Know Your Customer - page 18. | Bitcointalksearch.org

Argoo

sr. member

Activity: 2352

Merit: 245

Quote from: Gladz29 on May 29, 2018, 11:46:24 PM

Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

Know your customer I think its good because that way you can know who is really join in one bounty campaign. But its not safe because their are a lot of hackers, especially whi join and give their personal info and bank account.

Do you think that the KYC check is created, including so that the ICO team knew who joined its campaign of generosity? Are you serious? That is, you think it's okay if you go to a cafe to drink coffee, and you are first asked to fill out a long questionnaire and ask you to attach a copy of your passport to it? Will you say it's great? Require the participants of the campaign of generosity ICO passing this test and a great stupidity, and illegal action. Such a check is carried out only for persons investing their large funds to prevent money laundering. And it is simply forbidden to do this out of curiosity by national laws, and recently by the decision of the European Union.
The client, in this case, is the one who pays. We, as participants in the signature campaign, provide an advertising service for the ICO project and the ICO team pays for it. Therefore, the ICO team is our customers. From this it turns out that not we have to pass the KYC test, and they are in front of us, as they are our customers.

ferrybitcoin.1996

full member

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For Bounty Hunters, Don't Cheat or You DIE!!

Quote from: mia khalifa on June 01, 2018, 08:41:55 AM

it seems like your know your customer (KYC) seems to be a very sensitive self-data so it's very dangerous if you submit your data to KYC providers or at most KYCs are ICO and bounty. if it's just for bounty you need to use KYC it seems like it would be terrible.

It is not all about Bounty only. When you share your data, threat can attack you anytime.
Totally, i dont agree KYC applied for Bounty (Because Bounty only Promoting the project and get paid), but for Fight Against AML, we dont haveany chance. Maybe, we can put some rules, after 3 Months, user data removed.

nickwen

member

Activity: 261

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Quote from: zoom_rich on January 08, 2018, 08:41:52 PM

Quote from: ?? on ??

to have a successful business, you need to market your products but first thing is, you should know your customers. so that you will know if that customer is trustworthy or not.

That's not the issue here. I'm talking abut KYC, which is a legal thing.

Yes, we agree that projects require participants to be KYC. I think they can completely ask us to declare the information. Just like the bank, you want to create an account in the bank, you must also send them full information about you

cloudproject

jr. member

Activity: 238

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ImmVRse | Disrupting the VR industry

sometimes i really don't agree about the KYC system, because it not make a crypto currency being incognito again, a bit agree if this is just a help system to helping some goverment to getting know if there are any people who money laundred but still, it can make a crypto stuff being lost in their ecosystem

bitsticker

newbie

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well, KYC is about identity, money laundering, illigal curculations. what banks report to monitoring authority is another thing.

stepwilli

sr. member

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Quote from: gpamfmcq on May 31, 2018, 01:51:10 AM

No more than 3000 dollars in my country can meet the problem you say. Most banks have wind control systems. The wind control amount in the Bank of China is about $80000. My advice is not to exceed this limit as far as possible, because exceeding your privacy may be involved.

I don’t really think so that you will be able to sell your product at higher rate if you don’t know anything about the customer. The very first thing which you need to do is the analyze the needs and wants of the customers and that you must be sure that you are coming up to the expectations of your customer. Otherwise, you will not be able to make some good earning and that your product will not make good name.

thisappointed

hero member

Activity: 616

Merit: 502

Quote from: ?? on ??

While KYC's main purpose is to ensure that the ICO team do not issue token to people in jurisdiction that are not supposed to take part in their ICO, and to also make sure that they are aware of exactly who is buying into the ICO.

KYC or Know Your Customer must only apply for the investors of a certain project, and the participants has nothing to do with it since we are just promoting their ICO by wearing their signature. The anonymity of each of us will become nonsense because of this KYC, and also, we can't trust them just because they have an ICO, who knows what will they do about our I.D's and other requirements that we will submit to them.

So, guys, it is necessary to read all of their rules before joining a certain ICO to avoid this kind of surprises(this KYC thingy).

maculeth

member

Activity: 714

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BountyMarketCap

I don't think it's very good. if it is applied only to big businessmen, I agree. but if it applies to everyone, including those earning from crypto, I think that's not quite right. because for example a bounty campaign participant must have mandatory kyc, it's not good and too complicated.

campica

full member

Activity: 645

Merit: 145

I think that depends in which country exchange or ICO is located. I don't know if ICO managers gives your personal information to they government or some other competent services, but I think that KYC help them to avoid scammers and people who use multiple accounts for bounty ICO. btw. I will never send my personal information for ICO project, even if that mean that I can't participate in that project.

kauban2018

member

Activity: 271

Merit: 10

Quote from: Wipro on January 09, 2018, 03:11:42 AM

Quote from: fiulpro on January 08, 2018, 08:58:33 PM

You know everything is reported to the government if the amount is big enough, it's very hard for a person to keep his identity hidden because every bank transaction is taken care of , and linked to your account.

