Why I don't Support KYC in cryptocurrency as it is

[Fmradio98]

That has being my stresses throughout the day. Each time I gat to send the duplicate of my travel permit to a gathering of individuals that requires me. These are the hazard that we can't take care of. Particularly on the off chance that you are an abundance seeker, and you'll get a reward just on the off chance that you pass KYC. However, at that point, this framework has favorable circumstances and burdens

[ShowOffoN]

I agree. That's why it has no regulation hence, if you have to go through KYC, I think, that should be a red flag already. It defeats the purpose of it not being regulated. Banks are very strict with KYC before you can enter into a relationship with them. See how much bank frauds had there been in the history? Identity theft being the number one.

[jemarie20]

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.

Yes I agree with you, because your statement is based on reality, that`s the reason why I am afraid to join  any bounty program that`s required to get your personal information before you can get your rewards by joining their community as advertiser of their project.

[babysweetTiger0401]

You are quite right. Not all KYCs are actually safe for one to do. Apart from ICOs, some airdrops sometimes require KYC of which you will later realize the airdrop to be fake. What then happens to the information they collected? Will it still be safe?

Only few ico are requiring Kyc and sometimes we do nothing but to follow what rules they have if the has a potentials to increase its value. But airdrop requiring kyc is just a bull shit rule with a small amount of money you could get from it they will ask your personal documents, was actually an insane rules.

[Jammypoe]

You have successfully captured my mind and lay it bare here. I have reservations for Bounty requiring KYC. To an extent, ICO needing such too. One could give freely private information they will tell you cannot be disclosed out to the public. And we know controlling third party from getting access to this thing cannot be guaranteed. We have hackers gaining access to more sophisticated database, how much more all these ones. There, they could lay hold on people's private information and use it against you. Before you know it, the cops are on your doorstep for crime you know little or nothing about. This is not Know Your Customer, it is rather Know My Information, and that is exactly what one is giving them on a platter of gold.

[Barcode_]

Only few ico are requiring Kyc and sometimes we do nothing but to follow what rules they have if the has a potentials to increase its value. But airdrop requiring kyc is just a bull shit rule with a small amount of money you could get from it they will ask your personal documents, was actually an insane rules.

I would always avoid taking part in ICOs projects that requires me to submit my personal identity documents to their developer team, I believe it is a very risky action to submit your personal identity documents to a group of people with unknown intentions on what they are going to do with your documents, and I don't think they would have a complete security system to safeguard all those important information of every participants from the hackers.

[Sexie]

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.

Some projects needs kyc to receive  rewards from them. But they said that it is necessary just to trace those people  who have multiple accounts . Those people doing illegal things using cryptocurrencies .So hesitant to give, because  there Will be a transparency with your personal data. But still we trusted those  people behind such project. So just we need to be careful in choosing such projects that Will keep as away kyc.

[Raggie]

Actually, i dont support it as well because it will makes the holders of cryptocurrency known.
I really like the concept of the privacy coin like cryptonight-based coins.
It keep your privacy safe and no one will know your transactions.

[Jhonthor]

Yeah, you are absolutely right, crypto is not regulated but what can be done if almost all the ICOs are asking for KYC? Its like is has become a trend now. If you want to invest in one of your favorite ICO, then there is 90% chance that you'll have to do KYC.

In my opinion, because users or those who request our personal documents are scammers, they must be removed from this procedure.
So I also don't support such ICO Campaigns because I don't trust them. So let's get rid of KYC because it's very dangerous especially for members of our Bitcointalk forum.

[BIOX]

In my opinion I can agree with you.  A lot of ICOs are scam and people just steal money from users. Of course it is a great option to regulate the trading but people should be very careful

[GunsLair]

Well, firstly, all your data, which you provide for KYC, are checked not by the creators of the project but by special companies. All their names are in free access, you can search if you want. Secondly, it's your personal right - to accept or refuse verification. All is simple: if you want to participate in a particular project - follow the rules, don't want to - please, look for a project in which KYC is not required.

[ribowo76]

Basically, I personally feel confused. Isn't KYC supposed to apply only to investors, but now most ICOs require bounty hunters to join KYC as well. I don't know, is that a violation or not?

[MrRiuss]

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.

yes, totally agree with you. no doubt about it. you have a very good point of view. so what is your suggestion in this situation?

[awosesun]

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.

In as much as I don't like KYC, I think one has no choice, if you really want to participate in some ico, then its compulsory for you to do their KYC. But i dont like the idea of airdrop participant doing KYC, at the end of the what u will be given will not even up to 10 dollars.

[Davido1174]

You have a very brilliant suggestion and I keep wondering about it myself. Some projects go as far making an investor  and bounty hunter to do kyc before they can obtain their tokens. They do this mainly to prevent multiple account and to follow the set rules of complying with SEC

[Faysal Mahmud]

There is too much misgiving in KYC process. We give our sensitive information’s through KYC for nothing. On Feb 18, I joined an ICO who didn’t need KYC process actually. But, end of the campaign the ICO manager changed the rule by adding KYC process. It was irritating but I provided all of my personal info’s including my photo for the payment of that ICO. In addition, after 2 weeks I checked their spreadsheet, incredibly I see I was rejected for blog & video. That means, I provided my personal info’s & photo everything for NOTHING actually. Such a bad experience.

[Matic]

It can be that kyc is something law regulated and mandatory in order to proceed with payment but it is really in contradicting with the concept of Bounty Hunters who are preferring to stay anonymous.

[Photographer]

Lol, if I only imagine Satoshi Nakamoto requiring a KYC to every person he has interacted with, I'm laughing myself to death. In fact, KYC should be strictly forbidden in crypto, if we want to adhere to Satoshi's principles.

[BTCHopeful16]

I thought they said cryptocurrency is anonymous. Why are you bow forcing people to do KYC?

[treatWy]

KYC is a form of corruption beyond our comprehension. Why? It is very possible to use your identity without knowing. You pass your e-mail with your personal information. Although, some managers are trustworthy to give your identity. But We are not yet in regulation mode in crypto to make this into new dimension of centralization.