Topic: KYC in crypto, does it really require? - page 37. (Read 5463 times)
No ICO requires any sort of KYC information. If you do see one, chances are high that it is a scam and the best thing to do is to stay away from it, and warn others too.
Some ICO are require to KYC for Token sale, Bounty and Airdrop and many ICOS not required KYC for Bounty/Airdrop. KYC mostly used for Token sale. in which their customers like know the nationality, sex, name, ID prof, selfie photo etc.
Everyone needs privacy and with KYC there will be no privacy anymore in the crypto world, that's why e-money born personally does not agree with KYC in the crypto industry. It exposes the user information to the token management organization
I try not to participate in projects that require KYC. Because it reduces the level of confidentiality inherent in the cryptocurrency industry.
It as a metaphor for virtual users and cybercriminals. It is very necessary because such registration shows exactly what their token is attracting. It is also the criterion that this is a potential and safe project
I totally agree with you , I believe you are absolutely correct ! giving our personal information to someone is very dangerous ! KYC is absolutely useless in an ICO !
Its needed for decrease manipulating price.
If not doing KYC some one can buy big amount of tokens then manipulate price with dump and pump
If not doing KYC some one can buy big amount of tokens then manipulate price with dump and pump
Sometimes projects use KYC in order to reduce the number of participants and make less payouts!
That is where I'm really confused. Why would you require a KYC for ICOs, some even go as far as asking you to complete KYC for airdrops. That's just too absurd.
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.
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.
It depends on how much you trust the ICO. If you are investing, you should be already trusting the project and the team or else not be there at all. KYC for airdrop... NEVER
Normally in the ICO , it does require. It will be better if you post the name of the ICO so that the users could see if it is a scam or not. For the time being, do not engage in that ICO.
Though the ICOs are claiming that they require KYC during bounties and airdrops to avoid fraudulent activities but we also need to keep in mind that, these KYC data can later be used for identity theft and identity mining which the scammy ICOs might do for their own profit. In my opinion, KYC should not be required.
The application of KYC in every ICO purchasement is good idea because it could be usefull to avoid money laundering.
whereas KYC on each bounty or airdrop then I will reject it, because it is quite risky if your identity will be misused.
whereas KYC on each bounty or airdrop then I will reject it, because it is quite risky if your identity will be misused.
Recently, KYC has become another instrument for the scammers to make money out of it by stealing people identities and using them to make a profit for themselves. So, I feel it is becoming increasingly alarming for ICOs to require KYC for all their bounty and airdrop campaigns. Recently, there has been a lot of news regarding how ICOs were running away with investors' money so it has become a matter of concern now to provide KYC to such ICOs.
Doing a KYC is actualy not a cheap procedure for ICOs, so I am sure they have a pretty good reason to do it. Sure some may be scam, but good projects are only doing it because they have to.
ICOs require KYC so that, there won't be any chance of cheats to happen. But, some cheat ICOs are taking advantage of the KYC system and stealing users' identities and using them to mine identities. It has become a hot topic among the crypto community recently, but, nothing had been done about it since this industry is already built on an undregulated space.
it is only for the ico founders to save their asses in bad situations. but it is not fair to demand private details from participants because anonymouty is the major feature of crypto market.
It isn't for the greater part of the ICOs that require KYC. There is a great deal of ICOs out there that you can get tied up with without utilizing KYC. That being said you should need to avoid ICOs that require KYC for you to put resources into their ventures.
Some require KYC, depends on the jurisdiction they are in, some don't. Unfortunately, also we have the problem with many bounty cheaters coming in to steal money from these projects and also steal from the other bounty hunters because when a cheater gets paid, the honest bounty hunters earn fewer tokens. I think that is another reason why KYC or authentication in btctalk bounty posts is needed, to weed out all the bounty thieves that are plaguing this industry. I don't mind filling out a KYC if the actual ICO is not a scam itself lol.
It is not required in some crypto, it is just a way to show that you are the one who participated in the project, but most of the time I do lost my reward through kyc requirement
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