Bitcoin Forum
February 26, 2020, 05:29:16 AM *
News: Latest Bitcoin Core release: 0.19.0.1 [Torrent]
 
   Home   Help Search Login Register More  
Pages: « 1 2 [3] 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 »  All
  Print  
Author Topic: Why I don't Support KYC in cryptocurrency as it is  (Read 3012 times)
hirngespenst
Full Member
***
Offline Offline

Activity: 704
Merit: 114



View Profile
July 28, 2018, 11:00:24 PM
 #41

I totally agree with your every point and thank you very much for mention every what if points. Cryptocurrency speaks, works as an anonymous system. You do love the crypto world for its anonymity, decentralized system. Then why you need to provide our every personal detail to an ICO Project company!? Why recently most of the ICO Projects wanting real information and even passport ID too. This is not the right thing to do, we need to do something against KYC. I Also hate KYC system because don't want to share my identity in online to an unknown community or person. KYC procedure should be stopped.

[   B E S T   C H A N G E   ]      Best Rates For Exchanging Cryptocurrency
●              ►              Buy bitcoin with credit card  ✓              ◄              ●
FACEBOOK                TWITTER                INSTAGRAM                TELEGRAM
Advertised sites are not endorsed by the Bitcoin Forum. They may be unsafe, untrustworthy, or illegal in your jurisdiction. Advertise here.
sucre123456
Newbie
*
Offline Offline

Activity: 88
Merit: 0


View Profile WWW
July 28, 2018, 11:04:23 PM
 #42

I am totally in support of KYC. It's a very useful process to guard against illicit activities . On the issue of the company , that's why to do research on any project you intend to invest in .
leopard2
Legendary
*
Offline Offline

Activity: 1371
Merit: 1011



View Profile
July 28, 2018, 11:08:25 PM
 #43

KYC is a very, very bad thing for the customer. KYC is only good for the government. So sad. The only identification one needs in crypto, is a private key, nothing else.  Cool

Truth is the new hatespeech.
pinoyden
Full Member
***
Offline Offline

Activity: 756
Merit: 102



View Profile
July 28, 2018, 11:36:00 PM
 #44

KYC is a very, very bad thing for the customer. KYC is only good for the government. So sad. The only identification one needs in crypto, is a private key, nothing else.  Cool

yes kyc is bad because it causes a lot of hassel . crypto is built to become anonymous , so that people will have a privacy but why will they introduce kyc with it?

I also agree when you said that kyc is only good for governments or for government related purposes such as when applying for a job and you need to get a requirement for your job .
Quote
The only identification one needs in crypto, is a private key, nothing else.  Cool

what about password  and pins ? both of these are also needed in order to access your account aside from private keys . private keys are only  needed for account recovery.
BountyGram
Jr. Member
*
Offline Offline

Activity: 56
Merit: 1


View Profile
July 28, 2018, 11:39:01 PM
 #45

KYC is a very, very bad thing for the customer. KYC is only good for the government. So sad. The only identification one needs in crypto, is a private key, nothing else.  Cool
I agree, because giving your own personal information is not safe now a days, also the thing is, it they will have your information and they can also use it for other reasons.
Dannaey
Full Member
***
Offline Offline

Activity: 405
Merit: 100


StableDex | Decentralized, Secure & Cost Effective


View Profile
July 28, 2018, 11:40:29 PM
 #46

That's what worries me all the time I will pass and send the copy of my passport to a group of people that requires me. These are the risk that we cannot do anything about. Especially if you are a bounty hunter, and you'll get a reward only if you pass KYC. But then, this system has advantages and disadvantages. It's just that, advantages should be way more than disadvantages.

Mariela
Jr. Member
*
Offline Offline

Activity: 224
Merit: 2


View Profile
July 28, 2018, 11:47:14 PM
 #47

Your right man.but I think this requirements is for the security of everybody to avoid spammers and multiple accounts.
Although it is additional work for any individual but these is the rules of some icos. So we need to do it.
frankbeard
Jr. Member
*
Offline Offline

Activity: 72
Merit: 1


View Profile
July 28, 2018, 11:56:39 PM
 #48

I agree with your stance.  Anyone who asks you to send your documents over the internet (UNSECURE) to be looked at by their employees who you do not know (UNSECURE) and then stored god knows where and in how many places all for the hackers to get at and steal your identity (UNSECURE).

Any project that asks for this clearly does not get what crypto is all about and does not deserve my time.
brooklynian
Member
**
Offline Offline

Activity: 392
Merit: 10


View Profile
July 29, 2018, 12:11:43 AM
 #49

Thank you so much for the enlightenment and I am very sure everybody will find if very useful. You have said it all. Leaving your informations on a platform whose source you can't verify is risky. There are several scam ICOs nowadays and identifying the authentic ICOs is very difficult. Since cryptocurrency is not regulated, any information you supply on any platform is at your own risk.
Miklight88
Copper Member
Jr. Member
*
Offline Offline

Activity: 238
Merit: 1

GDZKVBV3L3JU5TFDBWMUMPZAHD3OSM2I3TAJRWPG7KU5U4UZCI


View Profile
July 29, 2018, 01:40:17 AM
 #50

Good point there , infact am do impressed with your point, I also wonder why should we be using our details for ico's when we can't even see or know people behind the project and our sensitive information is being asked of, more so crypto is all about decentralized and there is no regulation board in crypto that has to do with our details, so why should we , I think we all need to go against this kyc of a thing and made it known that if that their project can do with out kyc then they should pack their load and am sure if this happen the word kyc will be bye gone.
Flowerbiuq
Newbie
*
Offline Offline

Activity: 55
Merit: 0


View Profile
July 29, 2018, 01:42:37 AM
 #51

I've always had such worries. There are many projects that need KYC, but most of ICO is a loss. Some items may be just to get your KYC.
pooya87
Legendary
*
Online Online

Activity: 1932
Merit: 2372


Remember tonight for it's the beginning of forever


View Profile
July 29, 2018, 02:18:06 AM
 #52

when there is a big market of gullible newbies who would do anything for the smallest possibility of making a small amount of money, then you can see constant cases of scams after scams from those who want to take advantage of these gullible newbies and make themselves rich. and one of them is what you see with the ICOs. all these ID scans they are gathering will soon end up in the dark market, blackhat places and will be sold to be used for evil purposes. and people keep on trusting them just because they are calling it "KYC" and there is a small chance of profit.

