I just want to say one thing... that if you are concerned about KYC and live in the US, becareful about uploading your transactions to crypto tax sites. The IRS is hiring independent contractors to see who is not paying their taxes. And he says that they might use API keys to get your transactions.
https://www.forbes.com/sites/shehanchandrasekera/2020/05/13/the-irs-is-hiring-consultants-to-crack-down-on-cryptocurrency-tax-evasion/#3d4622d0437b
http://earlypost.net/irs-cryptocurrency-audits/
Topic: Are You Afraid of KYC? - page 6. (Read 31966 times)
Personally, I am against KYC, because it adds unnecessary problems to honest users, but scammers can simply buy id data on the Internet and provide them for KYC verification, so this makes no sense
KYC is a constant pain, its red tape and work without payment or any real benefit. I find its a problem in FIAT or crypto whether they know my details which haven't varied in decades or not, just spells trouble most of the time. If somehow its connected to regulation or some kind of increase in safety for that holding then perhaps its justified but mostly its just a pain and I dont see the two are really connected in crypto especially.
The problem here with KYC in crypto is its not a universal standard and probably should be, administered by 3rd parties so theres no motivation to withhold or keep funds with this excuse and that tactic is definitely repeated and used over many years for profit.
If the requirement to provide KYC comes from a cryptocurrency exchange or from an investment project, then I can quite agree with their requirements, since officially registered companies must comply with the conditions of the regulator. It’s no secret that the whole world is fighting money laundering and combating the financing of terrorism, so I am positive about providing passport data in this regard. But if we are talking about Bounty companies that require passport data, and as a result, a participant in the Bounty company does not receive any compensation at all, then here the KYC requirements are in my opinion unacceptable. In addition, the Bounty Hunter is in practice as a disempowered person, since he does not have the opportunity to achieve justice in order to appeal the actions of the team of any project for refusing to pay for the work done. The problem here with KYC in crypto is its not a universal standard and probably should be, administered by 3rd parties so theres no motivation to withhold or keep funds with this excuse and that tactic is definitely repeated and used over many years for profit.
KYC is a constant pain, its red tape and work without payment or any real benefit. I find its a problem in FIAT or crypto whether they know my details which haven't varied in decades or not, just spells trouble most of the time. If somehow its connected to regulation or some kind of increase in safety for that holding then perhaps its justified but mostly its just a pain and I dont see the two are really connected in crypto especially.
The problem here with KYC in crypto is its not a universal standard and probably should be, administered by 3rd parties so theres no motivation to withhold or keep funds with this excuse and that tactic is definitely repeated and used over many years for profit.
The problem here with KYC in crypto is its not a universal standard and probably should be, administered by 3rd parties so theres no motivation to withhold or keep funds with this excuse and that tactic is definitely repeated and used over many years for profit.
I do not like KYC because of several issues, namely the lack of valid assurances on how your personal information will be used and the warranty of safe storage of that same information (current internet is not safe at all), all this besides the obvious privacy issues...
I think that distributing previleged personal information around like copies of ID cards and such is crazy mainly due to the first two aspects...
I think that distributing previleged personal information around like copies of ID cards and such is crazy mainly due to the first two aspects...
For an investor to invest in any particular project, he or she ought to pass KYC first before investing in ICO. The motives towards that is to know the country he or she is from since there are countries bitcoin is illegal to example USA and India. Many bounty projects are no longer demanding for KYC verification for their bounty hunters as of before but it's kinda of mandatory for all their investors to carry out
It's not about the KYC verification itself, but about who and in what cases we send our personal data. According to the FATF recommendation of June 21 last year, KYC must go through those who send or receive transactions worth more than one thousand euros. When participating in bounty ICO campaigns, we are forced to send our identities to unknown people and when receiving tokens, which in many cases cost almost nothing. Everything should be reasonable and in moderation. With the KYC check, in many cases there are excesses.
This is main case now we all have to face this if we want to stay in this world because many big regional blocks forcing this for improving of security and keep eye on illegal money FATF now doing very strictly this all so I am feeling if you are in good project then surely you have no worries about this all. 
I'm not afraid of KYC, I have nothing to hide. And in general, the problem, I think is false. Any state is built on data. There is no way to avoid data accounting and enter chaos. Therefore, you need to understand the problems of data accounting. KYC is a problem for those who break the law and seek chaos. But he is completely loyal to law-abiding citizens.
You say that till your info gets sold and now your involved with major fraud.
I'm not afraid of KYC, I have nothing to hide. And in general, the problem, I think is false. Any state is built on data. There is no way to avoid data accounting and enter chaos. Therefore, you need to understand the problems of data accounting. KYC is a problem for those who break the law and seek chaos. But he is completely loyal to law-abiding citizens.
yes nowadays every exchange wants to verify KYC and we don't know where they sent our private information. as you know how these exchange hacked and the public all private information. it is advised to do proper research before doing KYC. if not required
don't do it. it may lead to security concerns. many exchanges that allow using their platform without KYC ex. kucoin , Binance, Huobi, hitbtc etc..
KYC is there to prevent the chances that their site would be used for illegal activities, in my honest opinion, I do not mind sharing my information to comply to their terms and services, we do not have much choice though because they have been established for too long, in fact, why should we get scared with KYC when everyday we share our activities in social media, that is pretty hypocritical having to share your personal life in social media while not approving of KYC when it is needed. Also, why would they ask for KYC if they do not have a secure site? don't do it. it may lead to security concerns. many exchanges that allow using their platform without KYC ex. kucoin , Binance, Huobi, hitbtc etc..
