Topic: I am not fan of KYC - page 2. (Read 507 times)
True, it's not good to all especially the team itself had fake personal data that will be shown to investors and to everyone who know their project and may result in identity theif. I think KYC is used by ICO for determining cheaters from the list of bounty hunters and airdrop hunter. It's hard to know if there is a cheater in their airdrop or in their campaign , so they must ask everyone for KYC to remove multiple accounts in one campaign or airdrop to avoid distributing their tokens to the same person. KYC is to prove that you only have one account in their project and you don't have another account in the same campaign either if it is airdrop or another type of campaign and if you have another account it will be automatically rejected once they done asking KYC to your second account.
I am not fan of KYC. I know there might be other threads about KYC. But I would like to describe myself why I am not fan of KYC.
Main reasone of I am not fan of KYC is fake ICO.
Be careful before submit your KYC on any ICO website. It might be harmful for you once.
True in case of ICO you must be very careful who you provide your most personal data.Main reasone of I am not fan of KYC is fake ICO.
Be careful before submit your KYC on any ICO website. It might be harmful for you once.
In general KYC is to secure safety of exchange/website as money exchange. Many websites wouldn't do this if they weren't required to. If they won't they will be responsible for money laundering. Its shame, its painful and bad for each side (client/website) but best for IRS
I am not fan of KYC. I know there might be other threads about KYC. But I would like to describe myself why I am not fan of KYC.
Main reasone of I am not fan of KYC is fake ICO. How can I trust them with my personal identy even they are fake themselves. Many ICO asking KYC for airdrop, bounty and buy token. There is high risk to provide them my personal details. If they scam and use our identy on wrong way than what can we do? Nothing, we can't do anything with them. They might use it others illegal activity which is harmful for us. Suppose they can launch another ICO with using ours identy than what we can do if we are not aware about it ? But we will victims if they scam again. Also they could sold your details, like you can buy email list of crypto investors. Lot of ICO I have seen they are used others identy. Once we asked real persone than he don't know about that. But unfortunately we can see team has verify some of website like ICO listing. That means they are steal identy of others. That's why I am not fan of KYC.
Also there is chance hack of database. Imagine, if hacked database with KYC details than what happen? Hacker could use KYC details elsewhere. So obviously KYC is a danger system.
Before submit your KYC must know about their background. Some website we can trust like bittrex. But it doesn't mean we should trust all over ICO. Can some one explain why it is necessary to submit KYC for airdrop or get bounty stake? I don't think so it's necesarry. All crypto transactions are anonymous. So why I need to verify KYC.
In my opinion investors should ask KYC for ICO team. Because investors are investing their hard work money. Team should prove themselves they are real. May be team will explain to avoid multiple account they are asking for KYC. I am not agree with that. I can create multiple account even with KYC. I have family member and friends so I can used their identy to verify KYC. So it's not appropriate reasone to ask for KYC.
Be careful before submit your KYC on any ICO website. It might be harmful for you once.
Main reasone of I am not fan of KYC is fake ICO. How can I trust them with my personal identy even they are fake themselves. Many ICO asking KYC for airdrop, bounty and buy token. There is high risk to provide them my personal details. If they scam and use our identy on wrong way than what can we do? Nothing, we can't do anything with them. They might use it others illegal activity which is harmful for us. Suppose they can launch another ICO with using ours identy than what we can do if we are not aware about it ? But we will victims if they scam again. Also they could sold your details, like you can buy email list of crypto investors. Lot of ICO I have seen they are used others identy. Once we asked real persone than he don't know about that. But unfortunately we can see team has verify some of website like ICO listing. That means they are steal identy of others. That's why I am not fan of KYC.
Also there is chance hack of database. Imagine, if hacked database with KYC details than what happen? Hacker could use KYC details elsewhere. So obviously KYC is a danger system.
Before submit your KYC must know about their background. Some website we can trust like bittrex. But it doesn't mean we should trust all over ICO. Can some one explain why it is necessary to submit KYC for airdrop or get bounty stake? I don't think so it's necesarry. All crypto transactions are anonymous. So why I need to verify KYC.
In my opinion investors should ask KYC for ICO team. Because investors are investing their hard work money. Team should prove themselves they are real. May be team will explain to avoid multiple account they are asking for KYC. I am not agree with that. I can create multiple account even with KYC. I have family member and friends so I can used their identy to verify KYC. So it's not appropriate reasone to ask for KYC.
Be careful before submit your KYC on any ICO website. It might be harmful for you once.
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