Topic: Are You Afraid of KYC? - page 8. (Read 31675 times)

You will be safe if you have an analyst to differentiate legit and scam project. Thus far, as far as I know to differentiate them is really difficult, moreover with the project that open an airdrop and offer a lot of money. Such as an exchange, have you know there are a lot of new an exchange popping up and they give several dollar for new user and through refferal? That hard thing to guessed IMO and when you give your KYC for airdrop event you will get used to give it.

well I am not afraid of KYC but I am afraid of misuses of my documents cuz I have no idea what they will do with my documents after getting them on the name of KYC,Infect its only the reason for not going for KYC and avoid the projects where KYC is must.

Interesting concepts for compliantly handling data / identity on the blockchain

https://www.youtube.com/watch?v=u-TzVoLbL6Y

they need kyc, but official documents will never deal directly with the government of the country concerned, I have never read cases of serious violations that are revealed only through kyc (crypto), this is actually confusing even though I am not too concerned about it.

as a solution, every country is very strict with a sim card that is first activated. Kyc can use this only and don't need any other complicated documents that don't have a clear usability effect.

Even a trusted bounty manager cannot guarantee that the project developer will not sell your data. Unfortunately, but all ICO projects are really only sturtups and we do not know what the intentions of the owners are. I avoid all projects that require KYC verification at the very beginning of their activity.

I think why have afraid with KCY if joined with trusted site for bounty campaign, airdrop project and KYC for exchange account, I have pass many time KYC with bounty campaign project for receiving reward coins and get much profit but only with trusted bounty campaign manager and coin worth with higher price, if find coin bounty have lower price I miss KYC and not receive payment.

I think this topic is mainly about the fact that many ICO projects required KYC verification from bounty campaign participants. Unfortunately, many of them turned out to be scams and it is likely that some of them were created only to collect people's data.

If you ask me, it is because of such a large number of scams among the ICO projects I started to completely give up all kinds of registrations requiring KYC verification. I know I should think about it much earlier, but it's better now than when it's too late.

What's there to be enjoyable with wasting time on such useless activities? Think of all the people who can't even pass KYC because they're from a 'bad' country.

Actually I'm enjoying about kyc passing because i have still all documents which need pass kyc. I think if a project going to huge successful then we can do kyc fell free. So no need to worry it's simply and easy just you need take a good movement.

YES, KYC is the mandatory in the several countries and actually it's required to protect the money laundering that's why government set it. I afraid about KYC because if somehow my documents will be misuse. You don't know your personal information is safe or not in other 3rd part companies which trusted exchanges or other any project.

You can always put a watermark on your ID photo. They should accept it anyway, as long as name, document number etc. are visible.
Other than that, I agree, Bittrex had double standards there. I wonder if they fixed that now and they warn you before depositing BTC, that you will need to pass KYC when withdrawing.

You can never really be sure that your data will not leak. It is not about how much trust you have in exchanges (Binance, Bittrex, Coinbase have huge trust in community on the cryptocurrency market). Unfortunately, but history has shown that even the largest exchanges and super-secured can be hacked. And unfortunately we can't do anything about it.

I am ot afraid with KYC because I know which site have to verify KYC or not, many exchange right now needed KYC but I am looking for which one exchange market site really trusted and keep safety our KYC document, like Binance and Bittrex or Gate io I think are best exchange market for KYC and trusted site for safety KYC document for the future.

It looks like you don't even know where to ask! If you do not want to provide your personal data, just do not provide it, and if you have doubts about how and when to do it, open the thread in the appropriate place, so "Begginers & Help" - you can easily find it in the main menu of this forum.

I'am so be afraid about KYC / AML because I don't know where the exchanger Will save my ID.

I found that most lack the understanding of a KYC and AML, at the end, all those who peddle tokens without regulations will have issues converting their tokens to fiat currencies.

