Basic precautions when doing KYC for ICOs

illiki23

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Quote from: cryptosifu on April 29, 2018, 09:11:19 PM

I doubt this would work. I am sure all documents need to be clear and visible, otherwise, anyone can just find documents online and photoshop them. Some KYC verifications require you to take a picture while holding the document.

Well, the only KYC I have ever been involved with just wanted a picture of my id. It was a pretty blurry picture too...

cryptosifu

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Quote from: illiki23 on April 29, 2018, 08:48:02 PM

Quote from: paxmao on January 15, 2018, 08:05:08 AM

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

Hmmm. That is a great IDea. Are we allowed to add a watermark to a picture of our id and still have it valid? How much distortion before a watermark invalidates an ID? If you set a limit which is too lenient people can just take the area of the id containing the watermark, blur it to obsucate the original watermark and then add another.

I doubt this would work. I am sure all documents need to be clear and visible, otherwise, anyone can just find documents online and photoshop them. Some KYC verifications require you to take a picture while holding the document.

marketone

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Quote from: bunny0612 on April 29, 2018, 08:59:06 PM

Do you know what's worse? KYC for Bounty. I do not know why KYC for bounty to do. But I think KYC for ICO is essential ( but I dont' like it too Grin

). Anyway, rule is rule, If you want participate ICOs, you need to do KYC.

If you don't like the KYC bounty then better stay away for it because in some campaign they are already mentioning KYC for bounty is must. They will follow some procedure for KYC, so it is better to stay away from it, if you don't like means.

bunny0612

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Do you know what's worse? KYC for Bounty. I do not know why KYC for bounty to do. But I think KYC for ICO is essential ( but I dont' like it too Grin

). Anyway, rule is rule, If you want participate ICOs, you need to do KYC.

DonaldTramponald

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Next Generation Antivirus

I also do not like KYC. The main precautions are 1. Do not participate in projects where KYC is necessary or choose carefully 2. Do not participate in the airdrops with KYC 3. Paste on your copies of documents a personal entry - "For KYC" (watermark)

illiki23

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Hail Eris!

Quote from: paxmao on January 15, 2018, 08:05:08 AM

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

Hmmm. That is a great IDea. Are we allowed to add a watermark to a picture of our id and still have it valid? How much distortion before a watermark invalidates an ID? If you set a limit which is too lenient people can just take the area of the id containing the watermark, blur it to obsucate the original watermark and then add another.

cryptosifu

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I don't like doing KYC verifications either. I have only done it a couple of times and it was for large exchanges to increase my limits. I won't do it for an ICO since it could end up being a scam and they can sell my documents on the darknet markets.

Wyne

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Quote from: paxmao on January 15, 2018, 08:05:08 AM

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

I am not in favor also in the concept of KYC. I comprehend that it is against the original concept of cryptocurrency anonymity. We have to be very careful giving our personal information that might use against us in the future using our personal information and details. But because this is a prerequisite of some ICO prior to receiving bounty participant payment, the participants are mandatorily required to follow. Other participants obediently submitted and follow the requirements while other created a false identification to protect their personal information. I understand that the ICO is very objective upon requiring this procedure but they must also consider protecting the identity of their participants. The best way we can only do is to be sure that the ICO asking for your KYC is a reputable group of trustworthy developers and personnel.

rollingstorm45

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sometimes I also think so, KYC makes an investor to be unsure about data security
could be, ID Card or Passport we are in use by bad people in the dark world of the internet
and of course it is also dangerous for ourselves

deslt

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I have some ideas about how to solve this... but I am quite stuck financially
check out my proof-of-human idea

https://github.com/desLT/dID

Cardan0

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Merit: 10

Quote from: paxmao on January 15, 2018, 08:05:08 AM

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

The problem of preserving one´s documents is a very wide one. There are a few projects that you may want to take a look into:

a) Selfkey https://selfkey.org/ - "SelfKey is a Blockchain based digital identity system that allows individuals and companies to truly own, control and manage their digital identity, and instantly access Citizenship and Residency by Investment, Company Incorporation, Fintech Products, Token Sales, Exchanges and much more."

b) CIVIC, this is a well known one, which includes a "REUSABLE KYC Satisfy KYC requirements with Civic’s easy-to-use, private, and secure solution." https://www.civic.com/

I personally wish more ICOs would accept these, and I sure many will in the future.

paxmao

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Quote from: rainbow169 on January 26, 2018, 05:36:18 PM

I too hate the fact that we have to give details to stranger and ids could be stolen and resell.

