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

[Crypto one]

I have done KYC on a few exchanges, but I really don't like to give away personal information to random people on the Internet, so I will never give away KYC to ICO, right now 80% of all ICO are scams, and a lot of them wants KYC information. If you join new ICO regularly you can be sure your KYC information ends up in the wrong hands one day.
I can already  see people selling KYC information, and you can be sure than those KYD, know your developers, that some ICO now shows, use fake or stolen KYC info to pass those tests.

[1715141985]

1715141985

[solkinsolali]

If you join new ICO regularly you can be sure your KYC information ends up in the wrong hands one day.
I can already  see people selling KYC information, and you can be sure than those KYD, know your developers, that some ICO now shows, use fake or stolen KYC info to pass those tests.

This is one of the exposures I am talking about. It is very easy for some of this scam ICOs to collect your information and trade it to who ever is ready to pay for your KYC documents. This is a very great risk.

[Wiwendefak]

Most of the good projects asking for the KYC nowadays, They say it is for to prevent the scammers. Here is my question, I don't think a scammer will invest in ICO, you may active two-factor authorization and others security to secure your investors account from scammers but why you need everything? Though I believe in Some projects, who ask for the KYC and they are not anonymous, they published their office and every address to visit there. Like the amazix team or the Iconiq team and others, I believe them.  But other every anonymous project's KYC should be ignored.

[gasanali]

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.

I agree with you because if I want to be independent of all. Why does somebody need to know about my financial situation? It is my personal case.

[kolsernik]

Here it is necessary to choose either to participate according to the rules that create,or not to participate in any processes where KYC is required.It will of course be unpleasant if my documents will be used in illegal activity.

[Harrow30]

This is quite true and factual! Judging by some scams that also happened in recent times in the ICOs and the stringent requirement of KYCs! It is high time we became more security alert and also scrutinize these ICOs before further involvements.

[FedorIzmailov]

partly you are right but the developers of the project also want to know about their investors and in order to avoid fraud, they enter all these identity checks. it is logical after all

[tautelar]

This is quite true and factual! Judging by some scams that also happened in recent times in the ICOs and the stringent requirement of KYCs! It is high time we became more security alert and also scrutinize these ICOs before further involvements.

It does not have any purpose. The point of crypto is that we can spend money without having to do all that.

[Bitfling]

It really make us worry when we doing KYC, but if we want to invest in some ICOs, we should do that. Its happen because regulation from the country. Some government requiring KYC for ICO launch in their country because government worry it used for money laundering.

[gheawari431]

I agree that there is no security in the KYC process, but unfortunately this is the only form currently in the game if you participate in the ICOs that are released

Not only ICOs, but almost all registrations require KYC for administration. Data may be misused, but what else can be done? If you do not want to give up your identity, registration must be refused. Actually bitcoin is also not 100% anonymous, because when exchanging becomes fiat money, it must be asked for an identity.

[Nellayar]

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.

Hm. I understand what you want to convey to us. It is difficult to trust those  person who we've just caught in smartphones and internet but not in actual. As a bounty hunter, I disagreed also in having a KYC during the bounty distribution because the word "anonymity" become nonsense due to the file that we will send from dev. Another thing, some scam projects might make our identification as a tool to execute a crime. Big NO for KYC forever.

[Nexus77]

With the existence of kyc it is actually very possible to be able to abuse our personal data by the holders of the problem now more and more ico requires participants who have to do kyc

[yulionoo]

a good thought, and very reasonable. I also don't know exactly what an ico will want with the kyc rules. maybe that's a very worrying dream, and hopefully all of that isn't done by ico who asks for kyc. when I think positively, maybe they give kyc rules because maybe ico managers are very worried about misuse by using ico. or usually called tuyulers, and that's just my thinking.

[bangkit tri]

With the existence of kyc it is actually very possible to be able to abuse our personal data by the holders of the problem now more and more ico requires participants who have to do kyc

indeed this will hurt ico participants, but from the dev side, they want to know the identity of investors, so that nothing negative happens, such as money laundering.

[seanskie18]

It's not that you don't have to support the KYC in cryptocurrency. If KYC don't need to get our own personal information then we should fully support it but the KYC must get our personal information. It depends on you if you want to get your ID info someone. They can copy the information on your identification card. That's really risky.

[denzkilim]

If you join new ICO regularly you can be sure your KYC information ends up in the wrong hands one day.
I can already  see people selling KYC information, and you can be sure than those KYD, know your developers, that some ICO now shows, use fake or stolen KYC info to pass those tests.

This is one of the exposures I am talking about. It is very easy for some of this scam ICOs to collect your information and trade it to who ever is ready to pay for your KYC documents. This is a very great risk.

Yeah, it is too risky to give personal/sensitive information about yourself right away without knowing if the ICO that you are submitting your KYC documents is legitimate or not.
I think the answer to this problem is a Video KYC for the owners/developers/CEO of the ICO this will be a great help in the crypto space to prevent those scam ICO's that uses fake team, fake documents, stolen identities/documents to use as a KYC to those ICO review sites. I see some legit ICO's now are really active on blockchain events/conference/gatherings and they have videos while they're attending these events and this is one of the things that investors should look for. If the core team of the ICO's attend this kind of events they are more likely to be a legit ICO rather than a scam one because they're identities and pictures are already exposed but if an ICO is only using pictures or an anonymous team this ICO's are more likely to be a scam ICO that wanted to sponge out money from the investors.

I hope in the future this ICO's will be regulated and authenticate their identities to lessen those evil-minded people that wants only to scam people on the internet.

[Siren]

Perfect point on that mate,this is all the best debates I’ve read in this forum against this scammer KYC askers projects

This must be stopped,they must respectfully treat the cryptonians if they want a privacy,and ofcourse having security as hackers and scammers together with those users here.that may take advantage of our personal details

Beware of KYC related project,and get away from those as we have many options hre,we dont need them

[Chicksteen]

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.

That's exactly what the problem is. We have no idea what they are going to do with the data after the ICO and we don't even know why is it so important to them that they had to require it in the first place.

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.

Have you been watching the news? People's identity are being used online. For example, since you have uploaded an ID, the person to whom your data was sold or given to already has your ID as well as your name. They can go on Facebook, look up your name, take your photos, create a profile with your pictures, and do trades with people and they would look legit because they are able to upload your ID. Even in exchanges that uses IDs, they can use your ID there, or even when transacting with someone online that requires identification. There's so much people can do with your ID so I suggest to stay away from KYC requirements unless there is a solid reason as to why they are requiring it.

There is no need to require KYC because it is more risky to trust someone you can handle the data of our own information. They must have trust their investors even do not submit personal information. There are many issues of crimes in internet and we do not want to be involve or become victim of it. They should not require if it is not really need. Before many bounty become successful but does not require KYC when you want to support them.

[jtrapirap]

Well, we all have our own opinions and views whether we are okay or against with KYC in cryptocurrency. This is a somewhat a serious topic since anyone of us wants to secure our own privacy and personal details which maybe kind of risky to share since it maybe use on scams or frauds and may go against us in the future. In my own opinion, just be careful on sharing your kyc information on questionable ICOs and projects, just to be safe.

[hotforblockchain]

Your support is not relevant since there already is laws in place which does not allow some citizens to invest in ICOS, thus  teams are obligated to check investors.

But some of your concerns are relevant and i am making the same points for some time know, it is very frustrating when projects ask for ones id on their shitty page or google forms. They should use KYC company but this costs money.
also i have be noticing people who are activly pro KYC and saying shit like" f you are legit man, there is nothing to be afraid of"  , there is a lot of what we should be afraid of if they dont do KYC in professional way