I fully agree that KYC should not be.
But on the other hand people are going to spread their personal data without thinking that the ICO project team is not responsible for confidentiality and the fact that the distribution of personal data can not be proved.
Especially KYC looks ridiculous at the end of the company's bounty, despite the fact that initially it was not announced, accompanied by blackmail about paying a deserved reward.
Topic: Why I don't Support KYC in cryptocurrency as it is - page 17. (Read 3457 times)
I dont realy like KYC because they might be a hackers and they can easily use our identity anytime they even without our permision because they are holding our KYC. I saw most of the ICO now are required to do KYC specialy the investor and now bounty hunters also doing KYC.OMG
Yes, the KYC on ICOs is pointless. And this was made by these governments as they require ICOs to submit our KYC information. Now scan ICOs abuse this rule to harvest identities and use it or sell it somewhere else. Better protect our identity by not joining these kind of ICOs or better, let's fake our identities, we have freedom to do it and they don't have the right to complain.
I like on how you thought, I think the kyc is violated the crypto currencies basic idea about anonymous, and I don't see any use to submit our data to some site that we don't even know the place, and I think it just the matter of time we will see our personal info leaked on Internet and no one is going to responsible for that, kyc is a bad idea
It's a combination of ICO operators not wanting to wind up in jail and possibly nicking your details to sell elsewhere.
Who you give your information to is entirely your choice. I would never put any money into any ICO no matter what. If it's any good I'll be able to buy it on a legit exchange some day.
Who you give your information to is entirely your choice. I would never put any money into any ICO no matter what. If it's any good I'll be able to buy it on a legit exchange some day.
Actualy even me i realy hate that KYC process because i am afraid to gave my information to anyone that we dont even jnow them anywhere in the world. I dont know why this ICO team nowadays are almost all of them are already asking KYC even in bounty hunters.
To date, this is one of the biggest problems for bounty hunters. The ICO commands require us to pass the KYC test without even referring to any regulatory act on the basis of which they do so. I'm sure that such a document does not exist, because the meaning of KYC verification is primarily to prevent the laundering of dirty money. That is, individuals who do not invest in ICO projects should not undergo such a check. While this is another way of fraud, because our data can also then be sold for criminal use.
I absolutely agree with you. We are forced to give our personal information, to strangers. It bothers me so much when I thoroughly seeking for ICO who don't need KYC procedure, and then at the end, after ICO managers change the rules and put KYC to must do or you won't be paid. And then after a few weeks after the end of ICO they show us a spreadsheet I see I was in the end rejected for blog content, and I gave my personal data and my photo for nothing. But in the beginning 4 months ago they clearly wrote that KYC is not necessary for their campaign. It is horrible.
First off, I don't think anyone is for KYC here. KYC is definitely cancer and to be avoided when required in airdrops and ICOs.
The only place where I would be kinda "fine" with KYC is for reputable exchanges. Whereas I'm pretty sure that the people who run most exchanges have no choice but to require KYC to their users because the government requires them to.
The only place where I would be kinda "fine" with KYC is for reputable exchanges. Whereas I'm pretty sure that the people who run most exchanges have no choice but to require KYC to their users because the government requires them to.
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?
They could use your information to conduct identity theft; and that's only the tip of the iceberg. 
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?
Additionally, cryptocurrency is know as centralized and also the users are unknown to the public, actually as a computer literate it is always not safe to show true identity via internet. KYC will be a threat to all campaign hunters and traders . For example was phishing sites, key loggers and other ways of hacking your personal details . It'll also be safer for those who have large amount pf bitcoin .
Well I agree with the concern of the topic because we cannot be sure about how the kyc data is stored by the ICO but to me I think we are going mainstream with cryptocurrency, kyc is very important. With kyc ,people feel secured about the industry and believe that people will not take undue advantage of them.The kyc portion will help to chech scam for safety reasons.
A lot of these companies only exist on paper and when you dig a little deeper, then you find out that the profile pictures are fake and
just pulled off the internet. There are some people who are trying to initiate their own "verification" and "rating" of these ICOs, but
they are not very effective. {You still need to trust other people to make a unbiased evaluation of these ICOs} One of the things I
do with these ICOs is to make a copy of my documents and then writing the name of the ICO on top of these documents. They will
have to manipulate these documents to remove these "watermarks" that I added, so I make it more difficult to misuse my
documents.
just pulled off the internet. There are some people who are trying to initiate their own "verification" and "rating" of these ICOs, but
they are not very effective. {You still need to trust other people to make a unbiased evaluation of these ICOs} One of the things I
do with these ICOs is to make a copy of my documents and then writing the name of the ICO on top of these documents. They will
have to manipulate these documents to remove these "watermarks" that I added, so I make it more difficult to misuse my
documents.
I have often thought as much. We give these sensitive information to strangers and hope for the best. Sometimes I feel so reluctant but what can one do? If you don't submit,most of these companies Deny you access.
I agree, although I have actually done KYC to receive an award from my work. but at that time I did not think up there, because in my mind only rewards my work in distributed, and I will get the money. maybe from reading this post, for the future I will review the projects that require KYC to be able to participate and get rewarded.
I think most people would agree with your statement, because many people do not want to do KYC to ICO, they want to remain anonymous. and fear their identities are misused by irresponsible people, especially a few drops of air leading to deception.
There is too much doubt in KYC. When you go to KYC, your personal data is made available, it is not really clear to whom, where it will be stored, how it will be secured. Such information should be made available by the ICO team. This is not right. I agree with your point of view. It should not be KYC.
So I also do not support such ICO Campaigns because I do not trust them. So let's get rid of KYC because it's very dangerous especially to our members of the Bitcointalk forum. Because users or those who request our personal documents are scammers, they must be removed from these procedures.
this is a known thing actually. and i have also warned about it before. these ICOs that are asking for KYC are not really doing it because of doing KYC stuff, they are in fact mining identities and will most probably sell it to earn even more money from their useless token creation process.
it doesn't stop at ICOs either. the unregulated exchanges that ask for KYC are the same thing too.
it doesn't stop at ICOs either. the unregulated exchanges that ask for KYC are the same thing too.
I don't see why anyone would fight against your view. Sounds perfectly reasonable to me. There's no compelling reason to trust strangers on the internet with either our money or our personally identifiable and financially sensitive data.
Also, you don't need to take chances on random, unknown (and potentially malicious) ICOs and airdrops in order to be successful in crypto. The more you play with fire, the more you risk getting burned. It's better to stick with known quantities and established, reputable altcoins.
Also, you don't need to take chances on random, unknown (and potentially malicious) ICOs and airdrops in order to be successful in crypto. The more you play with fire, the more you risk getting burned. It's better to stick with known quantities and established, reputable altcoins.
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?
Jump to: