KYC in crypto, does it really require? - page 39.

Casalania

full member

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Quote from: Msworld83 on August 08, 2018, 08:16:36 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 .

if you plan to become an investor in an ico, yes it is required to do kyc. almost all ico now are having kyc process because it is one of the most important document they need to let you invest to their project.

marksayson

jr. member

Activity: 420

Merit: 1

If the ico you trust really needs KYC, for me, I would certainly comply in order to participate in the tokensale. But make sure that the ico you are complying with is a trusted one. And it is better also to keep off submitting KYC documents just to have a airdrop. Better stay away from that one.

invoker666

newbie

Activity: 41

Merit: 0

I hate when the bounties spend KYC, without notifying in advance, I think this is a way to cut the pool

tsaroz

legendary

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The world KYC and Crypto are actually mutually exclusive terms.
But with the rise of ICOs, tokens and scams related to it, and especially ICOs becoming one of the steps of money laundering, law enforcement were forced to act for the safety of it's people.
So, KYC is for the ICOs to save their face in time of money laundering complaints.

KopiItem

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Activity: 252

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Quote from: Msworld83 on August 08, 2018, 08:16:36 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 .

KYC is not supposed to be required in cryptocurrency's world. I really agree KYC is totally troublesome procedure, due to it has been proven that some people avoid this procedure because it avoids them being misused by the others. But I think everything depends on the situation, if the profitable bounty requires KYC for their rewards I think you should fill the KYC for better life.

kiw_91

newbie

Activity: 291

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KYC is a compliance requirement for most countries. It is a regulation put in place by Central Banks. This is to avoid Money Laundering and Terrorist Financing. KYC verification is a crucial part of many transactions. I would gladly oblige/ follow the requirement for KYC if needed. However, they will need to provide the clause that they will only use our data / document for verification purposes only. You may email them first before submitting any documents.

I work in Compliance for a Bank. Soo i handle with fake id's on a daily basis.

sabine80

member

Activity: 728

Merit: 14

i think kyc is not good, but it does not seem to work anymore without it. i do not like this development, but it will certainly prevail. for some people kyc seems to stand for reliability, but i see it differently. nevertheless, i have to get used to it.

dongosquad

full member

Activity: 588

Merit: 101

If that is indeed a condition then we must obey it. Some countries indeed limit the existence of cryptocurrency, so the development team anticipates chaos, so recommend KYC. I strongly agree with KYC, this also minimizes multi accounts for bounty campaigns.

LeonardoDiCrypto

full member

Activity: 340

Merit: 100

Quote from: Msworld83 on August 08, 2018, 08:16:36 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 agree this is a totally annoying procedure, and if EVERYONE would refuse to submit to this - then either ICOs would cease to exist, or KYC would.

Aligab166

jr. member

Activity: 194

Merit: 1

KYC is not supposed to be required in cryptocurrency. There is totally no need for it. When the ICOs demand such information, everyone should ignore the project. Maybe with that, they will start thinking otherwise. You cannot give your details for a transaction that should be anonymous.

efeyigit399

newbie

Activity: 252

Merit: 0

It prevents the coins of the KYC progeny from being collected and provides discipline. every project does not already want to. Participants who accept the terms apply to the project.

Sanugarid

full member

Activity: 1442

Merit: 153

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Quote from: Msworld83 on August 08, 2018, 08:16:36 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 .

if the team behind a project asks for it, you better send the needed informtaion in order to earn your rewards or token or else, your work(bounty campaign) will not be rewarded and on the other hand, won't be able to invest to your chosen project if you won't do so. I think there's nothing to worried about it. Maybe, KYC is for the betterment of the project due to its added security.

xiboothrezi

sr. member

Activity: 1246

Merit: 285

Policies related to KYC are very dependent on the development team. We must follow every rule. The reason is, some countries do prohibit the existence of ICOs and limit cryptocurrency activity in their countries. The chaos that will occur must be anticipated early.

lKSLMNSLKnkndlksnkJ

jr. member

Activity: 770

Merit: 9

KYC = Big Brother.

They are not protecting you from scammers.

They are protecting themselves from you interferring with their fiat scam.

Crypto is currently not a threat to ...

bagikoin

sr. member

Activity: 784

Merit: 250

actually, it is not very necessary to use. with KYC thus some avoid this data because it avoids them being misused by others. But if the views of it security are indeed good. but will only benefit a few Parties just for this. and customers who send in KYC also will not know their data for what.

Pappy_1_

member

Activity: 127

Merit: 10

Of course, this contradicts the idea of cryptocurrency regarding anonymity. But projects need to comply with the laws of the countries. In some countries, ICO is prohibited and therefore the project team checks the data of investors and bounty hunters.

JPSelzer

member

Activity: 689

Merit: 14

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Better of course not Shine your personal data wherever. If from the very beginning of the bounty project it is written that you need to pass KYC, then here everyone decides to go there or not. If about KYC announce at the end of the bounty company, then you should think well whether it is necessary for you. Because usually this is done when they want to weed out extra participants, then to pay less tokens. For investors, the KYC procedure is a common phenomenon.

redrose8226

newbie

Activity: 112

Merit: 0

KYC information is very sensitive. I think we need to be aware about the risks, which can be happened by providing KYC everywhere. This is very important thing to learn for all.

traktornut

newbie

Activity: 70

Merit: 0

everything depends on you. KYC registration is not required. but you can lose your rewards because some ICO require passing KYC

efeyigit39

newbie

Activity: 129

Merit: 0

KYC crypto currencies are unnecessary for participants in the market. I do not think it increases quality. constantly making problems for the participants.

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