Cryptocurrency, KYC and Terrorism

[1Referee]

Do people really believe in terrorism and drug wars? Someone (read corporations, governments) created terrorism and drug wars to fight with imaginary enemy!

I don't think terrorism or drug wars are created at all. Governments might be reluctant to actively fight against them in some cases, but is there any evidence you can provide me pointing at how these groups are created by corporations and governments?

I mean, sure, certain industries do benefit from wars because they can sell a shitload of weapons and whatnot, but that's just the result of cause -> reaction. Where there is a problem, businesses try to sell you the potential solution. That's how basic economics work.

Same thing you can apply on pharmaceutical industry, they create diseases and they sell you "the cure" later, that never heal you, just keeps you ok while you using it.

What if there really isn't anything that can cure certain diseases but only allow you to buy time? The richest people in the world die from the same diseases regular folks die from. They can afford better treatments in some cases, but these treatments are also available to you if you have the money.

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[ttcsalam]

I think KYC can give a identity.so every one should fillup KYC.for that KYC we can fuond easily the truck.and KYC can give a validity all of sector.So i think for reduce terrorism must need KYC.

[michellee]

I think that it could be possible to happen as we know that many ICO has run away with the investor money and it could be they are related to that network. We don't know the truth, and maybe that was just a rumor, but I heard that we could get full info for someone in the dark market and we can use that information for anything we want. It's like we get credit card information from one people and we can use it to steal the money. But I don't know more about that.

[jademaxsuy]

I think the main reason they ask kyc for large amount or on some exchanges even for low amount is money laundering and terrorism, if this not was on this world we could trade without kyc on most exchanges.

It is because the system created were vulnerable to abuses. Not all of the people around the world are good and are only seeing bitcoin and block chain a good tool that can be use for the betterment. Some of it has seen the flows and used bitcoin to take advantage from tye government being an anonymity.

[indrakusumaindra]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

Yes i do think so, this conspiracy that might turn out to be true and i do think there is a lot of ICO that not real and dont have real product and might be terorist fundrising ICO. I do think its bad idea to give KYC to someone who we dont know especially to crypto world but in other hand i do believe KYC is needed to prevent terorist fundrising.

[snipie]

I think the main reason they ask kyc for large amount or on some exchanges even for low amount is money laundering and terrorism, if this not was on this world we could trade without kyc on most exchanges.

It is because the system created were vulnerable to abuses. Not all of the people around the world are good and are only seeing bitcoin and block chain a good tool that can be use for the betterment. Some of it has seen the flows and used bitcoin to take advantage from tye government being an anonymity.

Even if governments abuse its power and force people to use cryptocurrencies, that should not let them provide their identity to a stranger running an unknown project, ico...

[hatshepsut93]

Terrorism funding is just a FUD that is used by governments to get more control over finance, because in reality almost all terrorist funding comes from governments - groups like Al-Qaeda and Hamas have government support, everyone knows it. Or take ISIS for example - there were reports of them using crypto and getting money from stolen credit cards and other fiat sources, but most of their funding came from their control over oil, and those who buy their oil are the real funder of terrorism.
I think the harm done by fighting terrorism funding (freezing accounts of innocent people, disrupting business, etc.) is far greater than the harm done by the actual funding of terrorism.

[b3llsf1l3s]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

Nowadays, it seems that people data and information is no longer valuable, as you know some people even willing to do on KYC for $10, and the worst case is when you realize your exchange being hacked, some $ maybe stolen, but the exchange absolutely still have money, we need to worry about ourselves. Our information could be sold by them.

[Febo]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

Most cryptocurrencies have zero anonymity features.   You are also talking about three different things. First you say that terrorists use personal information of people that are part of ICOs and central exchanges where they need to do KYC. Second you talk that they make ICO to found their activity. And third you say they use cryptocurrencies as a money.

