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Author Topic: Why I don't Support KYC in cryptocurrency as it is  (Read 3012 times)
Findingnemo
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July 31, 2018, 07:50:44 PM
 #81

Actually we no need KYC to use our cryptos they are just needed while we are cashing out,so better move from the old system and stat use bitcoin as bitcoin then you no need to provide any details to anyone.

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July 31, 2018, 08:31:53 PM
 #82

Well in crypto KYC is not necessary because anyone can invest as long as you have money.Its not like saving your money in banks the needs KYC.In crypto as long as you have money you can invest instantly without the hassle of providing documents for KYC.
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July 31, 2018, 08:39:24 PM
 #83

I agree with you. From experience I know not all KYC are that much safe. I have friends who suffer this before.
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July 31, 2018, 08:47:17 PM
 #84

Probably the best thing we can do about this is to be careful in participating in ICOs and such. If you don't see any verified physical addresses or verified info of the team members, we should avoid those projects.  I know that it is very hard to do, but we have to very vigilant. And also, we can also ask our campaign managers here in Bitcointalk that they should be the first one to "screen" all ICOs promoting here in the forum. Make sure that the project and the team of these ICOs are legit.

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July 31, 2018, 08:55:46 PM
 #85

I support your view personally. It doesn’t worth the risk. This is not very apt to trust strangers with our money and sensitive info.
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July 31, 2018, 08:59:52 PM
 #86

I can’t agree more. I don’t support them and I don’t trust them with my sensitive and personal information.
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July 31, 2018, 09:05:08 PM
 #87

I think crypto community should find a balance between detralization and centralization. It's posible I guess. This balance is answer on your questions.

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July 31, 2018, 09:07:36 PM
 #88

Some project sells kyc data to another company , not all project doing kyc are legit
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July 31, 2018, 09:14:31 PM
 #89

The consequences, you have mentioned might be quite possible. But let's face the fact that huge ICO demand KYC, there are no other choices. Of course, they might be scammers, but doubtedly. You have written about data stealing, that's a very currently important issue, because you can be sitting home drinking coffee, checking your e-mail, while somebody is hacking you laptop and steal your data, and it's very easy to do. So if you think KYC is a nice way to get data and pics, you should understand that nothing is safe when we talk about data and its digital storage))

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July 31, 2018, 09:36:38 PM
 #90

I agree with the opinion of the author, I am also against the kus in the crypto currency. The fact is that people from all countries can not verify the identity, simply because they are citizens of a certain country. This is not correct. In order to raise the crypto-currency to a new level, everyone's support is necessary.All the good Grin
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July 31, 2018, 10:45:57 PM
 #91

me too that KYC is what i don't like too, that's the point why do they need those private information yet that is why blockchain has been anonymous. it also harms the crypto user which is definitely responsible for destroying blockhain’s growth. like bladelady said
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July 31, 2018, 10:46:56 PM
 #92

Correct.
I admit I am the same.
Not just ICO's but also exchanges. They keep their reason that it is all just so they could continue their service. The heck with that.
I will just go to their minimum withdrawal rather than send all my information. 2 BTC is fine with me.

A new exchange should come out which is really a decentralized one. Why do ETH is only the one who have it named IDEX.
There should also be one for bitcoin. The real one. Not some just illusion of telling they are decentralized but deep within they need your info. Pfft.

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July 31, 2018, 11:19:12 PM
 #93

wow what an eye opener, i suddenly realize that yes your right about kyc system os a total non sense at all,

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July 31, 2018, 11:28:03 PM
 #94

I do not support using KYC in crypto currency because it aims to promote scams and harm to the crypto user which is definitely responsible for destroying blockhain’s growth. So it is just totally not done!

Yes.I prefer not to support KYC too because it does not keeps me anonymous at all.I know i will put myself into danger if i had given my personal identities without knowing that the particular exchanger was only a scam.So it's much better to stop that KYC thing so we may have an assurance for our own security.

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July 31, 2018, 11:40:31 PM
 #95

The KYC process is the only way Datum can check the source of funds raised during the token sale, and they verify each buyer’s identity and residency. We give our sensitive information to those strangers and hope for the best.
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July 31, 2018, 11:51:21 PM
 #96

KYC is easy. But in the ease of it there are risks, especially the risk of our data used by irresponsible parties, for their own interests. So from that, I always think over and over again to fill the KYC.

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July 31, 2018, 11:56:02 PM
 #97

Yes,  you are right,  i don't also agree with this KYC thing,  especially on bounties and airdrops.  It's hard to expose my real identity to this uncertain projects,  then what if my identity was used in some kind of scams, it is really not okay.  I hope this KYC thing will not be force to us someday.

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August 01, 2018, 12:16:16 AM
 #98

I think you have a point there but it all comes back to us most of us are not genuine in our ways, we cannot do away with cheating, so in a way to eradicate that i think its the best. If we all change our ways then there will be no need for KYC

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August 01, 2018, 12:49:36 AM
 #99

I'm against KYC. The whole essence of the crypto is anonymity and many forget it when they send their documents. And now many projects are so impoverished that they are asked to transfer them to the GAS purse so that they can send tokens!
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August 01, 2018, 01:42:17 AM
 #100

It is true that not every ICO requesting our KYC details is genuine. However, it is risky to give KYC details even for the genuine ICOs because you never know how your data will be kept in terms of security. I am not aware of any blockchain-based system where we can store our KYC details and ICOs will be able to get authenticity status from that system. Probably Vechain might work in such cases.
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