Cryptocurrency, KYC and Terrorism - page 4.

bassbity

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Quote from: Xxmodded on October 15, 2019, 08:23:03 PM

Quote from: coin-investor on June 05, 2019, 04:39:39 AM

Quote from: congresowoman on June 05, 2019, 03:53:56 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?

That's true that's the reason that I hate KYC there's too many risks on it, we can only give our vital information on companies and organizations that we know and are compliant, but with ICO that we are not sure who are the people running, there's too much risk attached to it.

I hate KYC too many risk using with our data, maybe for exchange market have limited withdrawal we need to submit KYC. Now many investment ICO need KYC if want to purchase coins where other side we have faced big risk how come our data using for bad or criminal cases? do you believe with ICO give trusted with your data safe?

I no longer believe in ICO because there are many cases of fraud so if there is an ICO must ask KYC to buy please be careful I fear it is being used wrongly for crimes and other frauds, our data is very important so do not carelessly give our data to projects that do not clear.

Xxmodded

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Quote from: coin-investor on June 05, 2019, 04:39:39 AM

Quote from: congresowoman on June 05, 2019, 03:53:56 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?

That's true that's the reason that I hate KYC there's too many risks on it, we can only give our vital information on companies and organizations that we know and are compliant, but with ICO that we are not sure who are the people running, there's too much risk attached to it.

I hate KYC too many risk using with our data, maybe for exchange market have limited withdrawal we need to submit KYC. Now many investment ICO need KYC if want to purchase coins where other side we have faced big risk how come our data using for bad or criminal cases? do you believe with ICO give trusted with your data safe?

teosanru

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I think the anonymity factor of Cryptocurrencies has been greatly hampered already at the time of ICOs due to this KYC thing and believe it or not you ids are definitely being sold over the dark web. On the other hand when it comes to question of having a whole terrorist network which is being funded using Crypto. I think it's not that difficult. All an ICO requires is a 8 year old domain, a dozen of paid faces to represent ICO and a developer who knows how to develop ERC20 token and boom you can raise money for your sunday movie with girlfriend too. So even Terrorist too would have got advantage of this. Who knows if they have even directly raised some ICOs we just don't know where the money is going.

Tylev

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Quote from: atjiat on October 14, 2019, 11:45:18 AM

I believe that it is already necessary to stop resenting the relatively full-scale requirement to provide KYC to all cryptocurrency users on all resources and in all companies. This trend will continue and will especially intensify when cryptocurrencies are legalized worldwide. So far, this process is very slow. But we have to take care not only about ourselves and about our money, from which we do not want to pay taxes, but also about the safety and well-being of others. In most cases, people refuse KYC for this reason. I don’t understand what the problem is if I don’t hide anything from the community.

On the contrary, I believe that after the full legalization of cryptocurrencies, we will pass KYC checks less. Now the FATF rules establish the general conditions for passing the KYC procedure - this is for transactions over one thousand euros. If we transfer smaller amounts of money in cryptocurrency, we will not have to go through such a check. Now, when this activity is still very poorly regulated, we are forced to undergo a KYC audit even with transactions for amounts that are much less than a thousand euros.
I also especially hope that when regulating cryptocurrencies by states, bounty hunters will not pass any KYC checks at all, since we do not invest money and we cannot be suspected of laundering dirty money.

atjiat

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I believe that it is already necessary to stop resenting the relatively full-scale requirement to provide KYC to all cryptocurrency users on all resources and in all companies. This trend will continue and will especially intensify when cryptocurrencies are legalized worldwide. So far, this process is very slow. But we have to take care not only about ourselves and about our money, from which we do not want to pay taxes, but also about the safety and well-being of others. In most cases, people refuse KYC for this reason. I don’t understand what the problem is if I don’t hide anything from the community.

bryant.coleman

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Quote from: Oneandpure on October 13, 2019, 08:34:51 PM

If you confused with many ICO submit KYC you can buy an ICO coin after listing with exchange market, you can use an exchange have limited withdrawal in daily without KYC like kucoin give about 2 btc withdrawal every day without submit KYC adn using binance exchange give 1 btc for withdrawal without KYC, you can start your investment without have submit KYC if you want your data and your ID safe and not use for some thing wrong by exchange or ICO project.