I was hoping that solution like Civic, Selfkey etc. could be the one stop for all, so that we just need to do KYC once with civic and then for each ICO, we just need to login with Civic etc which will provide the result of the kyc to the 3rd party but not all the details. At least in this case, we have record who and how our data are accessed. But may be there is legal and cost reason that they are not doing this way.

I fully agree, it should not be a repetitive process, not only for easy of use, but for shake of economy. A KYC can be tedious and expensive particularly for some nationalities.

paxmao

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Quote from: rommelzkie on January 26, 2018, 05:30:01 PM

Quote from: paxmao on January 15, 2018, 08:05:08 AM

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

The best thing we can do is to choose a best ICO with reputable team and advisors if you are going to send your personal info to them.

On the other way around, you can Photoshop your ID data (Date of birth, ID number, etc) for more added security. Just make sure your edit is close to perfect.

Yep, I was just considering embracing a new career as part-time ID faker Grin

No, seriously, I had thought of that I rekon but AFAIK ID´s name and numbers can be checked. If you fly from time to time you will seen that the companies can validate your ID almost instantly and the KYC specialised companies probably have some system to check.

rainbow169

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I too hate the fact that we have to give details to stranger and ids could be stolen and resell.

I was hoping that solution like Civic, Selfkey etc. could be the one stop for all, so that we just need to do KYC once with civic and then for each ICO, we just need to login with Civic etc which will provide the result of the kyc to the 3rd party but not all the details. At least in this case, we have record who and how our data are accessed. But may be there is legal and cost reason that they are not doing this way.

rommelzkie

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Quote from: paxmao on January 15, 2018, 08:05:08 AM

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

The best thing we can do is to choose a best ICO with reputable team and advisors if you are going to send your personal info to them.

On the other way around, you can Photoshop your ID data (Date of birth, ID number, etc) for more added security. Just make sure your edit is close to perfect.

paxmao

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Quote from: blazingshockwave on January 26, 2018, 06:31:58 AM

Quote from: paxmao on January 15, 2018, 08:05:08 AM

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

It is not possible to put a watermark in KYC to avoid tampering of details and it will cover the important details of your Documents or ID. The only way to prevent KYC i not to join a an ICO that required KYC.

I am not talking theoretically my friend, I have done it and will keep on doing it. A bit of photoshop and ready, there is no mystery on setting the right transparency for a layer.

Veter2000

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Quote from: paxmao on January 26, 2018, 06:26:01 AM

Quote from: Veter2000 on January 26, 2018, 05:10:18 AM

Explain to me what is the point in the KYC procedure, if then the tokens are resold to unidentified investors on centralized and decentralized exchanges?

I agree with you. Once the tokens are out there they can be re-sold. I should know more about US laws to answer your question, but this is what I think:

- An initial offering is not the same as the secondary market in legal terms. Anyone can invest in publicly traded shares, the limit is for initial offerings.

- The ICOs are done by companies that would rather avoid any conflict with governments that are known to go wild on companies that don't comply. Even sometimes with companies that do comply.

- Citizens of certain countries are directly in "Black Lists". Selling to them can cause many problems across many jurisdictions.

I agree with your clarifications. Simply KYC procedure is very easy to manage and turns into a formality, as long as there is a market of unidentified sellers / buyers. Do not want to show a large investment in ICO you buy through drop-buyers and after ICO you sell through them.

blazingshockwave

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Quote from: paxmao on January 15, 2018, 08:05:08 AM

I really hate KYC. I have to effectively give my id docs and pics to strangers and I might find it in the dark web anyday. The only answer I have found to this is introducing a watermark, barely visible or sometimes clearly visible, indicating the ICO and date. If it leaks, at least it could be determined from where.

It is not possible to put a watermark in KYC to avoid tampering of details and it will cover the important details of your Documents or ID. The only way to prevent KYC i not to join an ICO that required KYC.

paxmao

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Do not die for Putin

Quote from: Veter2000 on January 26, 2018, 05:10:18 AM

Explain to me what is the point in the KYC procedure, if then the tokens are resold to unidentified investors on centralized and decentralized exchanges?

I agree with you. Once the tokens are out there they can be re-sold. I should know more about US laws to answer your question, but this is what I think:

- An initial offering is not the same as the secondary market in legal terms. Anyone can invest in publicly traded shares, the limit is for initial offerings.

- The ICOs are done by companies that would rather avoid any conflict with governments that are known to go wild on companies that don't comply. Even sometimes with companies that do comply.

- Citizens of certain countries are directly in "Black Lists". Selling to them can cause many problems across many jurisdictions.

Veter2000

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Explain to me what is the point in the KYC procedure, if then the tokens are resold to unidentified investors on centralized and decentralized exchanges?

Topic: Basic precautions when doing KYC for ICOs (Read 251 times)