Topic: Are You Afraid of KYC? - page 32. (Read 31966 times)

protect users from what? KYC (and AML) usually required by law to fight against many form of crimes
but in the case of ICO, we're not even sure they registered and complied with the regulations
'KYC' is used to make it look legal but they could've just used it to gather personal data for their next heist

Though the ICOs confirm the reason behind why they require our personal documents, its bit shaky to hand over the documents. The main reason they say to ask for documents is, few countries have denied bitcoin, so ICOs do not accept citizens from the respective countries to invest in any crypto coin. So its better to analyse andi hand over the documents to the trusted ICOs.

That is right, especially when cryptocurrency is legal in your country, it would be a link that you are not paying the right tax and could lead you to be a burden in the future, so better not to support that KYC also it can be a way of having our details and will be used to scammed people under our name.

Why do so many people support the "know your customer"policy? Do you really believe in this fud that is spread by bankers? They are the main link in money laundering and therefore do not want to share their monopoly on money laundering with cryptocurrencies. All friends and enemies of the law.

I really don't have a problem with KYC regulations, and i did it already several times, some times lucky, some i were declined dunno why, however I do have a problem with ppl having access to my KYC data, lately my email got tons of different emails about ICO or any crypto project, before i hadnt so much spam.

on the contrary, KYC though sometimes looks very boring to do, the advantages for me matches the energy put into doing it. 
Fortunately, current technology makes it possible to improve these processes, with ever-greater efficiency, in three areas:

Security: blockchain technology goes beyond current processes, making it possible to manage digital identities as nodes in a shared network and, thanks to encryption mechanisms, making it impossible to tamper with the data.

Speed: full digitization of onboarding processes will make them significantly more efficient, thus increasing conversion rates.

Scope: new approaches will not only prevent online fraud, but will provide companies and institutions with a better understanding of their clients, allowing them to improve the user experience.


To sum up, the KYC process, which came about with a specific purpose in mind, now plays an important role in the digitization of onboarding processes in the financial industry.

In addition, the use of blockchain, machine learning, and artificial intelligence technologies will, we hope, allow us to achieve fully automatic processes that allow entities to exchange data securely, in order to identify individuals more effectively and with greater certainty, while at the same time performing transactions with greater simplicity, speed, and security.

not so. With the implementation of the principle, banks can avoid various risks of operational risk, legal risk, risk of concentration of transactions and reputation risk because banks are no longer used as means and targets by criminals to launder the proceeds of their crimes. Therefore, by applying the principle of knowing the customer to the bank, not only can control the risks but also function in the effort to prevent money laundering which in turn crime in the financial sector will decrease

These cases were often do happen but it's not still safe to assume that KYC is not risky by revealing your identity and showing some personal information to the person who ask for KYC and you are not sure if they can hide it safely. Somehow it is so scary to trust someone over the internet rather than trusting your government.

It's not about how honest you are, but how honest (i.e. dishonest) the government is in your direction. I pay my taxes as well, and recently also paid tax over my on-exchange crypto gains, but that's not out of free will, and I'm sure that applies to the far majority of the people here. If the tax rates were fair, do you think people would waste time and take the risk to hide everything? People try to avoid tax for a reason, and that reason is legal theft. I am paying tax over my fiat savings every year, and that without even doing anything with these funds, they just sleep in my savings account. Every year, whether my savings shrink or increase, there is no escaping from this barbary -- why am I required to pay tax over something I already paid tax over, and that in tenfold? Do you consider that to be a honest practice from the government?

I am an honest citizen of my country, pays my taxes on time and if government or any agency ask for KYC. I know bitcoin should work in such a way that we don't need of KYC but if government ask for our funds scurrility and information, one should be happy to give honest KYC.

How can this protect you from scams? Moreover, you transfer your personal data to unknown people. I don't know if this figure is true or not but I've heard that about 80% of ICO scams. Do you understand what you're supporting? I think that such data can not be transferred to anyone and the requirement to provide such data should be a reason not to participate in such prices.

Kyc is security procedures and protection for users. And as we know, currently many programs ico that require Kyc verification. I strongly agree with the KYC verification.

Correct! Soon All of the projects, services including ICO's and bounty campaigns will require KYC. I personally see one major risks about the whole KYC thing. The risk that our identity could be stolen and being used against illegal activities that could lead us into the jail without having a single clue why we are filed with charges. But at the same time KYC is for our own and personal asset's protection as well.

For bounty matters i dont see a reason why a project would require such KYC or documentation into its participants.They arent investors and we know all that thing.There would be always a risk involved when we sent out our identity into others we cant really be sure after on such ICO funding they wont able to use up those informations that they have collected.It might be stored but chances of on getting used in other terms will be there.

i liek this thing, because some of ppl are greedy to much, and they make tons of accs, to harvest the gold, anyway, since i registered there and there, my email has more spam about any ICO or other crypto related things

I really don't have a problem with KYC regulations, however I do have a problem with idiots having access to my KYC data.

I believe if they're going to impose these requirements, they should also lay down some guidelines, including security protocols for those who are expected to handle this sort of data.

I can see the headlines coming soon, amateur ICO leaks database contacting 10,000 KYC credentials, class action lawsuit filed.

Checking KYC can not be and will not be popular. Crypto-currency is by its nature anonymous and people will try to bypass such verification. First of all they will use decentralized exchanges and exchangers and centralized will lose their customers. They are most likely to be forced to move to countries where they will not be required to carry out such verification. We still have enough offshore zones, where decentralized exchanges and exchangers can arise.
I'm not afraid of KYC, but I'm not very pleased to know that the information I transmit can eventually float in a completely unexpected place and, possibly, when doing illegal operations on my behalf.

Just recently I joined to BitStamp because I wanna buy some bitcoin for cheap price there. So after I register they ask me verify my account. I need to send copy of my ID document and proof of residence document. I know that BitStamp are trusted and secured site but I won't send my personal ID on it, rather I would pay higher fee somewhere else. Today you never know for what they will use your identity , so yes I'm really afraid of KYC.

btw. I will never give my personal ID for some ICO , even that mean I won't get token.

No problem for me as there is no interdiction in my country, it must be scary for americains though

You can say that you trust those companies but are you 100% sure that they won't use your information or someone could hack your information in their companies and use it for  illegal purposes, we won't know what will happen, it could be a protection for us but it can also harm and get our information for illegal purposes. There are ico's and bounties that after the bounty campaign has ended they will said they need KYC before they will distribute tokens, i think it's not good if for people who do work's on bounties and they don't want there info to give.