Cryptocurrency, KYC and Terrorism - page 11.

davinchi

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Quote from: freedomgo on June 09, 2019, 10:16:53 PM

Quote from: ginobitcoiner on June 09, 2019, 12:03:08 PM

I understand that KYC can prevent people from abusing fraud or embezzlement of money, but on the other hand KYC can also be misused by its requesters, so that bounty participants or investors feel afraid to provide KYC documents, which are actually personal

But we cannot choose not to comply with the KYC if we are interested in using or investing on the platform.
With proper regulation, the government will take care of these company who requires KYC, and they are also required by the government to obliged people to comply with the KYC, that way we feel a little safer as we have the government who are in the regulators that could sanction the company we are trusting in case they break some law.

Now that we don’t have any sort of regulation that will protect investors details being submitted to this organization, this is the wrong time to introduce KYC, and not even now that investors are being discouraged through the alarming rate of scams happening in crypto ICO, what many investors should be doing now, is to be looking for ideas that will attract cryptocurrency investors and not chase them away.

All these are what will continue to give IEO upper hands, because in IEO, you only do your KC with exchanges and there is no other KYC required since it is the exchanges that are requesting for the fund directly into their own wallet and not the project developers.

Moshaid

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News like these are among what freaks me out when it comes to me participating in any crypto projects that requires KYC because honestly I still don't know the reason why kyc is needed in the crypto space. Some countries national ID cards has some sensitive security number which is tagged to such ID and submitting such ID in the name of KYC and getting burnt at the end of it is really drowning.

nerlial

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Previously, there was no cryptocurrency, but there was more terrorism. Now I do not hear in the news about the big terrorist attacks. Probably they bought Bitcoin for $ 20k. Grin

SirLancelot

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Stealing people's ID and information didn't start today, people has been doing for a very long time. I can even remember coming across an ad that would usually pop up and say that Google was giving out free iPhones and I was so confused. I saw a lot of people gave out their information and never received anything. When I saw the ad, I already knew it was fake cause I knew that Google is a competitor for Apple and they are never going to be giving out free iPhones, like are they stupid, why would they? So whoever started such a thing very dumb. But back to what I was saying, cryptocurrency is not the only way people have done that, without crypto they still do it. So people should stop painting crypto black.

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Quote from: Helpme_please on June 12, 2019, 01:42:03 AM

Quote from: Mometaskers on June 11, 2019, 08:32:34 AM

That's why you have to be cautious with ICOs. If they are asking for KYC you're probably just better of using your money to buy already established crypto like BTC or ETH.

KYC can't be helped with exchanges though, especially if you are using that for cashing out fiat.

KYC in my opinion very very personal data.personally i am prefer to avoid projects that required my personal data.buying existing coins in market will give me more certainity.maybe IEO now be my choice.

Because of so many fraud and hackers, I also don't want to give my personal data and even if the exchanges asking for the KYC, I'd rather look for more good exchange. KYC can't stop terrorism because they can create many identity without knowing it and we can know that hackers are also too smart so KYC is really useless. Cryptocurrency will be better if there's no KYC, but hopefully regulations can be trusted.

sana54210

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Quote from: zidanw on June 05, 2019, 10:19:32 PM

Quote from: Furious 7 on June 05, 2019, 03:44:26 PM

I am not sure about this issue, so far there is no evidence of crypto being used to fund terrorism. although the opportunity for that is very large at least the OP provides evidence.
and KYC I agree to be more careful to provide your personal data, make sure your website is safe and responsible.

This is indeed difficult to prove but now the OP is talking about KYC being used for terrorists. actually in this case it is not new when bitcoin is associated with terrorists or other crimes. but it can't be proven.

The aspect of KYC, I don’t really know how that is liked with terrorism and how they use our information, although it is quite risky to submit anything that has to do with international passport, that is why any KYC that requires my passport is being ignore, after all we have the freedom to choose which KYC to do or not.

But the aspects of raising fund through ICO, I think it is possible, because the amount of funds being required for in these ICO is really something so big to fund their terrorism, and I think something has to be done about this lapses so that terrorist will not continue to use it to siphon fund into their pocket.

Helpme_please

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Quote from: Mometaskers on June 11, 2019, 08:32:34 AM

That's why you have to be cautious with ICOs. If they are asking for KYC you're probably just better of using your money to buy already established crypto like BTC or ETH.

KYC can't be helped with exchanges though, especially if you are using that for cashing out fiat.

KYC in my opinion very very personal data.personally i am prefer to avoid projects that required my personal data.buying existing coins in market will give me more certainity.maybe IEO now be my choice.

Mometaskers

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That's why you have to be cautious with ICOs. If they are asking for KYC you're probably just better of using your money to buy already established crypto like BTC or ETH.

KYC can't be helped with exchanges though, especially if you are using that for cashing out fiat.

roosbit

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Submitting KYC documents or information to unknown people could be used for other illegal activities (if it is a sketchy project) but without proof of how docs are misused and how this has been connected to terrorism is FUD or good as any speculation.
TBH I think using crypto to be funded for such terror activities could be a total loss as limits are put on selling crypto on most exchanges which makes this a bad choice for these guys.

kronos123

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Quote from: slaman29 on June 10, 2019, 02:07:13 AM

And what's the difference between a crypto platform to gather IDs, rather than any other online platform also where members have to gather IDs? It's just the same thing. Health companies. Online shops. With credit card details. Bills details. All kinds of KYC details.

Why is crypto the bad guy here?

You're right, and in fact there is no difference .... not even when you take the card points to LIDL, AUCHAN, CARREFOUR, Etc. and provide your data .... and that's what I wrote a little higher.
Soon all this will be just a memory and the ICO's will disappear completely.

