Cryptocurrency, KYC and Terrorism

[fiulpro]

Hey
If that was even 1% true then at the end of the day all the scammers who took the money of the good folks and their hard earned investments would have been caught in just 1 day.
If terrorists can use it for checking the identities then so can we.
This speculation is not even a little bit affirming.
What we know is this is theoretically possible but doing it practically is something that will put all the technology plus brains at stress.
One shouldn't believe just anything simple.

[LUCKMCFLY]

Everything is possible, what happens is that now for the subject of the KYC, everything lends itself to affirm that at the moment of asking for data already of verification they are for terrorism purposes and to obtain privileged information to be able to take advantage of them. That is why when making a KYC you must determine very well the meaning that the project will take to choose and analyze your equipment and whitepaper.

[bitbunnny]

KYC verification has become a big problem for investors in ICO projects, but it has become an even bigger problem for participants in the ICO bounty campaigns. Most KYC checks are carried out after the end of the ICO, when bounty hunters are no longer able to refuse to participate. After all, they have done the agreed work and are just waiting for the deserved payment by tokens. Here, KYC verification already serves as a form of fraud in order not to pay the tokens earned by us.
As for the possibility of using our data by terrorists, this, of course, is not excluded. However, I do not think that the probability is high. There are not so many terrorists using cryptocurrency in the world, in any case, not anonymous types of it.

No way! I believe that we can invest without giving our identity. KYC process is just for whales because small investors only lend a few capital to buy coins. In addition, many scammers are using the identity of their customers in order to scam again. We don't need kyc because we are free and anonymous in this industry.

in my opinion KYC doesn't help anything , it only puts you at risk of getting your identity stolen
there are million ways to send a fake ID and many people are doing so
I heard stories of rogue exchanges and ICO and bounty campaigns reselling their users data to any interested party
with the databases resurfasing on the darkwb from time where anyone could buy them
I do not fancy my real identity get leaked just because some exchange doesn't believe I'm not a terrorist

Well, if your point of view is that every user will send fake data and try to make a scam sending forged documents then you are right. But in practice that isn't so and majority of people with honest intention will give their correct data. And every service provider who performes KYC is obliged to keep the data safe and secure and to reveal them.
And it's interesting to see how many personal data are people willing to reveal online on different social media when even no one requests that but when it comes to KYC suddenly they become very reluctant. At some point people will have to decide what is morw important to them, so called privacy they actually lost first time they got online or security in some cases like terrorism.

[Rishblitz]

By using all KYC documents and information to some people that we didn't know, of course theres a high risk of possibilities and will be used for other illegal activities, but then without any proof of how the docs are misused we can't do anything much with that by my speculation.

[juperos]

I have heard a lot about this conspiracy theory, because in deepweb there are many teams hackers working there and they exchange a lot of confidential information. We really can't know what they do with our information, but it's definitely bad behaviors.
We really should not provide our personal information and only get a few dollars back. That really doesn't deserve the consequences you have to accept in the future.

[Vishnu.Reang]

Terrorism is just another excuse from the authorities to force KYC down out throats. Do you really believe that these "terrorists" are too retarded to use their own KYC info? They can easily get stolen KYC info from the dark markets for $25 or $50. Nowadays, the word "terrorism" is frequently used by the authorities to snoop down on ordinary people.

[Wolfwar]

If the cryptocurrency is anonymous, then no one will buy someone else's data for $ 50, because the cryptocurrency provides a wide range of opportunities for abuse.  I am sure that there should be a certain control, because even today we ourselves suffer at the hands of scammers, for example, in the company’s ico market.

[Ryker1]

If the cryptocurrency is anonymous, then no one will buy someone else's data for $ 50, because the cryptocurrency provides a wide range of opportunities for abuse.  I am sure that there should be a certain control, because even today we ourselves suffer at the hands of scammers, for example, in the company’s ico market.

