Topic: Why I don't Support KYC in cryptocurrency as it is (Read 3457 times)
Iam just with you completely. I found it absurd to ask bounty hunters for KYC when there are not investors. The worst case some of the project will never mention KYC till the reward period is around the corner. I am flowing with the post that cryptocurrency is not regulated yet and the reason for the project owner to ask for KYC documents which are sensitive documents which should not go out. I condemn this act and support the post all the way.
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Your every point seem good! We really don't need KYC. Before KYC, Scam ICO amount was very poor, but After KYC come, Scam ICO is increasing incredibly. I don't see any good output in KYC system. They are doing this to pretend scammer from the ICO, but I am not sure about their success ratio. People are making fake documents and they are accepting this! I will vote to No KYC!
I support your opinion but we cant do anything. In particular, I'm a bounty hunter and I make money from bounty campaigns. I can do nothing but obey their orders. This is an anonymous market, they may not solve your special problem and the manager will take over your paycheck if you cant pass KYC!
I had no idea actually when the KYC has been using for ICO, well, we all know what is the potencial risk for using our real ID data on the internet. Then bitcoin is not anonymous anymore when you are using your real ID data for the ICO's. For now we just need to be careful to trust in any single ICO.
I dont support KYC in cryptocurrency because we don't know how will they use your profile and information. It's quite scary to just give your information. The anonymity of each person in bitcoin is a must for privacy.
The issue here is trust and whatever your beliefs are in life you need to have a certain amount of trust in certain people some of the time. When you're on the side of the road you have to have trust that someone isn't going to just plow into you for the fun of it. When you get on a plane you have trust in the pilot that he isn't going to fly it straight into the ground. You can be as paranoid about safety as you want, but sometimes a little trust is required in people or institutions, but you can choose who you trust with cryptocurrencies. If you don't trust an ICO with your details then just don't give them it. If you don't trust an exchange then don't use it, but there are some reputable companies out there, but absolutely no company whether in crypto or not are 100% immune to leaks or hacks. Whether you're of the opinion that regulations or things like KYC are good or bad they're going to come if we want bitcoin to go mainstream, but you will always be free to use it outside of the mainstream and there are always ways around regulations.
I completely agree with the author. But the KYC procedure assumes that the investor trusts the project team. Otherwise you should not invest.
You really have some point and this is true. Regulation might be able to control scams and may lead to only the real ICOs. If the scammers would use your identity then you can be in a lot of trouble for doing what I think could not have serve you justice. For what good would it be for you if you will just receive a very small amount and you could even be a victim of identity theft. In my personal view one's identity and reputation is worth more than millions because once it is destroyed it is as if you are as well and maybe even your family is affected.
About KYC everyone has their own opinions. Some agree and some don't. Many KYC opinions were misused by the bounty organizer. There is also a KYC that is used by the bounty organizers as evidence that those participating in the bounty are not fake or multiple accounts. So regarding the KYC problem depends on each person, If you feel that the bounty cannot be trusted, do not fill KYC.
bitcoin created to make economy easy in some country. and there is no need to fill kyc. sometimes for some ico require to fill kyc, i think they want to make sure if you are no cheat or something like that, or it can be proof for government (if they cooperate with them).
people fill kyc for their payment. there are many ico with no announce if in the end they need to fill kyc, so bounty forced.
people fill kyc for their payment. there are many ico with no announce if in the end they need to fill kyc, so bounty forced.
I dont support KYC in cryptocurrency because we don't know how will they use your profile and information. It's quite scary to just give your information. The anonymity of each person in bitcoin is a must for privacy.
you are very right mate . cryptocurrency is not yet adopted massively and there is no regulations by SEC or any international financial recognize body that regulate the activities of crypto asset yet . most ICO , Airdrop , and bounty require KYC/AML in the name of project fund raising which is not ideal to my knowledge ,most of this project are virtual and there are disclaimer saying they will not be held reliable for misappropriation of project fund . these identity are use for cyber crime and terrorism activities . until there is regulation of ICO no KYC to my opinion , at least some one should be held accountable for any project.
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Most annoying word for me is "KYC". Especially for ICO, even an ICO has fake team but they are asking for KYC. They need real person for holding token but what about themselves? It's too high risky to submit KYC lately. They could sold or share our document which is most dangerous for us. Total crypto industry is not regulated than why we should regulate ourselves by an ICO? We should avoid this kind of ICO who asking for KYC. Than all ICO never ask for it.
Though KYC is not an annoying word anymore because some great ICO project even asking for KYC! Without KYC, investors are not able to participate in their ICO, but I agree with you, we should stop doing KYC rather we need to ask them to verify KYC first. As people are investing without knowing the ICO team, then why they are breaking Crypto anonymity?! But The sad part is, everyone keeps doing KYC thing, no one ignored! Maybe they can arrange another idea to verify ICO investors but this KYC system is really suc's.
Right KYC kills anonymity and Crypto, especially is all about anonymity and P2P.
Yes, it kills anonymity. But, unfortunately, it will be used by more and more projects. The state will demand it from them, for states anonymity is the enemy
Most annoying word for me is "KYC". Especially for ICO, even an ICO has fake team but they are asking for KYC. They need real person for holding token but what about themselves? It's too high risky to submit KYC lately. They could sold or share our document which is most dangerous for us. Total crypto industry is not regulated than why we should regulate ourselves by an ICO? We should avoid this kind of ICO who asking for KYC. Than all ICO never ask for it.
If this kyc will stop for a good reason why not?lets all do this for our all good.,usually kyc is now a prone to scammers,so lets be warned and more careful to decisions.
Right KYC kills anonymity and Crypto, especially is all about anonymity and P2P.
This is pretty typical for all innovations, give it some time and the regulatory function will emerge from the ecosystem itself, at this stage what the government really needs to do, is to abandon the idea of any sort of regulation, just sit back and see the system evolve on its own, the KYC suspicions exist because of the level of access your government-issued documents provide to potential frauds
If the issuing of documents would start to rely on blockchain in some way - we would have our secure ID, safe to be used in all that stuff
If the issuing of documents would start to rely on blockchain in some way - we would have our secure ID, safe to be used in all that stuff
I agree that there is no security in the KYC process, but unfortunately this is the only form currently in the game if you participate in the ICOs that are released
In addition to what you just said, I think we can do nothing about the KYC requirement especially if you are using some exchange site platform which is always requiring their client user to submit it or else they can't able to withdraw their coins in the platform as long as they're not complying the requirements. And sometimes it also requires in some ico bounty campaign project.
Yes, I also agree with the OP, cryptocurrency still does not have rules that must be followed and the ICO project is also mostly just a scam project that I also did several times and was finally disappointed. This is different compared to an exchange that requires users to send KYCs that we naturally know if the exchange has a verified office. There is a lot to consider before sending KYC to the ICO project, because after all our identity is something that is very sensitive and alert about abuse.
KYC in cryptocurrencies just doesn't makes any sense. Why would someone use Bitcoin if they are not going to get any privacy. The purpose of bitcoin was to make people the sole owners of their money on which no one had any control. Doing KYC is like going against that purpose.
You have a point, mate but the issue with cryptocurrency KYC is just for verification purposes and not to expose the users behind crypto transactions. KYC is used to avoid multiple entries to an ICO and its bounty program. Jump to: