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Author Topic: Why I don't Support KYC in cryptocurrency as it is  (Read 2613 times)
T o x i c a l
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September 13, 2018, 07:12:07 PM
 #281

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.

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September 14, 2018, 01:39:31 AM
 #282

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.

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September 14, 2018, 02:27:03 AM
 #283

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.

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Noloveatthistime
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September 14, 2018, 02:41:44 AM
 #284

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.
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September 14, 2018, 08:21:31 AM
 #285

Well i agree with you.. In kyc all your details is in there.. What if that fake ico having a scamming project.. Even we dont have any case for that but how about the details that we put in there.. In any ico i understand they dont want them to be scammed but how about us? The security of the investor or the bounty hunter..?

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September 14, 2018, 08:54:19 AM
 #286

There is no justification for any of those ICOs getting my personal information in the name of KYC for any reasons knowing the fact that most of these ICOs will disappear into thin air after collecting and raking in millions of dollars even with my personal details, Cryptos are mostly transacted anonymously without any fuss of kyc.
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September 14, 2018, 09:05:11 AM
 #287

There is no justification for any of those ICOs getting my personal information in the name of KYC for any reasons knowing the fact that most of these ICOs will disappear into thin air after collecting and raking in millions of dollars even with my personal details, Cryptos are mostly transacted anonymously without any fuss of kyc.

You have a point, but what should we do if a popular exchanges requiring us to undergo kyc? And what to do too if a popular project requires us to do kyc too before making investments?

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September 14, 2018, 09:42:17 AM
 #288

KYC is used to control cheating and multiple account holders but I still go against it because it seems very dangerous to me ,revealing your I.d with home address and other security number is not safe ,I'm hoping that in the future another way will be introduced to tackle cheater ,kyc just doesn't cut it , its not safe ,and I'm sure 80% of people in cryptocurrency don't like it either.
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September 14, 2018, 10:06:48 AM
 #289

You are right
Maybe they will use our images for a bad purpose, which is no longer just security  Angry
But KYC also eliminates cheaters when participating in their program  Cool
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September 14, 2018, 02:13:03 PM
 #290

You are quite right. Not all KYCs are actually safe for one to do. Apart from ICOs, some airdrops sometimes require KYC of which you will later realize the airdrop to be fake. What then happens to the information they collected? Will it still be safe?

Actually, I dont really that agree with KYC, due to the fact that it was very demanding, in terms of the thing that they are looking forward to gather to the participants, and as a student right now, I am likely to have nothing by myself since I was still living with my parents, and currently studying here, and I have heard that they are demanding for passports and driver's license which I dont have either, I dont generalized.

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September 14, 2018, 02:14:35 PM
 #291

I wonder how many of you with concerns about kyc (if you embrace the vision of bitcoin and its anonymity i fully understand) are shopping online, booking flights, are on social media, using wifis, register for certain services. Maybe people in this forum are not comparable to the rest of the world, but in general people don't really care about this subject. But scandals like the cambridge analytica are probably just the tip of the iceberg of data abuse. I am not even talking about scammers per se, i imagine that a lot of "legit" businesses are trading data, making money out of it, and don't give a crap about our privacy.  Although for me personally, full anonymity is not necessary, but a decision, i want to be in control of my data and decide who has access to it, and if someone wants to use my data they actually should pay me!
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September 14, 2018, 02:20:06 PM
 #292

I, too, do not support him, and I try not to participate in projects that have him. But sometimes it is introduced at the very last moment.

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September 14, 2018, 02:32:17 PM
 #293

yeah, I totally agree with you. we should be only giving our identity to trusted entities. giving it to anyone may result to identify theft. though KYC intention is to prevent people from doing such things. but the last question we should ask to yourself, are they trustworthy.
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September 14, 2018, 03:07:50 PM
 #294

