Topic: KYC is bullshit - page 2. (Read 1120 times)
The cryptocurrency system is still anonymous and people still dont know who are they transacting with. Gambling sites or other sites including wallet is different. They have to know who they serve for for security purposes. They also need those identity for your account to be unique and no other people could access.
I don't have a problem with KYC and his nothing to fear.
You don't have problem with KYC? lol and you have nothing to fear? Wait unless you are a victim of identity theft. Once you join an scammy shitty ICO, the developers will not only scam your money, but will also sell your identity to someone else for extra money or use your identity for committing illegal activities. You have to fear about lot of things when handing out your information to some strangers. 
I don't have a problem with KYC and his nothing to fear.
You are thinking the wrong way.
This is your privacy. Even if you have nothing to hide, if you give your Identification documents, Driver's license, etc, they can be used for criminal activities.
Even if the "owners" of the website do not use your documentation for illegal activities they can sell your data to third party.
KYC is an issue, however it's a regulation downside.
I don't have a problem with KYC and his nothing to fear.
Have you had any problems with the fact that you transferred your confidential data to potential fraudsters from the ICO team? Then you can still be ahead. You are still lucky. However, these problems can still appear in a few years. A big problem may arise or not, depends on whether you live in a police state, or in a more or less civilized state. But while I will not frighten you. However, my advice is not to send your confidential data to unknown people who you will not know where to look, if something happens and when it will be necessary to logically explain how the criminals could learn your details in such detail and whether you are related to them.
I do not actually understand the real reason of it until now. I mean I understand if it is only for the investors but asking even the bounty hunters is very funny. However the problem is we do not have a choice if we want to get the opportunity of making money.
Once the Internet is available, you cannot rely on the confidentiality of your personal data. Without providing this data, you do not know where it will be stored and who will have access to it. For example, you trust the banks? Any Bank clerk has access to accounts and customer data. The human factor is everywhere.
Agreed! Even when using the social media, we are.already exposing a little of our information.
Everyone knows how much of burden the KYC has given to us. But, on the brighter side, KYC procedures can protect investors and ICO's from illegal activities. Only thing that bothers us is, we are giving out our essential information over to someone we dont know and the risks of your identity to be stolen is high.
A meritful post.
KYC, AML and CFT are a way for companies to protect themselves from legal consequences. If the company engages in AML by selling tokens to the wrong person the company could be shut down, so they need to prove where funds are coming from and who has contributed or received tokens.
This is true as govt of that country may ask them to provide the proof to the people they have sold the coins and their identity so it compulsory for them to have it. But on the other hand investor may not know how their data can be misused like how FB has done and violated the rules by leaking the data and thus if investors feel its not secure or do not know about that ICO or exchange where KYC needs to be done then kindly ignore it and do not submit the KYC.
KYC, AML and CFT are a way for companies to protect themselves from legal consequences. If the company engages in AML by selling tokens to the wrong person the company could be shut down, so they need to prove where funds are coming from and who has contributed or received tokens.
If you believe that the current project is promising than it's ok to give your kyc because every projects getting evolve to provide giving services.
I'm under that crypto must stay anonymous but it's your choice whenever you still want to involve crypto project or not
I'm under that crypto must stay anonymous but it's your choice whenever you still want to involve crypto project or not
Once the Internet is available, you cannot rely on the confidentiality of your personal data. Without providing this data, you do not know where it will be stored and who will have access to it. For example, you trust the banks? Any Bank clerk has access to accounts and customer data. The human factor is everywhere.
Agreed! Even when using the social media, we are.already exposing a little of our information.
Everyone knows how much of burden the KYC has given to us. But, on the brighter side, KYC procedures can protect investors and ICO's from illegal activities. Only thing that bothers us is, we are giving out our essential information over to someone we dont know and the risks of your identity to be stolen is high.
I’d say this post doesn’t belong to meta section but I don’t know where it exactly fits.
KYC comes with cryptos becoming popular, widely used and regulations. I find it naive to think that bitcoin, or any other crypto, is going to be the currency of the future and it will remain 100% anonymous.
I don't usually answer to the old posts but I want to say that this right which have us,bitcoin holders is not unlimited,If there are legitimate,proportional basis and purposes from investigative authorities they can make pseudoanonymous cryptocurrencies anonymous to protect another legal right,So they have constitutional right which also may be part of the international agreements.What about KYC I think its not a bullshit if creators use it properly and if they don't use it for their bad aims. KYC comes with cryptos becoming popular, widely used and regulations. I find it naive to think that bitcoin, or any other crypto, is going to be the currency of the future and it will remain 100% anonymous.
This environment "ought" to be anonymous as you rightly pointed out. Yes, anonymous for humans. It was not meant for robots. Most kyc is to remove robots from participation. Also, cheats use multiple accounts. With kyc, it is in keeping to one man one account.
Once the Internet is available, you cannot rely on the confidentiality of your personal data. Without providing this data, you do not know where it will be stored and who will have access to it. For example, you trust the banks? Any Bank clerk has access to accounts and customer data. The human factor is everywhere.
Its risk taking giving out the personal documents to an unknown person. None can be trusted. But there are legit ICOs who do ask for documents. Here yes we can handover trusting on the projects they have taken over, read the road map, white paper, budget allocated, team members profile and etc will determine the legit ICOs. Few countries do not entertain ICO into their countries as their citizens have been cheated and it realy affected the economy. This is the main reason ICOs request for KYC.
KYC is a legal process and it ensures the owner that you are not a scammer or illegal buyer
Checking KYC does not guarantee anything to anyone. I still understand the introduction of such a check on stock exchanges and exchangers in excess of any minimum transaction size. However, tell me who came up with the right to carry out such a check to the ICO teams, who in almost half the cases themselves are fraudsters themselves and do not pass any checks at all? Is this a mockery of the crypto currency and deliberate discrediting it, then to show how risky this activity is? Now many fraudulent ICO teams are running away, not only with the millions of dollars collected by investors,but also with their personal data. Who here guarantees what? This is utterly absurd.
Well ... I am also wondering whether the application of KYC in cryptocurrency is correct. Because I was very hesitant when trying to provide information my personal data, because I was afraid if my personal data can be used for negative things by irresponsible parties.
am on your sideon this one get free token with no kyc https://www.bidium.io/ref/opeyemijayeoba321
I have no problems with KYC. These are just limitations of fraud.
Why the fuck is everything requiring a fucking KYC now, Gambling sites don't even let you fucking withdraw without a fucking CIA style background check but they obviously let you deposit with nothing.
Bpunties used to be fun but now everything requires a fucking KYC. NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!
THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS
Cryptocurrencies can be used anonymously now. But this feature ends after you use Fiat exchange operations. It is not surprising that banks and governments require personal information. I think that will pass few years and such demands will everywhere. Even if you do not provide any data about yourself, you can always be tracked by transactions in the blockchain. Bpunties used to be fun but now everything requires a fucking KYC. NO I'M NOT GIVING MY PERSONAL INFORMATION OUT TO SOME FUCKING STRANGER OVER THE INTERNET!!!!!!!!!!!
THE WHOLE POINT OF CRYPTO IS TO STAY ANONYMOUS
KYC is BS.
People need to wake up and stop blindly trusting their governments.
People need to wake up and stop blindly trusting their governments.
Well said man. The number of sheep out there is insane.
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