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Author Topic: KYC for penny money?  (Read 1487 times)
Mr.grin
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April 22, 2019, 05:09:31 PM
 #161

I have only verified my ID on Binance, since I 'trust' them. I pay my taxes so I have nothing to hide.
I think, for KYC I don't think it's a problem to do it in a market, or a trusted exchanger, even more so binance. well, but, most people sell their identity to airdrop which is not necessarily clear, or anything else. because of that, being careful in doing KYC is the best choice.
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sulendra12
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April 22, 2019, 06:08:27 PM
 #162

It's up to you, but if it's for penny money then we have a problem. I mean, do you want to risk your entire life by risking your identity to unknown person for just few dollars or even less. It's ridiculous and shouldn't even bother to do it in the first place.

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April 22, 2019, 06:31:38 PM
 #163

i am not gonna do any KYC for just some amount of money. it's useless they don't even need to know us if they are gonna send our money into a bitcoin wallet. that clearly does not make any sense. like in India RBI has proposed that if anyone wants to do any kind of digital transactions they need to do KYC's from all there users.
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April 22, 2019, 07:17:11 PM
 #164

I have only verified my ID on Binance, since I 'trust' them. I pay my taxes so I have nothing to hide.
Nothing to compare here with binance.
In fact, any platform asking for personal data is untrustworthy, and should be immediately left. Binance let you withdraw 4 to 5 BTC per day which seems good to go with for ordinary users. When those airdrop shitter's ask you to by their sheet or offer them you data to sell it; just like in big social media platforms: if you are not the custmer, you are the product.

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April 23, 2019, 06:54:24 AM
 #165

There are so many victims of identity thief. People are often victims of these and they are not just anything simple, usually the crimes committed by the offenders using their identities are heavily punishable under existing laws. And if for just a penny you will be exchanging your identity, then it would not be that reasonable or fair. I think the best thing that we can really do is not to accept any of there offers so that instead might change their minds and allow you to receive even without KYC. Should they give several thousands or millions I would sign even how many KYC forms for that, but this isn't the case and so I would never accept such an unfair offer.

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April 24, 2019, 06:46:44 PM
 #166

I have only verified my ID on Binance, since I 'trust' them. I pay my taxes so I have nothing to hide.
No one is having issue with People like Binance, we all know Binance to be a reputable exchange and once can still trust our personal details with them 80%, it is not about you now having anything to hide or not.

Many people too in this forum that are not happy with KYC have nothing to absolutely hide, but the third parties with the details are the problem.

In this age where we have scam issue coming up daily, we even have project coming up and putting people’s details up in their whitepaper that is different from theirs to scam, how one can be safe from such a thing happening to us, because with our vital details, scammers can manipulate things.
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April 24, 2019, 07:46:04 PM
 #167

I saw in my social media feeds that there's a lot of people now posting about free cryptocurrency that needed of kyc before you get a penny money. This people not think if it's will good to them to give their identity in any site for just penny money. Yeah it's free but your identity will be possible to use in any harmful doings.

Whats your thoughts about this?
I don't agree with the Know Your Custom regulation as long as there is no insurance for the safety of the personal data.
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April 24, 2019, 09:22:43 PM
 #168

Completing a KYC just to receive some coins worth a couple pennies is something that only a desperate person would do and I think you know who I'm referring to here. I'm talking about people from countries where the minimum wage is too low and they are looking for absolutely any method they could found only to try and earn a few extra dollars in order to live a better life. Most of them are from India since the poverty rate is very high there.
Mahanton
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April 24, 2019, 09:35:09 PM
 #169

I saw in my social media feeds that there's a lot of people now posting about free cryptocurrency that needed of kyc before you get a penny money. This people not think if it's will good to them to give their identity in any site for just penny money. Yeah it's free but your identity will be possible to use in any harmful doings.

Whats your thoughts about this?
I don't agree with the Know Your Custom regulation as long as there is no insurance for the safety of the personal data.
Even on typical physical world where we do give out our informations which there are no insurances at all this is why I do already believe that our infos are already compromised since the beginning even
if we aren't still here on crypto market yet.

