KYCs (Know your Client) is killing crypto - page 3.

macchiato

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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.

This was my first impression of KYC and most probably, majority of crypto users initially think of it this way too. Data leaks may occur. Private information are at risk. Investors, as a result, stay away from ICOs that require KYC.

However, there is an increasing number of ICOs that follow KYC policy which means many investors invest less. This could be one cause of the bloodbath.

kimmy724

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As far as submitting personal documents, I think it's appropriate but with an agency that will never leak out such sensitive information. It will only just for a background check and nothing else.

HashFace

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This may very well be the case ... not only with ICOs and bounty hunting ... but with the ever increasing government presence on the exchanges, requiring more and more personal data and tax reporting to the IRS (in America).

It may lead to a quicker rise in privacy focused coins.

dg2010

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yes, i totally agree with you. the mot important advantage of crypto is anynomous. But now, most of projects and exchanges force the users have to register KYC. I think they will not accept and this reduces the number of users.

edsnowangel

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yes KYC process is killing the crypto advocacy why the main reason why people using crypto is for anonymous transaction but there are so many ICO company and other crypto company needs to be KYC in order to get your payments ETC or withdraw your money this is definitely bad because the aim of the crypto has been ignore, to have an anonymous network the thing is that people are afraid if they send their documents online then they can be a victim of identity theft and lots of people are doing it so I would say that let's not support a program with KYC

Semaj123

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Quote from: Nilda on March 24, 2018, 08:34:49 PM

You have nothing to fear if you have nothing to hide. Only those with multiple accounts don’t like KYCs. Identity thefts and accounts getting hacked happen all the time, with or without KYCs.

The issue here is not with multiple accounts but about investors who doesn't want KYC because they want their personal information to be in private. KYC is really giving us some worries about our identity and that's why some ICOs that required KYC are being avoided by some potential investors.

trader34

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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.

Well, in my opinion you shouldn't see KYC exclusively as a negative thing. if no Exchange does KYC, governments will simply start to stop crypto trading by law. At the moment, they are starting to accept the existence of the crypto market, so it's better not to go directly against regulations if we want a prosperous future market...

Anyway, from this year we will begin to see starting more and more good decentralized Exchanges, so if what you are looking for is privacy, you will be satisfied with this new excellent opportunity.

Nilda

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You have nothing to fear if you have nothing to hide. Only those with multiple accounts don’t like KYCs. Identity thefts and accounts getting hacked happen all the time, with or without KYCs.

heureca

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Yeah, KYC is not comfortable tool to check identity. There a lot of criptocurrency projects and may be some of them will use users identity data for its own purpose

jayco25

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I believed that KYC is killing crypto. a lot of people don't really want KYC for different reason.
1. They are afraid submitting documents because they are thinking how come their identity is safe and not be use by others.
2. People want still anonymous why they are investing money in crypto currencies.
3. A lot of big investors dont like KYC, they dont want buy ICO's that need KYC even the project is promising so its really affects the sales of some ICO'S

#Datarius

OuterTech

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I think KYC is needed with cryptos and especially ICO projects. If not KYC, some people will use a lot of money to manipulate the crypto, negatively affects the project as well as the cryptocurrencies market. So I think the ICO projects should have KYC for investors to avoid the illegal Token purchasing.

kier010

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many illegal activities are made through exchange sites that don't have kyc even exchange that have kyc. for yourself it is bad to have kyc in exchange sites but on the side of government it useful.

ronnis.gomes

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Unfortunately KYC has come to stay and I believe that more and more regulations will arise, ending with the privacy of investors, thanks to the greed of mediocre governments

newdevices

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KYC system may indeed be one of the factors that led to the decline in the value of the currency crypto,
because now more and more investors are leaving ico

goldexp83

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quarkchain.io

KYC stands for Know Your Customer (not your client)

one of the reason why is becoming more and more needed is for security, think about bad actors and money laundering and so on, how do exchanges can catch the bad guys without some KYC?

I think we believe regulation if we want cryptos to take over the world!

trollercoaster

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Quote from: Xzhyte on March 06, 2018, 08:47:10 PM

I guess it is a government requirement to oblige big exchanges to have KYC. I don't think KYC is a bad thing, unless you plan to use your money on evil things. Also, in order to achieve mass adoption, regulation is a must, and KYC is one of the stages to achieve it.

Completely true. KYC keeps many scammers away, it's not killing cryptocurrency market, on the contrary it keeps away scammers and spammers. My take is that if you're not willing to share your information with us, you have something to hide... If you have something to hide in economic matters you can't be trusted.

Ranly123

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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.

I think kyc makes investors hesitate because of privacy issue. Though some legit programs ask for it, then it is also a much better way to determine a fake and legit project. Kyc really is a two way system which benefit and give a bad impression on new investors.

Qartersa

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I agree because there are lots of investors who wanted to put money in Bitcoin not only because their investments in it grows exponentially higher than putting money anywhere else but because of its less hassle way in terms of proper documentation purposes that are regularly required of investors and the heavy taxes imposed on profit-generating assets. This KYC has literally changed the game in Bitcoin in terms of the aforesaid hence we cannot blame investors who opted out already.

HasHe

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Definitely those people who bought bitcoins only for enjoying its anonymous nature would get upset with this KYC move.But instead of using exchanges,we should try to form a group of people who get involved in cryptos and form a telegram group or any other form and deal with those people for all trading activities.

By this way,we could still stay anonymous.

dollarneed

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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.

Finally, someone making this thread the reason why I'm joining this industry because of the privacy that's all but now seems like we're losing control of our privacy. Satoshi proposed the simplest currency that people can use it freely without uploading document or verification and I just feel so bad for the situation right now. I was joining an ICO I thought why not to buy some coins but it was really bad they need us to pass the KYC before investing.

Topic: KYCs (Know your Client) is killing crypto - page 3. (Read 664 times)