Giving away personal information is a problem - but it's exactly the problem Blockpass is solving! We're developing a truly self-sovereign Identity Verification network and recently partnered with Edinburgh Napier University to work on things like Zero Knowledge Proofs which would give a person complete privacy whilst satisfying KYC requirements.
https://blockpass.org/
Topic: Be aware of KYC (Read 238 times)
You are right. although we need to provide KYC for lots of things, that is our identity and the identity theft is a most dangerous thing that can happen. I know a website that we need to register there and pass our KYC only once. After that we can provide our account name of that account to ICO and bounty and no need to provide passport or other details for each and everyone. But I don't know whether all the ICOs and bounties accept that.
Very interesting. And what is this site? can you give a link?
And I also agree there are serious risks with the theft of personal data. But alas, if you plan to invest - then you need to put up with it
Maybe you're right. Being an investor, I want to be anonymous. KYC does not give anonymity. I bypass such ICO
I mean even before the advent of this crypto currency, everyone should really protect our data and this has been a issues ever since Internet came along. Everyone needs to be careful, as it might go to the wrong hands and we all know what's gonna happen. It can end up in dark web for all we know and once your data is compromise, one day you will be surprised to see that you have taken advantage of. So yes, we need to be careful about this KYC procedure, especially bounties are now requiring it.
And what we should do? Nobody can give a guarantee that even a reliable ICO project can eventually use your data in fraudulent schemes
KYC is a procedure that many ICOs implement. It is normal due to the uncertainty in regulations and the multi-jurisdictional scope of most ICOs. However, as investors, we have a serious problem with this, because everytime we want to invest, we have to upload yet another copy of our ID.
If I get scammed and lost my ETH or NEO... well, I can live with that. But if I am scammed and my identity is stolen, the damage can be extreme. Paypal accounts, credit cards, bills, services... the economic disaster can be huge.
What is the solution to this? I have read a bit about projects like CIVIC or The Key, but it seems that ICOs are reluctant to use these. WHY? As investors, we deserve to be treated with maximum care.
You are absolutely right, money lost can be regained but identity it is a very sensitive thing if it is stolen might be difficult to regain. To some extent ico that request for it isn't there fault due to regulation that might set in by government sooner or later, they are just being careful. If I get scammed and lost my ETH or NEO... well, I can live with that. But if I am scammed and my identity is stolen, the damage can be extreme. Paypal accounts, credit cards, bills, services... the economic disaster can be huge.
What is the solution to this? I have read a bit about projects like CIVIC or The Key, but it seems that ICOs are reluctant to use these. WHY? As investors, we deserve to be treated with maximum care.
You said you read about civic and the key they can use but they are reluctant they may not trust those platform at this point in time, the solution is to stay away if you aren't confrontation with giving out your identity.
KYC is a procedure that many ICOs implement. It is normal due to the uncertainty in regulations and the multi-jurisdictional scope of most ICOs. However, as investors, we have a serious problem with this, because everytime we want to invest, we have to upload yet another copy of our ID.
If I get scammed and lost my ETH or NEO... well, I can live with that. But if I am scammed and my identity is stolen, the damage can be extreme. Paypal accounts, credit cards, bills, services... the economic disaster can be huge.
What is the solution to this? I have read a bit about projects like CIVIC or The Key, but it seems that ICOs are reluctant to use these. WHY? As investors, we deserve to be treated with maximum care.
There are really a lot of fraudulent projects that people demand for KYC. And this is very bad, because criminals can take possession of personal data. I think we need to carefully analyze the project before sending KYC!!! If I get scammed and lost my ETH or NEO... well, I can live with that. But if I am scammed and my identity is stolen, the damage can be extreme. Paypal accounts, credit cards, bills, services... the economic disaster can be huge.
What is the solution to this? I have read a bit about projects like CIVIC or The Key, but it seems that ICOs are reluctant to use these. WHY? As investors, we deserve to be treated with maximum care.
well, at this very moment ico have to do KYC verification, i'm a bit hesitant with that even though that's an uncertain decision. especially if we do not fill the KYC form then we can not participate in investing.
