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Author Topic: I am not fan of KYC  (Read 358 times)
Coolcryptovator
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September 22, 2018, 05:35:08 PM
Last edit: September 23, 2018, 09:14:21 AM by Coolcryptovator
Merited by HeRetiK (1), paulmaritz (1), Cashi (1)
 #1

I am not fan of KYC. I know there might be other threads about KYC. But I would like to describe myself why I am not fan of KYC.

Main reasone of I am not fan of KYC is fake ICO. How can I trust them with my personal identy even they are fake themselves. Many ICO asking KYC for airdrop, bounty and buy token. There is high risk to provide them my personal details. If they scam and use our identy on wrong way than what can we do? Nothing, we can't do anything with them. They might use it others illegal activity which is harmful for us. Suppose they can launch another ICO with using ours identy than what we can do if we are not aware about it ? But we will victims if they scam again. Also they could sold your details, like you can buy email list of crypto investors. Lot of ICO I have seen they are used others identy. Once we asked real persone than he don't know about that. But unfortunately we can see team has verify some of website like ICO listing. That means they are steal identy of others. That's why I am not fan of KYC.

Also there is chance hack of database. Imagine, if hacked database with KYC details than what happen? Hacker could use KYC details elsewhere. So obviously KYC is a danger system.

Before submit your KYC must know about their background. Some website we can trust like bittrex. But it doesn't mean we should trust all over ICO. Can some one explain why it is necessary to submit KYC for airdrop or get bounty stake? I don't think so it's necesarry. All crypto transactions are anonymous. So why I need to verify KYC.

In my opinion investors should ask KYC for ICO team. Because investors are investing their hard work money. Team should prove themselves they are real. May be team will explain to avoid multiple account they are asking for KYC. I am not agree with that. I can create multiple account even with KYC. I have family member and friends so I can used their identy to verify KYC. So it's not appropriate reasone to ask for KYC.

Be careful before submit your KYC on any ICO website. It might be harmful for you once.

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September 22, 2018, 06:38:48 PM
Last edit: September 23, 2018, 12:16:19 AM by Velkro
 #2

I am not fan of KYC. I know there might be other threads about KYC. But I would like to describe myself why I am not fan of KYC.

Main reasone of I am not fan of KYC is fake ICO.
Be careful before submit your KYC on any ICO website. It might be harmful for you once.
True in case of ICO you must be very careful who you provide your most personal data.
In general KYC is to secure safety of exchange/website as money exchange. Many websites wouldn't do this if they weren't required to. If they won't they will be responsible for money laundering. Its shame, its painful and bad for each side (client/website) but best for IRS CheesyTongue

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September 22, 2018, 06:56:52 PM
 #3

True, it's not good to all especially the team itself had fake personal data that will be shown to investors and to everyone who know their project and may result in identity theif. I think KYC is used by ICO for determining cheaters from the list of bounty hunters and airdrop hunter. It's hard to know if there is a cheater in their airdrop or in their campaign , so they must ask everyone for KYC to remove multiple accounts in one campaign or airdrop to avoid distributing their tokens to the same person. KYC is to prove that you only have one account in their project and you don't have another account in the same campaign either if it is airdrop or another type of campaign and if you have another account it will be automatically rejected once they done asking KYC to your second account.

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September 22, 2018, 07:00:38 PM
 #4

Most of the time it is not required to collect personal information for ICO. If ICO is asking for too much personal information then don't take part in it. Especially if it is an airdrop. Your information may land in wrong hands and could be used for wrong purposes.

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September 22, 2018, 09:31:06 PM
Merited by HeRetiK (1)
 #5

Before submit your KYC must know about their background. Some website we can trust like bittrex.

can you trust bittrex? do you know who their 3rd party KYC service is? do you know what jurisdiction they fall under, and whether they are obeying all data protection laws in your country of residence? many exchanges and bitcoin services have had their databases hacked, along with customer ID info. that stuff ends up on the darknet, sold to criminals.

But it doesn't mean we should trust all over ICO. Can some one explain why it is necessary to submit KYC for airdrop or get bounty stake? I don't think so it's necesarry. All crypto transactions are anonymous. So why I need to verify KYC.

it shouldn't ever be necessary to submit KYC for airdrops or bounty stakes because the amounts are way too low qualify for reporting under money transmission laws.

some ICOs do it because they are misinformed about the law. some do it because they think it will make them appear legit. some do it because they want a way to avoid paying some of their bounty hunters after the fact. some do it because they are going to sell your documents on the darknet.

none of these reasons are legit. don't do KYC for airdrops or bounties!

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September 23, 2018, 04:28:46 AM
 #6

I doubt anyone is a fan of KYC here. It justs defeats the entire purpose of using blockchain: anonymity.

Back in 2017, ICOs & exchanges do not require KYC. However, things are different now. In order to comply with AML laws in different jurisdictions, KYC is needed. This is so that if any signs of money laundering are found out, they can identify who is behind the address, and can take proper legal action.

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September 23, 2018, 05:11:58 AM
 #7


it shouldn't ever be necessary to submit KYC for airdrops or bounty stakes because the amounts are way too low qualify for reporting under money transmission laws.

some ICOs do it because they are misinformed about the law. some do it because they think it will make them appear legit. some do it because they want a way to avoid paying some of their bounty hunters after the fact. some do it because they are going to sell your documents on the darknet.

none of these reasons are legit. don't do KYC for airdrops or bounties!

I believe a few countries have restricted the circulation of cryptocurrencies in their country. I mostly see, USA and China.
As per SEC regulations this ICOs are requested to prove that their investors or contributors are not from countries where digital currency is illegal.


It is quite a gamble. And most times, the risk is not worth it.
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October 17, 2018, 12:01:16 PM
 #8

I am not fan of KYC. I know there might be other threads about KYC. But I would like to describe myself why I am not fan of KYC.

Main reasone of I am not fan of KYC is fake ICO. How can I trust them with my personal identy even they are fake themselves. Many ICO asking KYC for airdrop, bounty and buy token. There is high risk to provide them my personal details. If they scam and use our identy on wrong way than what can we do? Nothing, we can't do anything with them. They might use it others illegal activity which is harmful for us. Suppose they can launch another ICO with using ours identy than what we can do if we are not aware about it ? But we will victims if they scam again. Also they could sold your details, like you can buy email list of crypto investors. Lot of ICO I have seen they are used others identy. Once we asked real persone than he don't know about that. But unfortunately we can see team has verify some of website like ICO listing. That means they are steal identy of others. That's why I am not fan of KYC.

Also there is chance hack of database. Imagine, if hacked database with KYC details than what happen? Hacker could use KYC details elsewhere. So obviously KYC is a danger system.

Before submit your KYC must know about their background. Some website we can trust like bittrex. But it doesn't mean we should trust all over ICO. Can some one explain why it is necessary to submit KYC for airdrop or get bounty stake? I don't think so it's necesarry. All crypto transactions are anonymous. So why I need to verify KYC.

In my opinion investors should ask KYC for ICO team. Because investors are investing their hard work money. Team should prove themselves they are real. May be team will explain to avoid multiple account they are asking for KYC. I am not agree with that. I can create multiple account even with KYC. I have family member and friends so I can used their identy to verify KYC. So it's not appropriate reasone to ask for KYC.

Be careful before submit your KYC on any ICO website. It might be harmful for you once.

I believe that the KYC system is a crap for weak people.
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October 17, 2018, 01:15:57 PM
 #9

[...]

In my opinion investors should ask KYC for ICO team. Because investors are investing their hard work money. Team should prove themselves they are real. May be team will explain to avoid multiple account they are asking for KYC. I am not agree with that. I can create multiple account even with KYC. I have family member and friends so I can used their identy to verify KYC. So it's not appropriate reasone to ask for KYC.

[...]

The sad truth is that even knowing the real identities of an ICO team accounts for nothing more often than not. Crypto has seen its fair share of questionable investment opportunities for a long time and even in cases where the identities of key figures where known they were rarely held accountable.