Dexion
Full Member
***
Offline Offline

Activity: 672
Merit: 101



View Profile
July 29, 2018, 04:23:50 AM
 #53

I will not comment anymore, some of your reasons are very reasonable, in general crypto has no rules.

but ICO has rules, and we better follow ICO rules, because ICO has many considerations, I think ICO team is also worried if they will suffer losses and fraud, because many members are detrimental to the team. and we also worry that our identity is being used for criminality.

if you complain with KYC, do you know about the abused KYC victim information?

butterflies04
Full Member
***
Offline Offline

Activity: 219
Merit: 100



View Profile WWW
July 29, 2018, 04:34:24 AM
 #54

The KYC process if for the naive, gullible and greedy.  People trying to get rich always attract the identity thieves and scam artists.  I avoid all KYC as I do not want to fall victim of identity theft. 

vintages
Full Member
***
Offline Offline

Activity: 840
Merit: 141


View Profile
July 29, 2018, 04:41:10 AM
Last edit: July 29, 2018, 05:00:03 AM by vintages
 #55

I like  the last statement of yours; "as long as there is no Cryptocurrency Regulation, then there should be NO KYC." this is only what I think that should be considered before KYC. Though, every developers who are requesting  for KYC are not all criminals but most times doing it for the sake of the investors whom are restricted from investing on certain countries but this should be after developers are KYC verified.

TravelMug
Sr. Member
****
Offline Offline

Activity: 1106
Merit: 391


OWNR - Store all crypto in one app.


View Profile
July 29, 2018, 06:18:04 AM
 #56

< snip>

Yeah, I totally understand your arguments here. And why would someone give his sensitive information for just a penny? Only those gullible newbies will fall for this trap that's why I was quite surprise for some ICO requiring KYC and such. And there are reports from the past the they have been hacked, and the KYC of all of their customers were leaked already. So that is the biggest drawback that I see and when your data is leaked, just hope that your data will not be used for illegal activity otherwise you are doom.

      Licensed service.
BUY CRYPTO AT REASONABLE RATES
&OTHER
COINS
()VISA     mastercard
SPA   UnionPay
hakertajniak
Member
**
Offline Offline

Activity: 448
Merit: 10

https://saturn.black


View Profile
July 29, 2018, 07:43:38 AM
 #57

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 am agree with you. Cryptocurrency is decentralized, it should not need identity of the investors.
But we are not 100% crypto, the funds collected by ICO will convert back to fiat money to running the operation of company.
fiat currency = regulation, so KYC is still required.

SATURN
Liquidity providerfor crypto markets Cross-chain Exchange & OTC trading Platform
✦ ────────  Facebook Twitter ♦  Telegram ♦  Blog ♦  Bitcointalk   ──────── ✦
henke1
Jr. Member
*
Offline Offline

Activity: 258
Merit: 2


View Profile
July 29, 2018, 07:55:12 AM
 #58

There's a Bigger Scam Than Anything in Crypto, It's Called KYC/AML
Quote
An entire country, Somalia, began to starve because U.K. banks decided it was not worth the bother to bank remittance services. Forty percent of the country's population relied on these remittances – people sending their hard-earned savings home to feed their families. The U.K. banks' excuse: payments to Somalia were "high-risk," a euphemism for not worth the compliance cost of dealing with people with poor documentation. Invariably, those who pay the highest cost are society's weakest.
https://www.coindesk.com/theres-a-bigger-scam-than-anything-in-crypto-its-called-kyc-aml/

Quote
Founded in 2012, TransferGo currently has “over 600,000” registered users and is partnered with thirty banks.
A remittance is the transfer of money from a foreign worker to another individual across international borders. In 2017, global remittance flows to developing countries reached a massive $466 billion.
https://cointelegraph.com/news/uk-remittance-service-transfergo-adds-crypto-trading-in-world-first
maichimoto
Newbie
*
Offline Offline

Activity: 238
Merit: 0


View Profile
July 29, 2018, 07:55:23 AM
 #59

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.

you're speaking like you're obliged to participate in the ICOs and give them your data. Let me tell you it's based on the free will. If you decide to invest, then you're taking whole package, including KYC
Joe103
Newbie
*
Offline Offline

Activity: 71
Merit: 0


View Profile
July 29, 2018, 06:13:26 PM
 #60

I also don't support this KYC of a thing. Most of the KYCs are even scam on their own and therefore should be stopped. Besides, cryptocurrency transactions are supposed to be anonymous.
Pages: « 1 2 [3] 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 »  All
  Print  
 
Jump to:  

Sponsored by , a Bitcoin-accepting VPN.
Powered by MySQL Powered by PHP Powered by SMF 1.1.19 | SMF © 2006-2009, Simple Machines Valid XHTML 1.0! Valid CSS!