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Author Topic: Why I don't Support KYC in cryptocurrency as it is  (Read 2872 times)
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September 06, 2018, 08:19:13 PM
 #261

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.

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September 10, 2018, 04:47:29 PM
 #262

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.

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September 12, 2018, 04:07:04 PM
 #263

I thought they said cryptocurrency is anonymous. Why are you bow forcing people to do KYC?
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September 12, 2018, 04:19:30 PM
 #264

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.

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September 12, 2018, 05:44:44 PM
 #265

I agree with you mate. Me? I'm very supine to do KYC. If bounties have a KYC form and it's mandatory, I'll leave it. I did KYC in all major exchanges only, not in ICO sites because I thinked what you thinked.
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September 12, 2018, 06:05:43 PM
 #266

I totally agree with you and i always wonder why they should ask for such details. The amazing one is statement of account and i kept on wondering why. If it is for KYC to stop please it should.

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September 12, 2018, 06:12:13 PM
 #267

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.

This comes down to trust more than anything. I wouldn't trust some random ICOs with this sort of information, but you certainly will likely have to trust some online companies with such info to be able to use exchanges online. If you're fundamentally against KYC though I would avoid online exchanges altogether and deal with cash only or unregulated exchanges that don't require KYC verification (though use at your own risk).

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.

Where have you heard this? There may be no direct regulation over the actual bitcoin network but there is certainly regulations with things like exchanges or other such mediums or third parties that utilize bitcoin, but those will differ country by country. Places like the UK and US usually require exchanges at least to comply with KYC and AML laws.
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September 12, 2018, 06:35:12 PM
 #268

I also do not understand or are confused about KYC like this, why should there be cryptocurrency. I think it makes us complicated or makes us difficult to know cryptocurrency. I agree with you KYC must not exist.
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September 12, 2018, 06:48:53 PM
 #269

KYC in cryptocurrency need for government. Because they can to watch for "crypto man"  Cool

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September 13, 2018, 08:20:57 AM
 #270

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.

That's a really tough one there Faysal.  Having complied with the KYC requirement just to have your Blog & Video application rejected by them is really a bummer.

That's why i personally think that KYC should be imposed on Project Investors, not for bounty participants. I somehow conclude that ICOs are doing this to gain enough records on their database to show others that they have a flux of supporters (and at times refer them as investors too) willing to undergo KYC just to be able to support their cause.

There's really a lot going through with the KYC issue at hand. It will be wise to take precautions everytime before submitting yourself to a KYC.
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September 13, 2018, 11:18:52 AM
 #271

I also do not understand or are confused about KYC like this, why should there be cryptocurrency. I think it makes us complicated or makes us difficult to know cryptocurrency. I agree with you KYC must not exist.

What are you confused about? Would you ask something similar like why should there be laws? Most people know not to murder or steal without having laws or regulations prohibiting and punishing the bad behavior, but of course there are those who don't care about such laws and murder and steal any way. Regulations are just laws meant to protect the consumer and prevent criminals using bitcoin and such services that utilize bitcoin to commit crimes such as money laundering and so on. Granted, we do not need them and most people can use bitcoin for its intended purpose and have no interest in breaking any laws by using it, but there are people who are the opposite and that's why things like AML and KYC laws exist and there's nothing we can do about that. As I said above though, if you are fundamentally against them you can use services that don't have such regulations but beware you may be using illegal services or breaking the law in doing so but that's up to you to whether you use them or not.
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September 13, 2018, 03:30:08 PM
 #272

KYC is one of the trends in crypto investment nowadays as it aims to prevent bad elements for money laundering. In that context, it seems both parties (ICO and investor) have a mutual agreement and both parties are benefited through it. But it is also a risk for investors and even for bounty hunters if they submit KYC for verification before they can invest or get the bounty tokens simply because the information they sent can be use by others as a tool for criminal activities.

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September 13, 2018, 03:34:10 PM
 #273

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.
Well, a lot of currently still weak coins that have not evolved enough and invest in which is very dangerous for you, because there is a great risk and ignorance of the coin.

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September 13, 2018, 04:51:04 PM
 #274

If an ICO wants to go more legit within the existing world and comply with certain authorities, you most certainly need to do a kyc. If you want to reach traditional investors, this is the way to go also to be tradable on upcoming security token exchanges such as Polymath GBX or tZERO. I think the development of blockchain goes quicker in finding a way between evolution and revolution, implement it in the existing world and get a bit away from the thoughts of max disruption.

Anonymity was most probably one of the core ideas of the bitcoin network, but chaos was maybe not. Imo a system needs to operate in a somehow regulated framework, there should not be any profiting third party though. I further understand the privacy concerns and fear of data abuse. This again, i think will clearly be a part of the future technology dominant world, and we need to have kind of a digital identity. Therefore, data and IT security have a huge relevance within this area where it's all about trust.
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September 13, 2018, 05:14:25 PM
 #275

That's good ! Already a lot of countries have legalized bitcoin ! Today I learned that Iran and Uzbekistan joined this list !

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September 13, 2018, 05:17:14 PM
 #276

If an ICO wants to go more legit within the existing world and comply with certain authorities, you most certainly need to do a kyc. If you want to reach traditional investors, this is the way to go also to be tradable on upcoming security token exchanges such as Polymath GBX or tZERO. I think the development of blockchain goes quicker in finding a way between evolution and revolution, implement it in the existing world and get a bit away from the thoughts of max disruption.

Anonymity was most probably one of the core ideas of the bitcoin network, but chaos was maybe not. Imo a system needs to operate in a somehow regulated framework, there should not be any profiting third party though. I further understand the privacy concerns and fear of data abuse. This again, i think will clearly be a part of the future technology dominant world, and we need to have kind of a digital identity. Therefore, data and IT security have a huge relevance within this area where it's all about trust.

It's probably not that they 'want' to go legit but are now being forced to because not doing so is illegal. Lets be honest, it was only a matter of time before the authorities started clamping down on the wild wild west that the ICO market has become. It's basically a free for all for scammers and they've certainly been taking advantage of it.
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September 13, 2018, 05:21:55 PM
 #277

The use kyc in crypto currency is some how dangerous and there are many scammer this days. Giving out information is dangerous and whoever that has fall a victim of utilizing there information for fraud act will never think of giving out his or her info again

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September 13, 2018, 05:48:28 PM
 #278

I so much agreed with you. But on other hand, I must say that, if an ICO is to go smoothly and prohibit fake and fraudulent registration, KYC must be done for such ICO. Lot's of participants are using the medium of no KYC to fraud lot's project.

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September 13, 2018, 05:53:25 PM
 #279

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.
I really agree with your opinion, this should be a truly anonymous trade, and I also doubt the project that asks for our identity. I prefer if our identity is kept secret.
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September 13, 2018, 06:08:20 PM
 #280

I also believe that kyc very much violates the rules of the world of cryptocurrencies but if the government can not cooperate with any state then it is necessary in particular for the ICO.

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