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Kelvinid
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April 24, 2019, 09:56:09 PM
 #170

Completing a KYC just to receive some coins worth a couple pennies is something that only a desperate person would do and I think you know who I'm referring to here. I'm talking about people from countries where the minimum wage is too low and they are looking for absolutely any method they could found only to try and earn a few extra dollars in order to live a better life. Most of them are from India since the poverty rate is very high there.
That's their choice mate and we don't need to be bother.
Sending KYC is not that bad if we know that we are sending into the right person and for good purposes. But if it we don't know the reason, maybe we won't do it. Almost all exchanges where asking our KYC before we do transfers, we don't have that options otherwise we can't used their services.

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jambul_kribo
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April 25, 2019, 01:15:24 AM
 #171

Completing a KYC just to receive some coins worth a couple pennies is something that only a desperate person would do and I think you know who I'm referring to here. I'm talking about people from countries where the minimum wage is too low and they are looking for absolutely any method they could found only to try and earn a few extra dollars in order to live a better life. Most of them are from India since the poverty rate is very high there.
That's their choice mate and we don't need to be bother.
Sending KYC is not that bad if we know that we are sending into the right person and for good purposes. But if it we don't know the reason, maybe we won't do it. Almost all exchanges where asking our KYC before we do transfers, we don't have that options otherwise we can't used their services.
if bounty campaign required kyc to received bounty reward maybe i will calculate its when listing in market.i didn't want send my personal identifiaction for penny money.this is our privacy and actually we should not send it to for unknown verification progress.moreover in cryptocurrency market.

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April 25, 2019, 02:09:22 AM
 #172

Completing a KYC just to receive some coins worth a couple pennies is something that only a desperate person would do and I think you know who I'm referring to here. I'm talking about people from countries where the minimum wage is too low and they are looking for absolutely any method they could found only to try and earn a few extra dollars in order to live a better life. Most of them are from India since the poverty rate is very high there.
That's their choice mate and we don't need to be bother.
Sending KYC is not that bad if we know that we are sending into the right person and for good purposes. But if it we don't know the reason, maybe we won't do it. Almost all exchanges where asking our KYC before we do transfers, we don't have that options otherwise we can't used their services.
if bounty campaign required kyc to received bounty reward maybe i will calculate its when listing in market.i didn't want send my personal identifiaction for penny money.this is our privacy and actually we should not send it to for unknown verification progress.moreover in cryptocurrency market.
i am affraid if i send my document to developers team,as we know now much projects be scamm when they finalized their projects.selling identity document was possible to happen in deep web.so i will not give my id.

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April 25, 2019, 02:53:19 AM
 #173

Thats where the industry is poorly implemented.   KYC should be more of universal accreditation that many websites and projects can then utilise.   You wouldnt have to worry about any particular developers team and their integrity or their system database, etc

I have only verified my ID on Binance, since I 'trust' them. I pay my taxes so I have nothing to hide.
Sure thats convenient and companies should make it as easy as possible to but the line only the guilty need fear is flawed logic

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April 25, 2019, 02:55:18 AM
 #174

I will give you one very good example of how KYC is used as an excuse to cheat the bounty hunters of their reward.

Check the SELFLLERY bounty campaign here in Bitcointalk: https://bitcointalk.org/index.php?topic=2760236.0

It started more than one year back and by then they were talking about it running for one month. Now more than 16 months have passed and the bounty campaign is still ongoing. The spreadsheets were last updated 7-8 months back and only a few participants are now active.

Earlier, there was no KYC requirement. But now they have added it. If you don't do KYC, then you will not receive your rewards.
mikelsmith2020
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April 25, 2019, 04:29:07 AM
 #175

It's true there's a lot of things they can do to your identity such as identity theft, use it to illegal works or they can sell it to others... It's really important for a user to secure his/her identity... For what I've known Satoshi's vision is to create an anonymous transaction (or just part) and yet you're willing to sell it for a couple of money.

