Topic: Why I don't Support KYC in cryptocurrency as it is - page 12. (Read 3466 times)

In as much as i support the kyc system, i dont really like it when some of these ico projects asked bounty hunters to do kyc before their rewards are sent.
I mean , how i start submitting my vital informations  becsuse of a reward that is less than $30 in most cases.
This is simply ridiculous.

You are confusing KYC in cryptos to KYC for 'Tokens' in ICOs.Try to buy bitcoin,Liteocoin or ETH you will never need KYC (in most of the exchanges).However KYC for Tokens is a different aspect all together.Because companies are accepting 'investments' in their projects in return /exchange of Tokens (termed as shares/securities) ,they need to follow AML rules to identify the investors .So KYC docs are required.It is a law.
Try to open a bank account in your country and check if they will open with out KYC.All legal financial transaction require KYC.

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.

what regulations are is simply this:
governments ask BUSINESSES to police its own customers. and if laundering occurs. to avoid the regulated business getting in troubl the business has to hand over data of a culprit. thus the business is cleared of wrong doing and wont be held accountable.
businesses are not even allowed/suppose to stop the movements of funds or inform the customer that the customer is under investigation. thus its not helpful to real hoonest customers that may make a mistake(if you dont know u done wrong you cant put it right or explain the reason to avoid things going further).

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.