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Author Topic: KYC public service announcement.  (Read 503 times)
flowers5
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August 10, 2018, 03:57:04 PM
Merited by KS03 (2), DiamondsAndCoins (1)
 #1

I have seen quite a few topics arise over the last few days regarding KYC.

Do not give your KYC information to anyone over the internet.  Period.  Think about this for a second.  Your sending your personal documents (which contain everything needed to assume your identity) over the internet. The ways your information can be grabbed once you have used the send button are numerous.   Once the criminal has gotten your personal data they can make illegal transaction under your name, leave your documents by the scene of a crime and even set you up to take the fall for a terrorist attack (by leaving your information).  There are numerous articles on this forum speaking about stolen identities from the KYC procedure. 

Any project and project team with any value at all will recognize that its not appropriate to ask individuals to take these security risks to gain access to their ICO or bounty/airdrop program.  The projects should realize that crypto is about decentralization any privacy.  If a project is asking you to break these rules look elsewhere. 

There are not many things in this world more important than your personal documents and privacy.  Do not make a foolish mistake and send your documents in.  If you do your running a huge risk and more often than not the project you sent the information in to will be a scam or failure.  Then what?

Finally, once the governments of the world can connect you with your blockchain address you are now a complete tax slave as they will be able to see every transaction you make.  Even the .005 Bitcoin you slide to the homeless guy.  It's now a traceable and taxable event. 

Stay safe everyone. 

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easybtcearn2017
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August 13, 2018, 09:39:37 AM
 #2

Everyone need to be hold all information about his/her KYC. Because it’s contain their many personal identity and if it reach to bad people they should use this badly.
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August 13, 2018, 09:49:58 AM
 #3

that is true, i don't really know most of the project and exchanges are requesting for our personal details, just as you said the system is a decentralized system while people asking for our details. well the truth of the matter is that i can't release any of my document to anyone any exchange because they are going beyond the system authorities so we have to careful.
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August 13, 2018, 09:52:38 AM
 #4

Right, it's so important to be careful who you are submitting a KYC to.  Some illegitimate projects can be selling your personal information and scanned documentation to who knows where.
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August 13, 2018, 10:00:51 AM
 #5

KYC has always been a sensitive  issue for cryptocurrency enthusiast, the bottomline is cryptocurrency community are not in favour of KYC and whoever think KYC add anything to cryptocurrency project is actually a learner! I totally agree with point raised by the Op!

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August 13, 2018, 10:21:25 AM
 #6

Much as I see reason with your line of thought, I also see it as extreme thinking. KYC is important. It is not only in the crypto world. And come to think of it, are we really saying that the decentralized nature of blockchain is sacrosanct that all identity should be hidden?


Do not give your KYC information to anyone over the internet.  Period.  Think about this for a second..... There are numerous articles on this forum speaking about stolen identities from the KYC procedure. 


Most KYC requests are related to exchanges and those who want to buy tokens, not bounty hunters. Does it mean you will not signup to an exchange, note that there is no single exchange that lists all tokens?




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samiraetn
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August 13, 2018, 11:59:24 AM
 #7

I hope no one do this type of foolish mistake by share their KYC information with other whose are unreliable . That’s too much harmful for anyone because it’s like share their personal identity and document.
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August 13, 2018, 12:18:59 PM
 #8

I agree with you that it is very foolish to tell your personal data without knowing who it is. But still some good and promising projects are asked to pass KYC. And I have to do this procedure, because I can lose a lot of money, because some projects pay very generously.
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August 13, 2018, 04:02:21 PM
 #9

I totally agree with you. It would be a great mistake for anyone if they share their kyc related information without knowing the authenticity of that site. Doing such things actually victimize them of scams and fakes.
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August 13, 2018, 04:08:35 PM
 #10

Great post flowers.  I know a bunch of the users on this forum will ignore you and fill out the KYC for coins.  They will all pay the price eventually.  The best thing is to profit from this new technology so you can hopefully avoid the tax dragnet in the future.  The guys doing KYC will have many issues with their identity being stolen in the future as their documents are already online. 

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August 13, 2018, 04:09:42 PM
 #11

If anyone share their KYC information  with anyone and any websites who are unreliable and not trusted they should sell your identity on dark or deep web.
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August 13, 2018, 04:16:49 PM
 #12

KYC has always been a sensitive  issue for cryptocurrency enthusiast, the bottomline is cryptocurrency community are not in favour of KYC and whoever think KYC add anything to cryptocurrency project is actually a learner! I totally agree with point raised by the Op!

