Know Your Customer - page 19. | Bitcointalksearch.org

Indra32

newbie

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Quote from: Tagabukid69 on April 27, 2018, 09:54:02 AM

KYC is something to do with multiple account prevention, There are some people who are greedy which prefer to use multiple accounts to earn much profits, This could be fall to cheating, Thats why KYC is very important to counterpart the issue.

I think even though I have to say that it's crazy enough number ICO according to the rules KYC by SEC. amount you think not 3000, it's $ 10.000. that's the number of financial institutions in the United States that make you fill the form to know what you do with this money, as they want to know what is going on with a large amount of money transferred to everywhere. but not, it's not the case when it comes to ICO and KYC because you buy bitcoin and not transfer a large amount of money to someone - you really buy something.

CryptoBalds

member

Activity: 90

Merit: 10

Quote from: papa-tata on May 28, 2018, 01:55:57 PM

if ICO uses KYC to verify investor data or bounty followers it is very good to avoid money laundering and avoid multiple accounts. but if ICO uses KYC procedure, ICO it should be able to protect its user data from leakage. because the data in use is very sensitive to not be used to commit criminal acts using the data. I sometimes strongly avoid KYC procedures from ICO that I do not believe because I am afraid that I follow the ICO Scam potential and only hunt for user data only.

I strongly agree with you dude. If certain ICO's collecting KYC for their bounty participants and investor they should close the data and fully secure to stop other people on their shady transactions and identity theft. And people who joined ICO must be sure and wary about the data they input on the platform.

unEducated

newbie

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I love reading all comment in this topic it's gives to me the idea why ICO using KYC and why many of US citizen can't participate on it when it comes to KYC procedure.

bristlefront

member

Activity: 225

Merit: 10

Quote from: zoom_rich on January 08, 2018, 09:29:08 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?

KYC is important since bad people could take advantage of the underground economy by the means of bitcoin. Some scammers are using ICOs to clean the money they steal called Money Laundering and KYC could prevent this. Also, it could be great in bounties to prevent multiple account since applying KYC could make a ratio of 1:1, 1 participant, 1 government-issued ID.

gpamfmcq

newbie

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Merit: 0

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.

ValerieBTC

jr. member

Activity: 153

Merit: 3

Quote from: Da Cambodia on May 28, 2018, 03:46:36 AM

We must really know who our customers are for our better performance. Familiarity with the cosmic is so important that we really need to know.

There are certain things which you need to know if you want to perform better and that if you want to make some good earning by selling your product with higher demand rate. If you will not be aware of the needs and wants of your customer, then you will not be able to do anything profitable as in that case, you will not be able to understand your customer’s opinion which will disappoint your customer.

KalaiBTC

full member

Activity: 448

Merit: 102

Lolxxx that’s very funny. This is something that has to do with individuals and the government is not aware of anything that is happening on the Blockchain. Everyday there over thousands of people sending and receiving hundreds of thousands of dollars through Bitcoin and other cryptocurrencies, and it’s not recorded to the government. So whatever you do here, even if you transact hundreds and millions of dollars, no one Knows about outside of this platform. Unless you withdraw to bank.

Gladz29

full member

Activity: 238

Merit: 101

Quote from: zoom_rich on January 08, 2018, 09:29:08 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.

greenpath

newbie

Activity: 178

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I don't have any idea about the relation of partnership of the ICO and government. Kyc is a verification of your identity to be able to know where you came from. I think the ICO have the decision not to give the information to the public, once they did it, it will be the end of kyc. They have the responsibility to maintain safe the identity of their costumers maybe it is a matter of trust. I hope from the team that nothing will fight against there own project in order to remain everything secure.

zhuiyongliang8

newbie

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Most of the ICO projects under development are obligated to make their investor KYC the requirement of the country where the project was created. Knowing your customers is one of the biggest strategies for solving these problems.

Chrisjay29

full member

Activity: 392

Merit: 103

i think they only that maybe for good reason. like to know more to thier customer and maybe to avoid scaming. because if thier are no security in your customer they will might be scam by other people. like prentending admin send wrong address

supercanada1

sr. member

Activity: 798

Merit: 253

Quote from: suraza21 on May 27, 2018, 11:46:02 AM

Quote from: zoom_rich on January 08, 2018, 09:29:08 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?

dealing with customers if online customers I will care about the address of the wallet involved how to correct if the wrong number is the unpredictable consequences, if the direct transaction we need mind many other issues besides the address of wallet

There is no doubt in this fact that bitcoin is decentralized and at the same time it is international. No single country or person can own it which makes it highly acceptable for all countries of the world equally. Well majority of the investors would not like bitcoin to be regulated by any government since their coins can easily be manipulated by the authorities in that case. People enjoy the freedom.

papa-tata

jr. member

Activity: 145

Merit: 3

if ICO uses KYC to verify investor data or bounty followers it is very good to avoid money laundering and avoid multiple accounts. but if ICO uses KYC procedure, ICO it should be able to protect its user data from leakage. because the data in use is very sensitive to not be used to commit criminal acts using the data. I sometimes strongly avoid KYC procedures from ICO that I do not believe because I am afraid that I follow the ICO Scam potential and only hunt for user data only.

CuteBaby123

jr. member

Activity: 196

Merit: 3

Quote from: zoom_rich on January 08, 2018, 09:29:08 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?

KYC is good if the project or ICO is a legit one. This will eliminate those cheaters and those who are governed by the banned of the governments from cryptocurrencies. If private data or info of a person will be kept secured, KYC is a good thing.

k@suy

sr. member

Activity: 882

Merit: 269

Quote from: airdrophunter on May 28, 2018, 10:04:36 AM

KYC or Know Your Customer is just a way to prevent ICO from being used intentionally or unintentionally someone whose identity is not known to the public especially by the team for them to have a better understanding on their customers' financial dealings. But i really doubt if KYC is really the best solution for money laundering acts.

Yes, thats true. They devised this method to prevemt scammers from.cheating especially in the campaigns.But this ia very risky on the part of bounty recepient. I think its better if those who are also in the developmwnt team.and those campaignmmanager muat present thier passport or any valid document to be fair.

Geleve

full member

Activity: 588

Merit: 104

i think they are not reported but they collect kyc documents because if those ico project owners have some legality problems in the future they can use those documents to survive. i think kyc is totally unnecessary for an ecosystem that supposed to be decentralized.

pellor mas

newbie

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This Class B customer is a good, established customer, and usually the backbone for every business. They will usually accept whatever we offer. Although they usually bargain the price we offer, but they still buy from us. To these Basic customers we always provide information on services / products we are new or we are marketing.

sepeda karat

newbie

Activity: 70

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Customers in this group will usually spend more and not fuss. They always order to us even without our offer, they have become regular customers and always ask us to provide services / products they want. And if we offer them always willing and without bargaining. Sometimes they even help to offer our products / services to others, they become our viral marketing.

DMCR lah

newbie

Activity: 112

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Customers in this group will usually spend more and not fuss. They always order to us even without our offer, they have become regular customers and always ask us to provide services / products they want. And if we offer them always willing and without bargaining. Sometimes they even help to offer our products / services to others, they become our viral marketing.

airdrophunter

full member

Activity: 434

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The Exchange for EOS Community

KYC or Know Your Customer is just a way to prevent ICO from being used intentionally or unintentionally someone whose identity is not known to the public especially by the team for them to have a better understanding on their customers' financial dealings. But i really doubt if KYC is really the best solution for money laundering acts.

Topic: Know Your Customer - page 19. (Read 5767 times)