Topic: Has the purposed of kyc been diverted? - page 4. (Read 914 times)
Once you submitted your KYC to any platform or program you are already exposed to risk. Now, even a 5usd airdrop they required your KYC. You have to be very careful your personal documents.
Regarding cryptocurrency, we cannot guarantee security. We better avoid services that ask for our data because it is very risky, except when we use a service that has been recognized by the government, at least they have been tested for security and have a good reputation from the users of their services.
KYC is exactly opposite of what the crypto stands for in the beginning.
If KYC becomes obligation then crypto is becoming similar to banking institution.
Exchange can lock your account because you are from country that for example USA has embargo on or other type of restrictions.
It happened already on some exchanges where people where KYC verified and because of their resident country their funds were frozen.
Regarding the safety of the document you upload to them i think we don't even need to doubt that you have no control what they will eventually do with that kind of information Maybe not now but in next 2 or 3 years to come...
Regarding cryptocurrency, we cannot guarantee security. We better avoid services that ask for our data because it is very risky, except when we use a service that has been recognized by the government, at least they have been tested for security and have a good reputation from the users of their services.
To entrust your documents or not depends largely on how much you trust the project. No one is insured against anything, so trusting your first project is not worth your documents, whatever they promised you.
Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?
Just as you have read so far; kyc documents movement Cannot Ben described or explained
Most times it is sold off in the black markets. I strongly believe the sale will depend on your nationality’s
Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?
The essence of KYC has been diverted and the most painful part is that our details are been hacked and sold to the highest bidders. But irrespective of that there are still very good projects and exchanges that care so much about Customers details
The security of your documents depends on the project to which you sent your data. At any time, your data can be sold, be careful in this matter.
What worries me the most is that my personal details are sold/shared if the exchanges I've been using (who I submitted my personal details to) get's hacked.
Look into trading on decentralized exchanges, and you'll bypass all these problems.
I'm personally looking forward to the Stakenet Lightning DEX, which will have near instant transactions, with close to 0 fee's using lightning over a masternode based network that runs it all. This means you don't need:
To sync with the network
Register to the network
Do KYC
I'm running 2 masternodes already, and once the Lightning DEX get's up and running a second stream of income will be available through the DEX fees. All the fee's are used to buy-back XSN from the order books, and distribute it to the masternodes providing the service. Ads liquidity, volume, and passive income.
Do your own research on this one, looks pretty promising.
I tried Komodo's DEX using atomic swaps, but it lacks a lot on speed, when waiting for confirmations, which is a bit of a pity.
Look into trading on decentralized exchanges, and you'll bypass all these problems.
I'm personally looking forward to the Stakenet Lightning DEX, which will have near instant transactions, with close to 0 fee's using lightning over a masternode based network that runs it all. This means you don't need:
To sync with the network
Register to the network
Do KYC
I'm running 2 masternodes already, and once the Lightning DEX get's up and running a second stream of income will be available through the DEX fees. All the fee's are used to buy-back XSN from the order books, and distribute it to the masternodes providing the service. Ads liquidity, volume, and passive income.
Do your own research on this one, looks pretty promising.
I tried Komodo's DEX using atomic swaps, but it lacks a lot on speed, when waiting for confirmations, which is a bit of a pity.
Currently, KYC is a tool for seriousness in crypto activities, whether it is a bounty participant, investor or exchange. When the exchange requests KYC, this shows that we are not robots. In my opinion, the KYC that we provide is safe, as long as the exchange is serious in its function.
For those who are afraid of KYC security, it means that they are not serious in participating.
I'm Agree with you. As long as the Exchanger is popular, I think it's safe to do KYC.For those who are afraid of KYC security, it means that they are not serious in participating.
But for Airdrop or Bounty, I think it is not really necessary to do KYC because our personal information has nothing to do with that job.
Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?
Your documents are never safe, as this is a cryptocurrency and any exchanger and project can then sell your data. I personally try to always bypass projects that require my identification, since it is not known who will own my data further.
thats right, we must be careful with our personal data my friend, keep our privacy safe
a case already happend with facebook, and everyone knew about that
so, i will not do a KYC procedure for unknown project or something else
The security of your documents depends on the project to which you sent your data. At any time, your data can be sold, be careful in this matter.
It will certainly be sold, sooner or later. When we agree to send KYC to them, we must accept that our personal information is being sold on the black market.
As long as its not in our hands, our kyc documents are never safe. My only concern is that it should not end up implicating us later in the future. Is it going to be worth it? Getting rich in crypto but losing our identity?
Day in day out there are new projects requiring kyc from investors
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?
Exchanges requiring kyc, for some in order to maximize your ability to withraw large sums of cryptocurrencies and some even before you can trade on the exchange
The bigger question is how safe are our kyc documents?
In fact, this depends on how much security the project or exchange which you share your documents. Because those platforms have to protect your personal information. But we don't really know how secure these platforms are. Because we don't know whether these platforms follow the security protocols or not. Thats why, we should do research before sharing your documents with any platform.
This is a concern when it comes to completing KYC when participating in a crypto project. Nothing guarantees 100% that our identity data is safe. Although they make sure that confidentiality will be maintained, is there really a guarantee? And do not rule out also the possibility that data conceded, hackers, and so on using the data for things that are not desirable. But surely there is also something safe, depending on the KYC developer.
Personally, I think that data security should come first. Since the identity check must be flawless. And when the user enters his data, he must also be confident in the security of his data. And even let them pay even more attention to this about correct documents.
The fact that the documents are submitted to this 3rd parties including the team means its not already safe. If you were determined to keep anonymous 4 years ago, you may not be able to do this because of the selfies and video they ask for KYC. Some say it will pass and we'll get over this.
Now, I'm not sure what he meant about this "diverted" but if he have a distrusting behavior about these ICO and exchanges, I guess he meant if the KYC data we have are sent to some other parties like the government or CIA or so.
Truth be told those KYC docs are not safe. If they're for safety purpose, a detailed information about a person shouldn't be required during kyc rather some vital info which will leave some part of the kyc docs blurred should be needed.
@OP, can you explain more what your title means?
Exactly. Those who take KYC lightly are thinking that the other party are completely honest people. They must not have heard or personal information being sold.
For those who are afraid of KYC security, it means that they are not serious in participating.
Your identity is really important and I don't think anyone who would go against KYC if the project is shady af is not serious.....Don't gamble too much on your identity....
Your KYC will be safe ... In my opinion, every prize or exchange that asks for KYC for each participant really functions to avoid fraud. But, be careful too. Some also use KYC participants for their interests ...
For those who are afraid of KYC security, it means that they are not serious in participating.
Your identity is really important and I don't think anyone who would go against KYC if the project is shady af is not serious. Your seriousness should reflect on your actions, but when a case like that comes out, you should think twice before you submit your KYC especially when the project team identity is not even clear.
Don't gamble too much on your identity. I'd never go with KYC even if a project told me they'll give $1000 worth of tokens for a simple click when they don't even told me who run the business.
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