Well, that sounds correct. They used the dark web to purchase from theft identity which possibly comes from us and those naive people who easily fool. Indeed, we should know how to trust the site and give our KYC verification if needed but if you have the chance to avoid then much better. Nowadays, there are new styles of scam technique by using fake identity, indeed, possible also in terrorism intended and abuse someone else.

[Renampun]

By using all KYC documents and information to some people that we didn't know, of course theres a high risk of possibilities and will be used for other illegal activities, but then without any proof of how the docs are misused we can't do anything much with that by my speculation.

actually, the KYC system is really very troublesome, but it is undeniable that it is very good for reducing fraud and even terrorist funding. I strongly support KYC because tracking down fraud and terrorists in the blockchain ledger is not enough. 

[arpon11]

stop linking krypto with negative things, regarding misuse of identity is a problem for every individual, we should be wiser in giving identity, but so far I have never encountered a big case of misuse of identity.

He may not intend to do that but have wide imagination on what terrorism can do if their lay hands on people identity through kyc. Kyc can be through cryptocurrency, bank or financial institution and that is why, we should be careful with how we give personal information out to public domain as that can be used against us. Terrorism and terrorist can go to any length in gathering information about people and in turn using those information in doing their evils.

[Polar91]

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?

What we can really know is which address we sent our money and know how much its balance through Blockchain explorer however we have no way to track what's the name of its owner. This is why it's important for the investor to be aware of frauds that use to steal someone's identity through ICO. Although KYC requirement has a negative side, it's still needed to avoid money laundering not only in crypto.

[Fundamentals Of]

I think this is a preventive step from the government authorities. There seem to be no conclusive findings on these. Or perhaps KYC just had to find some very valid reasons in implementing it because it was going to be received negatively by a lot of people. And indeed, there were many grumblings against it. But if it is for security really, then it is by all means necessary.

[goldenbitC]

it is necessary to fight the cause, not the consequence. the causes of terrorism lie in other factors. the KYC procedure will not affect terrorism in any way, any scheme can be bypassed

[xSkylarx]

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?

What we can really know is which address we sent our money and know how much its balance through Blockchain explorer however we have no way to track what's the name of its owner. This is why it's important for the investor to be aware of frauds that use to steal someone's identity through ICO. Although KYC requirement has a negative side, it's still needed to avoid money laundering not only in crypto.

These days it's easy for someone to falsify documents. Past ICOs don't require kyc when investing on them but now most requires it and I don't know the reason why. It is acceptable to require kyc on exchanges because there is really a possibility that its from money laundering. But on ICO, I will never provide my private infos to them.

[DPrillio]

it is necessary to fight the cause, not the consequence. the causes of terrorism lie in other factors. the KYC procedure will not affect terrorism in any way, any scheme can be bypassed

Terrorism are already there even without crypto they can use even fiat, so I think crypto currency should not be a reason of saying escalating terrorism for their monetary needs. KYC is not a guarantee to avoid terrorist using crypto for money laundering because they can still manipulate documents if they want to.

[1BTC EQUALS 1CAR]

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?

There is a chance that this could be true but where are the proofs? I've been hearing this whole conspiracy for many years but even the government who are accusing crypto with that does not even have their proof as well. I think that 99% of that the fake ICOs who run with the funds raised are just con-artists. They have much  more chance to pull this kind of scheme.

[FlyingDrozd]

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?

Sounds really scary. Can I see the source of these rumours?

[barabarian1]

people identity can be manipulate by bad people. many news talk about digital crime that use other person information. but i never think about if they use crypto member identity to buy something for terorism. there is some limits to use people information and not easy if it concerning between legal or illegal

[Mihaylovic]

many people say that there is a big connection between cryptocurrency usage and terrorism. but i dont think so. i dont think they really needs cryptocurrencies to make transactions. they have many other ways to send money.

[TitanFalls]

The biggest terrorists are special services. Do you think they do not have your personal data? Even if they haven't until recently, they got it definitely, including photos of your passports, during ICOs of 2017-2018. Appropriately, thanks to these ICO campaigns, they will be able to tie your identity to your "anonymous" wallet and track your transactions. Welcome to the brave new world!