KYC in crypto, does it really require? - page 22.

nazaroenko1

newbie

Activity: 224

Merit: 0

Quote from: Msworld83 on August 08, 2018, 09:16:36 PM

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?
I always wonder why do we need to give our vital info to ICOs that most are not even likely to come on in crypto space and crypto is all about decentralization but submitting our info has made it look centralized to me.
There is no regulation in crypto yet so why should we give our details to unknow ico organizers, so claim to prevent some region in participating in the ico because of the country law but those ICOs comes from the same region and country that prevent their own citizen from participating, should we say they are using style to rob us or our details is being used for other purpose .
I think it's high time we all need to stop giving our details to ICOs if really the crypto is all about decentralized and their is no regulation in the world yet to really require such details, I will like to know everyone minds about the submission of our details in term of KYC .

Absolutely correct. It is very dangerous to give personal data to strangers. They can be used for fraud.

Fantina

newbie

Activity: 238

Merit: 0

Quote from: Folajuwon56 on September 10, 2018, 03:32:04 PM

Know your customer (KYC) is been used in crypto to know details about the people participating in a particular campaign. But in my own views, I guess it should be used for the investors and not the bounty hunters.

Support. But the reason that the hunters were also subjected to KYC is that in some countries, the cryptocurrency is prohibited and in the future may condemn the company for giving the currency to a citizen of such a country.

PashVit

newbie

Activity: 125

Merit: 0

Quote from: SaRmY on September 10, 2018, 03:48:04 PM

I think that companies using KYC in bounty and airdrop for prevent with multi-accounts. But probably someone using KYC to collect your personal data

I have always strained KYC this became especially strange when they began to demand in airdrop. Then I blew up completely. I think this attitude will deprive me of work, but do not step over yourself.

Kekenapep

jr. member

Activity: 84

Merit: 3

I do not really think it is necessary,though some campaigns request for it for some reasons which I'll outline here,while other are just following the bandwagon...one of the major reasons of KYC,which full meaning is know your customers,is to verify and make sure citizens from countries banned from cryptocurrency aren't involved in the campaign,another reason is so individuals will be dissuaded from using multiple accounts on the campaign.

Gabri

sr. member

Activity: 856

Merit: 250

After reading many posts on the forum related to KYC, I am fully decided to abandon such projects. My data is very important to me and I do not like that one day they will be sold to someone. Yes, this is a good protection against fraud on the forum, but now it is easy to find on the Internet documents for the KYC procedure, I know several channels in the telegram, where such documents are sold for 10, so I do not see any sense in this.

kaizerwald75

newbie

Activity: 48

Merit: 0

KYC in crypto, does it really require? Yes, I think it is neccessary for us to verify. It make us more safety in the crypto world due to illegal thing in many countries. Another way, it run on high technology background, so hackers and scammers are a lot.

funconxx

brand new

Activity: 0

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Well, KYC and AML rules frame a significant piece of the endeavors being made to manage the digital space. With billions of dollars being filled the market from different sources, government and financial foundations want to screen the space closely. However, I think, KYC and AML rules, in any case, conflict with one of the most significant foundational theories of the primary innovation behind digital forms of money and that rationality is secrecy.

CryptoAlphaStar

full member

Activity: 574

Merit: 101

KYC is a very controversial topic! Ideologically, it shouldn't be required because crypto is based on the libertarian foundations!
However, in order to function in the current world frame, it is required!
Kinda greyish!

Auna

full member

Activity: 238

Merit: 100

I personally don't feel like sharing my personal informations with other. But it's true I also participated in some KYC. There are some bounty campaigns which mention about KYC at the end of the campaign. And when you work in a campaign for a long period of time and at the end you come to know that all your tokens are at stakes only because of KYC, that really hurts. I find it completely useless and inappropriate.

SaRmY

full member

Activity: 645

Merit: 100

I think that companies using KYC in bounty and airdrop for prevent with multi-accounts. But probably someone using KYC to collect your personal data

crimsongoth

member

Activity: 588

Merit: 18

KYC is a great distress. And it is very suspicious for me that ICO projects that don't have a legal background request our information for KYC. I think that a project should be avoided when it demands for KYC. Information theft is a big problem.

Folajuwon56

copper member

Activity: 462

Merit: 1

Know your customer (KYC) is been used in crypto to know details about the people participating in a particular campaign. But in my own views, I guess it should be used for the investors and not the bounty hunters.

cryptotycoon33

member

Activity: 248

Merit: 10

Quote from: Msworld83 on August 08, 2018, 09:16:36 PM

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?
I always wonder why do we need to give our vital info to ICOs that most are not even likely to come on in crypto space and crypto is all about decentralization but submitting our info has made it look centralized to me.
There is no regulation in crypto yet so why should we give our details to unknow ico organizers, so claim to prevent some region in participating in the ico because of the country law but those ICOs comes from the same region and country that prevent their own citizen from participating, should we say they are using style to rob us or our details is being used for other purpose .
I think it's high time we all need to stop giving our details to ICOs if really the crypto is all about decentralized and their is no regulation in the world yet to really require such details, I will like to know everyone minds about the submission of our details in term of KYC .