These limits exist only on paper. The moment an exchange notices any suspicious activity with your account, they will raise a KYC request. It doesn't matter how much you are trading or withdrawing every day. I have seen KYC being asked for users who had less than 0.01 BTC in their wallets. Nowadays this KYC requirement is becoming more and more intrusive.

That said, I have to agree that Binance is still better than many of the exchanges out there. I heard reports of Bitsamp not just asking the KYC from users, but also asking them to give sources to the funds (including signed messages from Bitcoin wallets and Blockchain logs). The new FATF regulations (which were implemented this year) are not helping the matters either.

Oneandpure

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If you confused with many ICO submit KYC you can buy an ICO coin after listing with exchange market, you can use an exchange have limited withdrawal in daily without KYC like kucoin give about 2 btc withdrawal every day without submit KYC adn using binance exchange give 1 btc for withdrawal without KYC, you can start your investment without have submit KYC if you want your data and your ID safe and not use for some thing wrong by exchange or ICO project.

blckhawk

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It's not impossible to happen. Transactions in blockchain are transparent, however they are hard to trace and since only addresses and amounts are included, and we don't have a database for who is the owner of these addresses, we cannot track these illegal activities.

KYC information is valuable, that's why some companies sell it to some sort of illegal markets, which should be punished by law. But since no names are included in the crypto-ledger, we cannot really track who's doing it or who's not.

djselery

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I don't think that this is happening right now. There are a lot of places where terrorists can buy easily real identity documents for cheap prices ( especially on the dark web websites), without passing per the whole procedure of creating a startup project, which is a lot more complicated for them and a lot more expensive too. But I agree that you have to make sure the ICO project is legitimate before sending any documents to its team members.

carriebee

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Quote from: congresowoman on June 05, 2019, 03:53:56 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 don't hear anything like this news but it's really important that before we give our identification make sure that project is really have future in crypto. Always be careful to give your personal data because it's trend now in dark web the buying of identification from Kyc in some crypto projects and websites. Think many times before give your personal identity in any websites because the generation now is so harmful.

Brunus

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It is certainly possible, but there are many other - an simplest - ways of obtaining the data of people without having to resort to crypts.
Not only that, usually those interested in crypto are more careful about what they put on the net, but most users are totally naive and ignorant.

gantez

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Quote from: congresowoman on June 05, 2019, 03:53:56 AM

what are your thoughts on this?

This is speculative, you could have provided a link or the thread. Such actually has been said but I consider some of such as fud which work against cryptocurrency.

These heinous activities have been in the society even when crypto wasn't dreamt. What do you think of "slave trade" in the past? Drugs, terror acts have all been existing giving different governments challenges to curtail.

sulendra12

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Quote from: rizkyhiw on June 05, 2019, 09:47:05 AM

I strongly agree that KYC is the most important for me because it stores personal data that is very easily misused or tracked by someone, very risky to give KYC useless, money is not everything but personal data is played by every cheat project,

How about paypal? or even social media in general where you can literally give critical informations to them such as home address, phone, or even your real life photo. It's really weird to see stuff like that where on social media, everyone could literally use your stuff for crimes.

Palider

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Quote from: Oneandpure on October 13, 2019, 06:57:10 AM

Cryptocurerncy never support of using for some thing wrong like for terrorism, bitcoin can use for making transaction become easy for one country to other country with faster payment and less fee for every transaction, never allowed use for terrorism and why using bitcoin you need to submit your KYC data, when you make an exchange market you need to use your data ID and the exchange will know bitcoin and altcoin is not for terrorism.

I agree with this, but we cannot avoid it especially since it cannot be controlled by anyone. So even terrorists can use it easily. And for KYC, yes KYC is only used on trusted platforms like wallets, exchanges. So we should not give it away immediately to ICO campaigns in exchange for their promise of no value coin.

