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Author Topic: Know Your Customer (KYC) A Good thing or Bad Thing?  (Read 233 times)
John999
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January 30, 2020, 02:47:15 PM
 #21

When a company gets overzealous and overreaching in their KYC, make no mistakes. It's either to collect very private (hence very valuable) datas about yourself that can be later resold to god knows who, or they want to get rid of you for whatever reasons.

So in both cases don't bother to answer and move to the next company.
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peter0425
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January 30, 2020, 02:55:02 PM
 #22

When a company gets overzealous and overreaching in their KYC, make no mistakes. It's either to collect very private (hence very valuable) datas about yourself that can be later resold to god knows who, or they want to get rid of you for whatever reasons.

So in both cases don't bother to answer and move to the next company.

well for obvious reason we have a knowledge about that,selling our data's to third party after gathering from those scammer ICO campaigns back then,when most are not seeking for kyc but after the bounty they will require all of a sudden.

i think what is better to do is just let providing KYC if the transaction is very important and you have no other option but to provide KYC.

Subbir
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January 30, 2020, 03:25:35 PM
 #23

I think both are good and bad for KYC customers. within the case of KYC work, on the one hand, our people aren't ready to take past information easily but on the opposite hand KYC scams are more prevalent. I also do not like KYC myself because it doesn't always require KYC when it involves protection.
mrquackquack
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January 30, 2020, 03:36:09 PM
 #24

Well wasn't crypto one of its main purposes for being engineered was to combat centralization and maximize privacy? It seems like the exchanges are either selling out or being pressured by governments.
RapidsNetwork
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January 30, 2020, 04:06:59 PM
 #25

Great question and topic.
Personally I think that kyc will not go away. And all exchanges will require it, those that dont will probably end up quitting by their own choice or by the government they choose to be in.
The US will probably make all exchanges require KYC when and where it can.
I mean binance doesnt server usa members unless they use a VPN to hide themselves, same as bittrex.
There are options like binance.us and bittrex us. But they dont see near the volume as the big players.
I personally dont mind the KYC. I know alot of people do and hate it.
I guess it can go both ways, but for me I do KYC.
John999
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January 30, 2020, 05:32:54 PM
 #26

Well wasn't crypto one of its main purposes for being engineered was to combat centralization and maximize privacy? It seems like the exchanges are either selling out or being pressured by governments.

Both are very likely. I also believe that some established crypto companies are overdoing it, hoping high regulations in the space will keep new competition from entering the game and keep their market share. The irony is that it will cause their demise instead.
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January 30, 2020, 05:51:34 PM
 #27

I also initially use to have issues with that KYC but at a time I did not worry myself about it, since we have many projects that do not require KYC. KYC is expected to make a proof of genuinety of participant but in the process,it has made registration more difficult for many and yet many do not even receive their reward after all the stress. I have never registered any KYC project.
Naida_BR
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January 31, 2020, 08:53:29 AM
 #28

It is good and bad at the same time.
I believe that we need KYC until we find more decentralized ways of validating a user identity and prove that he doesn't have multi accounts. I don't like KYC but I think that it is necessary to have such mechanisms right now in order to tackle scams.
akram143
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February 01, 2020, 07:16:39 AM
 #29

We all seemingly have some sort of mixed emotions when it comes to the dreaded KYC. Picture the painting "The Scream" or some ghastly Emoji and none the less this maybe a somewhat accurate account of to how some people may feel about KYC. Some people might think it's a complete invasion of privacy and completely ruins the whole thought of what crypto is all about, when some others may think it's a step in the right direction to hopefully bring transparency to the crypto world and thus making it a more viable option for mass adoption. What are some of your thoughts and opinions on the matter? As usual any thought or comments are more than welcome. Thanks.
People are afraid of their ID getting misused for illegal activities because the crypto sites asking all the sensitive information might be created only in recent time in the name of new project.

Tash
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February 01, 2020, 10:11:41 AM
 #30

Before forwarding all kinds of personal information do a KYC,  Know your Company.
Who will have access to your private information, will it be sold, anytime a new person gets access get informed about it and your approval......
Handing over your data to a random stranger on the internet is silly.

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February 01, 2020, 10:52:21 AM
 #31

Before forwarding all kinds of personal information do a KYC,  Know your Company.
Who will have access to your private information, will it be sold, anytime a new person gets access get informed about it and your approval......
Handing over your data to a random stranger on the internet is silly.


I agree with you it's not okay to give our personal information to anyone but I think KYC does have Google Authentication. It is unlikely that your personal information will be hacked. That could be the KYC risk.
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