #162

KYC in any case, conflict with one of the most significant foundational theories of the blockchain which is the primary innovation behind digital forms of money which is secrecy. Digital money exchanges should be untraceable and unknown.

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August 04, 2018, 02:05:32 PM
 #163

I sincerely support your view, some ICOs even go as far as demanding for information that ought to be very private, such as your current residential address if it is different from the address in your Identity Card.
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August 04, 2018, 02:07:30 PM
 #164

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.

That's the reasonable question to rise against KYC verification requirement in cryptocurrency or ICOs. Even the $100 Mln raised ICO projects are going greedy and running away investors money just for personal gains, I won't surprise if such ICO projects were selling the user data for more money.
I think that would probably happen, they can also get benefits of selling the user's data not only for more money, but, also they can use it to make other projects and add those data's to become more realistic and to be trusted by other people and also investors.
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August 04, 2018, 02:28:05 PM
 #165

KYC in the crypto is a very ridiculous thing, there is nothing to show that the kyc it is more transparent. So I'm always shy when KYC these programs

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August 04, 2018, 06:16:29 PM
 #166

KYC in many cases is just a fiction, I personally know one guy who sells affectionate re kyc documents of course I'm not using his services, but anyway I think this is in saying that you can use other person's documents to prove your multiaccounts, like they do.

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August 04, 2018, 07:04:26 PM
 #167

Sincerely you are right but actually what brings about KYC, what is it essence, Is it really needed, and without it will it have effect on the ICO. I think KYC is to curb cheating. Moreover if you have been able to invest your hardly earned money into some investment you don't know then there is no need to be scared of KYC  Smiley Smiley

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August 04, 2018, 07:46:12 PM
 #168

In my personal opinion I just hate KYC system because don't want to share my identity in online to an unknown community or person. In that ease of it there are risks, especially the risk of our data used by irresponsible parties, for their own interests. I think KYC in the crypto is a very ridiculous thing, and now I avoid all KYC as I do not want to fall victim of identity theft.
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August 04, 2018, 08:57:16 PM
 #169

From the comments I have read so far, it appears that most people are not in support of this KYC. So, what can be done about it?
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August 04, 2018, 09:05:04 PM
 #170

I think I am on the same side with you man. I don't understand why blockchain is fully anonymous yet ICO project manager and bounty managers still want to do kyc. I think they monetize our personal data. Currently I have been receiving emails from projects I have not even sign up for. My telegram contacts keep increasing for no reason. I dont support KYC either and I wish there are other ways to check legitimacy aside KYC.
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August 04, 2018, 10:04:25 PM
 #171

I think I am on the same side with you man. I don't understand why blockchain is fully anonymous yet ICO project manager and bounty managers still want to do kyc. I think they monetize our personal data. Currently I have been receiving emails from projects I have not even sign up for. My telegram contacts keep increasing for no reason. I dont support KYC either and I wish there are other ways to check legitimacy aside KYC.

I dont think that their is any other option apart from KYC to check the investors are genuine and the funds invested in ICO are legal and their is not any money laundering in any ICO. But due to some ICO which are from country where i dont think that KYC  needed as their is still not any legal status or regulations regarding crypto currency usage. So we have to check which ICO you are investing and whether they are genuine or not, then only you can give your KYC documents.

 
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August 04, 2018, 10:19:08 PM
 #172

Exactly true. One of the greatest causes of cryptocurrency is that the identity is unknown. But nowadays we can not trade at any place until we approve of our identity. This also has the right sides, but without cryptocurrency there was a terror. Decentralized exchanges are also can manage. We just came to a situation where we are forced to use it.
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August 04, 2018, 10:35:42 PM
 #173

Well, I definitely agree with you. Most times when filling a KYC  form, you are required to input your email. I have been receiving all kinds of emails, asking me to subscribe or invest in some kind of ICO.  It will be better that all ICOs take away KYCs...
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August 04, 2018, 10:43:48 PM
 #174

Because all the details, information about yourself are all there.  I think,  that is better if the information will be very confidential and they keep it in private.

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August 05, 2018, 01:10:25 PM
 #175

I buybibto your points and ideas. You're damn right. This is coming at a time identity theft is currently trending. Releasing such sensitive information could impinge negatively on one. But, the lure of financial rewards won't make us all see the truth behind it. So sad.
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August 09, 2018, 01:17:05 PM
 #176

Unfortunately production company and people in parliament is very often to wants that people had  KYC.
Of course the problems which you wrote very actual in this time. Be careful when to want to find a company
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August 09, 2018, 01:24:41 PM
 #177

I also agree with you.. I don't think there is any need of kyc. becoz the crypto isn't regulated yet. Than how can i petition about my loss to authority?
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August 09, 2018, 01:31:09 PM
 #178

Yes I totally agree with you. I also want to know why some of ICO projects needs KYC if the investor are willing to invest in their project. I think they don't need it as long as the people wants to invest to them. They are like online stores, no need to submit KYC just to buy their goods.

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August 09, 2018, 01:56:42 PM
 #179

Totally agree with you. KYC is so annoying because you let them keep all your identity even you don't know them and no assurance how they're going to secure your documents but you don't have a choice because if you won't comply you can't invest or buy.
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August 09, 2018, 01:59:28 PM
 #180

You made a whole lot of sense Bro. Henceforth I will be more careful sharing my sensitive data with faceless organizations and individuals, it's quite risky. One can be arrested for a crime he/she knows nothing about. Thanks for the enlightenment. Cheers mate
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