A new look to KYC, from a customer's perspective.

[semobo]

Now, to test KYC, the CIVIC project team has released a good application on a smartphone, where you are going through verification and further, by scanning the bar code, you confirm your identity in the project, so the scammers will not cooperate with this company!

What will happen the project itself turns into a scam.Giving the personal infomation to others has risk always no matter of who we are giving the information because most trusted site can even leak out our information or someone from insider stole and sell it on dark web.

[efxtrader]

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Know Your CEO.

The best way we could prevent or atleast act in the case (most certain) of one of any new project being a scam is selecting a number of trusted users of the community to verify the "Team" of any coin just the same way we are verified in most sites.
Since most of the new coins claim the "Team" is the people shown in the pictures they shouldn't mind verifying it to this peculiar non snitch trustworthy gathering of users.

In the case a project is to be compared to bitcoin or ethereum and the team crave anonimity you shouldn't need an ICO or could provide code before launching and provide a service.

Any ideas? Would anyone actualy ask for this before investing? and keep the word and not invest without the check?

I think it is more than a fair price for trusting someone with perhaps thousands of bitcoins.

Edit: I has another interesting post few ahead for (for the ones that read op only)

I am agree if KYC applied to developers team because many scam ICOs last year. But its hard to do because there is no regulation on cryptocurrency market, anyone can create their own token and sell it and leave it. If government regulating crypto, i am believe it will reducing scam ICOs

[Stavri]

i all the time keep repeating this. it is ridiculous to demand kyc and private information from investors. crypto market provides an anonymous ecosystem for its participants. what is the meaning of the kyc.

[HELLOFF]

Now, to test KYC, the CIVIC project team has released a good application on a smartphone, where you are going through verification and further, by scanning the bar code, you confirm your identity in the project, so the scammers will not cooperate with this company!

What will happen the project itself turns into a scam.Giving the personal infomation to others has risk always no matter of who we are giving the information because most trusted site can even leak out our information or someone from insider stole and sell it on dark web.

Guys, I totally agree with you. Those structures that are not authorized to collect personal documents must meet in accordance with criminal law. Each country has a specific regulation for such things, but the cryptocurrency market today is outlawed in many countries today.

[iGotSpots]

This is why I've not been anonymous from the start. Everyone knows who I actually am

[leea-1334]

Now, to test KYC, the CIVIC project team has released a good application on a smartphone, where you are going through verification and further, by scanning the bar code, you confirm your identity in the project, so the scammers will not cooperate with this company!

It is not a good application in my experience. I tried it firstly on mobile, I tried the maximum 3 times and all failed, then I contacted the CIVIC guys by email as requested, and still I could not get it done.

I will not say which project this was but it was several months ago. Everything worked well, I could scan and do selfie, everything,,, but when it came to verify, it said failed over and over again.

[hell_slayer]

Now, to test KYC, the CIVIC project team has released a good application on a smartphone, where you are going through verification and further, by scanning the bar code, you confirm your identity in the project, so the scammers will not cooperate with this company!

Does this company comply with European Union regulations regarding the security of personal customer data? What responsibility will they incur if personal data is stolen? Without answering these questions, few would risk using the services of this and other similar platforms. Cryptocurrencies are growing up and now companies need to get used to taking responsibility, especially when it comes to the security of customer money and personal data .

[masterrex]

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Know Your CEO.

The best way we could prevent or atleast act in the case (most certain) of one of any new project being a scam is selecting a number of trusted users of the community to verify the "Team" of any coin just the same way we are verified in most sites.
Since most of the new coins claim the "Team" is the people shown in the pictures they shouldn't mind verifying it to this peculiar non snitch trustworthy gathering of users.

In the case a project is to be compared to bitcoin or ethereum and the team crave anonimity you shouldn't need an ICO or could provide code before launching and provide a service.

Any ideas? Would anyone actualy ask for this before investing? and keep the word and not invest without the check?

I think it is more than a fair price for trusting someone with perhaps thousands of bitcoins.

Edit: I has another interesting post few ahead for (for the ones that read op only)

Thats great idea it should be implemented in all ICO,IEO and other forms of crowdfunding event, I think we should apply these as a requirements for All ICO's to know better about the real background of the team that implementing the ICO and the project itself to be held criminally liable if they are mismanage or scam the money they raise.

[hongus]

Well, the team must all pass the verification of identity. And this information should be publicly available. Then everything will be easy. Scammers themselves will leave the market. Of course, they will eventually find a loophole. But at least 1-2 years will be calm.

[HyughA]

a lot of fake ICO and it uses KYC, be careful of your ID, it could be misused, trackico can verify every ico team, that's a compliment to a website that provides ICO

[sorrros]

But I do not think that this will happen, who will verify his identity? Or he will send ID to everyone who asked for that? 
This ID problem is trying to solve ICON. Maybe after that no scammers will appear.

[TIDOVEE]

Originally, I have known KYC as "Know Your Clients" but now I discover the new costumers refer to it as
"Know Your CEO". In the wise that it is majorly introduced to suit the CEOs better. Well, I don't see negativity, because I think the managers introduced it to authenticate the identity of participants and reduce scam,fraud and even crowd.

[louisBSAS]

I am amused by such thoughts, I want to laugh at the naivete of the author of the topic. Never a single business owner will disclose all information about himself, because it is at least not safe for him and his family. Gangsters can come to his house and rob him. This is the first reason why directors will not go through KYC.

[D3m1r4wanti]

maybe KYC system must be annihilated from requirement need for just buy some token or coin, as long your token or your coin sold in sale event, who care about KYC procedure, it doesnt need i think.

I am interested in your statement.
My question is when a CEO / CTO / CMO submits the KYC on some ICO Rating websites, does their document check properly?

[dolores13]

Know Your CEO is a good idea , if all ICOs starters pass Know Your CEO procedure then u will find that 99% of them just attracted by easy money making and scam intention.
i still dont understand why investors give their money to some unknown stranger with exchange of trash whitepaper and some promises and then Dev disappear or keep burning ICO fund by spending it on them selves and investors waiting for coin or token to take value while Dev/CEO living a luxury life with their money.

[chanc3r]

Now, to test KYC, the CIVIC project team has released a good application on a smartphone, where you are going through verification and further, by scanning the bar code, you confirm your identity in the project, so the scammers will not cooperate with this company!

What will happen the project itself turns into a scam.Giving the personal infomation to others has risk always no matter of who we are giving the information because most trusted site can even leak out our information or someone from insider stole and sell it on dark web.

Guys, I totally agree with you. Those structures that are not authorized to collect personal documents must meet in accordance with criminal law. Each country has a specific regulation for such things, but the cryptocurrency market today is outlawed in many countries today.

But in EU there was no GDPR that the user must agree with it before they can give their documents that related to the identity to the icos platform. As far as i know amazix was applying it and those icos must follow that (EU icos)
That's indeed any country has different regulation.

[kewlc3s]

Good point!
I told already about that more than year ago. It could be good solution, or ether CEO will be some fake persons..
But main thing, no KYC must be collected from bounty hunters

[Ifychuks]

So, what does KYC mean? I always hated that thing, mostly because I feelt it is an unnecesary leak of information.

With these times and all the shitcoin scams and real waste of time and money I came to the resolution that we need a new meaning for KYC.

Know Your CEO.

The best way we could prevent or atleast act in the case (most certain) of one of any new project being a scam is selecting a number of trusted users of the community to verify the "Team" of any coin just the same way we are verified in most sites.
Since most of the new coins claim the "Team" is the people shown in the pictures they shouldn't mind verifying it to this peculiar non snitch trustworthy gathering of users.

In the case a project is to be compared to bitcoin or ethereum and the team crave anonimity you shouldn't need an ICO or could provide code before launching and provide a service.

Any ideas? Would anyone actualy ask for this before investing? and keep the word and not invest without the check?

I think it is more than a fair price for trusting someone with perhaps thousands of bitcoins.

Edit: I has another interesting post few ahead for (for the ones that read op only)

I really appreciate you posting. This deserves thousands of merit. The main thing here is verifying the team members of a project because many just spring up now to scam investors. Wish I had some merit to give. This is the best post I've seen today.

[bassbity]

Now, to test KYC, the CIVIC project team has released a good application on a smartphone, where you are going through verification and further, by scanning the bar code, you confirm your identity in the project, so the scammers will not cooperate with this company!

I have tried to do KYC at CIVIC to join in a bountyhive campaign, that's good and in my opinion is very simple, but not all projects work together with CIVIC.

[hirngespenst]

A bitter truth has spoken by this thread! This is the right time to be strong against all those shady ICO projects. They ask KYC for them who are supporting their project to grow, investing to make the success! This is totally strange! They should come with a video KYC, address KYC and all the original documents. I feel bad that we are not enough united, if we raise this question strongly, then project CEO has to response our call! But people still investing without proper investigation and they let them earn money and scam! We have to ask them KYC first before making any positive step about those projects!