Topic: Are You Afraid of KYC? - page 9. (Read 31966 times)
KYCs are not the problem here. The problem I see is where you are entrusting your information to. Because their are certain ICOs that will only fish out your information as it has more value for them rather than the token they are creating. KYCs are a requirement of some countries' government as it is their way of regulating or being in touch with their citizens.
I can see that soon almost exchanges and even ICO programs will be requiring us to do the KYC procedures where we are required to pass copies of our legal documents before we are granted entrance or the use of the services or programs we are interested with. This can be as common as having a password or 2FA.
Now, personally I have no big problem with it though just like anybody else am also concerned that my personal information can be divulged to anybody or a group that might use it for any illegal purpose. This is one risk we are facing once we are actively living in the online world. Evil people who can be thousands of miles away can now be just one click away.
What are your apprehensions about the KYC procedures that will soon be as popular as noodles?
I'm ok with exchanges but never on ICO's ICO's just come and go and you will never hear from them again and they are not even regulated and compliant, you should never do a KYC if you are part of the bounty campaign, if they change their rules from no KYC to KYC you should open a complain, because that is deception they can change any rules but never changing the KYC rules.
KYC clearly says Know your Customers. We are in crypto ecosystem because we like anonymity. Why the hell we will upload the KYC and Nation Identification document to some offshore Business entity just to get some airdrop.
This era is the era of global terrorism, who knows some terrorists will forge your documents and use it for some illegal activity. I am against the KYC use case in crypto ecosystem.
This era is the era of global terrorism, who knows some terrorists will forge your documents and use it for some illegal activity. I am against the KYC use case in crypto ecosystem.
What are your apprehensions about the KYC procedures that will soon be as popular as noodles?
Im against it.It is like giving away your information for small amounts of money or just for services which you can get for free or with some money cost not your identity.Whenever I see KYC on something I immediately go out of that website or app I dont like giving my identity specialy my id's and my own picture holding my id which is mandatory for KYC verifications 
Everyone is afraid about personal or confidential documents , because They cannot be sent to a site for $ 10 exchange or sent to site where we do not even know the identity of the owner
Personally, I am not impressed by the new things that are happening around Kik
There are some people who want to steal personal documents intentionally . we do not know for any purposes (such as giving $ 10 to everyone who verifie his account)
It's identity documents and you should be careful to any site you send it
Dumb situation with KYC you send your confidential data just to some kind of project, not knowing what will happen to them in the future and where your personal data will go!
The situation with passing the KYC check is unpleasant because we are forced to send our confidential data on the Internet to nobody and are not sure how correctly that party will dispose of it. After all, we are not dealing with state bodies in which we can be more or less sure. There are just a lot of scammers in cryptocurrency and there is a great danger of communicating with scammers. Therefore, participating in ICO bounty campaigns, I try to avoid going through verification procedures. In addition, I still do not like the KYC check because with its help it is very easy to refuse anyone to pay tokens earned by him. Since KYC testing began to practice in ICO bounty campaigns, it has become much harder for bounty hunters to work. We have become much less likely to receive earned tokens. KYC verification application is very good for scammers.
Of course, I am afraid to provide my confidential information to virtually strangers and who are not government employees and in most cases do not know how to store and how to handle confidential information received. In addition, we know what a high level of fraud is among ICO teams. Therefore, I try not to join the ICO signature campaign, if there is information about the possibility of passing the verification procedure (KYC verification).
That is why we need to ensure that the ICO or the bounty campaign that will require KYC is a legit before joining so that our data will not be stolen. KYC is required in regulation therefore we need to comply of it too and as long as we are legal persons ang there is nothing to hide then we should not afraid of KYC too.
not necessarily. I like what ciphertrace has put out in regards to helpinig exchanges to mitigate the travel rule guidance.
Generally speaking, there's very little or nothing to fear in complying with necessary KYC requirements mandated by law/regulations. So one must be aware of laws/regulations governing his/her transactions/would-be transactions. For me, if it's neither mandatory by law nor set by any regulation, I usually start to become doubtful. It is very important for me, even if compliance is mandatory, to know how my private data is going to be protected and to what extent private data is being utilized.
