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

[Onecrypto18]

Honestly speaking, there is no real need for KYC in cryptocurrency as there is no data protection for the information you supplied. It could be misused.

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[Hallmader]

I understand your position. For me, cryptocurrency installing KYC in exchanges, wallets, ICOs, or even in some bounty campaigns is like bowing down to the governments and its agencies, and their preferences. This is like compromising an integral feature because of the pressure of the old powerful institutions that are themselves the very reason why cryptocurrency, Bitcoin in particular, was invented and got the support of a large community around the world. This is something that I also do not support.

[jatin729]

I also don't support KYC procedure in Crypto asset. because crypto is decentralized and why we need to confirm our KYC for purpose of decentralized world.
one more thing i have to consider is third party KYC confirmation, why we give KYC to third party which is totally unknown for us.

[Cassidyblaze55]

It was as a result of many individuals using multiple accounts so as to cheat the system, kyc was introduced. But kyc is a bit risky as it tends to expose the persons identity.

[colvis]

What you say is perfectly right because in this world we are living in today is a dangerous world nobody is to be trusted with our documents. some of them say it is because of multiple account and submission that is why they are doing KYC in some bounty and to avoid robots from owning a coin.. but there can still be some means of verification with the use of the KYC so I think the use of the KYC should be stopped

[skidanchikbizon]

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[pat4cryptoreal]

It is not just an assumption. It is real, there are so many ICO that finish and there is no way to trace the team till today, all their social media pages has been close and the website also shut down and KYC was done. Some are just conducting the KYC so that it will look like they are serious. I have just concluded that every thing that is done through internet involve risk. There is no way we can run away from risk.

[eashikde]

Well, every investor or user has his own point of view. For whom this is an indicator of the seriousness of the company, for whom it may seem fraud with subsequent receipt of certain data. I support KYC

[oceantiger]

For bounty hunters sincerely i do not see the reason for the KYC. Because the hunters are not investors, they are not  bringing any money to the project. Bounty hunters are only advertisers showcasing and bringing the project  to the awareness to the general public through social media.

[shadyrifles]

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.

That's the reasonable question to rise against KYC verification requirement in cryptocurrency or ICOs. Even the $100 Mln raised ICO projects are going greedy and running away investors money just for personal gains, I won't surprise if such ICO projects were selling the user data for more money.

[retampan]

KYC is not necessary for investment so, I don't think KYC is needed in order to prove identity or even participate in the AML.

[rutherford]

Actually, you're absolutely right. I'm agree to your statement. It's so uncomfortable for me to give my personal data to someone or to a company that i don't know. It could be a scam and our data could be used for crimes or any other illegal activities that we don't know about. Besides, using KYC is a bit annoying if you know what i mean. If it goes through then yeah it's simple, but what if it doesn't. And we needed the money but we couldn't get it because the KYC failed us so many times. I don't think KYC is that important for bounty hunters.

[LastKiss]

KYC is not necessary for investment so, I don't think KYC is needed in order to prove identity or even participate in the AML.

But now, some of ICOs need to pass KYC to able invest on their project, actually I didnt like about this requirement that we need to upload our ID, passport, electric bill, selfie, etc. project that need to pass KYC mostly to prevent money laundering and terrorist activity but still we wont be anonymous again with KYC requirement.

[Fatanut]

I do understand that there's a regulation in the US about ICOs but I never understood why certain signature campaigns in here are requiring KYCs. Some believe that it's so that you will be able to prove that you have double accounts in the campaign. Not that I'm suggesting that you guys do this but, just how easy it is to ask a friend with a different surname as yours to borrow his ID and then you're just going to give him some tip. Luckily I never enrolled in such campaign that would all of a sudden say that they are requiring KYCs. What about those people that are trying to stay anonymous? I think it's just one of the gimmicks of these people that have zero reasons to do. They are just adding some more steps to claim your reward for whatever reason.

It's really weird that someone would run an ICO just to get other people's IDs. What would he use it for? Are they going to sell it to the government so the government can watch these particular individuals that have joined their campaign? They really should give the reward to the bounty hunters since those coins came from nowhere anyway.

The bounty hunters just promoted their coin, why would you require their ID? You just have to pay them. When you're getting advertised in other websites, will you require KYC from them as well? I think not. This is just absurd and shouldn't be allowed in the forum, imo. It risks getting people from here exposed.

[Daffadile]

This is exactly my argument. What is to stop Mr scammer from running an ICO that will never exist with tokens you will never get then keeping the ICO money and then selling all the KYC info. They will be paid twice.
Or even easier... Mr scammer just runs a KYC airdrop and sells the KYC info people give him. KYC for airdrop I mean have you ever.

I do understand that there's a regulation in the US about ICOs but I never understood why certain signature campaigns in here are requiring KYCs. Some believe that it's so that you will be able to prove that you have double accounts in the campaign. Not that I'm suggesting that you guys do this but, just how easy it is to ask a friend with a different surname as yours to borrow his ID and then you're just going to give him some tip. Luckily I never enrolled in such campaign that would all of a sudden say that they are requiring KYCs. What about those people that are trying to stay anonymous? I think it's just one of the gimmicks of these people that have zero reasons to do. They are just adding some more steps to claim your reward for whatever reason.

It's really weird that someone would run an ICO just to get other people's IDs. What would he use it for? Are they going to sell it to the government so the government can watch these particular individuals that have joined their campaign? They really should give the reward to the bounty hunters since those coins came from nowhere anyway.

The bounty hunters just promoted their coin, why would you require their ID? You just have to pay them. When you're getting advertised in other websites, will you require KYC from them as well? I think not. This is just absurd and shouldn't be allowed in the forum, imo. It risks getting people from here exposed.

It is because they are scams. Bonum did this flogmall, hada , Hade. Just to name a few. They get the work done then ask for KYC so they get free work.

[ammo121810]

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 definitely agree with you it is hard to entrust our documents proof of resindency those who are requesting for KYC because others would use it to hack our accounts or scam it.

[Rustamm]

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 absolutely agree with that. Moreover, I believe that sending ICO to our request for our confidential data and copies of passports is not only dangerous, since they are fraudsters in about 80 percent of cases, but also because such a requirement for participants in the ICO generosity campaigns is illegal. We are not investors in ICO projects and therefore should not undergo such verification. Some ICO teams already agree with such arguments and conduct a KYC review only with respect to investors.

[Gaurav11kb]

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.

[Wintersoldier]

Because it is also a part of supporting the campaign it self. The process of knowing the customer for ICO or KYC is also a part of the development of the project where people behind the project need to get to know the official tally of people who are supporting their project for them to know if it will going to be successful or not. It is also the process of limiting the possibility to cheat on the campaign where the host will have the time to manage the users of their platform of the future and have the time to have a further development in the future.

[dioanna]

KYC in any case, conflict with one of the most significant foundational theories of the blockchain which is the primary innovation behind digital forms of money which is secrecy. Digital money exchanges should be untraceable and unknown.