KYC Safe or Threat | Bitcointalksearch.org

btcyoda

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Quote from: Jpja on May 02, 2018, 03:39:33 PM

I think that KYC is a serious threat to personal security. Your data can simply be sold to any persons - and they can find out that you are investing in cryptocurrencies, where you live, etc.

Yes, i can agree with your opinion so please don't send you KYC to that companies and if you don't believe them better don't participate in bounties and ICO also. No one is forcing you to upload the documents in the ICO or bounties, it is completely based on your interest.

TurboRyzen

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Quote from: Jpja on May 02, 2018, 03:39:33 PM

I think that KYC is a serious threat to personal security. Your data can simply be sold to any persons - and they can find out that you are investing in cryptocurrencies, where you live, etc.

It could be a good thing in helping out figuring out what's a good ICO and what isn't. Obviously someone looking to scam is less likely to go the KYC route, they just want your money. But it it's a trusted company, one can at least trust that they are not scammers.

Jpja

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Happy mother of 5 children

I think that KYC is a serious threat to personal security. Your data can simply be sold to any persons - and they can find out that you are investing in cryptocurrencies, where you live, etc.

nikodavv

newbie

Activity: 112

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In my opinion KYC is necessary part of crowdsale, because it permit disqualify most of fake investors.
The main problem of KYC is safety of personal data. As for me, i'm not sure that my data is securely stored and protected from hacking.

weeklyeth

newbie

Activity: 168

Merit: 0

KYC has both advantages and little disadvantages.

As there are lot of scams that are being faced by many traders, since it is hard to traced the person's identity. In one case recently, a person was blackmailed and he was forced to transfer his bitcoins that were lot of worth to another person's account. Since, the victim doesnt have his KYC atatched to his wallet, the police cannot legally confirm if the original bitcoin wallet was belonged to the victim, based on the identity process.

On the other hand, there are certain risks such as from hackers, if our details go to them, that will be an advantage for them to get more details from us without our knowledge.

aurorabitcoin.96

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Never DO AIRDROPS

Quote from: easemypain on April 19, 2018, 05:21:03 AM

Know your customer known with the acronyms (KYC) is the essential regulatory requirements for the survival of crypto-currency in the digital world, project owners scrutinize investors for authentication using this innovation, Talking about the safety of KYC, this should be a huge challenge for the offeror of tokens or coins.~

The problem is "There is none 100% in this world", KYC made to fight AML, but in other case I hate it because broke the essence of crypto
I dont what other people do with my Real Identity and yeah, This Era We dont trust each other.
Say NO KYC because it can risk our life, although you have Best Security on it, someday it will be leaked and your bad life started from here.

easemypain

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Activity: 448

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Know your customer known with the acronyms (KYC) is the essential regulatory requirements for the survival of crypto-currency in the digital world, project owners scrutinize investors for authentication using this innovation, Talking about the safety of KYC, this should be a huge challenge for the offeror of tokens or coins. Although it is in the best interest of the token investors that KYC is carried out properly, the information received from the investors which comprise of the name, address, an official ID, proof of residency and birthdate, this are computed and compared with the legal database to ensure conformity. This is still in its infancy stage with time KYC will become a norm in the crypto-community and the issue of safety regarding the personal information provided by investors will no longer be a thing to be worried about.

GeckoTrader

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Activity: 196

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As far as I am concern, KYC is more on security but we cannot remove the fact that it comes with a risk or threat. The objective of the KYC is to identity theft, prevent terrorist financing, money laundering and financial fraud. KYC allows us to understand the customer better and manage risks prudently. KYC collects and verifies basic details of the customers like:
-Name and authorized signatures
-Legal status of the legal entity or a person
-Identity of the beneficial controllers and owners of the account

Now adays KYC is very common with ICO's and I believe it is good for us.

Hasan_MSH

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Yeah I completely agree with you. It is needed to save our own work and security purpose. KYC make to safe both end. Sometimes happened unexpected transaction. KYC needed to skip that unexpected threat.

Helsing

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Quote from: nelsmining on April 16, 2018, 01:38:56 PM

In my opinion KYC is generally a threat. There is really very little reason for it except a form of government control. It is not for our benefit in any way and does not help us to improve our lives. It simply puts us at risk and allows scammers another way to get your information.

Yes you are right. 1st of all it was never created for us customers it was created to controll money by governence but it ended with risk only for us. Goverment diesel not risk anything at all...

nelsmining

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In my opinion KYC is generally a threat. There is really very little reason for it except a form of government control. It is not for our benefit in any way and does not help us to improve our lives. It simply puts us at risk and allows scammers another way to get your information. In saying this I understand why exchanges and banks require it but in an ICO it is just a restraint to small investors.

TrumpD

sr. member

Activity: 602

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KYC is needed, but not too soon. As agreed with the starting point of this thread, how do we know that these crypto exchanges of middlemen will be able to keep our data very safe. Even the big corporations which have been in the game for long enough face hacking issues and all sorts of data breach. Even see what Facebook is facing recently. However, we can't go too long without KYC all in the name of anonymity, coz it will turn into chaos.

joms123

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Activity: 84

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Quote from: sull.kureen on April 02, 2018, 03:24:03 PM

KYC faced the real security issues. Someone can steal your data by hacking the platform and use it for criminal purpose. But in other hand, crypto world still finding the best ways how to protect crypto transaction form money laundery, human trafficking and drugs transaction.