I personally had not supported the idea of giving our personal details for strangers in the name of KYC, however many of the bounty mangers had insisted we should do KYC before payment is done,so we had no option because we needed our bounty payment.

Mikell556

member

Activity: 434

Merit: 10

Many people say that crypto currency is an independent and anonymous means of payment. Why then pass the KYC identification when investing in some coins? Do you see any contradictions here? I understand when the KYC is needed for bounty campaigns to avoid multi-accounts. But why is it necessary to invest?

Mr.Freeman

full member

Activity: 462

Merit: 114

“The Future of Security Tokens”

I think that the provision of your personal information, in the first place, is necessary in order to avoid fraud. Otherwise, I certainly agree. I do not understand why you need any information when buying a token. The same thing happens on stock exchanges. Crypto currency is not legalized, but requires documents. By and large, the rights, only in the pursuit of earnings people will not stop doing this and will provide other people's documents.

The Goat Master

hero member

Activity: 868

Merit: 502

Quote from: Camster on September 09, 2018, 01:18:01 PM

No KYC is not required. It's an information grab. Your data is very valuable and can be sold. Especially if the project fails and they want to make a quick cash grab.

KYC is ruining Crypto and may be one of the reasons ICO's are struggling. Anyone with any common sense at all will not send personal documents over the internet. It just doesn't make sense to do so. Especially when the ICO's crash immediately after launching on an exchange. Just avoid all KYC projects and eventually KYC will die.

Once your name is attached with your Public wallet address and we no longer have fiat you will be a tax slave for the rest of your life. I'm sure your greed will blind you however please consider what happens when the government can monitor every transaction you make.

Some has to deal with some certain regulations, so it is not the only reason for kyc procedure.

dawai asmara

full member

Activity: 686

Merit: 100

Quote from: ubeng07 on September 10, 2018, 12:14:17 PM

Quote from: IlfarIldarovich on September 10, 2018, 11:55:51 AM

In my opinion, the КYC procedure is only needed in ICO projects, in all other cases it is simply not needed! I do not trust the projects that use the KYC procedure for airdrops, bounty campaigns and other actions!

Well i think that you have to study well and i also have think that it was safe but as what you said yes it is needed simply by other cases as well, well more study to understand this before you have to make a decision for it.

this is one way to minimize the multy account so that I also support it, it's just that I don't agree if the procedure is too privacy. it's better to apply more general procedures such as identity photos, I think that's enough.

dgoswami12

copper member

Activity: 253

Merit: 2

Quote from: Msworld83 on August 08, 2018, 09:16:36 PM

Do we really need to submit our personal details to ICOs for buying the token or for participating in it's bounty and airdrop?
I always wonder why do we need to give our vital info to ICOs that most are not even likely to come on in crypto space and crypto is all about decentralization but submitting our info has made it look centralized to me.
There is no regulation in crypto yet so why should we give our details to unknow ico organizers, so claim to prevent some region in participating in the ico because of the country law but those ICOs comes from the same region and country that prevent their own citizen from participating, should we say they are using style to rob us or our details is being used for other purpose .
I think it's high time we all need to stop giving our details to ICOs if really the crypto is all about decentralized and their is no regulation in the world yet to really require such details, I will like to know everyone minds about the submission of our details in term of KYC .

Yes ICO s require KYC according to me. You can give them simply a driving licence or national id. I dont think that will be too harmfull. Most of the ICO s require kyc because some specific countries dont allow its people ti take part in ICO . So how can a company know about their investors without a document , and for thar reason they can be in some legal problem in future. But you also have to do your own research . Recently many fraud icos in market , you need to take care of it also.

jan.nicolas

full member

Activity: 672

Merit: 100

KYC, you also understand that this is a procedure that should really remove developers who want to withdraw all money from the crypto-currency sphere, but most importantly, why remove them from there? What for?

ubeng07

full member

Activity: 364

Merit: 100

Quote from: IlfarIldarovich on September 10, 2018, 11:55:51 AM

In my opinion, the КYC procedure is only needed in ICO projects, in all other cases it is simply not needed! I do not trust the projects that use the KYC procedure for airdrops, bounty campaigns and other actions!

Well i think that you have to study well and i also have think that it was safe but as what you said yes it is needed simply by other cases as well, well more study to understand this before you have to make a decision for it.

Topic: KYC in crypto, does it really require? - page 22. (Read 5434 times)