KYCs (Know your Client) is killing crypto

edsnowangel

member

Activity: 280

Merit: 39

Citowise-Developing Crypotpayment Infrastructure

Quote from: eternalgloom on March 30, 2018, 02:53:23 PM

Quote from: 1BTC EQUALS 1CAR on March 25, 2018, 10:30:15 PM

Quote from: otandelapaz on March 01, 2018, 12:53:35 PM

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

Why would someone be hesitant if he's not doing illegal? Actually, it gives more credibility to the market and it helps us to prove that we are against money laundering and cryptocurrencies are not made to be used for drugs and other criminal activities.

I don't agree at all with that, I would not trust most of these exchanges with any of my personal information and documents. That's how you become a victim of identity theft.
Besides, KYC is a thing from the USA, I don't see why they need to impose it on the rest of the world.

I couldn't care less that Bitcoin is being used for illegal stuff, it's the same with cash, bank accounts etc.

yes KYC actually ruins the agenda of ethereum and bitcoin which provide n anonymous financial system

eternalgloom

legendary

Activity: 1792

Merit: 1283

Quote from: 1BTC EQUALS 1CAR on March 25, 2018, 10:30:15 PM

Quote from: otandelapaz on March 01, 2018, 12:53:35 PM

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

Why would someone be hesitant if he's not doing illegal? Actually, it gives more credibility to the market and it helps us to prove that we are against money laundering and cryptocurrencies are not made to be used for drugs and other criminal activities.

I don't agree at all with that, I would not trust most of these exchanges with any of my personal information and documents. That's how you become a victim of identity theft.
Besides, KYC is a thing from the USA, I don't see why they need to impose it on the rest of the world.

I couldn't care less that Bitcoin is being used for illegal stuff, it's the same with cash, bank accounts etc.

phpartisanmaster

member

Activity: 350

Merit: 10

Quote from: otandelapaz on March 01, 2018, 12:53:35 PM

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

KYC is really a good thing because there are more people today who prefer on investing on a specific coin that has KYC because they believe that a platform that has a kyc has a higher rate of becoming successful more than an ico that is not required to have a KYC.

blue_city

newbie

Activity: 105

Merit: 0

Yes,i also think so
Government can use it to manage ico and cheater!

bvc_Master

newbie

Activity: 125

Merit: 0

Yes!This's a cryptocurrency and private space for payment!

aintnopassincraze

full member

Activity: 233

Merit: 106

The Operating System for DAOs

Quote from: 1C6fV5DtakfKANLJ8GUV7hCaA on March 25, 2018, 11:15:54 PM

You shouldn't be worried about KYC. We have this forum. Everything we need is here. Eventually these scam ICOs will disappear along with those exchanges exploiting the public.

I doubt a forum can save a whole space that is much bigger than it. Don't think we wield that kind of power around here but I could wrong on the matter. In any case if KYC is pursued further, DEXs will flourish next and people will adapt.

V-t.Ester

member

Activity: 532

Merit: 25

Quote from: Simple_Man on March 25, 2018, 03:23:29 AM

Quote from: V-t.Ester on March 25, 2018, 02:24:21 AM

Being an incognito attracts people. Exchange markets and ICO managers understand this. However some of exchange houses provide verification and a lot of their clients stopped using them. The same is with ICO. I don't like this new rules with KYC in some bounties. No one knows what for they need personal information about their clients.

The ICO and exchange houses need KYC to comply with the regulation of their respective country. They just don't want their business to be effected by the government agencies. That is the reason why they need KYC data. While the exchange houses asking for KYC data is ok, I don't support ICOs asking for it. Even though they have regulations to comply with, but when we are not sure about their own identity, we don't feel comfortable to provide KYC to them. Because no one know what kind of scam it may open up later.

So,you mean, verification in exchange markets is normal? I don't have to afraid of it?

edsnowangel

member

Activity: 280

Merit: 39

Citowise-Developing Crypotpayment Infrastructure

Quote from: Human_Copy on March 26, 2018, 01:41:59 AM

I heard that some bounty campaigns require the KYC in order to get tokens earned by participants. Usually the people do not trust their personal data to unknown third parties.

Yes and this KYC ICO or bounties should not be promoted they want to collect more data to be able to use those information and data in their hidden agenda because then have all the personal information and Identity verification of the person so they can mess the life of that person. I think this should be stop for the safety of the people that are using bitcoins and cryptos

Human_Copy

newbie

Activity: 14

Merit: 0

I heard that some bounty campaigns require the KYC in order to get tokens earned by participants. Usually the people do not trust their personal data to unknown third parties.

feny.blackpink

newbie

Activity: 196

Merit: 0

Quote from: otandelapaz on March 01, 2018, 12:53:35 PM

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

Yeah. The value about bitcoin and cryptocurrency are decentralized and anonymous.
But it seems to be the government make a regulations about its security, so KYC needed to crypto holders.