I think, its a big responsibelity to keep KYC data safe. If not, crypto will had bad ending.

It’s as safe as providing your Kyc details to any private sector Banks. Digital Wallets are now regulated by the RBI. At the end it’s the consumer trust what matters. Until a data breach happens all public and private sector banks and companies are good so having faith , trust and confidence is all what you can do.

chibimanau

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KYC always has a risk of sharing personal information, if the information is stolen, it is very dangerous for users. That is the problem we need to look at. I do not like KYC

kalunomics

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Quote from: paxmao on April 02, 2018, 03:25:47 PM

Quote from: sull.kureen on April 02, 2018, 03:24:03 PM

KYC faced the real security issues. Someone can steal your data by hacking the platform and use it for criminal purpose. But in other hand, crypto world still finding the best ways how to protect crypto transaction form money laundery, human trafficking and drugs transaction.

I think, its a big responsibelity to keep KYC data safe. If not, crypto will had bad ending.

There are many projects out there that can prove identity such as The Key or Civic. The problem is that the ICOs are not managing this issue correctly and that makes them loose prospective investors. Like myself.

The Key that's supposed to provide security of identity got hacked in the middle of their ICO and tons of personal data was stolen. People got scammed in their Telegram group
by the harder whom took over the moderation of the group. The whole KYC thing in my opinion defeats the anonymity that crypto stands for. If a person uses multiple accounts to participate in a bounty and he qualifies for the payment in the two accounts, I would say the person should be paid. I can't even imagine running a signature campaigns on double accounts, its a lot of work except maybe the person has an ample time for this forum

waqasniaz007

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I think it is good to know your customers in any business,
KYC is established as a regulation for banking sector to fight fraud, money laundering and illicit activities. This is a new concept for Icos but there should be security of personal information of investors and should not be disclose with anyone.

Collinberg

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Collectrix-Bridgin the physical and Virtual worlds

It depends on your point of view,in my opinion,KYC is not a threat to your data from a security point of view.
But on the other hand,KYC threatens one of the fundamentals of bitcoin which is anonymous transactions,with many projects demanding for KYC,it would be hard to remain anonymous.

CryptoNewbie18

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Translator EN->RU▐ Portfolio: goo.gl/LtBh4K

Quote from: Helsing on April 10, 2018, 11:54:11 AM

Quote from: eagle10 on April 09, 2018, 04:09:46 AM

Quote from: sull.kureen on April 02, 2018, 03:24:03 PM

KYC faced the real security issues. Someone can steal your data by hacking the platform and use it for criminal purpose. But in other hand, crypto world still finding the best ways how to protect crypto transaction form money laundery, human trafficking and drugs transaction.

I think, its a big responsibelity to keep KYC data safe. If not, crypto will had bad ending.

KYC is a threat. It should not be implemented where the country of origin of the ICO is not requiring KYC for the participants or investors. I noticed that some ICOs are implementing this even if it is not required.

They are changing the rules at the end of the ICO campaign requiring even the bounty hunters who are not investors, to submit themselves for KYC. It's a bad bad thing as I doubt it could be used to fraud.

Unfortunatelly there are always such possibility that your data will be used to fraud (never know).
Back to the topic, I think it's easier and cheaper to require from everyone without any exceptions KYC instead of checking which country require which not and in the end if you do mistake will get subpoena.

For bounty hunters, no country requires KYC. At least, not a single project has justified this legally.

Helsing

full member

Activity: 378

Merit: 102

Quote from: eagle10 on April 09, 2018, 04:09:46 AM

Quote from: sull.kureen on April 02, 2018, 03:24:03 PM

KYC faced the real security issues. Someone can steal your data by hacking the platform and use it for criminal purpose. But in other hand, crypto world still finding the best ways how to protect crypto transaction form money laundery, human trafficking and drugs transaction.

I think, its a big responsibelity to keep KYC data safe. If not, crypto will had bad ending.

KYC is a threat. It should not be implemented where the country of origin of the ICO is not requiring KYC for the participants or investors. I noticed that some ICOs are implementing this even if it is not required.

They are changing the rules at the end of the ICO campaign requiring even the bounty hunters who are not investors, to submit themselves for KYC. It's a bad bad thing as I doubt it could be used to fraud.

Unfortunatelly there are always such possibility that your data will be used to fraud (never know).
Back to the topic, I think it's easier and cheaper to require from everyone without any exceptions KYC instead of checking which country require which not and in the end if you do mistake will get subpoena.

eagle10

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Activity: 840

Merit: 252

Quote from: sull.kureen on April 02, 2018, 03:24:03 PM

KYC faced the real security issues. Someone can steal your data by hacking the platform and use it for criminal purpose. But in other hand, crypto world still finding the best ways how to protect crypto transaction form money laundery, human trafficking and drugs transaction.

I think, its a big responsibelity to keep KYC data safe. If not, crypto will had bad ending.

KYC is a threat. It should not be implemented where the country of origin of the ICO is not requiring KYC for the participants or investors. I noticed that some ICOs are implementing this even if it is not required.

They are changing the rules at the end of the ICO campaign requiring even the bounty hunters who are not investors, to submit themselves for KYC. It's a bad bad thing as I doubt it could be used to fraud.

Topic: KYC Safe or Threat (Read 692 times)