There are people with black money who keeps it hidden and this is important to discover that the money is not black and someone isn't running from taxes.

That is the reason many people share th critics about the bitcoin. we have to wash out these kind of black money investors from the bitcoin. So knowing the customer is need in the every bitcoin projects buddy.
Hence sharing the ID verification information like SSN and something are enough to make more safety.
One bad thing still there is possible with the anonymous nature, some of the people may scam the investors.

I totally agree on your opinion stated. In order for us to have a good or successful business we need to choose those customers who are pure not those who are black money. Once a business there is always a customer on it, not just the building, the employees but the important is the customer who will receive and critic your business, how effective it is. People don't need to trust people easily and just easily gives their accounts or profile because that will absolutely leads to scam which the customers are trying and hoping that it will not happen to them. If business wants to continue, employees must be kind and be a trustworthy person so that lot of customers will see how successful the business is.

mia khalifa

full member

Activity: 476

Merit: 100

it seems like your know your customer (KYC) seems to be a very sensitive self-data so it's very dangerous if you submit your data to KYC providers or at most KYCs are ICO and bounty. if it's just for bounty you need to use KYC it seems like it would be terrible.

paul gatt

hero member

Activity: 896

Merit: 500

I also have a lot of questions about this. Most e-commerce transactions are through passwords. People do not meet face to face. Should not know all the information about your customers. But in trade exchange must keep the same credibility.

pinoyden

full member

Activity: 756

Merit: 102

Quote from: otreza on May 31, 2018, 02:52:52 PM

KYC system is a little bit frustrating procedure, as for now, there is no trust in companies that handle it. And it can surprise you one day finding your documents somewhere on the web.

Yes kyc is a bit frustrating because it requires a lot of extra work as when compared to the traditional method of online transactions.

Your personal info is also at risk because youll never know if they use it for other illegal purposes to scam other people.

im always against this kyc ever since it pop out instanly. this kyc has nothing to do better to us but rather we can be in great danger evenly.

We dont need kyc because cryptos has to be done with something private or anonymous. Kyc should only remain offline or on other payment methods not related to crypto.

Icoalert00

full member

Activity: 278

Merit: 100

There is no connection and money transfer to the government and the KYC thing. know your customer is required for the sake of the owner of tokens it is not that risky but always remember you should check the investment site or must contact it for the assurance some of them are claiming you identity to scam other people in short identity theft.

JoshPacAhlayeer

newbie

Activity: 42

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Know your customer so that you will know what are they looking for.

Kakawate

full member

Activity: 378

Merit: 100

Quote from: zoom_rich on January 08, 2018, 08:29:08 PM

For exchanges, ICOs that collect KYC information, when are they required to send information to the government.

If I remember correctly, in the US if you make a money transaction, such as through Western Union, or bank, $3,000+, within the same day, or smaller amounts during consecutive days, the institution must collect your ID information and Social Security and report it to the government. I forget which entity of the government.

Does that mean that if one participates in an ICO and puts in over $3,000, that gets reported to the government? Or if you move $3,000 out of an exchange, that gets reported?

This is just a countermeasure set for those people who intend to do illegal transactions, this is to clarify that what ICOs are doing is actually legal and has no intention of doing something illegal. now sending your information is a bit risky, lots of people gets scammed because of this kind of situations and so we should be careful on the other hand in sending our information.

jahn_quid

newbie

Activity: 182

Merit: 0

Given how many issues and scams have been happening in the ICO world, it's not unreasonable to expect projects and ventures to implement KYC/AML.

If these kinds of measures increase legitimacy for ICOs, I think we all should be in favor of having them in place. Anything to decrease the level of scrutiny coming in these days from governments and securities agencies is a good thing, for sure.

otreza

member

Activity: 350

Merit: 15

KYC system is a little bit frustrating procedure, as for now, there is no trust in companies that handle it. And it can surprise you one day finding your documents somewhere on the web.

fmboyzz

jr. member

Activity: 227

Merit: 1

I personally hope we can do away with KYC at some point however we must also comply with external regulators etc. We aim to have a platform that is entirely decentralized in the future. I don't do KYC either for ICO nor exchanges. On centralized exchanges KYC might be needed, on decentralized exchanges with tokens only, there is no need for KYC what so ever.

zilong123

newbie

Activity: 58

Merit: 0

Maybe it depends in the ico if what country they are located like one of my bounty campaign they required bounty hunters KYC before receiving tokens they said KYC is necessary in their country cause their bank required KYC for some legal issue and i hate doing KYC cause i have doubt if they are selling the information they gathered and use it in scamming.

Topic: Know Your Customer - page 18. (Read 5825 times)