Topic: Have you any new ideas to replace the KYC? - page 4. (Read 789 times)

before coming to your question, I will discuss the KYC provisions in IEO. IEO is the collection of funds from the exchange to finance a project (here is crypto) an IEO will be successful if the exchange partner is large. like Binance, Huobi, Kucoin, Bittrex. and this exchange is responsible for the government. has a regulation from the government. and the task of the government is to protect its people (here is financial) as we know, too many ICOs, IEO that end up fraud. Why? because it ignores and does not comply with regulations. ICO / IEO is made only to take investor money without ID. so when IEO gives requirements about KYC, it basically protects you from fraud. if your money is lost because of IEO. You can sue for an exchange that holds IEO. Your question is, is there a replacement for KYC? I think there is currently no. KYC is still the first choice to protect your funds.

KYC prevent us from being anonymous in the world of cryptocurrency because this kyc requires us to submit our necessary data so that the projects and bounties avoid multiple accounts for those person who are abusing the bounty campaigns. But for me it is somehow have a negative effect on us because we will not become anonymous anymore if we get a selfie with our ID card for just to pass the kyc requirement of the projects. That's why many people are not supporting project that requires KYC because the supporters and the bounty hunters don't want to submit kyc in order to remain anonymous.

To me know your customer is the real and most used tool to dictate scammers and monitor everyone being real or unreal, so I do not think there's anything that would surpass that as that's just persons identity and details. Some kyc requires live chat self, some requires holding of your passport and snap while some requires just your passport and bank details. I do not think any other thing can actually replace KYC.

Doing KYC is good only but when your producing your KYC make sure for whom your producing KYC that is not fake. and there is no other option to replace KYC. If they don't ask for KYC then many people have more projects which is not correct.

Crypto market  is a decentralized. When you do exchanges you will have to provide KYC.

In some countries for crypto  KYC is compulsory without completing that you cannot go further due to regulations.  

do kyc only for pre-sales, and for ICOs it is not necessary because it can be represented by the exchange they will register, this concept is actually no different because both of them require customer data, dev can interact directly with the intended market, there is no good integration yet besides kyc.

There is no legality element in ICO because it is not included in the institutional monitoring list. Dev only took the opportunity to collect data in a dirty way, a protocol that is not useful for group authority.

I don't even think it's wise to give strangers or any kind of person your valuable IDs, pictures, etc without knowing how they handle them. It's a very dangerous thing to do. It is not even clear whether there are laws that protect people against the misused of their pictures and ID by those who collect them otherwise I would've advised you to be informed about the laws just incase of misuse of your information. Giving your identities to strangers is dangerous as long as there is no such law.

As regards the alternatives, some have proposed the use of decentralized(not fake decentralization) identify management/authentication system. The idea is that your identities and pictures can be verified by skilled random verifiers once in awhile. While your pictures/identifies are only stored locally (on your phone or computers) and not centrally. Alternatively, your identities can broken in pieces and stored decentrallly or on community computers/phones. Whoever wants to verify your identity can do that without ever accessing the informations.

I don't know if someone has built something close to this or even something better.

Although I myself do not like KYC and I try to minimize the provision of my personal information, sometimes KYC is necessary. I still use KYC for the exchanges I am using, because it is necessary to protect my money.
I don't do kyc for aridrop and bounty, because most of them are spam and they are just trying to steal my personal information.
At the moment I think there is no better alternative than KYC, hopefully in the future there will be other verification methods that we do not have to disclose our identity.

Look your KYC with bounty campaign is not safety about your email account, they always sent you promotion about many ICO project for investing, how about with your document upload for KYC safety or not, I think when your email is not private by bounty manager KYC they will use your KYC data for using at other KYC forum, keep hidden your ID when using for other KYC.

that's what's not fun. I once did KYC with an email address for the bounty project that paid me. but after a while, many projects sent me their promotional emails. and it bothered me because I was afraid that it was a fraud. not just 1, but many emails from the project did not enter my email.