I don't mind KYC. I understand it from a legal POV, while at the same time I just wish there will still be a way you can exchange your cryptocurrencies without having to share your personal data with ANYBODY.

However, Bittrex was a big issue for me. As soon as they put 0BTC limits for unverified accounts, except the fact that they did not even warn me through an e-mail or a website notification that they changed their policies and CHANGED MY LIMITS, they let me deposit but they didn't let me withdraw. So I sent money to their website knowing there is a 2BTC (or $2000, can't remember) limit, it all went fine, I traded my coins to BTC without any issue and .. as soon as I wanted to withdraw, they requested my ID.

So there's no need for any KYC policy to pay you, but if I want my money back I am forced to do it?

I filled in my personal details and they sent me an e-mail telling me the details aren't enough and I should send them a photo of my ID. No thanks. I'd rather lose my funds.

That's my problem with the KYC policy: the fact that it's being abused.

yes, I am afraid. I'm just afraid my personal data being traded like a case experienced by Facebook users some time ago,
but if there is no other choice and must to do KYC, then I accept it.

I don't afraid of KYC beside i want it to become more strict and difficult because i could see that the current existing KYC is useless as the thieves are still able to stole from the people. I have nothing to be afraid of KYC as long as the project is legit and we have nothing to hide too.

There were many exchanges which operated perfectly well for years prior to any KYC requirements. So is KYC necessary? Depends from whose point of view. It is not absolutely necessary for the exchange to know their customer, plenty of them allowed anonymous trading before, however now the Government deems it their necessity to know the exchange's customers.

From skimming over this thread it seems most are primarily concerned about sharing their personal and private data through KYC because of the potential for bad actors like hackers, or untrustworthy ICOs that could sell the information. However, I think this is overlooking the bigger issue about KYC, namely why is it being required in the first place. That is, why is government mandating it, and what use could they have for this info? The answers should be all but obvious. Remember why Bitcoin was first created. If you know about the messages that were included in Satoshi's initial transactions, or the first blocks, there was a hidden message that included the financial headlines from a top newspaper on that day, which referred to the big banker bailouts of the last economic crisis - bailouts that propped up financial institutions that should have gone bankrupt and been allowed to fail, except instead they were subsidized and saved by taxpayer money, meaning really, the public's money was stolen and redistributed to pay welfare to private banks - what Jim Rogers rightly called at the time "socialism for the rich".

So returning to one of many possible original motivations for the development of bitcoin, being to wrest economic control away from the interlocking institutions of banks/government and give power back to the people, instead of bankers who use the law to plunder the rich and poor alike, and transfer that wealth to themselves in service of keeping a stranglehold on the monetary system and a monopoly on issuance of currency.

So should you be scared of KYC? No, it's just business as usual for the governmental-financial-complex. But because of this, Big Banking cartels are using the government to castrate crypto exchanges, as the central point of failure of the crypto economy, by virtue of threatening to shut them down, excessively fine them, and/or incarcerate their owners if they do not comply with the KYC regulations. Decentralized exchanges still offer a ray of hope, but you can see how they already went after the original owner of EtherDelta and threatened him with massive fines until he capitulated. Thus the great hope of bitcoin to circumvent the financial, criminal shenanigans of the world's banking elite and their subservient, crony political class who act as their enforcement arm, is thereby rendered impotent to the degree that people, at whatever level - exchanges, ICOs, crypto businesses, and individual investors and traders alike - all kowtow to the KYC regulations. Yes you may have something to lose by not complying, but on the other hand maybe collectively there is much more that we all will lose by giving into it due to fear.

BTW, it is not just the crypto space that KYC is being imposed upon, but most if not all financial businesses that engage in transactions, including Escrow companies, and others. This is ostensibly in the name of 'combating money laundering and terrorism' but like Andreas Antonopolous has pointed out on more than one occasion, it's in fact the bankers themselves who are demonstrably the world's biggest money launderers, writ large. And as for terrorism, well I won't even get into that one here ...