Already now they are partially replaced by the new IEO fashion, in which the KYC is done ONCE with the exchange, and not 100 times for different and unknown 100 ico; the kyc with the exchange is perhaps a little safer and guarantees some greater level of security.

A few more months and by 2020 we will certainly have clear regulations and laws in the crypto area, mandatory KYC / AML on trade, and there will be new STO's, replacing IEO's.

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however, if you want to be connected, it can happen, and can't. so it's good that all who ask for kyc are indeed those that can be trusted and recognized by state rules. because without knowing who is asking for it, it might not be able to guarantee that personal identities not misused for any purpose can occur. so it's good if you can avoid making sure to include Kyc.

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Quote from: Janation on June 08, 2019, 09:57:09 PM

Quote from: semobo on June 07, 2019, 08:44:45 AM

The implementation of KYC is only to reduce their fake profiles because everyone is doing some scams also after the KYC the transaction will be more safer than before that's why the implementation is always accepted by me but I don't think that terrorism will not been involving only with the help of this problem

I think that is not because of scams.

KYC means Know your Customer, that means that the Customers are the one sending their information and not the people implementing the project or the site. I see KYC as a way to stop people from taking advantage of the referrals that is happening in the past. If people can just create a lot of accounts and refer to their main account, that would be so easy to earn money, isn't it?

Everything is still related to scam too, [people who are using different accounts for referral purpose are also scamming too, but even with the implementation of KC, I think they have still not been able to control this, because scammers too are also requesting for KYC, and these scammers would do anything to make money, even if it requires them to sell someone’s information to the people that will use them for bad intention.

For companies that are truly genuine, the main purpose of KYC is to implement government’s policy on that and also be able to guide against many people that might be using the account to launder money or move illegal money through cryptocurrency.

Ranly123

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Quote from: congresowoman on June 05, 2019, 02:53:56 AM

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

ICO funding terrorist might be true but gathering personal informations through cryptocurrency is impossible since people here in crypto are anonymous. This means, terrorists can gain funds through scamming in ICO but not personal info from crypto users.

pushups44

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Quote from: Marry Finch on June 09, 2019, 06:18:19 AM

KYC verification has become a big problem for investors in ICO projects, but it has become an even bigger problem for participants in the ICO bounty campaigns. Most KYC checks are carried out after the end of the ICO, when bounty hunters are no longer able to refuse to participate. After all, they have done the agreed work and are just waiting for the deserved payment by tokens. Here, KYC verification already serves as a form of fraud in order not to pay the tokens earned by us.
As for the possibility of using our data by terrorists, this, of course, is not excluded. However, I do not think that the probability is high. There are not so many terrorists using cryptocurrency in the world, in any case, not anonymous types of it.

Projects requesting KYC documents after having used the efforts of bounty hunters, and deceiving them into believing these documents would never be demanded, should be red-tagged in these forums and labeled as fraudulent. We need mechanisms in place to discourage such behavior.

armarsterling7

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Quote from: congresowoman on June 05, 2019, 02:53:56 AM

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

I am really quite worried about this issue. So far, I've provided 2-3 times of my personal information. Now I don't know what purpose it is being used for and whether it harms me.
We are still very vague about collecting this information and it really makes me very curious. we still cannot conclude anything but it is best not to sell our information.

befriendmywater

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Quote from: congresowoman on June 05, 2019, 02:53:56 AM

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

I have the same opinion as you and this is bad. I am really afraid of my information being sold to many people for many different purposes.
If personal IDs are not valid, why do they need it? I suspect that in the future it will have a lot of harm to those who have sold personal information.

Psynthax

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Quote from: ginobitcoiner on June 09, 2019, 12:03:08 PM

I understand that KYC can prevent people from abusing fraud or embezzlement of money, but on the other hand KYC can also be misused by its requesters, so that bounty participants or investors feel afraid to provide KYC documents, which are actually personal

That's why the ico created must do or verify to the regulators about their identity. This to prevent the possibility the ID that already used to verify KYC will be stolen by the scammer and sold it in the dark market.
KYC is good as long as the team already verified and register its company to the regulators.

thoaihoakhop123

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Quote from: congresowoman on June 05, 2019, 02:53:56 AM

Some have speculated that terrorists have discovered a way to use the platform crypto currency to gather identities from different people from all over the world. use their identities for terrorist activities. From threads that i have seen, there are people thinking that some ICOs are used to fund terrorist acts by luring investors into investing into their companies, getting KYC in exchange of money, gather a large sum of it and then run away with big bags of bucks.
IMO, these scenarios have big possibilities since there is the anonymity factor feature of crypto currency, we really do not have the knowledge as to whom and where the money will go for when it was transacted in cyberspace.

what are your thoughts on this?

calya

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Quote from: slaman29 on June 10, 2019, 02:07:13 AM

And what's the difference between a crypto platform to gather IDs, rather than any other online platform also where members have to gather IDs? It's just the same thing. Health companies. Online shops. With credit card details. Bills details. All kinds of KYC details.

Why is crypto the bad guy here?

crypto platform hasn't legalized yet in local government and there is no reputation at all about it.meanwhile in online platfrom they have legalization from local regulator for their operation , and one of the important point was keeping their customer identity.

slaman29

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And what's the difference between a crypto platform to gather IDs, rather than any other online platform also where members have to gather IDs? It's just the same thing. Health companies. Online shops. With credit card details. Bills details. All kinds of KYC details.

Why is crypto the bad guy here?

Topic: Cryptocurrency, KYC and Terrorism - page 11. (Read 2716 times)