I don't think it's necessary to give your identity on the Internet since we don't know who's behind the team asking for it or what's their real purpose. So I suggest to stay away from it as much as possible.

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GregH37
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April 25, 2019, 06:43:03 AM
 #176

There are so many victims of identity thief. People are often victims of these and they are not just anything simple, usually the crimes committed by the offenders using their identities are heavily punishable under existing laws. And if for just a penny you will be exchanging your identity, then it would not be that reasonable or fair. I think the best thing that we can really do is not to accept any of there offers so that instead might change their minds and allow you to receive even without KYC. Should they give several thousands or millions I would sign even how many KYC forms for that, but this isn't the case and so I would never accept such an unfair offer.
Coordination is what really matters if we are to move things forward and effect changes as users, do we really belong to the same thing or oneness for us to agree and carry out a specific instruction ? You might decide today not to accept projects that are KYC restricted, but what about others too, would they do same.

Your decision to not participate might not really make much difference, since there will always be someone to counter it in the market, so the best is just to personally handle our things, check for ones that we can trust, make research of them before submitting any KYC to them.
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April 25, 2019, 06:50:49 AM
 #177

It's true there's a lot of things they can do to your identity such as identity theft, use it to illegal works or they can sell it to others... It's really important for a user to secure his/her identity... For what I've known Satoshi's vision is to create an anonymous transaction (or just part) and yet you're willing to sell it for a couple of money.

I don't think it's necessary to give your identity on the Internet since we don't know who's behind the team asking for it or what's their real purpose. So I suggest to stay away from it as much as possible.
you are right. sometimes our identity can also be used as a tool for something illegal. well, because of that, being careful in giving identity is something we need to pay attention to. especially if we don't know the team behind the project.
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April 25, 2019, 06:57:50 AM
 #178

There are so many victims of identity thief. People are often victims of these and they are not just anything simple, usually the crimes committed by the offenders using their identities are heavily punishable under existing laws. And if for just a penny you will be exchanging your identity, then it would not be that reasonable or fair. I think the best thing that we can really do is not to accept any of there offers so that instead might change their minds and allow you to receive even without KYC. Should they give several thousands or millions I would sign even how many KYC forms for that, but this isn't the case and so I would never accept such an unfair offer.
Coordination is what really matters if we are to move things forward and effect changes as users, do we really belong to the same thing or oneness for us to agree and carry out a specific instruction ? You might decide today not to accept projects that are KYC restricted, but what about others too, would they do same.

Your decision to not participate might not really make much difference, since there will always be someone to counter it in the market, so the best is just to personally handle our things, check for ones that we can trust, make research of them before submitting any KYC to them.

Ya it is true that it is the decision of the users who wanted to give their identity proof for penny but their are also users who have fake identity proof and they are utilizing them. But still submitting KYC to all projects are very dangerous as they can do anything based on out KYC proofs.
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April 25, 2019, 09:49:57 AM
 #179

Doing this is absurd, selling your identity documents for such a meager amount of money would do you know good people. Have some dignity, work and you will be paid to have a very comfortable living.
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April 25, 2019, 10:11:56 AM
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 #180

Life is full of struggles and financial difficulties but it really saddens my heart to see people stooping so low  Angry Your identification cards are serious documents that can be used against you in very serious cases and yet people are really offering that for monies that can be spent on just a plate of meal. I don't know about y'all but i would rather find a job which would pay me a scanty amount to feed myself than to offer myself at such a cheap rate.

I hate to say this but i guess most of these people doing this would be in third world countries where life is so difficult to and the cost of living is also quite high. I don't blame though, if you leave in countries where only leaders care about themselves and their family members. Spending the state's money on themselves leaving the country poor what do you really expect its members to do.

They also have to fend for themselves and i believe that is exactly what they are doing but i just want to let them know that what they are doing is very dangerous and could be detrimental to them in the future. 


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