Terrorists can get personal information's from any central database. They can get them from paypal or Facebook or wherever. You are right that just anyone can make an ICO and steal peoples money if they want to use it to lay on a beach or to kill people.  Bitcoin is trying to be a money. So with that used by just anyone. From butchers to terrorists, from basketball players to lumberjacks. It is money. To make sure terrorists dont get a hold nuclear weapons best is to destroy all nuclear weapons. Not prohibit the use of iron. ( guessing you cant make a bomb without Iron.)  

[adzino]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

These are just being over exaggerated. I don't think terrorists will be running all these ICOs and go through all those hassles for just few amount of money (compared to other ways they fund themselves). Yeah, those ICOs after stealing money from their investors also tend to sell the IDs given to them to make more money. But, not sure how those IDs will be used for terrorism.
Lets not blame crypto currencies for all these. These activities has been going on for a long time. Even before crypto currencies were invented.

[kamudd]

That is one of the reasons that we really need to know what ICO will do to our data if we have to do KYC, it is very difficult to distinguish what is good and which may only require our data only for crime and that is where we must be extra careful.

[omonuyak]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

This is a deep thinking and in reality these your views maybe be happening and we all may not know. Terrorists has many ways of raising funds and before many of us were advocate for kyc as this will reduce terrorism but after reading this post it is now clear to me that many icos that run with investors funds may be opened qby terrorists organizations to raise money for they evils agenda.

[bitcoindusts]

If the terrorist really wants to do it, then they might want to steal other people photo to represent their team, or if they're stupid put their own face on the internet.

I bet you haven’t encounter ICOs who did this? There are some ICOs  that  are doing it for real. I happened to participate in an ICO bounty campaign which in the beginning really did great and the developer team most of them were Chinese. But then, someone made a research about the team and found out that those faces posted in their whitepaper were wearing false names. The photos belonged to someone else who hold a different project and were in fact well know personalities in China.

[TrevorS]

The identification procedure very little complicates such operations for terrorist organizations that have great potential in the means and are able to hire professional harpists who can fake any documents and videos.

[Rapidgator]

I think KYC can give a identity.so every one should fillup KYC.for that KYC we can fuond easily the truck.and KYC can give a validity all of sector.So i think for reduce terrorism must need KYC.

If I would be a terrorist or somebody who is using crypto for illegal stuff I will always know how to have a chance to exchange my crypto for other stuff

[sandra_x]

Ech time we fill some KYC forms, we are actually taking upon ourselves certain degree of risk. It is not impossible that some ICO projects have the sinister ploy to fraudulently obtain sensitive information, there prevalence of security breeches in the space may not be unrelated to this

[Ucy]

It's unlikely that terrorists (the ideological ones atleast) would be interested in peoples identities. They tend to target a specific people to kill, victimize or used as ransom and not just some random people with no value to them. However, scammers and  robbers could be very interested in this.  They could easily use it to target wealthy/important people for identity theft, kidnapping,  armrobbery, blackmail etc..

[salty]

I believe that KYC should occur with the help web cameras.So crypto space will really become cleaner.And no one would dare say anything bad about cryptocurrency.And the fact that terrorists use cryptocurrency I do not know about it and do not want to know.If someone is interested in their support it can be done in different ways.

[slashz9]

but many people do kyc, specially if they get high reward, so i think this is hard, they choose not do kyc and not get paid after work for 1-3month.
but not at all will be do for that,dont think negative and assume that happen at all, open minded and look from other side.

[ityandsyn]

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

This post might be correct in some ways but I think this position should be backed by a link to further read on it so it won't be held on you to be the one who is making this position or the thread you read it.

Yes KYC might have its ulterior purpose but my question is, if it is used for terrorist activity, what particular information that KYC might be requiring if not basic biodata and maybe passport photography. So what would terrorist would be needing such information for where the information in KYC is not having anything with your government, because terrorism activities is about attacking government and governance purpose.

      It simply they will use our biodata and identification card or passport to easy enter our country especially if have similar faces so this gonna be the big risk if we sent our documents , but if you have trust the people around in that project then you don't have to worry about it , besides we have no news reported regarding this speculation .