1C6fV5DtakfKANLJ8GUV7hCaA

full member

Activity: 462

Merit: 104

Crypto Marketer For Whales

You shouldn't be worried about KYC. We have this forum. Everything we need is here. Eventually these scam ICOs will disappear along with those exchanges exploiting the public.

1BTC EQUALS 1CAR

full member

Activity: 602

Merit: 100

Quote from: otandelapaz on March 01, 2018, 12:53:35 PM

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

Why would someone be hesitant if he's not doing illegal? Actually, it gives more credibility to the market and it helps us to prove that we are against money laundering and cryptocurrencies are not made to be used for drugs and other criminal activities.

laserfocused

member

Activity: 171

Merit: 10

Quote from: otandelapaz on March 01, 2018, 12:53:35 PM

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

KYC is not killing crypto, bad icos were killing crypto. Quality is the key. People will bust through concrete for a high quality ICO and KYC will not be an issue. I have experienced this first hand. Over-regulation could be a problem though, but its goes deeper than KYC

freshm4ker

sr. member

Activity: 726

Merit: 251

KY can kill. The majority of users or holders of crypto prefer privacy. KYC is the last thing we need. The government wants the rule that they say for the protection of individuals to prevent criminal activity but the main reason is tax. Then they need KYC so we have to build hope on a decentralized exchange. Cool

criz2fer

full member

Activity: 672

Merit: 127

Quote from: kimochidesh on March 25, 2018, 03:10:17 PM

Quote from: otandelapaz on March 01, 2018, 12:53:35 PM

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

That's true...one of USP's of Cryptocurrency is that it is anonymous but transparent. Now with KYC form anonymity feature is shattered.

From the start, it was destroyed by the scammers which are creating fake projects thats why KYC and other regulations where implemented by some projects and governments. Banks already dont accept money from crypto because they dont want to involve in such scams.

kimochidesh

sr. member

Activity: 518

Merit: 257

Quote from: otandelapaz on March 01, 2018, 12:53:35 PM

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

That's true...one of USP's of Cryptocurrency is that it is anonymous but transparent. Now with KYC form anonymity feature is shattered. Many people invest in crypto because it provides them the financial anonymity freedom and global investment opportunity. Moreover providing Personal detail to someone who is not known is also a concern of personal security

MystereToy

newbie

Activity: 15

Merit: 0

Any new project need investors. In an early contribution process of a project, KYC forms can help companies in gathering enough contributors and allow the project to grow as they will be more confident.

If you want to keep your privacy, you can always get somebody else to fill the form and transfer your crypto to whatever wallets that person owns. The transfers are hardly traceable so they wont find you but i don't really see the point of not filling those forms if you believe in a project.

Regarding Exchanges, this is an other story ...

7788bitcoin

legendary

Activity: 2282

Merit: 1023

Quote from: steveabrahams on March 25, 2018, 12:55:31 PM

Well almost all ICO right now needs the investor to verificate their KYC nowdays especially when you invest with big amount of coins. I think it's because the regulation and the ICO/project owner won't break the laws. What i hate is when bounty participants needs to fill the KYCs too which is nonsense for me.

I can understand why people participating in bounty campaigns are forced to fill their know your customer forms simply because there are people abusing it and if some companies are asking then you have the choice whether to participate in them or not, so you have the choice and these projects must follow the laws of their parent country too.

Haiduongbg

newbie

Activity: 121

Merit: 0

I disagree with your opinion. KYC is facilitating the wide adoption of cryptocurrency. If there's no KYC procedure, I'm 100% sure that governments will do whatever it takes to destroy crypto, so most ppl will not invest into it because they're afraid of punishments. KYC procedures elevate crypto to the next level of adoption, otherwise crypto will only be used by some geeks and criminals.

Argoo

sr. member

Activity: 2464

Merit: 252

Quote from: otandelapaz on March 01, 2018, 12:53:35 PM

When I was starting to get involved in crypto-currency, one of its features that attracts me is the privacy it gives you. Now with all those KYC being required in exchanges and in ICOs and other platforms, some people are beginning to be hesitant in their activities in crypto.

Checking KYC is a very unpleasant procedure, which, if possible, should be avoided. Investors may not buy tokens in the ICO campaign, which tries to get your personal information from you. We can also apply only to decentralized exchanges and exchangers that do not require the provision of such data. If many will do so, centralized exchanges and exchangers will decline.

Topic: KYCs (Know your Client) is killing crypto (Read 664 times)