That is definitely unfair. When a project is launching and asking investors for monetary support through ICO or IEO, investors do not ask them to appear in a selfie with a written note that they are so and so together with the current date and their signature, while holding their valid identification. And when the investors will receive the worthless tokens, they will have to undergo it first before the tokens will be finally deposited to their wallets. I think we need to scrap this KYC if that is the case.

yes i agree with you. the use of KYC on the IEO project to prevent people from doing twice because sometimes someone has multiple accounts. and they register all their accounts to be able to get a lot of profit. if you use KYC then everyone will only register once. and the use of KYC to prevent money laundering. I myself do not really mind if a project requires filling KYC. if the OP does not like KYC then look for projects and exchanges that do not use KYC.

KYC is necessary for everyone! Bots, spam, fake users abound, KYC minimizes this number. But I see that a lot of user information has been exposed, which is something that many people consider carefully before verifying on certain platforms!

In my opinion, KYC has still not been replaced. IP check might be possible but we know it can be tricked and many countries still use dynamic IP so that IP keeps changing all the time. With KYC, people cannot falsify their data because the exchanger or the developer team will know whether our data is edited or not

I have the same thoughts also on that. If the project didn't tell beforehand that they need to undergo kyc after the program is finished, then they motivations not to pay those participants. Because only few will comply.
Instead of KYC, they can use the IP check, and the exclusion of those who are using tor network. But for legit exchanges, we can't avoid the kyc stuffs.

Kyc for the bounty of the participants is not completely necessary, I think. It seems to me that the projects are asking them to go through this procedure in order to get rid of them and not pay them a reward.

KYC is started why there is a lot of scammers and fraudulent happening in crypto, many people take advantage of being anonymous to scam others and we have the solution, and this is to require KYC in all participants. We are somehow worried to pass KYC cause they'll used it for illegalities which they are using our identity as well. Well, it something we need to face the reality that KYC is in the adoption of all exchanges today but if we feel doubt on that certain exchanges...pls don't try to risk your Identity.

It seems to me that in the future this procedure will appear much more often. I, too, believe that this wrong. For bounty participants, this procedure is not necessary at all.

The bounty/KYC situation is nonsensical. If a bounty campaign wants KYC, I simply forget about it. I was referring more to exchanges, which in itself is pretty terrible ... especially for the smaller exchanges. I'm not sending my license/photo and personal information to a smaller exchange in some little country somewhere, the risk is simply too great. I'm not even fond of sending it to a large exchange, but there the risk/reward situation leans towards reward. But as things are now, we are supposed to send that info to each and every exchange too -- there it seems they could streamline the process and make things safer.

As for bounties requiring KYC, there really isn't a solution. Well, besides simply ignoring them, that is. I see little point in even bothering for bounties/airdrops, most are lucky to pay out anything at all.

What I don't understand is why a bounty or airdrop would even require KYC. There is no risk of money laundering, as no funds are exchanging hands. If it's a tax situation, it's equivalent to the govt worrying about a $5 bounty ... it'd be like requiring tons of forms to fill out, passport, personal info, for a free t-shirt giveaway somewhere or when McDonalds gives away a free burger. So beats me why bounties feel a need for KYC unless they want that info because they think it'll also mean folks will invest in their ICO/IEO. Or they want that info to resell it.

Op, I don't think you understand that exchanges *have* to implement kyc procedures in order to deal with fiat currency.  They don't have a choice in the matter.

What makes my blood boil is when these ico projects slap down a kyc requirement on their bounty hunters, whether it's at the beginning or end of the bounty.  There is no reason for that at all, and I bet the information is being sold to spammers or worse. 

I imagine that eventually all exchanges are going to have to get more documentation from their customers as time goes on and gov'ts start regulating crypto more.  Right now the situation is tame compared to what it's probably going to become.  The possibility actually scares me.

Everyone knows that the KYC is the opposite of crypto's nature but still everyone accepting it! So that bounty, IEO, even 5 USD worth airdrop program is asking the KYC verification! They ask passport, driving license id paper with a selfie with handwriting signature verification! Therefore you can't be done only by Coinbase, Binance KYC, if you do bounties you have to perform LYC every single time again and again! I wish a perfect alternative may come which admires the crypto's decentralization!