Topic: Why I don't Support KYC in cryptocurrency as it is - page 11. (Read 3457 times)
Honestly speaking, there is no real need for KYC in cryptocurrency as there is no data protection for the information you supplied. It could be misused.
support you. fraudulent projects give their data without knowing at the same time these people - complete nonsense
Your thoughts are very right. I had same thoughts over too. I mean it also betrays the decentralization purpose of the whole idea. KYC should actually be frowned upon now as scammers and fraudsters sees it as a means to steal people data. Because some of these airdrops are not even real, and after the KYC processes, they send you shitcoins and close up shop.
I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.
My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.
Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.
Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.
My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.
Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.
Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.
It's just your desire to pass KYC or not, I'm against it, and I hope there will not be such a moment that I will have to go through it.
I heard a rumor that there are whole bases with KYC and there is no guarantee that they will not get to scammers or bandits.
Honestly speaking, I think there is need for everyone in the cryptocurrency community to analyse this issue of KYC. Is there really need for it? When Satoshi Nakamoto started Bitcoin, did he do anything like KYC? Why are people just being over zealous with this KYC of a thing even when they are not under any pressure to request the information.
I don't like KYC too for bounty hunters especially on airdrops as it concerns one's identity,Hope kyc things will come to an end for bounty hunters soon.
It should not be at all KYC for bounty hunters and airdrops. Their awards are small and in principle they are not investors. For a small amount of tokens they are forced to share personal data with people or companies, about which they really know very little. The ICO team should pass KYC and make the data publicly available if they require it from the participants.
I think that after I have got acquainted with your arguments I can say that I would agree with every word you said about KYC and its unreliable position. To my mind, it is better to choose more powerful options
I don't like KYC too for bounty hunters especially on airdrops as it concerns one's identity,Hope kyc things will come to an end for bounty hunters soon.
with KYC obviously I also do not like because someone's identity must be known without us knowing that for what identity, whether KYC can keep confidential late
I have often sounded this warning to people to be mindful of the information they give out so that you won't just be at home one day and receive unwanted guests. Protect your privacy. It is very important.
Kyc requirements for icos is ok for me.
What i dont like is kyc on bounties, especially bounty rewards that are less than $30.
It makes no sense for one to provide his/her vital informations just because of that small award.
What i dont like is kyc on bounties, especially bounty rewards that are less than $30.
It makes no sense for one to provide his/her vital informations just because of that small award.
I don't like KYC too for bounty hunters especially on airdrops as it concerns one's identity,Hope kyc things will come to an end for bounty hunters soon.
KYC really eliminates the nature of cryptocurrency which is famous for its anonymity. And KYC can also be used by parties who are not responsible for the illegal use of data.
Personally I also don`t like KYC as you don`t know where you send them and there might be a hackers who can easily use our identity and sell to the other companies for profit. Hope it will be changed in future.
I agree with you cryptocurrency should be anonymous because that is one of the many advantages of crypto. But this time so many ICO even almost all new coin, the required to join in the tokensale, even bounty must do KYC. We as participant must do that like or not, if not that's means we get nothing.
yahh KYC pro and cons
yahh KYC pro and cons
You are quite right. Not all KYCs are actually safe for one to do. Apart from ICOs, some airdrops sometimes require KYC of which you will later realize the airdrop to be fake. What then happens to the information they collected? Will it still be safe?
I agree with you, I do not believe in airdrops that use KYC, if it turns out to be a scam then the thing I am worried about is the data that has been given, we are afraid that if the data provided is misused, I think it is not safe to provide data for KYC on airdrop
I agree with you that not all kyc procedure is safe we didn't know where they going to use our identity maybe they can sell it or use it we didn't if they use it in a good or bad way so we must be careful when it comes to our identity we didn't know what will happen next be wise in everything.
You're right, that's why im hesitant to give my personal document to ICOs because they might use it for illegal deed hence as much as possible I dont participate in those projects who requires kyc (except for reputable exchange).
I have seen many users abide in the kyc system and most of them are newbies, I have nothing against that but they should be warn for the risk of sending their document to the ICOs who comes from nowhere.
I have seen many users abide in the kyc system and most of them are newbies, I have nothing against that but they should be warn for the risk of sending their document to the ICOs who comes from nowhere.
I agree with you totally, and if people out there would have just a bit of dignity and sense of reality they would ALL refuse to undergo to KYC with all these players and this horrible habit would have to disappear.
Your points are very clear and I think I support you. I have personally been against the idea of KYC in crypto, especially for airdrop.
I am going to be very honest here with you guys. I know some of you may antagonise or kick against my view. But I will still speak the truth as it is.
My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.
Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.
Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.
My major reason centered on the fact that there is no regulation for cryptocurrencies.
How can someone somewhere in the name of ICO project team, whom you don't even know, some without a verifiable office address, whose presence is just online and the internet, demand your sensitive information including your international passport, government issued ID, proof of your residential address, and other personal information or documents?
What if this person is just a scammer? What if this person works for maybe a terrorist organization who is just looking for real biodata or identities? What if this person is just a criminal looking for ways to fake his own identity and take upon yours or anyone else? What if your verified photograph (face) matching your identity is used in pornography or nudity? What if the data is accidentally leaked? My questions go on and on.
Remember, the cryptocurrency as it is currently has no regulation, as such there is no regulatory body or authority you can petition your grievances or seek redress should any of the aforementioned incidences happens to you as a result of the information you have forwarded. The ICO project team whom you sent your details can as well disappear without trace.
Therefore, as long as there is no Cryptocurrency Regulation, then there should be NO KYC.
Yes I kind of agree with you. Maybe the crypto community need to look into this issue of mandatory KYC in some ICOs.
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