Genemind

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That's possible but I don't think cryptocurrency would allow it. They will surely do something to get rid of crimes and terrorism. If you're doubting of exchanges and projects that require KYC then let's just look for exchanges and projects that don't require it. Projects are just requiring it for security purposes so we have to look for a legit one to have an assurance that our personal information is safe.

Oneandpure

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Cryptocurerncy never support of using for some thing wrong like for terrorism, bitcoin can use for making transaction become easy for one country to other country with faster payment and less fee for every transaction, never allowed use for terrorism and why using bitcoin you need to submit your KYC data, when you make an exchange market you need to use your data ID and the exchange will know bitcoin and altcoin is not for terrorism.

meliodas

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Quote from: jets567 on October 09, 2019, 06:10:20 AM

Quote from: DabsPoorVersion on October 07, 2019, 11:32:36 PM

Quote from: ?? on ??

i think they are just people who are told by other parties so that other people have a bad view of crypto
we must know in detail the motives for the crimes they commited, therefore we cannot accuse without certainty of clarity

It is one of the reason why crypto image is beggining to look bad, but the other thing is, crypto is being used in illegal activities which is really hard to locate because of its anonymity. If bitcoin was introducedbformally in the public, they will know the true purpose and use of bitcoin, that this is not only for illegal things.

That is the bad side of crytocurrency which is very hard to erase, we adopt and like this new technology because of it's decentralization but those people who have some illegal activities took their chance by using the same technology and transfer their money in different countries without being noticed by the government and I think that it is one of the reason why KYC was implemented by SEC.

KYC are just being used mostly in ICOs/IEOs or in an exchange but KYC doesn't really help the SEC or any government institution to lessen the amount of crimes that are happening with the use of cryptocurrency. Cryptocurrencies are so powerful and they are so decentralized and for me, we cannot do anything to avoid the illegal activities and the only thing that we can do is to lessen the decentralization to be able to monitor the flow of transactions.

jets567

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Quote from: DabsPoorVersion on October 07, 2019, 11:32:36 PM

Quote from: ?? on ??

i think they are just people who are told by other parties so that other people have a bad view of crypto
we must know in detail the motives for the crimes they commited, therefore we cannot accuse without certainty of clarity

It is one of the reason why crypto image is beggining to look bad, but the other thing is, crypto is being used in illegal activities which is really hard to locate because of its anonymity. If bitcoin was introducedbformally in the public, they will know the true purpose and use of bitcoin, that this is not only for illegal things.

That is the bad side of crytocurrency which is very hard to erase, we adopt and like this new technology because of it's decentralization but those people who have some illegal activities took their chance by using the same technology and transfer their money in different countries without being noticed by the government and I think that it is one of the reason why KYC was implemented by SEC.

TrevorS

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Terrorists are financed by large organizations with huge resources and resources.
Obviously, these organizations want to remain anonymous, because if they are deanonized, the heads of the organizations' accounts will be blocked and someone will go to jail.
Bitcoin and cryptocurrency allows you to transfer funds while remaining in the shade, which, in turn, may contradict the laws of many countries. Not surprisingly, regulators require delisting of anonymous cryptocurrencies.
Whether the introduction of the KYC will cope everywhere with this problem, I think partly yes, because financing of terrorism requires huge funds, and ordinary documents bought on the darknet will not help here.

Kupid002

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Quote from: ?? on ??

Yes until now the KYC problem is still worrying because we know that our identity is very important, don't just give up our identity. It's better to stay away from Airdrop which requires KYC because in my opinion it is stupid to give an identity just to get "garbage".

that was true even in bounty ,you should not give your identity to unknown persons that promise giving you a tons of shit tokens Grin

. I mean your identity is much more valuable than those shit so dont exchange it that way.

Topic: Cryptocurrency, KYC and Terrorism - page 4. (Read 2665 times)