Topic: Are You Afraid of KYC? - page 27. (Read 31966 times)

actually I was afraid when the KYC system began to apply for some purses or exchanges in crypto to ensure security only with the passage of time I increasingly agree with the KYC to avoid the dark use of [digital currency and reduce theft cases.

Yes i am really afraid about KYC(Know your customer), maximum ICO project now requiring pass KYC but every project now are not legitimate, i am afraid that if they use our personal information in a bad way.

^^ I prefer that option where an established KYC processor is employed to verify and they have a standard to maintain while doing so.   Obviously many companies are new during an ICO and not ideally suited to the task
They require personal data primarily to off set any worries on laundering or even criminal activity.  With the rise in BTC and ETH prices came larger interest from many sections of the normal economy including tax and revenue for governments.   Companies want to stay compliant with laws in countries they operate so theres that strong incentive for them.

In all honesty it mainly depends on whether the ICO is trustworthy or not. The main reason for KYCs are to ensure that the ICO is not being scammed. All that is required is proof of identity including a name and surname that matches the ID document. It is very rare where a specific country is redone and asked for proof of address this is only because of the many syndicates that go on, eg: Multiple people from a certain country enter multiple times under different names.
There are actually contracted workers who verify KYCs so in my opinion your information is safe.

I am not afraid of KYC but the issue is that am giving out my private information to a company that may or will be stolen which is very risky. Cryptocurrency is a platform where u make money quietly without someone knowing your activities, introducing KYC is like using the bank were cashiers can give out your information for money.

Its must need and good for government because stoping fraud and customers are genuine.

This becomes a real problem for me. Why should they be interested in my personal data at all? And what if I have many accounts?

I have not come across this yet, but more and more often I hear about KYC, in my opinion it undermines the principles of crypto currency.

Since some government are requiring it then there is nothing we can do about it right now, for as long as we want to keep and hide our identity there are things that we should consider just like the government who also just like to protect investors.

if government or some registered exchanges wan the KYC then it is absolutely fine because they can be trusted else it can be a dangerous to share your KYC details with the unknown people whom you do not know and what for they are taking this details. So always avoid such sites or tokens I would suggest.

Same here, I am not really afraid of the KYC policy when joining campaigns because it only gives them an idea that you are a real person and all but there is also some down sides to it especially if they put your information into bad use. Now that would be a different story.

Side note:  crypto currency was made to avoid dumb policies like kyc, so no I don't fear it, I fear people thinking it's good for some reason to use with crypto currencies. Ultimately the avg. person gets screwed (they pay taxes while the bad-er people can find a way around anyway.. only screwing the nice-er people with kyc).  So I guess I fear getting screwed in that sense and possibly if I ever have an identity worth stealing my info is all over the place thanks to stupid policies like this and my Dr.'s office needing a copy of my license, s.s. # and birth date.. all in the hands of an underpaid disgruntled receptionist..

In fact I got a letter not that long ago from a medical place I haven't been to in over 3 years telling me they had a breach.. of my info.. and that it's ok they signed me up for 12 months free credit monitoring..? because identity thieves only use your info in the 1st 12 months??? and not the rest of my life? thanks..
also shouldn't I have to approve such a service?? or get to choose one?  horrible. 

Sooooooo be prepared to receive letters just like that from your bank, your dr. and your crypto favorites... in the future..
at this point 90% of us are fucked. didn't equifax or experian get hacked like 300 million people?  oh sorry it was only 143 million people (half the usa)  and it was equifax:  http://www.chicagotribune.com/business/national/ct-equifax-data-breach-20170907-story.html

and: http://fortune.com/2017/09/07/equifax-hackers-personal-details-143-million-people/
interestingly some British and Canadian people were also in there systems.



So yes build yet another database, this time in crypto world for your info to get stolen, under the guise of "protection"..  because after all, their are people who are now wealthy targets who may or may not have had a credit report OR have been in the regular banking system to have been targeted before with older basic target methods for picking good targets. 

you have been warned.


In my opinion any company worth anything would fight to not use kyc b.s. in realms it does not belong, nor was intended to be used.

KYC is just to keep poor people poor and to give identity thieves more options to steal your info.
They only do KYC to tax you, it doesn't protect anyone.
It puts the user at risk, and the company forced to comply has a huge liability now (safe guarding your info).

when you buy gas at a gas station, do they ask who you are, with ID verification..  for your "safe" purchase of gas?


They claim kyc helps fight terrorism and fraud (see how well that worked out) but new ID's are even easier to fake than the older ones..   
If people have enough money the right documents can be bought or made to bypass kyc, even worse is now instead of just fake info they made it easier to use someone's actual info... So instead of just having a dead end fraud case, innocent people now have to deal with being charged for crimes they did not commit.
Another example of how the future is just worse and sucks. They need to stop fucking shit up and leave it alone.

I think, everyone should harden uts skills in security and privacy defense.

in my opinion nowadays there are so many ICO's coming. We can choose the right ICO's for that we have to go through on their project, road maps, whitepaper. Before we submit our document we check these amenities thoroughly. There are so many ICO's scams at present.

Most of the time I am against KYCAML, but there are of course projects and utilities that I think are 'safer' with the kycaml. My actual trading and posting I dont think should be fettered, but some of the loftier projects are at higher risk of asking the money and running, and while KYCAML may cost me my privacy, it also helps keep the project leaders in check as well. For many projects that isn't an issue, but we've seen time and again where a really promising huge projects turns into a scam.

I think kycaml should be a voluntary venture for a business- the market will decide where the money should go.

not because it is applied to know the background and the identity of the user. This is done to comply with regulations concerning prevailing financial transactions, as well as to prevent the occurrence of Anti Money Laundering (AML).

KYC is what I hate most though it's really important to the project to know which user is a bot or not and what i'm scared of this maybe they will use our information to the bad things which can lead us to mistake.

I think the reason why having KYC implementation is to know more their client because there are some places that cryptocurrencies are banned so they think that to avoid users bypass the law much better to fill up the form of KYC. Anyway, KYC is not giving all you information that you have or might be lead by hackers access your account.
By KYC also monitor their participants for possible hacking or hack other member.

it's concerning in a way that there are lots of exchanges being hacked now a days. If the government would require them to to implement such measures they should also take steps on making sure that the data we give them remains secure. However i do see why it's necessary. It's probably the only way to combat money laundering.