You are right... The fear of the information given out and I think this is also the fear of many. I would have said though that we won't have choice than to follow on it by the time almost all our transaction on the internet requires it but before that happens, proper regulation would have been in place and that would guarantee right to protection of information divulged on the internet whose contravention entitles defender to some restitution or damages.
Generally speaking, there's very little or nothing to fear in complying with necessary KYC requirements mandated by law/regulations.
depends on the person that is doing it and it also depend on the company or on the platform that requests a kyc . im a brave guy and i will surely do a kyc but i still have those doubts to do a kyc on a website that i dont know but i already did alot of kyc on the existing app and platform that i use on the past . with or without kyc , we can still use thier service but other features are locked until you do a kyc .
Generally speaking, there's very little or nothing to fear in complying with KYC requirements mandated by law/regulations. So one must be aware of laws/regulations governing his/her transactions/would-be transactions. For me, if it's neither mandatory by law nor set by any regulation, I usually start to become doubtful. It is very important for me, even if compliance is mandatory, to know how my private data is going to be protected and to what extent private data will be utilized.
yes .. there is always a little fear before a clear regulation related to the data they take. But sometimes you have to do it because no other choice.
The fear should exist more even after we cleared the KYC on a site because they may say that all our personal details will be cleared after particular time period we cannot trust their words because everything is business in this world so we cannot trust on their words so we have to avoid KYC at most cases,if no choices means we need to live with that.
Before kyc is a big deal for me because as crypto holder I want the privacy and anonymous my identity, but all there's nothing reason to hide my anonymity as long us I am not doing something wrong or I am using crypto in a good ways if that kyc cames to bring to crypto in strong legality.
In my opinion "No", because only by that reason company can be sure in your identities but it is needed to be careful.
I am a little bit scared to give my information to some ico . If ICO asks for it, I do my research carefully, if the ICO or even exchnage is locate din some 3rd world country, forget it. It is not worth it, the value of my ID is high there and they will leak it or sell it eventually and I wont be able to do anything. If the ICO is from legit country , in worst case , there will be options to sue them according to GDPR.
Many including you are scared considering the KYC details to the third party is very difficult to be believed. Unless some one is trustworthy or whom you personally know and can do the KYC you should submit the documents else you might be at risk if those are misused.
This thread is revealing as to what can happen when your info leaks - https://bitcointalksearch.org/topic/m.51886832
I've come across plenty of third parties who looked no more or less impressive than the shittest ICOs. I was directed to one 'professional' service that did the verification through an app. On checking it on the play store it had been downloaded 100 times. That's not going to persuade me to trust them.
ICOs hiring 3rd parties to conduct KYC so I don't think there is anything to worry about.
I've come across plenty of third parties who looked no more or less impressive than the shittest ICOs. I was directed to one 'professional' service that did the verification through an app. On checking it on the play store it had been downloaded 100 times. That's not going to persuade me to trust them.
ICOs hiring 3rd parties to conduct KYC so I don't think there is anything to worry about. Only if the project itself did the KYC is the only situation I will worry about my personal documents. And also guys, the responsibility is in your hands. If you see a red flag about the project and asks for KYC then don't hesitate to refuse and just leave them.
Of course, I am afraid to provide my confidential information to virtually strangers and who are not government employees and in most cases do not know how to store and how to handle confidential information received. In addition, we know what a high level of fraud is among ICO teams. Therefore, I try not to join the ICO signature campaign, if there is information about the possibility of passing the verification procedure (KYC verification).
I am a little bit scared to give my information to some ico . If ICO asks for it, I do my research carefully, if the ICO or even exchnage is locate din some 3rd world country, forget it. It is not worth it, the value of my ID is high there and they will leak it or sell it eventually and I wont be able to do anything. If the ICO is from legit country , in worst case , there will be options to sue them according to GDPR.
^ Definitely you aright, our personal details are worth it of us because we don't know that in the future the ICO we'd participated is a scam and took our personal data and most probably they sell it into the dark web which is might use for terrorism interest. Nevertheless, you can simplify avoided on this if you are not joining them and for sure exchange platforms were usually asking these kinds of implementation. Jump to: