Topic: Is KYC bad for crypto? - page 6. (Read 1162 times)
Whether KYC is bad for crypto? it depends on the perspective ... either way if you think it's bad, you can use Dex as the Bisq;)
I am not against KYC but KYC is against the purpose of crypto. In Bitcoin whitepaper shows the purpose of it, transaction without information about parties, and without hand of banks. Everything is incognito. It seems that we're going backwards when accept KYC when joining crypto.
True. KYC is destroying the soul of crypto entirely, which is why I predict DEX's will make such a huge impact in the near future. Being able to trade how Satoshi wanted us to trade in the first place is how it SHOULD be. Peer 2 Peer trading, no middleman. End of story.
I'm a huge fan of Blocknet, and their DEX. Which you can more about right here: https://blockdx.com/
I'm sure these DEX's will be used by millions of people in the future, as avoiding KYC is a blessing in the sky.
Having Know Your Customer system as a security check on any platform is not a bad idea at all. However the company or organization should ensure that the data provided to them are securely kept from the breach of hackers. Conducting a KYC is for the security of both the company/platform and the users who interact on it.
Agree, it is one of the type of security which we need to verify from the company, but my only concern even fake companies are collecting our data. Whether these companies will use our identity or they sell our data for data breaching. We need to need to find other ways for security reasons in order to verify from the company.
Having Know Your Customer system as a security check on any platform is not a bad idea at all. However the company or organization should ensure that the data provided to them are securely kept from the breach of hackers. Conducting a KYC is for the security of both the company/platform and the users who interact on it.
Agree, it is one of the type of security which we need to verify from the company, but my only concern even fake companies are collecting our data. Whether these companies will use our identity or they sell our data for data breaching. We need to need to find other ways for security reasons in order to verify from the company.
Having Know Your Customer system as a security check on any platform is not a bad idea at all. However the company or organization should ensure that the data provided to them are securely kept from the breach of hackers. Conducting a KYC is for the security of both the company/platform and the users who interact on it.
Personally, i dislike kyc and i agree and believe it is bad for crypto.
The only time kyc should be needed is when thousands of dollars are to be withdrawn, for example, exchanges require kyc for 100 btc and above for most exchanges.
But now, even the most useless airdrop programs asks for kyc, including projects that exit scams, kyc should be scraped.
The only time kyc should be needed is when thousands of dollars are to be withdrawn, for example, exchanges require kyc for 100 btc and above for most exchanges.
But now, even the most useless airdrop programs asks for kyc, including projects that exit scams, kyc should be scraped.
KYC is not bad for crypto, i guess it will depends on the purpose from peoples who using it.
For maximum security, KYC is required so the frauds and scams will hopefully reduced.
but for peoples who using crypto for privacy, i think KYC is not necessary, so it depends on the purpose.
In this situation, I observe a certain conflict of interest, as someone thinks about security, and someone thinks about his anonymity. it is necessary to initially determine what we want to see about the future with the help of cryptocurrency. But we must not forget the fact that there are a lot of attackers who use cryptocurrency in their activities. In addition, you can recall the number of stolen funds and withdrawn from the cryptocurrency market in 2016 and 2017, when there was a peak in the activity of fraud on the cryptocurrency market. how many investors lost funds due to fraudulent projects, and if the project developers provided their vile personal data and certain structures controlled this activity, then there would be less fraud and the opportunity to return stolen funds. That is, cryptocurrency users have the opportunity to defend their rights in court, because in this case it would be someone to sue. Based on this, KYC is not as bad as they say about it. For maximum security, KYC is required so the frauds and scams will hopefully reduced.
but for peoples who using crypto for privacy, i think KYC is not necessary, so it depends on the purpose.
KYC is not bad for crypto, i guess it will depends on the purpose from peoples who using it.
For maximum security, KYC is required so the frauds and scams will hopefully reduced.
but for peoples who using crypto for privacy, i think KYC is not necessary, so it depends on the purpose.
For maximum security, KYC is required so the frauds and scams will hopefully reduced.
but for peoples who using crypto for privacy, i think KYC is not necessary, so it depends on the purpose.
Its 50/50 actually. In the beginning I was so mad at KYC and how it will make things harder for investors, hunters and private investors but then I realize that a lot of us have been scammed during certain projects and a lot of project had gathered illegal money during their ICO so KYC was mandatory from this point of view. If you don't want to use it , you will skip that project and find another but if you really want to join , make that KYC and hope your data won't be sell on dark web.
Depending on the project that requires KYC, because there is indeed a reason why they do KYC, of course some people think this is incorrect, because there are some people who abuse KYC.
so kyc looks bad, but it doesn't depend on the people who judge it
so kyc looks bad, but it doesn't depend on the people who judge it
Actually there is nothing wrong about KYC or Know Your Customer. It becomes wrong when someone expose our identity by using the KYC that we gave. The KYC is very important since that is our identity. People must not know it without even our consent. Cryptocurrency is created for us to be able to transact anonymously so I think KYC in crypto is not needed.
I am not against KYC but I only KYC in case of need, for example I will complete KYC at the exchanges where most of my assets are located.
KYC makes the market safer and it also makes it easier for the government to manage and collect taxes. If anyone doesn't like KYC, he just doesn't need to do it and keep the cryptocurrency on his own wallet.
KYC makes the market safer and it also makes it easier for the government to manage and collect taxes. If anyone doesn't like KYC, he just doesn't need to do it and keep the cryptocurrency on his own wallet.
I am not against KYC but KYC is against the purpose of crypto. In Bitcoin whitepaper shows the purpose of it, transaction without information about parties, and without hand of banks. Everything is incognito. It seems that we're going backwards when accept KYC when joining crypto.
More reason why I hate the KYC of a thing. We should know on what ground was the cryptocurrency family was launched and what has been into use after the advent of cryptocurrency. Cryptocurrency is not fiats and should not be taken like the fiats but like cryptocurrency from existence. The creation of cryptocurrency was as a result of anonymity and many have gone contrary to this. It is time we reverse our ways of like and back to the world of anonymity and Bitcoin
KYC is not bad for crypto, with the tech you can control many things like stealing and cheating or even illegal embezzlement but what's making KYC looks bad are fake projects that aims only for investors fund or ID so they can sell to criminals in need of the identities
I have to say that KYC is being implemented in ICOs in a very one sided manner. For example, a bounty hunter who may get $5 or $10 has to undergo the KYC process, while the promoters in many cases manages to avoid it. I am not saying that KYC helps to reduce the incidents of fraud in bounty projects, by removing multiple entries by the same person. But for that purpose, there are far better methods available.
It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner
But hiw can you tell if it is worth to pass kyc or not. It has become common to ask to pass kyc before you receive bounty reward, and the token is still doesnt listed.
One can evaluate how fast the project reached soft/hard cap or how quick was ieo tokens sold. But all that data can be falsified.
It's not worth it if there's magically airdrop or bounty asking for KYC. I am not fully against KYC but, just please, do KYC on legitimate website only, a reputable one considering that, they built their reputation and they are running for years.
Don't do KYC on any new projects, it will be very risky!
KYC is bad for the sake of exposure but that is what price we have to pay if we must achieve regulation for this industry. There are instances where I submitted my KYC documents only for those projects to scam. I believe such scam projects are likely to sell customers' data in their possession on the darknet and thereby endangering the identities of their customers. If we can achieve regulation without exchanges demanding KYC documents, that would be fine and great.
I don't understand why KYC is used for bounty and airdrop, they don't need to collect our personal information if they're a legit project. Over the past 2 years I have seen thousands of airdrops and bounty asking KYC participants, and thankfully I have never participated in such campaigns. And just as you said, our material can be sold and used for malicious purposes
It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner
But hiw can you tell if it is worth to pass kyc or not. It has become common to ask to pass kyc before you receive bounty reward, and the token is still doesnt listed.
One can evaluate how fast the project reached soft/hard cap or how quick was ieo tokens sold. But all that data can be falsified.
It's not worth it if there's magically airdrop or bounty asking for KYC. I am not fully against KYC but, just please, do KYC on legitimate website only, a reputable one considering that, they built their reputation and they are running for years.
Don't do KYC on any new projects, it will be very risky!
KYC is bad for the sake of exposure but that is what price we have to pay if we must achieve regulation for this industry. There are instances where I submitted my KYC documents only for those projects to scam. I believe such scam projects are likely to sell customers' data in their possession on the darknet and thereby endangering the identities of their customers. If we can achieve regulation without exchanges demanding KYC documents, that would be fine and great.
I don't understand why KYC is used for bounty and airdrop, they don't need to collect our personal information if they're a legit project. Over the past 2 years I have seen thousands of airdrops and bounty asking KYC participants, and thankfully I have never participated in such campaigns. And just as you said, our material can be sold and used for malicious purposesActually, I understand the point of requesting airdrop and bounty participants to do the KYC. That is the only way to be sure that only one account is registered per person. The problem is that most of those projects fail and in the end the only way to earn some money is to sell participants' KYC information. And even if the project succeeds, a little extra money earned by selling personal info often looks like a good idea.
I don't support that idea, I'm just saying why KYC is generally understandable in airdrop and bounty campaigns. If someone would find a way to do the KYC without sending personal info to each project, that would be perfect! But I won't hold my breath until that happen.
It is very suspicious, if airdrops and bounties are requested for KYC, especially for inappropriate gifts. but I used to do it to send kyc, because the prize I got was satisfying. but worry still exists, because it involves our personal data, but until now there are no problems, hopefully the project will develop in a healthy manner
But hiw can you tell if it is worth to pass kyc or not. It has become common to ask to pass kyc before you receive bounty reward, and the token is still doesnt listed.
One can evaluate how fast the project reached soft/hard cap or how quick was ieo tokens sold. But all that data can be falsified.
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