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

[marcosfx]

One of the things that I also hate about kyc, is that many times bounty campaigns are saying about that only when the campaign is already ended and people already have done all the Job.

[Gankstard]

To be honest i dont trust most of the exchanges that have mandatory KYC. I think all of us must be aware at all the bad things these exchanges can do with your documents. Identity theft is one of the worst things that can happen to people. Just stick with the well known exchanges and avoid new shady ones that require KYC.

[prayogi]

it all began with ICO bans in the US and even China, we have to accept the fact that kyc is indeed needed to authorize business identity and accountability, and ultimately target KYC obligations for exchanger and ICO participants.

I have not had a problem until now, but the annoying thing happens when Kyc is also required for campaign participants and even airdrops ?, The allocation received is not enough to be a minimum shareholder, and that is not comparable to the sensitive data they provide.

[$$$sparkles$$$]

KYC is a direct conflict on the privacy and decentralized features of cryptocurrency. It violates what crypto have stood for. Though some may view some pros in this requirement, majority of crypto users are against it and are very much uncomfortable with the idea. I for one wouldn't want to give out my personal identity to unknown individuals because I strongly believe in data privacy. But sad thing is, when it comes to compliance our beliefs sometimes get bent in order to work things out. This is one crazy venture that we are in!

[aryaadikariyansyahsuwarto]

absolutely right, I agree with you. I often wonder why some projects ask for such personal information, even though it is privacy, but I can't do anything to reject it, whereas I have spent a lot of time supporting the project to be successful. There must be a solution for this ...

[12tribes]

I read`through the points you raised and facts be told, this is one of the strongest and most coherent point I have seen on the bitcointalk platform. I must say that It may seem that I have been foolish myself in the past with some ICO's requiring KYC. I am wiser now and will tow this line to be safe rather than sorry.

[senin]

This is an interesting look at the problem of conducting a KYC test. Of course, if an ICO is registered in a country where the crypto currency and the ICO is not regulated, what kind of verification can be required to provide confidential information and copies of citizens' passports, if the ICO team members themselves do not pass any verification. This is really meaningless and opens up a lot of opportunities for abuse by such a team. Moreover, the percentage of fraud on the part of ICO teams is just off scale.

[solkinsolali]

This is an interesting look at the problem of conducting a KYC test. Of course, if an ICO is registered in a country where the crypto currency and the ICO is not regulated, what kind of verification can be required to provide confidential information and copies of citizens' passports, if the ICO team members themselves do not pass any verification. This is really meaningless and opens up a lot of opportunities for abuse by such a team. Moreover, the percentage of fraud on the part of ICO teams is just off scale.

Thank you very much for nothing this. Even the ICO project team members cannot even pass KYC, yet they want to impose it on intending investors.

[SistaFista]

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 think same with you. Cryptocurrency should be anonymous because it is decentralized, no centralized system have the database of the holders.
But, because there are many hacking cases, for security reason it became required to submit KYC.
For me, it is no problem at all if using KYC, but cryptocurrency will become no different from fiat currency.

[time2.coffee]

I think most people would agree with your statement, because many people do not want to do KYC to ICO, they want to remain anonymous. and fear their identities are misused by irresponsible people, especially a few drops of air leading to deception.

KYC can be done on a stage later - when ICO has been successfully completed. Then ICO can register a legal company and announce via its telegram channel (for example), that KYC should be done for its token holders.

[Akenosi]

As a newbie in bounty hunting initial I see ico's with KYC as authentic, until offcouse most KYC I did I haven't even received tokens of them to my wallet, but now i think am wise i dnt support it ad i wont support it,after spending so much time and data, one will just not hear anything from that project again,KYC is not a prove of authentication.

[tech12345]

The highlight of electronic money is anonymity. However, when some projects sell ICO tokens, the government insists that if the ICO wants to operate

[Karis2018]

Actualy even me I authentically loathe that KYC procedure since I am hesitant to give my data to anybody that we dont even ken them anyplace on the planet. I dont ken why this ICO group these days are every one of them are as of now asking KYC even in abundance seekers.

[zhanyiguai261315]

KYC was established to prevent money laundering and financial crime!
Effective regulation is conducive to the good development of cryptocurrency!
As cryptocurrency transactions gradually approach the mainstream, standardized management will become the only way for cryptocurrencies.

[Kakarot01]

There is not any reason why anybody would battle against your opinion. Sounds impeccably sensible to me. There's no convincing motivation to confide in outsiders on the web with either our cash or our by and by identifiable and monetarily delicate information. You don't have to take risks on arbitrary, obscure ICOs and airdrops with a specific end goal to be fruitful in crypto. The more you behave recklessly, the more you chance getting scorched. It's smarter to stay with known amounts and set up, respectable altcoins.

[letzdodiz]

Since it is likewise a piece of supporting the crusade it self. The way toward knowing the client for ICO or KYC is additionally a piece of the advancement of the task where individuals behind the venture need to become more acquainted with the official count of individuals who are supporting their undertaking for them to know whether it will going to be fruitful or not. It is likewise the way toward restricting the likelihood to undermine the battle where the host will have room schedule-wise to deal with the clients of their stage without bounds and have sufficient energy to have a further advancement later on.

[bitcoindusts]

The concern on ICO demanding KYC is real. There is indeed so much threat that comes along with it. But i do believe that not all ICOs are requiring KYCs, and if it does, the option is really in our hands whether to proceed supporting, contributing or investing in them.

The only reason i can guess as to why the KYC is being imposed was to comply with regulatory requirements of the governing country from which the ICO originated from.

So if you really don't trust the team behind the ICO, one can always walk away from such.

[dtpman]

i thought kyc is not safe so people do not support.

[vfrcbv91]

Yes, you are right, but kyc posto is necessary for the registration of some companies in the us and besides, it means that the process of accepting cryptocurrency is going well. IMHO

[sotoshihero]

The concern on ICO demanding KYC is real. There is indeed so much threat that comes along with it. But i do believe that not all ICOs are requiring KYCs, and if it does, the option is really in our hands whether to proceed supporting, contributing or investing in them.

The only reason i can guess as to why the KYC is being imposed was to comply with regulatory requirements of the governing country from which the ICO originated from.

So if you really don't trust the team behind the ICO, one can always walk away from such.

Of course, tehre is a big risk regarding giving your info to others. In digital age, identity theif is real, and it happens  frequently. I do not trust on some ICO wherein thier high ranking officials seems fictitoous too. In addition, your submitted info can be use against you, like in filing taxes whgerein they can trace you and your digital assets in the future. Too risky to trust someone your impotant details.