Does collecting KYC make ICOs more legit?

bountyjunkie

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Quote from: joinfree on November 28, 2017, 04:30:00 PM

It depends a lot, if they are going to use money as their first recurse to ejecut and run their ico smoothly, then of course that they will need to collect kyc, otherwise their law is not going to recognize them, and maybe they can shut down their site and ask them for that money.
I dont know how does the law applies in each country, because each government is a whole universe.

But everytime that i see a KYC on an ico program, i instantly close that window, i dont like to provide my details, and less to a group of people who we are never going to know if they project is going to be a success or not.
The same applies with all those exchanges that are using this kind of protocol.

Same here. I think its pointless until you can actually verify it real time.

omitusaf

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Was wondering why they do so in the first place?
It seems this apply to US citizens especially.

joinfree

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It depends a lot, if they are going to use money as their first recurse to ejecut and run their ico smoothly, then of course that they will need to collect kyc, otherwise their law is not going to recognize them, and maybe they can shut down their site and ask them for that money.
I dont know how does the law applies in each country, because each government is a whole universe.

But everytime that i see a KYC on an ico program, i instantly close that window, i dont like to provide my details, and less to a group of people who we are never going to know if they project is going to be a success or not.
The same applies with all those exchanges that are using this kind of protocol.

cdb1690

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On the slightly more serious note, regulatory compliant ICO sounds more like an oxymoron than a real thing. So, you’re utilizing financial infrastructure intentionally designed to be resistant against any third party intervention including any conceivable government regulation and at the same time you’re trying everything you can to be complaint to with some regulation. What's the point? On one hand you’re treating tokens as if they were property/security, on the other hand you can’t guarantee any property rights whatsoever. You see, guaranteeing property rights requires some sort of enforcer and this is impossible with blockchain technology. So yeah, by doing KYC you manage to be complaint with one particular regulation, but there are host of others you won't be able to complaint with.

bountyjunkie

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Looks like most of us don't like ICOs collecting KYCs.

0t3p0t

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Quote from: bountyjunkie on November 27, 2017, 02:34:51 PM

I have seen ICOs now collecting KYCs if you want to buy their token. Does this add to their credibility in any manner?

Haven't tried to invest my money on ICO's yet and I don't think if collection of KYC's makes ICO's more legit unless they are regulated by central banks or governments. They may use it to lure more investors but it doesn't mean that KYC's add credibility to ICO's. I think our only assurance that their projects are legit is that they have to make an escrow. This my sounds nonsense because of the fact that they are raising funds for the project but I think this is the only way we can trust a project. If they really want to hire a trusted escrow that will hold the raised funds until the ICO ends then why not? This time let's try the credibility of trusted and reputable escrow services here in Bitcointalk forum. We are talking about millions of dollars here so I think ICO's should think of it now for their projects to become a 100% successful due to full trust and support from investors. Grin

Evangeline2

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Should be lawful, their kyc data to professional agencies, detection, they couldn't get our personal information data, kyc certification is to understand the investors information, don't let the delinquents through investment ico financial cash out.

bountyjunkie

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criticoflife

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It feels like they only bother with the KYC's so that the government doesn't come after them. I have seen many people on crypto forums saying they were not meant to participate from there country but just used a VPN and photoshopped a passport and did participate so i don't think KYC's do anything at all apart from make it more difficult to buy in on the ICO for everyone.

bamb

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In my on view, I strongly detest and oppose collecting any form of personal details before I can participate in free market of cryptocurrency or ICO! These kind of regulation is what made me left banking.
And to answer your question, Collecting KYC does not make any ICO legit, it only give them the luxury of using your personal detail which is against the rule of decentralized market!

bountyjunkie

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I wonder why the ICO owners not reveal their KYC? That can be done securely through bonafide investor a/cs. Makes sense?

Tipstar

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KYC would rather make the investors vulnerable than making an ICO legit.
Yes, a proper company may want the infos of its investors to deal with any legal obstacles.
But they can also ask for it when they face such claims.

Blake_Last

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A legitimate ICO is the one who adheres and complies with the rule of law. And by implementing the KYC/AML system in their project means that they really follow it. Furthermore, if an ICO has a legal adviser in their team, this system will always be advised by them as it is part of the policy implied by the SEC and should be obeyed by anyone who wishes to start a fundraising campaign through coin offering.

thepo1m

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It even make it worse, your information can easily be traded after the team must have run away with the fund.
The reason they are doing KYC is to protect themselves not the investors in any way

Agapelove

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Quote from: bountyjunkie on November 27, 2017, 02:34:51 PM

I have seen ICOs now collecting KYCs if you want to buy their token. Does this add to their credibility in any manner?

For me in my opinion KYC now is just only starting yet, so we don't know still if this things can prevent ico scams. Because, there are other here's got a point, it can only get your privacy as an investors and you don't know what will gonna be happen in the near future were it is possible that they can use use your documents in something which is not good. These are the thoughts that plays in the mind of the individuals here. But some are positive in it, where it can give a high reputation in the token and it can have a chance to increase the price value too.

lamby

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Not yet. I think it's too early to say if kyc helps or not. Am sure that time will come when kyc will be the priority for buy icos. Until then there is little kyc can do

KylesmomisaB

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Quote from: bountyjunkie on November 27, 2017, 02:34:51 PM

I have seen ICOs now collecting KYCs if you want to buy their token. Does this add to their credibility in any manner?

I thought yeah because they must follow rules and regulations otherwise why would they be getting your information? I doubt it is to repackage it and sell it because they would have to tell you if that is why they getting it.

Quantex

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Quote from: bountyjunkie on November 27, 2017, 02:34:51 PM

I have seen ICOs now collecting KYCs if you want to buy their token. Does this add to their credibility in any manner?

Yes, in a sense of getting more corpotate and trusted. But performing KYC doesn't mean they're totally legit. There are still lots of frauders ICO which tries to exploit their users and participants.

bountyjunkie

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Quote from: cdb1690 on November 27, 2017, 02:59:34 PM

Quote from: ivanovhristo14 on November 27, 2017, 02:41:38 PM

I personally think so at least they take the law seriosly.

Or they just want to make you think that they take the law more seriously. But regardless of their true intentions, you are still sending your personal information to random people on internet so good luck with that.

Exactly!

tomir

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I can say that KYC is more advertising than trust to the project.

Topic: Does collecting KYC make ICOs more legit? (Read 377 times)