It's not about the KYC verification itself, but about who and in what cases we send our personal data. According to the FATF recommendation of June 21 last year, KYC must go through those who send or receive transactions worth more than one thousand euros. When participating in bounty ICO campaigns, we are forced to send our identities to unknown people and when receiving tokens, which in many cases cost almost nothing. Everything should be reasonable and in moderation. With the KYC check, in many cases there are excesses.
In order not to be afraid of KYC, it seems to me that you should carefully apply your personal data. Well, first of all, it should be a special email, which you use only for one case. Perhaps this may be a special bank account, which you do not store funds that can cause scammers. Other data can also be made special without violating the principle of legality. The only thing in this case that you cannot make special is your name and ID.
yes nowadays every exchange wants to verify KYC and we don't know where they sent our private information. as you know how these exchange hacked and the public all private information. it is advised to do proper research before doing KYC. if not required
don't do it. it may lead to security concerns. many exchanges that allow using their platform without KYC ex. kucoin , Binance, Huobi, hitbtc etc..
don't do it. it may lead to security concerns. many exchanges that allow using their platform without KYC ex. kucoin , Binance, Huobi, hitbtc etc..
To return to the original question.
I try to give as little data as possible. Which is why I'm having even more trouble with KYC. I'm releasing data that criminals can use to destroy my entire life. Almost daily there are reports of hacked accounts and servers or data transfer to third parties.
If I could at least be sure that my original data would never be saved but converted in a way that nobody else could do anything with it. Then I would have less stomach ache. Because you have to register at one exchange at least, if you need a Fiat Gateway.
I try to give as little data as possible. Which is why I'm having even more trouble with KYC. I'm releasing data that criminals can use to destroy my entire life. Almost daily there are reports of hacked accounts and servers or data transfer to third parties.
If I could at least be sure that my original data would never be saved but converted in a way that nobody else could do anything with it. Then I would have less stomach ache. Because you have to register at one exchange at least, if you need a Fiat Gateway.
First of all you wouldn't have this kind of worry in you if where you submitted your KYC from is also trusted by you, knowing that KYC all has your important documents in it I think you should be the one who decide what projects get it and what projects don't because I certainly believe a lot of projects especially the ones who will ask for KYC later aka KYC-trap are not the be trusted with. However if this project is highly trusted and is reputable I think you should be confident enough to give away your KYC, since they are not really the ones asking your personal information because the government is the ones requiring them to do so.
I'm not afraid of KYC on a state level. As the government won't do anything against me, while knowing I trade btc.
KYC is a risk for personal safety, as it creates transparency, and transparency expose you to violence opportunities.
Ask any one to disclose publicly the amount of their personal account online 24/7/365. No one will do it, as they don't want to get robbed.
KYC create this situation where your value account becomes personal. The state already knows how much I have on my bank account, so adding the btc value to their knowledge is not a huge loss. But for personal safety it is very different, I'm more afraid of a violent person wanting to steal. KYC requirements are dangerous for human life. It is putting people safety in danger from bad people.
KYC is a risk for personal safety, as it creates transparency, and transparency expose you to violence opportunities.
Ask any one to disclose publicly the amount of their personal account online 24/7/365. No one will do it, as they don't want to get robbed.
KYC create this situation where your value account becomes personal. The state already knows how much I have on my bank account, so adding the btc value to their knowledge is not a huge loss. But for personal safety it is very different, I'm more afraid of a violent person wanting to steal. KYC requirements are dangerous for human life. It is putting people safety in danger from bad people.
To return to the original question.
I try to give as little data as possible. Which is why I'm having even more trouble with KYC. I'm releasing data that criminals can use to destroy my entire life. Almost daily there are reports of hacked accounts and servers or data transfer to third parties.
If I could at least be sure that my original data would never be saved but converted in a way that nobody else could do anything with it. Then I would have less stomach ache. Because you have to register at one exchange at least, if you need a Fiat Gateway.
I try to give as little data as possible. Which is why I'm having even more trouble with KYC. I'm releasing data that criminals can use to destroy my entire life. Almost daily there are reports of hacked accounts and servers or data transfer to third parties.
If I could at least be sure that my original data would never be saved but converted in a way that nobody else could do anything with it. Then I would have less stomach ache. Because you have to register at one exchange at least, if you need a Fiat Gateway.
people who staying in countries where its illegal those people will be afraid about it provably
kyc illegal ? no i dont think so . kyc is like centralized and all countries are into centralization so they require it . only cryptos and related to it such as exchange , ieo , ico , etc are the ones that are restricted on some countries .
some countries allow it without the need for kyc while some will only allow you once you pass thier kyc requirements . so if you badly want to use a crypto or other crypto related feature , you shouldnt be afraid with kyc
If you're are afraid of using your documents illegally, you must follow follow this steps:
1. Go [Suspicious link removed]] [Suspicious link removed][/url] and type some words as: DO NOT RESELL ,or FOR ICO ONLY on your docs.
1. Go [Suspicious link removed]] [Suspicious link removed][/url] and type some words as: DO NOT RESELL ,or FOR ICO ONLY on your docs.
LOL and now a completely random site, [Suspicious link removed], has a copy of your legal documents, before you watermarked them!
Download image editing software on your local machine, if you want to watermark confidential documents.
Best to add a text over your id's or passport like "copy for xxx ICO". So it is pretty useless for other illegal activities.
Really? They can't pay $10 to an experienced Photoshopper to remove that text?
And what about the video verification you have to do for a ton of services? No text/watermark there. The resolution may not be great, but ML-based image sharpening tools already exist and we're talking about very predictable content, like an ID (text) and a face.
people who staying in countries where its illegal those people will be afraid about it provably
yes i am afraid of kyc! because I worry if my personal database will be misused by irresponsible people or bad people.
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