I am in total agreement that KYC can be dangerous especially these days that information can be traded for a good value and can be done fast anytime on a global basis. Information can be powerful and in the hands of a deranged mind these information can be used for anything that can be illegal and harmful especially to us. This is not just freaking out or advanced thinking negatively because definitely we are not dealing here with angels...heck even angels turned to demons many ages ago so we have to be careful. Now, in balancing the need to know a project's customers and promoters i think there must be a way or a platform where these concerns can be balanced well for us and for the project we intend to be a part of.
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August 13, 2018, 04:21:43 PM
 #13

Yes, I agree with you, the security of personal information is a crypto feature that has a decentralized system, and if kyc must be needed, then crypto is no longer anonymous.
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August 13, 2018, 04:28:46 PM
 #14

Many ICO has KYC because of the rules of other country that their people prohibits to buy token on ICO. But its wrong to get info from participant since their company doesnt registered on SEC.
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August 13, 2018, 04:30:15 PM
 #15

yeah, i agree with you. but now day even airdrops need your identical information, why do they need it for?
I understand the reason behind ICO need your identical information, but why even airdrop too?

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August 13, 2018, 04:31:04 PM
 #16

It’s a confusing matter. Though KYC public service is important to give service to clients, but at the same time to keep your identity safe is also very important. There are lots of people are waiting online to misuse your information and identity. 
mrkimvanan1
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August 13, 2018, 04:34:21 PM
 #17

I have seen quite a few topics arise over the last few days regarding KYC.

Do not give your KYC information to anyone over the internet.  Period.  Think about this for a second.  Your sending your personal documents (which contain everything needed to assume your identity) over the internet. The ways your information can be grabbed once you have used the send button are numerous.   Once the criminal has gotten your personal data they can make illegal transaction under your name, leave your documents by the scene of a crime and even set you up to take the fall for a terrorist attack (by leaving your information).  There are numerous articles on this forum speaking about stolen identities from the KYC procedure. 

Any project and project team with any value at all will recognize that its not appropriate to ask individuals to take these security risks to gain access to their ICO or bounty/airdrop program.  The projects should realize that crypto is about decentralization any privacy.  If a project is asking you to break these rules look elsewhere. 

There are not many things in this world more important than your personal documents and privacy.  Do not make a foolish mistake and send your documents in.  If you do your running a huge risk and more often than not the project you sent the information in to will be a scam or failure.  Then what?

Finally, once the governments of the world can connect you with your blockchain address you are now a complete tax slave as they will be able to see every transaction you make.  Even the .005 Bitcoin you slide to the homeless guy.  It's now a traceable and taxable event. 

Stay safe everyone. 

I agree with your point of view. If the scammers get your personal information by us to do bad things, that is indeed a bad thing

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Zayn_Nazy
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August 13, 2018, 04:35:07 PM
 #18

I have seen quite a few topics arise over the last few days regarding KYC.

Do not give your KYC information to anyone over the internet.  Period.  Think about this for a second.  Your sending your personal documents (which contain everything needed to assume your identity) over the internet. The ways your information can be grabbed once you have used the send button are numerous.   Once the criminal has gotten your personal data they can make illegal transaction under your name, leave your documents by the scene of a crime and even set you up to take the fall for a terrorist attack (by leaving your information).  There are numerous articles on this forum speaking about stolen identities from the KYC procedure. 

Any project and project team with any value at all will recognize that its not appropriate to ask individuals to take these security risks to gain access to their ICO or bounty/airdrop program.  The projects should realize that crypto is about decentralization any privacy.  If a project is asking you to break these rules look elsewhere. 

There are not many things in this world more important than your personal documents and privacy.  Do not make a foolish mistake and send your documents in.  If you do your running a huge risk and more often than not the project you sent the information in to will be a scam or failure.  Then what?

Finally, once the governments of the world can connect you with your blockchain address you are now a complete tax slave as they will be able to see every transaction you make.  Even the .005 Bitcoin you slide to the homeless guy.  It's now a traceable and taxable event. 

Stay safe everyone. 
That's why I rarely join airdrop what require KYC. I know they do that because there are many cheaters. But I think we can not sell our information for $$.
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August 13, 2018, 04:36:16 PM
 #19

I agree with you, I think it is not necessary to send your personal data to persons without knowing their true motive. As tempting as it may be, it may come out more expensive to you later.
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August 13, 2018, 04:39:52 PM
 #20

At first thank you for your valuable suggestions and advices. It is right that some frauds and hackers are working to get information about innocent publics. they'd be aware of them. They should know how to avoid scams and fraud parties.
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