Yep, that's why before passing your KYC try to check their rules & agreements. they won't just give your identity or sell it to others for sure since they are committed to their customers and participants, always check if it's a legit ICO before submitting. ICO's managed by amazix is the only campaigns I trust.
KYC is a procedure that many ICOs implement. It is normal due to the uncertainty in regulations and the multi-jurisdictional scope of most ICOs. However, as investors, we have a serious problem with this, because everytime we want to invest, we have to upload yet another copy of our ID.
If I get scammed and lost my ETH or NEO... well, I can live with that. But if I am scammed and my identity is stolen, the damage can be extreme. Paypal accounts, credit cards, bills, services... the economic disaster can be huge.
What is the solution to this? I have read a bit about projects like CIVIC or The Key, but it seems that ICOs are reluctant to use these. WHY? As investors, we deserve to be treated with maximum care.
If I get scammed and lost my ETH or NEO... well, I can live with that. But if I am scammed and my identity is stolen, the damage can be extreme. Paypal accounts, credit cards, bills, services... the economic disaster can be huge.
What is the solution to this? I have read a bit about projects like CIVIC or The Key, but it seems that ICOs are reluctant to use these. WHY? As investors, we deserve to be treated with maximum care.
You have raised a valid point when it comes with KYCs. Its something that should bother anyone who values his identity because the extent that anomalies can be done due to identity theft cannot be under estimated to the extent of being arrested for fraudulent activities. But at the same time we cannot because of that deny us from reaping the return of good investment. We only need to weigh before trusting them with any of our data.
Am really impressed with the post, I have been finding post like this for a while, sincerely speaking you are on point, moreover most times you have to do the KYC two to three times before it will be accepted
Most ico now required KYC before you can claim your token and i only see two option inregards with this issue. Advantage of having kyc especially for bounty hunters is that noone can claim your entry ,noone can use your identity. Disadvantage is that about your privacy,well,let's just hope that every project who ask for kyc will keep our identity private and they will not use our id's on bad things.
i totally agree with your concern we should be very careful. i dont like to send my private informations to some company that i dont know. it is a ridiculous demand actually. because blockchain based projects supposed to have an anonymous base. But demanding the id details is not fair at all.
I completely agree with the fact that now many projects are conducted by KYC which in the end only harms people, I think that this is not right, because now there are a lot of places where you can buy these documents after KYC, think about it.
You are right about this it is a serious concern as this space is not that secured yet so investing in an ICO amd that ICO turning out to be a scam can left us with scammed money and also our identity at risk too. There has to be some regualtions regarding this implementation for the safety of Investors.
I think ICO projects that use KYC or do not have the same risk. but those using KYC make it a bit more difficult to work.
Yeah I think you are right, it is not safe to give our personal information to any body, we know it is require in some ico's but if you need to pass your kyc, do some research first on the project if it is liget. Sending your personal info means you are submitting yourself...
Although we need to provide KYC for lots of things, that is our identity and the identity theft is a most dangerous thing that can happen. I know a website that we need to register there and pass our KYC only once. After that we can provide our account name of that account to ICO and bounty and no need to provide passport or other details for each and everyone. But I don't know whether all the ICOs and bounties accept that...
Although we need to provide KYC for lots of things, that is our identity and the identity theft is a most dangerous thing that can happen. I know a website that we need to register there and pass our KYC only once. After that we can provide our account name of that account to ICO and bounty and no need to provide passport or other details for each and everyone. But I don't know whether all the ICOs and bounties accept that...
Well you're kinda right. I don't like the ideea to give away my ID and other privacy things so I'm just gonna skip the KYC project or just get involved in the ones that can provide trust/decent alpha product and support for their investors. I saw an article on reddit recently that most of the current projcets don't care about investors and they just tell to go on telegram to chat there but guess what,no one is responding anymore.
Yeah your definitely right, it is not safe to give our personal information to any body, we know it is require in some ico's but if you need to pass your kyc, do some research first on the project if it is liget. Sending your personal info means you are submitting yourself.
That is also my concern at this time. I am skeptical to sign up in their kyc because there's a big chance that my identity will be stolen. But i have no choice but to sign up to get my reward that i hardly worked for.
Jump to: