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

[ALAY012]

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.

[norachuks]

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.

[yatsey87]

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.

[Sandijoee]

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.

[bratuha]

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

[bitcoindusts]

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.

[yatsey87]

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.

[Baronggot]

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.

[Jordens]

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.

[m.roth]

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.

[kzozenberg]

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

[Dogtanian]

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.

[classictee]

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

[Olayinka225]

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.

[buternasek]

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.

[winstonchurchillwar]

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.

[T o x i c a l]

I also do not accept KYC in projects. And if a project requires this procedure, then I usually refuse it. Crypto currency for me is a synonym for anonymity.

[Radio-Active]

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, yes i think KYC should not be a requirements for everyone who involving in a cryptocurrency.
But because many scam and fraudulent activities, KYC is required for security reason. So, if the scammer scam peoples, they can be traced by the address and the KYC information.

[yurekaa]

everyone has opinions, including you. very many reject the use of KYC on each bounty because it is vulnerable to being misused but we cannot refuse it. the policy comes from the owner of the coin or the company that will release the coin that held the bounty. so that we can only obey the rules that have been made. KYC exists because many multiple accounts are registered on a bounty.

[Noloveatthistime]

After a long period of investment in ICO projects, I found that projects that did not do well in KYC and support were usually projects that did not have a good future. Those projects often follow the multi-level model, cannot bring too much profit for investors.