I wonder how many of you with concerns about kyc (if you embrace the vision of bitcoin and its anonymity i fully understand) are shopping online, booking flights, are on social media, using wifis, register for certain services. Maybe people in this forum are not comparable to the rest of the world, but in general people don't really care about this subject. But scandals like the cambridge analytica are probably just the tip of the iceberg of data abuse. I am not even talking about scammers per se, i imagine that a lot of "legit" businesses are trading data, making money out of it, and don't give a crap about our privacy.  Although for me personally, full anonymity is not necessary, but a decision, i want to be in control of my data and decide who has access to it, and if someone wants to use my data they actually should pay me!
There's no law in most countries that determines whether or not cryptocurrency is legal. I think most crypto users just don't wanna be haunted by their past (for being a crypto user) once there's finally a law about it. Currently there's no law that says we have to disclose all of our crypto earnings and by the time that comes, you obviously want to stay as low-key as you can and put as little number as possible because otherwise it might raise suspicions. True that we don't do anything illegal in here but it's much better to play safe. Plus, there's just no explanation as to why KYC should be necessary in participating in a particular ICO. They really have nothing to do with our data anyway other than determining basic information like age, gender, ethnicity, etc.

Also, those that you have mentioned have nothing to do with cryptocurrency at all. All of them are being used by almost everybody.

KYC is used to control cheating and multiple account holders but I still go against it because it seems very dangerous to me ,revealing your I.d with home address and other security number is not safe ,I'm hoping that in the future another way will be introduced to tackle cheater ,kyc just doesn't cut it , its not safe ,and I'm sure 80% of people in cryptocurrency don't like it either.
And just how many crypto that required KYC turned out to be legit, right? They are mostly scams so you're really going to worry about what they're going to do with your data.

You have a point, but what should we do if a popular exchanges requiring us to undergo kyc? And what to do too if a popular project requires us to do kyc too before making investments?
There are actually some exchanges that requires KYC so you can do large transactions. On the other hand, there are also tons of exchanges that don't. You can just use a different exchange.

Popular project =/= Legit Project =/= A project that will give you earnings. You can simply not participate in it. It depends on you which is more important, revealing your identity or participating in a project that may or may not turn out to be a scam and may or may not work out.

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September 14, 2018, 03:16:00 PM
 #295

 I think, Apart from ICOs, some airdrops sometimes require KYC which are fake. Hence we give the information to the hackers. So it is not always safe.
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September 14, 2018, 03:28:24 PM
 #296

You are absolutely right, some KYC demands too much and I'm sometimes like what at all are they using it for, only God knows. But franly speaking KYC is not safe and we should be careful the people we hand out our data to.

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September 14, 2018, 03:45:46 PM
 #297


There's no law in most countries that determines whether or not cryptocurrency is legal. I think most crypto users just don't wanna be haunted by their past (for being a crypto user) once there's finally a law about it. Currently there's no law that says we have to disclose all of our crypto earnings and by the time that comes, you obviously want to stay as low-key as you can and put as little number as possible because otherwise it might raise suspicions. True that we don't do anything illegal in here but it's much better to play safe. Plus, there's just no explanation as to why KYC should be necessary in participating in a particular ICO. They really have nothing to do with our data anyway other than determining basic information like age, gender, ethnicity, etc.

Also, those that you have mentioned have nothing to do with cryptocurrency at all. All of them are being used by almost everybody.

I was just trying to point out the discrepancy between caring so much about data abuse from a kyc, but using other services (yes, which have nothing to do with crypto) so blindly. And as u say, almost everybody use those services.


Popular project =/= Legit Project =/= A project that will give you earnings. You can simply not participate in it. It depends on you which is more important, revealing your identity or participating in a project that may or may not turn out to be a scam and may or may not work out.

I totally agree, and I am not pro kyc per se, i just think an ICO has also the right to determine if they want to know who is investing in their project (irrespective of scams), especially if they establish their business in locations where it's already possible to act fully compliant with existing or new regulations.
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September 14, 2018, 03:53:36 PM
 #298

your reason is quite reasonable. but if kyc is needed in a bounty program, I think it's not a problem if our data is safe. if we only upload an identity card, passport, can it harm us physically or materially ? in my opinion, kyc is important because it can reduce scammers who want to try to steal from us.
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September 14, 2018, 03:55:29 PM
 #299

Yes, you have a statement that has the truth because if you give your identity that is very confidential, maybe what you will get is only a loss so that you will experience a very high risk in the future.

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September 14, 2018, 03:59:49 PM
 #300

KYC is as risky as you pointed out. The ones that baffles me most is when airdrop program also demands for KYC.

Although have done some few kyc but am not really confident about the scheme to collect those information. Seems like everything is in the open in crypto

Is hard to trust the system really
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