[...] some do it because they are going to sell your documents on the darknet.

[...]

Based on the sheer amount of airdrops lately I'm convinced that a fair share of projects do just that. Probably not as profitable as carding but definitely easier.

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October 17, 2018, 01:42:58 PM
 #10


I believe that the KYC system is a crap for weak people.

It depends. I do agree that KYC is quite shady when talking about airdrops and ICOs. But not all KYC is out there to steal your data/information. Some KYC, especially in exchanges, are only there because it's simply required by the law, or they implemented KYC to simply protect them from future potential conflict with the government. A good example would be ShapeShift. I'm pretty sure Erik Voorhees(ShapeShift CEO) didn't want to require KYC. It's just that it's a business, and a business needs to take precautionary measures to prevent potential downtime.

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October 17, 2018, 02:24:39 PM
 #11


~ snip ~

Also there is chance hack of database. Imagine, if hacked database with KYC details than what happen? Hacker could use KYC details elsewhere. So obviously KYC is a danger system.

Just one example: https://thenextweb.com/hardfork/2018/02/07/sentinel-chain-ico-leak-passport/

~ snip ~

Before submit your KYC must know about their background. Some website we can trust like bittrex. But it doesn't mean we should trust all over ICO. Can some one explain why it is necessary to submit KYC for airdrop or get bounty stake? I don't think so it's necesarry. All crypto transactions are anonymous. So why I need to verify KYC.

I'm not sure about how secure Bittrex though so I can't say if we can trust them as well.

In my opinion investors should ask KYC for ICO team. Because investors are investing their hard work money. Team should prove themselves they are real. May be team will explain to avoid multiple account they are asking for KYC. I am not agree with that. I can create multiple account even with KYC. I have family member and friends so I can used their identy to verify KYC. So it's not appropriate reasone to ask for KYC.

Be careful before submit your KYC on any ICO website. It might be harmful for you once.

I agree, I just wouldn't trust any ICO specially at this moment. We really don't know who to trust. You're taking a big risk if you are willing to submit your personal data. We all know what's going to happen if our  information is leaked outside. Any criminals will exploit and once our identity is stolen.

@oneblagobl - I think KYC is inevitable specially if you are going to exchange crypto to fiat. But if you are not comfortable then by all means don't do it. You can find services not doing any KYC but then again most probably they are unregulated so there is a big risk factor as well.

 
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October 17, 2018, 02:39:10 PM
 #12

I do and don't mind it.     I understand it has to be done if I want to convert crypto to fiat and transfer to my bank.    But at that point I'm dealing with a fully regulated and reputable company. 

I hate these new shady exchanges that don't mention anything bout KYC until after the fact.    Nope, not gonna do it.        With all the deta breaches and and people stealing credit -  it'd be worth your time to look into freezing your credit.   It is at least a small safeguard.

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October 17, 2018, 03:29:22 PM
 #13

I believe we should accept it as one of the rules. Good project would require KYC, if they want to have the legal part of it be right. I try not to participate in too many ICO and usually ignore airdrops, so my frustration about it is limited to a small number.
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October 17, 2018, 04:32:49 PM
 #14

KYC is a procedure to make sure that the program is reaching unique users having intentions to try the coins of the issuing group. Yes, it doesn't make any sense to put KYC details at stake just for the sake of gaining little bounty rewards. There is always a risk associated while sharing the confidential records/ documents with any new or existing company/group.
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October 17, 2018, 04:42:55 PM
 #15

KYC is very important in an ICO. This is done so the company will know who are the people that they are dealing with and to prevent using their ICO as a means to launder money. Even outside cryptospace KYC is also needed when you want to purchase stocks and become a partner to a legitimate firm.

