Cryptocurrency, KYC and Terrorism

[rose9696]

It is also an idea of selling personal information. Those projects will try to sell our ID to get a certain amount of capital and invest in other things. But what really annoys me is that after we provide KYC, the project owner delays the distribution of the token and it seems that they no longer respect us. This really makes me crazy and I want us to create a topic to talk about this injustice.

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[D3m1r4wanti]

During this time I also wondered, when a project ended in fraud, and they escaped the funds of investors who had been exposed to their fraudulent snares, then how did it proceed? is there a follow up to the fraud? did anyone handle the case? will the investors' money be returned?
with the posts you gave, I just realized that the funds might be misused for terrorist funding.

[darewaller]

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?

I am really quite worried about this issue. So far, I've provided 2-3 times of my personal information. Now I don't know what purpose it is being used for and whether it harms me.
We are still very vague about collecting this information and it really makes me very curious. we still cannot conclude anything but it is best not to sell our information.

Where I come from, I have a religion that believes that when there are people that misfortune will come to, we will not be among. We have over 7 billion population, out of this, population of crypto users is also much for us to be sampled out of many information that has been collected, not everyone that collects our information has wrong motive, and the one that have wrong motives will not see our information to collect.

We only need to take some preventive measure, since we cannot shy away from this responsibility that has been placed on us, we need to just watch the project we are working on or submitting our information with, and be sure they are reliable while we leave the rest to God.

[redsun114]

Money laundering laws for the crypto might be valid laws, they have the same thing with fiat as well, do you really think a person who would like to launder their money could simply put it on a bank and then sending it to someone else and now they have new money?

People will ask you where you found that much money and that is why they usually do stuff like buying companies and making them look like it earns way more than it actually makes and pay taxes so they could actually show it as a profitable business and use their money. That is why I think crypto should be held at the same standard as well and any amount above certain limit that looks suspicious should be checked out even in crypto form without turning into fiat, like if you have over 100 bitcoins you should be asked for your KYC to check if you are a bad person or not.

[Thanasis]

During this time I also wondered, when a project ended in fraud, and they escaped the funds of investors who had been exposed to their fraudulent snares, then how did it proceed? is there a follow up to the fraud? did anyone handle the case? will the investors' money be returned?
with the posts you gave, I just realized that the funds might be misused for terrorist funding.

Many scam project team were arrested by respective governments but there is no perfect way to handle the scam crypto projects which has been the advantage of people who want to scam.Only way to avoid scams and our identities from misused then stop investing on the shit projects,only invest and pass KYC of the projects team proved their legitimacy and got huge community support where chances of turning into scam is less.

[Mihaylovic]

it is possible that there are some terrorist groups that using crypto market for their financial issues. because crypto provides an anonymous transfer possibility for everybody. but ofcourse nobody can blame blockchain adapters about it.

[mitchr4]

It is also an idea of selling personal information. Those projects will try to sell our ID to get a certain amount of capital and invest in other things. But what really annoys me is that after we provide KYC, the project owner delays the distribution of the token and it seems that they no longer respect us. This really makes me crazy and I want us to create a topic to talk about this injustice.

No need to worry if you follow a project that has a high reputation and is transparent. Providing KYC is already at your own risk but without that you also get nothing from the project. So it's up to you to choose, which is why people avoid projects that require KYC.

[eternalgloom]

Money laundering laws for the crypto might be valid laws, they have the same thing with fiat as well, do you really think a person who would like to launder their money could simply put it on a bank and then sending it to someone else and now they have new money?

People will ask you where you found that much money and that is why they usually do stuff like buying companies and making them look like it earns way more than it actually makes and pay taxes so they could actually show it as a profitable business and use their money. That is why I think crypto should be held at the same standard as well and any amount above certain limit that looks suspicious should be checked out even in crypto form without turning into fiat, like if you have over 100 bitcoins you should be asked for your KYC to check if you are a bad person or not.

I don't think they're as strict for fiat.
You can easily create an unverified Paypal or neteller account without having to go through KYC and transact up to a certain amount.

You really shouldn't have to do KYC if you're just trading a couple of hundred dollars worth of crypto.

[goaldigger]

The reason why they scam people is either they want to have money directly to them or use them to earn more money in others like getting their information etc. Cryptocurrency's annomimity has a better environment for those illegal doers because its hard to track them. We cannot throw away this fact in us.

[moynul2050]

Crypto currency is indeed very possible to be used as shipping and funding transactions for terrorists.
with the KYC request when registering an Exchanger or when making a Withdraw it will be a little difficult for them, even though they can still use other people's data that they can fake.

[eaLiTy]

During this time I also wondered, when a project ended in fraud, and they escaped the funds of investors who had been exposed to their fraudulent snares, then how did it proceed? is there a follow up to the fraud? did anyone handle the case? will the investors' money be returned?
with the posts you gave, I just realized that the funds might be misused for terrorist funding.

The fraud industry is a huge sector and is being is taking place since the advent of internet on a global scale and everyone was attracted to the new ICO market including the fraudsters who scammed people with penny stock schemes and IPO scams in the past and so is the reason we saw many frauds taking place in this market for the past few years, billions have being lost to these fraudsters and till now i have not heard anyone being caught running these scams but the irony is that these scams who took place in bitcoin with a recorded ledger which can track every transactions has the possibility to catch these fraudsters in the future as no one can erase those tracks.

[jho0810]

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?