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October 17, 2018, 06:25:22 PM
 #16

The risk is high just by dishing out one's KYC in the name of ICO. That's why I rather wait till the ICO hits an exchange before buying. Concerning KYC for tiny airdrop and bounty, I think the decision in most cases is to discourage multiple entries. This is justifiable and at the same time it doesn't worth it — KYC for few cents. The most important thing is to be careful before agreeing to KYC.
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October 17, 2018, 06:38:04 PM
 #17

At cryptocurrency sphere, everything has its own risks. I suppose no one is a fan of KYC. But it is sometimes inevitable due to SEC regulations etc. I think when we submit KYC we should be very picky. I have never provided my personal info except for trusted exchanges and a few promising ICO. I suppose I will not face a problem.
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October 17, 2018, 09:32:47 PM
 #18

No body want his data  especially identity out there especially given out to a fake ICO but yet if your research proves an ICO is going to be a successful then you can wait till they have raised money pass the softcap before you can give out your ID for verification. I think this method is quite secure and safe since the project is likely to be successful.
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October 17, 2018, 11:55:00 PM
 #19

I have to agree to OP, KYC is very dangerous for investors because if you have to do KYC you are risking your personal data to be stolen in addition to your money. Stolen money can be replaced, but stolen identities can't. They will be in circulation forever.
It's true that an KYC offers nothing for investors, because criminals will always provide stolen identites to pass KYC and invest. Criminals are laughing about KYC how dumb people are to think it will stop them to participate in ICOs. The only thing that would be better and prevent more scams is if the project team has to do KYC by visiting a local office in the next bigger city to apply for doing an ICO.

KYC is very important in an ICO. This is done so the company will know who are the people that they are dealing with and to prevent using their ICO as a means to launder money. Even outside cryptospace KYC is also needed when you want to purchase stocks and become a partner to a legitimate firm.
Just LOL. KYC for investors has nothing to do to be important to an ICO. A scammer can do an ICO and want KYC and so it's not an advantage. My opinion is very critical about KYC and this 'KYC is good and important!' shilling.


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October 18, 2018, 12:48:15 AM
 #20

I am not fan of KYC. I know there might be other threads about KYC. But I would like to describe myself why I am not fan of KYC.

Main reasone of I am not fan of KYC is fake ICO. How can I trust them with my personal identy even they are fake themselves. Many ICO asking KYC for airdrop, bounty and buy token. There is high risk to provide them my personal details. If they scam and use our identy on wrong way than what can we do? Nothing, we can't do anything with them. They might use it others illegal activity which is harmful for us. Suppose they can launch another ICO with using ours identy than what we can do if we are not aware about it ? But we will victims if they scam again. Also they could sold your details, like you can buy email list of crypto investors. Lot of ICO I have seen they are used others identy. Once we asked real persone than he don't know about that. But unfortunately we can see team has verify some of website like ICO listing. That means they are steal identy of others. That's why I am not fan of KYC.


I am also discouraged when a bounty campaign is asking for KYC because of this.  There are so many identity thefts out there that will use your personal information to misled others and produce more scams.  Especially that you do not know personally that management of each ICOs, giving your personal data is very risky.

I have to agree to OP, KYC is very dangerous for investors because if you have to do KYC you are risking your personal data to be stolen in addition to

KYC is very important in an ICO. This is done so the company will know who are the people that they are dealing with and to prevent using their ICO as a means to launder money. Even outside cryptospace KYC is also needed when you want to purchase stocks and become a partner to a legitimate firm.
Just LOL. KYC for investors has nothing to do to be important to an ICO. A scammer can do an ICO and want KYC and so it's not an advantage. My opinion is very critical about KYC and this 'KYC is good and important!' shilling.


You should know that each ICO wants to make their money also (the one they pay on bounty hunters) worthwhile.  If I am running an ICO and I will pay bounty hunters to campaign my ICO, then I want to make sure that I will pay the right people that will bring me investors and customers.  ICOs are just want to make their investments in bounty hunters worth it.  If an ICO will invest their money to a spammer bounty hunter or someone who just have multiple accounts, the money that they will give will become useless and they just hire someone who will not genuinely promote their ICO.

You cannot blame them if they want to implement measures to properly manage the bounty hunters that they hire.

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