That's why we need to be vigilant and choose the project we invested. Although it's not easy to know what will be goes the project in the near future we need to be observe anything so we can avoid that kind of frauds.

[yohananaomi]

The reason why they scam people is either they want to have money directly to them or use them to earn more money in others like getting their information etc. Cryptocurrency's annomimity has a better environment for those illegal doers because its hard to track them. We cannot throw away this fact in us.

It is clear that you are saying that the act of deception towards others by means of enriching themselves is a very wrong action. but indeed fraud in the crypto field is very large and very often happens. the possibility of tracking is rather difficult and has many obstacles. we cannot avoid this reality. indeed it is real and we must be prepared for it.

[FlightyPouch]

it is possible that there are some terrorist groups that using crypto market for their financial issues. because crypto provides an anonymous transfer possibility for everybody. but ofcourse nobody can blame blockchain adapters about it.

Yes, no one, I mean no one can blame Blockchain technology about this since there is a lot of people already doing it and at the same time, we don't have the control on how they will be spending their Bitcoin or other crypto currencies. Bitcoin is not fully anonymous unlike certain cryptos but still, there is that way that they can use it illegally.

[princeyeboah]

Terrorism, drug trafficking, money laundering etc have been in existence before the inception of cryptocurrency yet the governments find a way to often attribute such acts to crypto. Cryptocurrency is created to facilitate payment just as the fiat hence whatever crypto can be used to pay for, fiat can do the same. So why are the governments not associating fiat with terrorism as well?

[xabre]

KYC is procedure how to invest at some ICO project, but I am not happy with many ICO always have to submit KYC for investing at their ICO project, I don't know why have connection with terrorism with KYC on ICO investment.

[jonatuzc]

It is also an idea of selling personal information. Those projects will try to sell our ID to get a certain amount of capital and invest in other things. But what really annoys me is that after we provide KYC, the project owner delays the distribution of the token and it seems that they no longer respect us. This really makes me crazy and I want us to create a topic to talk about this injustice.

KYC is something that is required by government provided the company is bounded by law, and Before we continue to speculate that all companies will sell our information and we begin to shiver over this,I would like to ask some of these questions first, what information exactly are we insinuating that these companies are selling to make money, and who are the people they are selling to, and what will the buyers of this benefit from this?

I know I have seen some company sell people’s data such as email and number, and they sell this to companies that needs to do one form of advert and the other for their products which I know is quite wrong though, this is not enough to completely make us go against KYC,  but we usually make it look like they sell those information to the devil himself.

[imstillthebest]

,I would like to ask some of these questions first, what information exactly are we insinuating that these companies are selling to make money, and who are the people they are selling to, and what will the buyers of this benefit from this?

what information exactly are we insinuating that these companies are selling to make money,

in kyc you are ask for a personal i.d ( drivers license and a passport ) and also a selfie , other will ask for an actual video calls  but they arent selling your personal infos if the company is proven to be trusted .

and who are the people they are selling to,

if the company is scam and they are going to sell your kyc to others  ,they will sell it on the deep web and people that needs kyc will buy it .

what will the buyers of this benefit from this?

its obvious that they will use it on a company that ask for kyc or maybe they will re sell it to others for a profit .

[sana54210]

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?

I am really quite worried about this issue. So far, I've provided 2-3 times of my personal information. Now I don't know what purpose it is being used for and whether it harms me.
We are still very vague about collecting this information and it really makes me very curious. we still cannot conclude anything but it is best not to sell our information.

Where I come from, I have a religion that believes that when there are people that misfortune will come to, we will not be among. We have over 7 billion population, out of this, population of crypto users is also much for us to be sampled out of many information that has been collected, not everyone that collects our information has wrong motive, and the one that have wrong motives will not see our information to collect.

We only need to take some preventive measure, since we cannot shy away from this responsibility that has been placed on us, we need to just watch the project we are working on or submitting our information with, and be sure they are reliable while we leave the rest to God.

The main intention of KYC is not even supposed to have any wrong motive attached to it, it was just a simple law drafted to ensure that any organization knows its customer enough to be able to guide against any case of fraud, which some of these projects are just strictly following.

Sometimes, it is just or mentality that is really affecting us, and we no longer trust people again. Rather than people going against KYC, it would just be best that they ensure whoever is going to have access to such information is really authorized by government to do so, and this is why the case of KYC in cryptocurrency should really not be effective, because they are not much connected to government policy too.

[btctaipei]

Ask yourself, is AML/SAR/KYC about terrorism? or it's about maintaining power and control?
From what I can tell, using and transacting with bitcoin may create tension or problems with entities dependent on following scheme or marketing activity:

1) terrorizing institutions got used to debt monetization and maintain a financial system of where monetary supply could be adjusted at well to hide the true cost of borrowing by the oligarchs, and
2) levy a hidden tax by increase monetary supplies and creates rise of good and services, and to confiscate savings without legislation or due process (or hike tax without even you notice: you automatically on higher tax bracket when you get paid with large number but yet it buys you less widgets), and
3) aggregate meta-data and figure out your behavior, like spending behavior or even exploit and calculate and ptimize cognitive distortions using profiles about you and those who are close to you, and
4) aggregate metadata with social media to figure out your network, and exploit your political affiliation and keep you in control and distract your understanding to the true nature of every day event and idea as it occurs, and
5) as adoption increases, it diminishes the effectiveness of federal open market operation.